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ACA [ICAEW] – ACCOUNTING exam | Questions with 100% Correct Answers |Verified
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ACA [ICAEW] – ACCOUNTING exam | Questions with 100% Correct Answers |Verified
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ACA [ICAEW] – ACCOUNTING exam | Questionswith 100% Correct Answers |Verified
Capital Expenditure - ✔✔Acquisition, Replacement or Improvement of non-current assets
Revenue Expenditure - ✔✔Trading expenses or the repair, maintenance or servicing of non-
current assets
-> Must be directly attributable
Entry Remove Cost of Asset - ✔✔Dr. Disposal account
Cr. Non-Current Asset
Entry Remove accumulated Depreciation charged to date - ✔✔Dr. Accumulated
Depreciation
Cr. Disposal Account
Entry Account for Sales Proceeds - ✔✔Dr. Cash
Cr. Disposal Account
Entry Accounting for Cash Discounts - ✔✔Dr. Discounts Allowed (Expense)
Cr. Trade Receivables
Entry Discount received from suppliers - ✔✔Dr. Trade Payables
Cr. Discount Received
Entry Writing off irrecoverable debts - ✔✔Dr. Irrecoverable Debts Expense (P/L)
, Cr. Trade Receivables (SOFP)
Entry Irrecoverable debts written off and subsequently paid - ✔✔Dr. Cash
Cr. Irrecoverable Debts Expense
Entry Accounting for VAT (Purchases) - ✔✔Dr. Purchases
Dr. VAT Control Account (purchases tax)
Cr. Trade Payables
Entry Accounting for VAT (Sales) - ✔✔Dr. Trade Receivables
Cr. Sales
Cr. VAT Control Account (sales tax)
Entry Contra - ✔✔Dr. PLCA
Cr. RLCA
Entry Returns - ✔✔Dr. Sales
Cr. RLCA
Entry Cash Refund - ✔✔Dr. RLCA
Cr. Cash
Entry Shares issued at nominal value - ✔✔Dr. Cash
Cr. Share Capital (Nominal Value)
Entry Shares issued at premium to nominal value - ✔✔Dr. Cash
Cr. Share capital (nominal value)
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