KEEP CALM AND SA1 ON - 4E5NA

Issue of shares = Share capital

• INCREASE

• DECREASE

Issue of shares =

• DR cash at bank

  CR share capital

• DR share capital

  CR cash at bank

Portion of Retained earnings distributed to shareholders

• Share capital

• Dividends

• Retained earnings

Dividends declared BUT not paid yet

• DR dividends

  CR cash at bank

• DR dividends

  CR dividends payable

Dividends = Retained earnings

• INCREASE

• DECREASE

ODD one out.

• share capital

• retained earnings

• dividends payable

service fee revenue RECEIVED IN ADVANCE =

• current ASSET

• current LIABILITY

Credit purchase from Seng En recorded to Eng Sen account. To correct:

• DR Seng En

  CR Eng Sen

• DR Eng Sen

  CR Seng En

Cash Drawings of $90 recorded as $99. To correct:

• DR drawings 9

  CR cash in hand 9

• DR cash in hand 9

  CR drawings 9

Expenses OVERstated = Profit

• OVERstated

• UNDERstated