Double Entry 3.3

State the profit/Loss on Disposal of the Fixtures and Fittings on 23rd April 2019 . Do not include £ sign in answer.

State what the Balance b/d would be for the Asset Account (Fixtures and Fittings) Do not include £ sign in answer

Draw out the Fixtures and Fittings Asset T Account on a piece of paper. State what the Balance c/d would be for the Asset Account (Fixtures and Fittings) Do not include £ sign in answer

Draw out the Fixtures and Fittings Disposal T Account on a separate sheet of paper . In the Fixtures and Fittings Disposal T Account what would be the Bank figure? Do not include the £ sign

Draw out the fixtures and Fittings T Account on a separate sheet of paper . In the Fixtures and Fittings Disposal T Account what would be the provision for depreciation figure? Do not include the £ sign

Explain the double entry for an irrecoverable debt

• Dr Irrecoverable debts

  Cr Trade receivables

• Cr Irrecoverable debts

  Dr Trade receivables

• Dr Irrecoverable debts

  Cr Trade Payables

• Cr Irrecoverable debts

  Dr Trade Payables

Draw up a Bad Debts T Account on a sheet of paper. What will be the bad debts figure that will go into the expense in the Statement of Comprehensive Income?

Draw up a Provision for Doubtful Debts T Account on a sheet of paper. What will be the Profit/Loss figure?

Draw up the Murphy Ltd Sales (Receivables/Debtors T Account) Ledger on a sheet of paper. What will be the amount written off as a bad debt?

Explain how Commission Income owing £300 would be dealt with in the Statement of Profit and Loss and Statement of Financial Position

• £300 Commission Income added to Gross Profit

  £300 added to other receivables in the Current Assets

• £300 Commission Income added to Gross Profit

  £300 added to other payables in the Current Liabilities

• £300 Commission added to Expenses

  £300 added to other receivables in the Current Assets

• £300 Commission added to Expenses

  £300 added to other payables in the Current Liabilities