Free Printable KEEP CALM AND EXAM ON PART 1 3E

Worksheets

Name

Class

Date

to adjust for PREPAID expenses.

Expenses INCREASE

Expenses

REDUCE

PREPAID expense =

current ASSET

current LIABILITY

to adjust for INCOME RECEIVABLE

income INCREASE

income REDUCE

income RECEIVED IN ADVANCE =

current

ASSET

current

LIABILITY

Allowance for impairment of trade receivables =

expense

contra asset

impairment loss on trade receivables =

expense

contra asset

(Cost - Scrap)/ No of years

Straight-line

method

reducing-balance

method

DEPRECIATION of equipment =

expense

contra asset

to calculate gain/ loss on sale of NCA =

selling price - cost

selling price - net book value

10.

GAIN on sale of nca =

INCREASE profit

REDUCE profit

Reset

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