Dr or Cr?
Contributed Equity has a __ nature
Cr
Classify Retained Earnings
EQ
What is the account name for a share that a company invests in?
Financial asset
Journal entry for issuing shares
Dr Bank
Cr Contributed Equity
Green and Yellow Ltd, made an interim dividend payment of $20 000 to their shareholders.
What is the Journal entry to record the payment of the interim dividend?
Dr Interim Dividend 20,000
Cr Bank. 20,000
Increase in fair value of financial asset has a __ nature
Dr
Classify Dividends paid
Distribution
What is the exact account name?
1. It requires a note
2. It needs to be reported separately as it needs to be transparent to the eyes of the public
3. It is an expense
4. It is an amount you would pay to an accounting firm
Auditors' remuneration
Revalue land upwards
Dr Land
Cr Land revaluation surplus
On 12 June 2027, Plus One Limited contracted First Class Sharebrokers to issue 20000 shares at $3 each. First Class Sharebrokers charge a brokerage fee of 1.5%.
Prepare the General Journal entry to record this transaction.
Bank 59,100
Contributed Equity. 59,100
If we want to close 'decrease in fair value of financial asset' we need to ..... (Dr or Cr?)
Cr
Classify provisional tax
expense but is not reported in any financial statements
What is the account name?
1. It is an expense
2. It represents the difference of the fair value of a share from the beginning of the year and at the end of the year
Dr Interim Dividend
Cr Bank
Information from the trial balance as at 31 March 2026 (prior to the revaluation):
Buildings (at cost) $900 000
- Depreciation on buildings for the current year is calculated at 5% on cost.
Dr Depreciation- Buildings. 45 000
Cr Accumulated depreciation - buildings. 45000
Dr
Classify increase in fair value of financial asset
other income
This represents the money you owed to the IRD
Tax Payable
Journal entry for closing profit for the year
Dr Income Summary
Cr Retained Earnings
Buildings (at cost) $900 000
Accumulated depreciation of Buildings $100 000 (updated)
The valuer states that the current market value of buildings is $950 000
What is the amount that needs to be credited to the building revaluation surplus?
150,000
To close the provisional tax to tax payable, you have to ___ (Dr or cr) provisional tax AND ___ (Dr or cr) tax payable
Cr provisional tax
Dr Tax payable
Classify land revaluatio surplus
EQ
Name all four equity accounts in a company
Contributed Equity
Retained Earnings
Land Revaluation Surplus
Building Revaluation Surplus
3 steps (3 journal entries) when a company revalues a building
STEP ONE:
Dr Depreciation-building
Cr Accumulated Depreciation-building
STEP TWO:
Dr Accumulated depreciation- buildings
Cr Buildings
STEP THREE:
Dr Buildings
Cr Buildings Revaluation Surplus
Taxation in the Income Statement for the year ended 31 March 2026 was recorded as $149520.
During the year, provisional taxation had been paid in three instalments to the Inland Revenue Department totalling $130000.
Prepare the general journal entries to process all the necessary taxation transactions.
Dr Tax expense/income summary. 149,520
Cr Tax Payable. 149,520
Dr Tax Payable 130,000
Cr Provisional Tax 130,000