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fairyflower


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trial balance
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Hi, I am currently studying ICB Level 1 in Manual Bookkeeping and was wondering, when constructing the Trial Balance if the Drawings went into the Credit or the Debit column? 

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Rhianrach


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I would say Debit.

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Steve
fairyflower


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Thank you!  That's what I thought, my tutor marked my work correct when it was in the credit column, which after reflection didn't seem correct, back to revising yawn

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lor


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yeah agree debit as the other side is normally drawins taken out bank therefore

dr drawings cr bank a/c

when i am thinking about how to post items it is normally a good idea to start from what happens to the bank.

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Alfred


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Thats true as they say that if you know that Dr in the bank is money coming in and Cr is money going out, you can work out the other side of the transaction from there.

Alfred


-- Edited by Alfred on Friday 20th of August 2010 01:05:34 PM

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maha22


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It will however depend on the integrity of the accounting system as Data corruption may cause errors which can lead to things to not balance.

I have had experience with some older versions of Sage Line 50 having data corruption that posted invoices in the strangest places. Not sure I ever checked the trial balance at that time to see if it balanced, but the data errors showed that it wouldn't have done - Sage Line 50 has a data check process which we ran daily to ensure the system was accurate.
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ADAS


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I allways remember double entry this way:


Dr                               Cr

Assets                       Capital                                      
Losses                       Liabilities                                        
Expenses                   Income
                                  Profits 
 
Therefore increases in ALE will allways be Dr and increases in CLIP are credits. Plus the opposite works decreases in ALE are credits.

E.g Owner writes a cheque for £100 to draw out of the business

Dr drawings (decrease in capital) £100
Cr bank (decrease in the asset of cash) £100

I find this a bit easier than remembering Debits as value received and Credits as value given.

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Tony

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Peasie


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maha22 wrote:

It will however depend on the integrity of the accounting system as Data corruption may cause errors which can lead to things to not balance.

 

Are these posts being written by a human or some kind of internet robot? I'm serious. These posts don't make any sense. Not just this one. The original poster is talking about trial balance at ICB Level 1 manual bookkeeping.

 



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fairyflower


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Hi this is the "robot" who asked the initial question concerning Trial Balance in Manual Bookkeeping Level 1, nice to meet you.

However, thank you to everyone who has taken the time to answer my question, much appreciated guys!

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Peasie


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The robot wasn't aimed at you. It was aimed at the person I quoted. It's athough a robot has picked up on some words and then posted away without actually looking to see what the post was about. There's been a few lately.

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