Financial Accounting Cheat Sheet
Type Debit Credit Description Debit Credit
TANGIBLE FIXED ASSETS
Date
22/27(0) Type of asset – cost of acquisition (0) PP
411 VAT to reclaim VAT
Purchased 440 @Suppliers PP + VAT
asset COA Purchase invoice no. XXX
= purchase price + Date
additional
22/27(0) Type of asset – cost of acquisition (0) ADDEXP
expenses (not
taxes) 411 VAT to reclaim VAT
440 @Suppliers AE + VAT
Purchase invoice no. XXX
Date
270 Asset under construction – COA ALL EXP
6502 @Interests capitalized INT EXP
Internally 72 Fixed assets – Own construction ALL ¹ INT
constructed End-of-period entry – Asset under constr
asset COA (Model for asset that is not ready for use and
= all (in-) direct capitalized)
prod expenses (+ Additional expenses related to the construction during
interest exp same accounting period
related to loan up Date
to ready for use). Asset under construction – COA
COA may NOT 270 ALL ADD
6502 @Interests capitalized INT EXP
exceed market
value 72 Fixed assets – Own construction ALL ¹ INT
Additional expenses – Asset under constr
Because building is now ready for use, must be
transferred to appropriate fixed asset account.
Date
22/27(0) Type of asset – COA COA
411 VAT to reclaim VAT
270 @Asset under construction – COA COA
451 VAT due VAT
Invoice no.
Since the same firm sells and buys the asset, VAT due
and to reclaim are affected in the same entry.
Date
Depreciation 6302 Depreciation of tangible fixed assets DEP
Amounts depend 22/27(9) @Type of asset – Acc. depreciation (9) DEP
on method End-of-period entry depreciation (type of
asset)
Date
22/27(8) Type of asset – Revaluation surpluses (8) EXS NBV
121 @Revaluation surpluses on TFA EXS NBV
Valuation report dd. JJ/MM/YYYY
Adjustment following revaluation
Revaluation Date
6302 Depreciation of tangible fixed assets NEWDEPX
22/27(9) @Type of asset – Acc. depreciation (9) NEWDEPX
End-of-period entry depreciation (type of
asset)
Type Debit Credit Description Debit Credit
TANGIBLE FIXED ASSETS
Date
22/27(0) Type of asset – cost of acquisition (0) PP
411 VAT to reclaim VAT
Purchased 440 @Suppliers PP + VAT
asset COA Purchase invoice no. XXX
= purchase price + Date
additional
22/27(0) Type of asset – cost of acquisition (0) ADDEXP
expenses (not
taxes) 411 VAT to reclaim VAT
440 @Suppliers AE + VAT
Purchase invoice no. XXX
Date
270 Asset under construction – COA ALL EXP
6502 @Interests capitalized INT EXP
Internally 72 Fixed assets – Own construction ALL ¹ INT
constructed End-of-period entry – Asset under constr
asset COA (Model for asset that is not ready for use and
= all (in-) direct capitalized)
prod expenses (+ Additional expenses related to the construction during
interest exp same accounting period
related to loan up Date
to ready for use). Asset under construction – COA
COA may NOT 270 ALL ADD
6502 @Interests capitalized INT EXP
exceed market
value 72 Fixed assets – Own construction ALL ¹ INT
Additional expenses – Asset under constr
Because building is now ready for use, must be
transferred to appropriate fixed asset account.
Date
22/27(0) Type of asset – COA COA
411 VAT to reclaim VAT
270 @Asset under construction – COA COA
451 VAT due VAT
Invoice no.
Since the same firm sells and buys the asset, VAT due
and to reclaim are affected in the same entry.
Date
Depreciation 6302 Depreciation of tangible fixed assets DEP
Amounts depend 22/27(9) @Type of asset – Acc. depreciation (9) DEP
on method End-of-period entry depreciation (type of
asset)
Date
22/27(8) Type of asset – Revaluation surpluses (8) EXS NBV
121 @Revaluation surpluses on TFA EXS NBV
Valuation report dd. JJ/MM/YYYY
Adjustment following revaluation
Revaluation Date
6302 Depreciation of tangible fixed assets NEWDEPX
22/27(9) @Type of asset – Acc. depreciation (9) NEWDEPX
End-of-period entry depreciation (type of
asset)
