Posting the Trading P&L items
AP Code |
Debit/Credit |
|
Sales |
0000 |
Credit |
Cost of sales |
||
Opening Stock / WIP |
1000 |
Debit |
Purchases |
1100 |
Debit |
Direct Costs |
1780 |
Debit |
Closing Stock / WIP |
1900 |
Credit |
GROSS PROFIT |
– |
– |
Other Income |
||
Bank interest received |
0900 |
Credit |
Other Income |
0550 |
Credit |
Administrative expenses |
||
Rent and rates |
3100 |
Debit |
Light and heat |
3130 |
Debit |
Repairs and renewals |
3250 |
Debit |
Wages and salaries |
3000 |
Debit |
Staff costs |
3080 |
Debit |
Employers' NIC |
3001 |
Debit |
Directors' remuneration |
3010 |
Debit |
Travelling and subsistence |
3081 |
Debit |
Telephone |
3291 |
Debit |
Printing, postage and stationery |
3270 |
Debit |
Computer expenses |
3242 |
Debit |
Motor expenses |
3230 |
Debit |
Insurance |
3260 |
Debit |
Entertaining |
3385 |
Debit |
Subscriptions |
3320 |
Debit |
Advertising |
3280 |
Debit |
Accountancy fees |
3301 |
Debit |
Legal & professional fees |
3302 |
Debit |
Amortisation |
3500 |
Debit |
Bad debts |
3370 |
Debit |
Depreciation |
3400 |
Debit |
Sundry expenses |
3390 |
Debit |
Finance costs |
||
Interest payable and similar charges |
3600 |
Debit |
Other finance charges |
3600–3670 |
Debit |
NET PROFIT |
- |
After posting all of the entries above, the balance in the trial balance should match the Net Profit figure.
AP Code |
Debit/Credit |
|
Exceptional items |
3591 |
Debit |
Tax on ordinary profit/loss on activities |
3800 |
Debit |
After posting this amount, the balance in the trial balance should match the Profit for the 'financial year after taxation' figure.
AP Code |
Debit/Credit |
|
Stocks |
4300 |
Debit |
Cash at bank and in hand |
4800 |
Debit (Credit if overdrawn) |
AP Code |
Debit/Credit |
|
Cost |
||
At start of period |
4000 |
Debit |
Additions |
4001 |
Debit |
Impairment losses |
4003 |
Credit |
Reversal of past impairments |
4004 |
Debit |
At end of period |
– |
– |
Amortisation |
||
At start of period |
4002 |
Credit |
Provided during the period |
4005 |
Credit |
Related to impairment losses |
4006 |
Debit |
Related to reversal of past impairment |
4005 |
Credit |
At end of period |
– |
– |
Net book value |
||
At start of period |
– |
– |
At end of period |
– |
– |
AP Code |
Debit/Credit |
|||
Cost |
Listed |
Unlisted |
Other |
– |
At start of period |
4200 |
4210 |
4220 |
Debit |
Additions |
4201 |
4211 |
4221 |
Debit |
Disposals |
4202 |
4212 |
4222 |
Credit |
At end of period |
– |
– |
– |
– |
Provision |
||||
At start of period |
4204 |
4214 |
4224 |
Credit |
Added in period |
4205 |
4215 |
4225 |
Credit |
Disposals |
4206 |
4216 |
4226 |
Debit |
Written off |
4206 |
4216 |
4226 |
Debit |
At end of period |
– |
– |
– |
– |
Net book value |
||||
At start of period and end of period |
- |
- |
- |
- |
AP Code |
Debit/Credit |
|||
Cost |
Land – Freehold |
Land – Long leasehold |
Land – Short leasehold |
|
At start of period |
4100 |
4110 |
4110 |
Debit |
Additions |
4101 |
4111 |
4111 |
Debit |
Disposals |
4103 |
4113 |
4113 |
Credit |
Revaluations |
4102 |
4112 |
4112 |
Debit/(Credit) |
At end of period |
– |
– |
– |
– |
Depreciation |
||||
At start of period |
4104 |
4114 |
4114 |
Credit |
Provided during period |
4105 |
4115 |
4115 |
Credit |
Disposals |
4107 |
4117 |
4117 |
Debit |
On revaluations |
4106 |
4116 |
4116 |
Credit/(Debit) |
At end of period |
– |
– |
– |
– |
Net book value |
||||
At start of period |
– |
– |
– |
– |
At end of period |
– |
– |
– |
– |
AP Code |
Debit/Credit |
|||
Cost |
Plant & equipment |
Motor vehicles |
Fixtures and fittings |
– |
At start of period |
4120 |
4130 |
4140 |
Debit |
Additions |
4121 |
4131 |
4141 |
Debit |
Disposals |
4122 |
4132 |
4142 |
Credit |
At end of period |
– |
– |
– |
– |
Depreciation |
||||
At start of period |
4123 |
4133 |
4143 |
Credit |
Provided during period |
4124 |
4134 |
4144 |
Credit |
Disposals |
4125 |
4135 |
4145 |
Debit |
At end of period |
– |
– |
– |
– |
Net book value |
||||
At start of period |
– |
– |
– |
– |
At end of period |
– |
– |
– |
– |
AP Code |
Debit/Credit |
|
Due within one year |
||
Trade debtors |
4400 |
Debit |
Amounts recoverable on contracts |
4410 |
Debit |
Other debtors |
4420 |
Debit |
Pension scheme prepayments |
4430 |
Debit |
Factored debts outstanding |
4440 |
Debit |
Prepayments and accrued income |
4900 |
Debit |
Corporation tax recoverable assets |
4450 |
Debit |
Deferred tax current asset |
4460 |
Debit |
VAT |
5300 |
Debit |
Due after one year |
||
Trade debtors |
4500 |
Debit |
Amounts recoverable on contracts |
4510 |
Debit |
Other debtors |
4520 |
Debit |
Pension scheme repayments |
4530 |
Debit |
Factored debts outstanding |
4540 |
Debit |
Prepayments and accrued income |
4900 |
Debit |
Corporation tax recoverable assets |
4550 |
Debit |
Deferred tax current asset |
4560 |
Debit |
VAT |
5700 |
Debit |
AP Code |
Debit/Credit |
|
Due within one year |
||
Obligations under finance leases |
Not posted yet |
– |
Trade creditors |
5200 |
Credit |
Payment received on account |
5200 |
Credit |
Bank loans and overdrafts |
5100 |
Credit |
Corporation tax |
5310 |
Credit |
Other taxes and social security costs |
5320 |
Credit |
Other creditors |
5350 |
Credit |
Accruals and deferred income |
4950 |
Credit |
Loan from directors |
5400 |
Credit |
Due after one year |
||
Obligations under finance leases |
Not posted yet |
– |
Trade creditors |
5600 |
Credit |
Payment received on account |
5600 |
Credit |
Other taxes and social security costs |
5720 |
Credit |
Other creditors |
5750 |
Credit |
Accruals and deferred income |
4950 |
Credit |
Loan from directors |
5800 |
Credit |
Bills of exchange |
5555 |
Credit |
AP Code |
Debit/Credit |
|
The maturity of these amounts is as follows: |
||
Within one year |
5010 |
Credit |
Between one and two years |
5011 |
Credit |
Between two and five years |
5011 |
Credit |
After five years |
5012 |
Credit |
AP Code |
Debit/Credit |
|
At start of period |
6000 |
Credit |
Charged/(credited) in the period |
6000 |
Credit/(debit) |
Unwinding of discount |
6000 |
Debit |
Utilised in period |
6000 |
Debit |
At end of period |
– |
– |
AP Code |
Debit/Credit |
|||
Ord Shares |
Ord A Shares |
Ord B Shares |
– |
|
At start of period |
7000 |
7001 |
7002 |
Credit |
Issued in year |
7010 |
7011 |
7012 |
Credit |
Reduction in year |
7060 |
7061 |
7062 |
Debit |
AP Code |
Debit/Credit |
|
At start of period |
8000 |
Credit |
Dividends paid |
8010 |
Debit |
Transfer from reserves |
8021 |
Credit |
AP Code |
Debit/Credit |
|
At start of period |
7100 |
Credit |
Arising on issued shares |
7110 |
Credit |
Expenses on issued shares |
7120 |
Debit |
AP Code |
Debit/Credit |
|
At start of period |
7200 |
Credit |
Surplus on revaluation |
7210 |
Credit |
Deficit on revaluation |
7220 |
Debit |
Transfer to Profit and Loss |
7230 |
Debit |
If there is a balance in your Trial Balance, you should create a preview of the accounts in AP and compare the results to the iXBRL accounts of the following:
If they both match, then there was already an imbalance in the iXBRL template and we will be unable to advise on how to correct this misposting.