Glossary entry (derived from question below)
English term or phrase:
debit and credit
Arabic translation:
مدينة ودائنة
Added to glossary by
Islam Sakr
May 29, 2023 17:03
12 mos ago
16 viewers *
English term
Debit and credit
English to Arabic
Bus/Financial
Finance (general)
If finance costs are linked to Qualifying Assets: To the extent of interest paid by the company shall be accounted as follows:
(a) Deferred Finance Cost Debit and credit the respective Bank Account [For Accounting Payment of Interest to Bank];
(b) Debit the Capital Work-in-Progress GL Account and Crediting Finance Cost. [For Capitalisation of Finance Cost incurred towards the Qualifying Asset];
(c) Deferred Finance cost will be amortised for the period of the loan by debiting the Finance Cost [P&L] and crediting the Deferred Finance Cost to the proportion of the Principal Loan Outstanding. [For Accounting the Finance Cost incurred towards: To the extent of Finance Cost incurred on assets not meeting the recognition criterion as per IAS 23 – Borrowing Cost – Be charged off to the Statement of Profit or Loss and Other Comprehensive Income); and
)d) Upon Completion of the Project, the Balances accumulated in the Capital Work-in-Progress GL will be transferred to the respective Asset Account GL by debiting the respective Asset Account GL and crediting the Capital WIP Account GL)
(a) Deferred Finance Cost Debit and credit the respective Bank Account [For Accounting Payment of Interest to Bank];
(b) Debit the Capital Work-in-Progress GL Account and Crediting Finance Cost. [For Capitalisation of Finance Cost incurred towards the Qualifying Asset];
(c) Deferred Finance cost will be amortised for the period of the loan by debiting the Finance Cost [P&L] and crediting the Deferred Finance Cost to the proportion of the Principal Loan Outstanding. [For Accounting the Finance Cost incurred towards: To the extent of Finance Cost incurred on assets not meeting the recognition criterion as per IAS 23 – Borrowing Cost – Be charged off to the Statement of Profit or Loss and Other Comprehensive Income); and
)d) Upon Completion of the Project, the Balances accumulated in the Capital Work-in-Progress GL will be transferred to the respective Asset Account GL by debiting the respective Asset Account GL and crediting the Capital WIP Account GL)
Proposed translations
(Arabic)
4 | مدينة ودائنة | Islam Sakr |
Change log
May 31, 2023 20:16: Islam Sakr Created KOG entry
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مدينة ودائنة
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