F/Acct-OBJ
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(1a)
General journal is the accounting version of our
personal journals. It doesn't record everything that
happens to the business, of course, but it does record
every financial transaction that takes place (sometimes
alone, sometimes as a group of similar transactions). Like
our personal journal entries, it notes the date, the
accounts involved, and the amounts of money, as well as
providing a brief description of what happened.
=======================================
(2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards
__________________________
(2aii)
Discount Received
Bills Payable
Cash to suppliers
Return outwards
(2b)
– Error of original entry
– Error of omission
– Error of commission
– Error of principle
– Compensating errors
– Complete reversal of entry
=================================
3a) Sales journal is use to record credit sales of transaction.
– purchase journal is use to record credit purchase of a
transaction
-cash book is a book in which receipt and payment of money
are recorded
-The pretty cash book is a formal summaization of petty cash
expenditions sorted by date. in most cases, the pretty cash
book is an actual ledger book,rather than a computer
record.thus the book is part of a manuel record- keeping
system.
-Return inwards are goods returned to the selling entity by
the constomer,such as for warranty claims or outrig returns of
goods for a credit
(3b)
Uses of journal
*They are used to record errors
*record purchase and sale of fixed assets on credit.
*record closing entrie
*record transfers between ledgers.
*Record opening the closing entires,write off debt
=========================================
(4a)
Depreciation is the measure of the wearing out, consumption
or other loss of value of a fixed asset whether arising from
use, effluxion of time or obsolescence through technology
and market changes
________________________
(4b)
I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy
============================
Sent from my BlackBerry® wireless handheld from Glo Mobile.
1ccbbcacccd
11ccbcbbdbbb
21caadadbcba
31abdcdacbbb
41bbdbadcccc
================================
(1a)
General journal is the accounting version of our
personal journals. It doesn't record everything that
happens to the business, of course, but it does record
every financial transaction that takes place (sometimes
alone, sometimes as a group of similar transactions). Like
our personal journal entries, it notes the date, the
accounts involved, and the amounts of money, as well as
providing a brief description of what happened.
=======================================
(2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards
__________________________
(2aii)
Discount Received
Bills Payable
Cash to suppliers
Return outwards
(2b)
– Error of original entry
– Error of omission
– Error of commission
– Error of principle
– Compensating errors
– Complete reversal of entry
=================================
3a) Sales journal is use to record credit sales of transaction.
– purchase journal is use to record credit purchase of a
transaction
-cash book is a book in which receipt and payment of money
are recorded
-The pretty cash book is a formal summaization of petty cash
expenditions sorted by date. in most cases, the pretty cash
book is an actual ledger book,rather than a computer
record.thus the book is part of a manuel record- keeping
system.
-Return inwards are goods returned to the selling entity by
the constomer,such as for warranty claims or outrig returns of
goods for a credit
(3b)
Uses of journal
*They are used to record errors
*record purchase and sale of fixed assets on credit.
*record closing entrie
*record transfers between ledgers.
*Record opening the closing entires,write off debt
=========================================
(4a)
Depreciation is the measure of the wearing out, consumption
or other loss of value of a fixed asset whether arising from
use, effluxion of time or obsolescence through technology
and market changes
________________________
(4b)
I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy
============================
Sent from my BlackBerry® wireless handheld from Glo Mobile.
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