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............. accounts are individual accounts of debtors and creditors. personal ............. accounts cover asset accounts such as premises, motor vehicles, etc. real ............. accounts cover various income and expense accouris, e.g. sales, wages, etc. nominal .................. account is used for regular banking and withdrawal of money. current ........... is a general term for activities of the business. transactions ............ is an amount received from creditors when paying them within required time. discount received ............ is a direct means of transferring money through the bank systems, which is initiated by the paying party. credit transfer ................. is indicated in the invoice and recorded in the accounts. Cash discount .............. is used to record Cash Bank accounts Cash book .............. is direct transfer between bank accounts, involving fixed accounts at regular intervals. standing order .............. Ledger is used to record debtor accounts Sales
ANH VĂN CHUYÊN NGÀNH – AC10 accounts are individual accounts of debtors and creditors accounts cover asset accounts such as premises, motor vehicles, etc accounts cover various income and expense accouris, e.g sales, wages, etc account is used for regular banking and withdrawal of money is a general term for activities of the business is an amount received from creditors when paying them within required time is a direct means of transferring money through the bank systems, which is initiated by the paying party is indicated in the invoice and recorded in the accounts is used to record Cash & Bank accounts is direct transfer between bank accounts, involving fixed accounts at regular intervals Ledger is used to record debtor accounts Ledger is used to record creditor accounts means a charge paid by the firm to carrier for delivering personal real nominal current transactions discount received credit transfer Cash discount Cash book standing order Sales Purchases carriage outwards goods to customers: Cost of distribution ‘Balance sheet’ is ‘Capital’ is a type of financial statement the amount of the owner’s stake in the business types of personal accounts include capital, supplier, customer, and drawings A A is someone who owes you money after you sell him/ her on credit A is someone to whom you owe money after you buy on credit A general term for amounts owing to persons other than the owner is According to double-entry rules, if a liability decreases, According to double-entry rules, if an asset increases, debtor Creditor liabilities Liability account will be debited asset account will be debited B Book-keeping entries relating to Credit Purchase are: Book-keeping entries relating to Payment received from debtor are: Book-keeping entries relating to Sales Returns are: Book-keeping entries relating to Payment to creditor are: debit purchases account & credit supplier’s (creditor’s) account debit bank/ cash account & credit debtor’s account debit Returns Inwards account & credit debtor’s account debit creditors account & credit bank/ cash account Book-keeping entries relating to Credit Sales are: debit customer’s (debtor’s) account & credit sales account debit Cash/ Bank account & credit Sales account debit purchases account & credit Cash/ Bank account credit Returns Outwards account & debit supplier’s (creditor’s) account Book-keeping entries relating to Cash Sales are: Book-keeping entries relating to Cash Purchases are: Book-keeping entries relating to Purchases Returns are: C Calculate Current Liabilities from the following details: Fixed assets: £53,000; Current assets: £28,500; Capital: £ 66,500; Long-term liabilities: £8,300 Calculate Gross Profit from the following details: Cost of goods sold: £15,200; Sales £23,700, Returns Inwards £1,420 Calculate Net Profit from the following details: Gross profit: £12,000; Rent payable: £1,500; Rent receivable: £420; Wages: £ 1,210; Insurance: £300; office expenses: £420; travelling expenses: £270 Calculate Net Profit from the following details: Gross profit £12,400; Expenses £7,550, Commission £420 Calculate Net profit from the following details: Total of Capital at the end of period: £62,000; capital at the beginning of period: £48,000; Drawings: £2,420 Calculate the Fixed Assets from the following details: Total of £6,700 £7,080 £8,720 £5,270 £16,420 £44,060 assets: £73.600; Stock £2,200, Debtors: £2,800, Cash: £ 3,240, Bank: £21,300 Calculate the total of Assets from the following details: Fixed assets: Furniture and fittings: £12,000; Motor vehicle: £ 7,000 - Current assets: Stock £2,200, Debtors: £1,850, Cash: £ 3.410, Bank: £13,000 £39,460 F From Sales Day book, detail is transferred promptly to account in Sales Ledger From Sales Day book, detail is transferred monthly to Sales account in From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’ What kind of discount is it? From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’ How much cash discount was given to him? From the transaction below: “A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him Debtor’s General Ledger discount allowed £54 £1,746 How much did A Smith actually pay? From the transaction below: ‘A Smith owed the business £1,500 for the goods sold to him on May 10, Year The terms of sale allow for 3% cash discount for payment within days On May 15, Year 2, A Smith paid his debt by cheque.’ What entries in the cash book are necessary for this transaction? From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’ How much discount will be given to P Starkey? From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’ How much will be recorded into accounts? From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & You paid your debt within required time; hence 3% cash discount was received’ How much did you have to pay? From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & you paid your debt within required time; hence 3% cash discount was received’ How much cash discount did you received? From the transaction: ‘S Smart –a debtor returned goods to the business’ In what accounts & what ledger will it be recorded? From the transaction below: ‘The business owed L Turner Dr Discount allowed £45 & Dr Bank £1,455 £54 £306 £1,940 £60 Dr Returns Inwards a/c in General Ledger & Cr S Smart a/c in Sales Ledger Cr Discount received £100 & Cr Bank £1,900 £2,000 for the goods bought from May 20th Year By paying by cheque within a specified time (May 23, Year 2), the business can receive a cash discount of 5%’ What entries in the cash book are necessary for this transaction? From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’ How much will the business finally owe S Letts? From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’ How much will the business record in Return Outwards account? From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount’ In what Day book and what accounts will it be recorded & How much will it be recorded? From the transaction: ‘K Devine returns to us goods with a list price of £150 No discount Was previously made.’ In what accounts will it be recorded? From the transaction: ‘Return goods to S Letts at list price £40’ In what Day book and what accounts will it be £189 £36 Purchases Day book; Dr Purchases £225 ; Cr S Letts £225 Dr Returns Inwards £150 & Cr K Devine £150 Returns Outwards Day book; Dr S Letts a/c & Cr Returns Outwards a/c recorded? From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’ How much will the business record into Day book? From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’ How much discount will the business receive? £704 £176 H How is ‘Carriage inwards’ treated in final accounts? Carriage inwards is deducted in the amount of Purchases Carriage inwards is added into expense column Carriage outwards is added into expense column How is ‘Carriage Outwards’ treated in final accounts? How is ‘Carriage Outwards’ treated in final accounts? I In the accounting equation, In the following transaction: ‘The owner puts a further amount into the business by cheque’, which account is debited and which account is credited? In the transaction below: ‘You owed A John, a creditor for the goods bought from him & you paid your debt within required time; hence A John gave you cash discount’ What kind of discount is it? In the transaction ‘wages of £40 are paid in cash’, which The two sides will always be equal to one another debit bank account & credit capital account discount received Dr wages account £40 & Cr Cash account £40 entries are correct? In the transaction, ‘Goods sold for £210 on credit to T Smith’, which entries are correct? In the transaction: ‘Paid £442 in cash to A Dobbs in settlement of a debt of £450’ What entries in the Cash book are done? In the transaction: ‘Cash sale £1,410, in which £410 was received in cash’ What entries in the Cash book are done? In the transaction: ‘Received a cheque of £1,200 from A Smart in full settlement of debt of £1,212’ What entries in the Cash book are done? In the transaction: ‘Withdrew £420 from bank to make cash in office’ What entries in the Cash book are done?Nếu vụ án không thuộc thẩm quyền Tịa án phải trả hồ sơ cho Viện kiểm sát The account ‘Bank’ has transactions during July, Year 4, including debit entries with £2,000 and credit entries with £170 and £240 How much is the balance of this account at the end of July, Year 4? The account ‘Bank’ has transactions during July, Year 4, including debit entries with £5,000 and credit entries with £ 170 and £240 How much is the balance of this account at the end of July, Year 4? The account ‘T Dove’ has transactions during May, Year 4, including debit entries with £150 & £80 and credit entries Dr T Smith £210 & Cr Sales £210 Cr Discount received £8 & Cr Cash £442 Dr Cash £410 & Dr Bank £1,000 Dr Discount allowed £12 & Dr Bank £1,200 Cr Bank £420 & Dr Cash £420 £1,590 Dr £1,590 Dr £25 Dr with £170 and £35 How much is the balance of this account at the end of May, Year 4? The account ‘T Smith’ has transactions during July, Year 4, including debit entries with £50 & £80 and credit entries with £170 and £230 How much is the balance of this account at the end of July, Year 4? The capital equation is: The difference between current account and deposit account is that current account is used for banking and withdrawal of money, and in deposit account withdrawals will be The following detail appears in the Purchases Day Book: ‘T Smith56/637£656’ To what accounts & Ledgers will this detail be transferred? The formula for Cost of goods sold is: The invoice gives details of The main difference between ‘Expenses’ and ‘Drawings’ is that The term ‘account’ means The total of discount received column in the cash book will be transferred to Ledger £270 Cr Assets less liabilities equals capital regular/ infrequent T Smith a/c in Purchases Ledger; Purchases a/c in General Ledger Opening stock+Purchases+Carriage inwardsReturns outwards-Closing stock Both Trade discount and Cash discount ‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for his private use a record of transactions by category (purchases, for example), or by person or organization General The term ‘Transaction on credit’ means The term ‘Drawings’ means The word in the heading of the balance sheet is linked to the idea of the snapshot photograph T-type Ledger accounts has the following format: taking an ownership of an asset now, but paying for it at later stage withdrawals from a business by the owner for the owner’s private use: in cash or goods/ services at two-sided account with debit side on the left and credit side on the right W Where balances are carried forward from one page to the next, ‘balance ’ would appear at the bottom of one page and ‘balance .’ at the top of the next page When you received money from debtors who pay their debts within required time, the discount you give him is called Which account below is close off to Profit and Loss account? Which account below is close off to Trading account? Which item below is not an asset? Which item below is not an expense? c/f – b/f discount allowed Carriage Outwards Carriage Inwards Creditor Rent receivable Y You are presented with the following data: Assets 13,970 the two sides are not equal One figure must be incorrect Capital 2,934 Liabilities 11,576 What comment would you make? You can calculate profit in ‘Profit and Loss accounf’ You can calculate profit in ‘Trading accounf’ Net Gross