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Recording of Business Transactions – Books of Original Entry Week 4
In Your Textbook... ,[object Object],[object Object],[object Object],[object Object],[object Object]
Journals ,[object Object],[object Object],[object Object],[object Object],[object Object]
The General Journal ,[object Object],General Journal $ $ The name of the account to be debited The name of the account to be credited The narrative Cr Dr Particulars Date
Recording into General Journal ,[object Object]
Computerised General Journal
Purchases Journal The purchases journal is designed for recording all purchases on credit.
Returns Outwards Journal ,[object Object],[object Object],[object Object]
Sales Journal The sales journal is designed for recording all sales of goods on credit.
Returns Inwards Journal ,[object Object],[object Object],[object Object]
Posting from the Journals ,[object Object],[object Object],Journal Ledger Posting
Ledger ,[object Object],[object Object],[object Object],[object Object],[object Object]
Posting from the General Journal
Record the following transactions into the general journal and post them to the ledger. Cash sales RM7,500. 27 Paid Enza Trading RM1,500 by cheque. 26 Paid electricity in cash RM250. 20 Paid wages in cash RM800. 12 Paid rental of office space by cheque RM500. 8 Cash sales generated amounting to RM1,500. 6 Bought goods from Enza Trading on credit RM4,700. 4 Bought equipment for RM8,200 cash. 3 Owner began operation with RM20,000 cash as capital. 1 June
20,000 20,000 Cash Capital June  1 7,500 7,500 Cash Sales 27 1,500 1,500 A/C Payable- Enza Trading Bank 26 250 250 Electricity Cash 20 800 800 Wages Cash 12 500 500 Office rental Bank 8 1,500 1,500 Cash Sales 6 4,700 4,700 Purchase A/C Payable- Enza Trading 4 8,200 8,200 Equipment Cash 3 Credit(RM) Debit(RM) Particular Date
Chart of Accounts ,[object Object],[object Object],[object Object]
Chart of Accounts - Example Drawings 403 Electricity 206 Net profit 402 Manager’s salary 205 Capital 401 Commission 204 Owner’s Equity 401-500 Rent paid 203 Rent revenue 303 Purchase returns 202 Discount revenue 302 Purchases 201 Sales 301 Expenses 201-300 Revenue 301-400 Accounts Receivable 4 Accounts Payable 103 Plant and machinery 3 Loan by mortgage 102 Petty cash 2 Bank overdraft 101 Cash at bank 1 Liabilities 101-200 Assets 1-100
Take A Break! ,[object Object],[object Object]
Cash
[object Object],[object Object],[object Object],Control Over Cash
Retailers’ Sources of Cash Cash Receipts CASHIER’S DEPARTMENT ACCOUNTINGDEPARTMENT Register records Remittance advices Mail Receipts
1 ACCOUNTINGDEPARTMENT CASHIER’S DEPARTMENT Retailers’ Sources of Cash Deposit ticket Bank Deposit receipt
Cash and Bank Accounts ,[object Object],[object Object],[object Object]
Cash and Bank Accounts Payments with office cash Receipts of cash kept in the office Dr  Cash Account  Cr Payments with cheques from the current account at the bank Receipts of cash and cheques banked into the current account at the bank Dr  Bank Account  Cr
Cash Book ,[object Object],[object Object]
Cash Book ,[object Object],[object Object],[object Object],[object Object],Bank Cash Disct F Details Date Bank Cash Disct F Details Date Cr. Cash Book Dr.
Cash Discount ,[object Object],[object Object],[object Object],[object Object],[object Object]
Cash Discount - Discount Allowed ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Discount Allowed (Example) Dr  Kay  Cr Amt Particulars Date Amt Particulars Date 360 40 Bank Discount allowed Jun 20 400 Sales Jun 10 360 Kay Jun 20 Amt Particulrs Date Amt Particulars Date Dr  Bank Account  Cr Dr  Discount Allowed Account  Cr Amt Particulars Date Amt Particulars Date 40 Kay Jun 10
Cash Discount - Discount Received ,[object Object],[object Object],[object Object]
Discount Received (Example) ,[object Object],[object Object],[object Object],Dr  Major  Cr Amt Particulars Date Amt Particulars Date 900  Purchases Jun 4 855 45 Bank Discount received Jun 9
Discount Received (Example) 855 Major Jun 9 Amt. Particulars Date Amt. Particular Date Dr  Bank Account  Cr Dr  Discount Received Account  Cr Amt Particulars Date Amt Particulars Date 45 Major Jun 9
Trade Discount ,[object Object],[object Object],[object Object],[object Object],[object Object]
Dishonoured Cheques ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dishonoured Cheques (Example) ,[object Object],[object Object],[object Object],[object Object],[object Object],RM 135 RM Joe (cheque dishonoured) 2005 Apr 9 RM 135 RM RM 15 Joe 2005 Apr 3 Bank Cash Disc. Part. Date Bank Cash Disc. Part. Date Dr  Cash Book  Cr
Dishonoured Cheques (Example) Dr  Joe  Cr Amt Folio Particulars Date Amt Folio Particulars Date RM 135 15  Bank Discount allowed Apr 3 RM 150 135 15 Balance b/d Bank (cheque dishonoured) Discount allowed (withdrawn) 2005 Apr 1 9 Dr  Discount Allowed Account  Cr Amt Folio Particulars Date Amt Folio Particulars Date RM 15 Joe (cheque dishonoured) 2005 Apr 9 RM … Sundries 2005 Apr 30
Bank Overdraft ,[object Object],[object Object],[object Object]
Bank Overdraft (Example) ,[object Object],[object Object],[object Object],[object Object],[object Object],RM 4,500 RM Office equipment 2005 Jan 10 RM 500 RM RM Bal b/d 2005 Jan 1 Bank Cash Folio Part. Date Bank Cash Folio Part. Date Dr  Cash Book  Cr
Bank Overdraft ,[object Object]
Bank Loan ,[object Object],[object Object],[object Object],Dr. Bank Account Cr. Loan Account
Interest on Bank Loan ,[object Object],[object Object],Dr. Interest Expense Account Cr. Bank Account
Petty Cash
Petty Cash ,[object Object],[object Object],Can you think of examples of expenses that might be paid from petty cash?
Petty Cash Book             Cash received   Oct 1 46.50             Balance b/d     53.50         100.00         100.00         53.50   Balance c/d       7.00 9.50 10.00 20.00 46.50   TOTAL         8.00     8.00 12 Taxi fare 12 Sep 30     1.50     1.50 11 MRT fare 12 Sep 24   7.00       7.00 10 Teabags/Coffee 6 Sep 17       10.00   10.00 9 Stapler 13 Sep 9         20.00 20.00 8 Stamps 12 Sep 4               Cash received 8 Sep 1 100.00 Misc- ellaneous $ Fare $ Stationery $ Postage $ Total Paymnt $ Voucher No. Details Fol Date Received $ Payment Analysis             PETTY CASH BOOK

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Acc week 4

  • 1. Recording of Business Transactions – Books of Original Entry Week 4
  • 2.
  • 3.
  • 4.
  • 5.
  • 7. Purchases Journal The purchases journal is designed for recording all purchases on credit.
  • 8.
  • 9. Sales Journal The sales journal is designed for recording all sales of goods on credit.
  • 10.
  • 11.
  • 12.
  • 13. Posting from the General Journal
  • 14. Record the following transactions into the general journal and post them to the ledger. Cash sales RM7,500. 27 Paid Enza Trading RM1,500 by cheque. 26 Paid electricity in cash RM250. 20 Paid wages in cash RM800. 12 Paid rental of office space by cheque RM500. 8 Cash sales generated amounting to RM1,500. 6 Bought goods from Enza Trading on credit RM4,700. 4 Bought equipment for RM8,200 cash. 3 Owner began operation with RM20,000 cash as capital. 1 June
  • 15. 20,000 20,000 Cash Capital June 1 7,500 7,500 Cash Sales 27 1,500 1,500 A/C Payable- Enza Trading Bank 26 250 250 Electricity Cash 20 800 800 Wages Cash 12 500 500 Office rental Bank 8 1,500 1,500 Cash Sales 6 4,700 4,700 Purchase A/C Payable- Enza Trading 4 8,200 8,200 Equipment Cash 3 Credit(RM) Debit(RM) Particular Date
  • 16.
  • 17. Chart of Accounts - Example Drawings 403 Electricity 206 Net profit 402 Manager’s salary 205 Capital 401 Commission 204 Owner’s Equity 401-500 Rent paid 203 Rent revenue 303 Purchase returns 202 Discount revenue 302 Purchases 201 Sales 301 Expenses 201-300 Revenue 301-400 Accounts Receivable 4 Accounts Payable 103 Plant and machinery 3 Loan by mortgage 102 Petty cash 2 Bank overdraft 101 Cash at bank 1 Liabilities 101-200 Assets 1-100
  • 18.
  • 19. Cash
  • 20.
  • 21. Retailers’ Sources of Cash Cash Receipts CASHIER’S DEPARTMENT ACCOUNTINGDEPARTMENT Register records Remittance advices Mail Receipts
  • 22. 1 ACCOUNTINGDEPARTMENT CASHIER’S DEPARTMENT Retailers’ Sources of Cash Deposit ticket Bank Deposit receipt
  • 23.
  • 24. Cash and Bank Accounts Payments with office cash Receipts of cash kept in the office Dr Cash Account Cr Payments with cheques from the current account at the bank Receipts of cash and cheques banked into the current account at the bank Dr Bank Account Cr
  • 25.
  • 26.
  • 27.
  • 28.
  • 29. Discount Allowed (Example) Dr Kay Cr Amt Particulars Date Amt Particulars Date 360 40 Bank Discount allowed Jun 20 400 Sales Jun 10 360 Kay Jun 20 Amt Particulrs Date Amt Particulars Date Dr Bank Account Cr Dr Discount Allowed Account Cr Amt Particulars Date Amt Particulars Date 40 Kay Jun 10
  • 30.
  • 31.
  • 32. Discount Received (Example) 855 Major Jun 9 Amt. Particulars Date Amt. Particular Date Dr Bank Account Cr Dr Discount Received Account Cr Amt Particulars Date Amt Particulars Date 45 Major Jun 9
  • 33.
  • 34.
  • 35.
  • 36. Dishonoured Cheques (Example) Dr Joe Cr Amt Folio Particulars Date Amt Folio Particulars Date RM 135 15 Bank Discount allowed Apr 3 RM 150 135 15 Balance b/d Bank (cheque dishonoured) Discount allowed (withdrawn) 2005 Apr 1 9 Dr Discount Allowed Account Cr Amt Folio Particulars Date Amt Folio Particulars Date RM 15 Joe (cheque dishonoured) 2005 Apr 9 RM … Sundries 2005 Apr 30
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 43.
  • 44. Petty Cash Book             Cash received   Oct 1 46.50             Balance b/d     53.50         100.00         100.00         53.50   Balance c/d       7.00 9.50 10.00 20.00 46.50   TOTAL         8.00     8.00 12 Taxi fare 12 Sep 30     1.50     1.50 11 MRT fare 12 Sep 24   7.00       7.00 10 Teabags/Coffee 6 Sep 17       10.00   10.00 9 Stapler 13 Sep 9         20.00 20.00 8 Stamps 12 Sep 4               Cash received 8 Sep 1 100.00 Misc- ellaneous $ Fare $ Stationery $ Postage $ Total Paymnt $ Voucher No. Details Fol Date Received $ Payment Analysis             PETTY CASH BOOK