By George Bright
This booklet offers a finished creation to the foundations and perform of book-keeping and accounting. through the textual content, real-life case reports are used to demonstrate rules. there are lots of sensible routines (with solutions) and actions integrated. a bit of GCSE questions is given on the finish of the booklet.
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Additional info for Mastering Accounting
Sample text
Some businesses keep a nominal ledger instead of a general ledger, in which case you would expect the business to have an assets ledger for the real accounts. This logic is not always followed, however, and you may sometimes come across a nominal ledger containing all the impersonal accounts, that is, real accounts and nominal accounts. 3 THE TWO-COLUMN CASH BOOK In the cash book it is usual not just to keep a separate account for cash and bank records but also to combine the accounts together to form one 51 unit.
50 discount received for promptly settling an amount owing to K. Bryant has been entered on the credit side of the discount received account but has not been debited to Bryant's account. First open a suspense account to record the difference in the books on 30 June. Then show the double entries which would be made to correct the error. 3 Study the account of B. John, which has been extracted from the ledger of G. Edwards, and answer the questions which follow it. 47 B. John 1989 1 May 17 May 27 May Balance Sales Sales b/d 21 21 £ 150 250 130 39 1989 6 8 May Bank 8 May Discount allowed 12 £ 140 10 (a) Define the term 'balance' and explain what it means on 1 May in the above account.
This is known as a credit purchase. In this case the other effect of the purchase is that he owes £1,000 to the seller. This is a liability to Tom. The seller was Ted's Garage. An account would have to be opened for this company if one did not already exist. What kind of entry would it be? If you said credit, good. If not, look again at the summary on page 21. An increase or the start of a liability is shown by a credit entry in that account. Clearly Tom owes £1,000 to Ted's Garage as a result of this transaction, therefore the account for Ted's Garage should be credited.