BY B. ILANGOVAN IRAS (P). PURCHASES Purchases Imported – 7110 Purchases Indigenous –7120 Purchases thro’ DGS&S-7130 1 Stage Purchase suspense Dr. Cheques.

Slides:

Advertisements

Similar presentations

Summary so far……..  SPECIAL JOURNALS  Special journals  classify and summarise data from source documents.  The use of special journals  allows.

Advertisements

ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.

Ledger  The book which contains accounts is known as the Ledger.  Transactions relating to a particular account for a given period are brought together.

Chapter 9 - Abbreviated Review Transactions. 1A Sold 150 shares of $10-par common stock to the attorney, Bill Green, for legal services during the incorporation,

Double Entry Accounting System Topics  Double Entry Accounting System-What it is?  Cash and Accrual based Accounting  Concept of Debit and Credit 

Unit 4C CORRECTION OF ERRORS. Errors not revealed by the Trial Balance The Trial Balance will not reveal any errors which have been made in both accounts.

A shipment of goods by a manufacturer or wholesale dealer to an agent to be sold by him on commission basis, on the risk and account of the former, is.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -

Correction of Errors one approach Gabrielle Moran 17th April 2010.

1 Job costing. 2 Job Costing Job costing is a product costing method adopted by an enterprise that provides limited quantities of unique products This.

EQUITY ACCOUNTING TEXT CHAP 20 EQUITY ACCOUNTING TEXT CHAP 20.

Why Record Transactions? To have a systematic recording of transaction  analyze  report to users Items that goes to Balance Sheet (Asset, Liability &

Worksheet for a Merchandising Business

Accounting Practices 501 Chapter 10 Introduction to financial statements Cathy Saenger, Senior Lecturer, Eastern Institute of Technology © Pearson 2011.

Accounting Entry Flow LAI Siu Tim Timmy Timothy In-service Course of Teacher Training (Technical)

Control Accounts Reconciliation

Review HST recoverable – tax you paid for purchases related to business HST payable - tax you charge customers We analysed our transactions using HST.

Accounting for a Merchandising Business

AAT Level 3 Accounts Preparation. AAT Level 3 Accounts Preparation - Summary ACPR is the first of the two Level 3 financial accounting units. Covering.

The Accounts of the General Ledger BALANCE SHEET SECTION DEBIT (DR) CREDIT (CR) CAPITAL DRAWINGS ASSETS INCOME EXPENSES NOMINAL SECTION LIABILITIES.

Dissertation Presentation

Perpetual Inventory System By Denis Perpetual Inventory System Involves keeping current and continuous records of all inventory transactions.

STRUCTURE OF RAILWAY ACCOUNTS The objective is to keep the accounts on commercial as well as Government basis. Accrual basis. How capital has been utilised.

© Hodder Education 2008 Errors. © Hodder Education 2008 Introduction Two types of error can be made by the book-keeper: 1.Errors which do not affect the.

At the end of the accounting period, the company makes the accounts ready for the next period. Closing the Books SO 2 Explain the process of closing the.

STORES SUSPENSE HEADS SANJA UPRETI PAM. Stores suspense head is a Capital suspense head under demand no. 16. Why should we operate a suspense head?

Meaning, Objectives and Terminology of Accounting.

Book - Keeping Double entry Book-keeping. Why set up a business?

 All temporary accounts must be “closed” at the end of an accounting cycle ◦ This prepares them for the next fiscal period.  Closing a temporary account.

Closing Entries Chapter 9.3 & 9.4. We’re almost done, let’s finish it up! Post the Adjusting & Closing Entries to the Ledger Journalize the Adjusting.

Book - Keeping Double entry Book-keeping. Activity - Financial Terms Capital Drawings Asset Liability Capital expense Revenue expense Returns inward Returns.

Chapter – 1 Introduction to partnership

Fís Foghlaim Forbairt  www. pdst. i e Fís Foghlaim Forbairt  www. pdst. i e.

CDA COLLEGE ACC101: BOOK KEEPING 1 Lecture 6 Lecture 6 Lecturer: Kleanthis Zisimos.

Trial Balance It is a summary of the entire Ledger. It has two columns, one for Debit balances and another for Credit balances. The totals of the two columns.

Source Documents Chapter 6. Source Documents Shows the _______ of the transaction and provides all the _____________ needed to account for it properly.

FINAL ACCOUNTS Explained By: Sarbjit Kaur. Lecturer, Department of Computer Application, PGG.C.G., Sector: 42, Chandigarh.

Non-Integrated Accounts.  Meaning u If the cost and financial transactions are kept separately,the system is called Non-Integrated Accounting System.

BAF3M1 COMPLETING THE ACCOUNTING CYCLE Chapter 9, Section 9.1.

Advanced Financial Accounting FIN-611 Mian Ahmad Farhan Lecture-3 Single Entry (Conversion Method)

Accounting & Financial Analysis 111 Lecture 5 Closing General Ledger entries, Trading Account – Gross Profit Profit & Loss Account – Retained Profit Closing.

Changes in partnership agreement

Preparing Closing Entries and a Post-Closing Trial Balance

Correction of Errors.

Book of First Entry, Ledger and Trial Balance Question

Bookkeeping Transactions Lesson 1

Business Studies/ Accounting Transition Year Module

Suspense By Maura Fehily. Suspense By Maura Fehily.

Balancing Ledger Accounts

$ $ $ $ Section 2 Posting Closing Entries What You’ll Learn Chapter 20

Advanced Financial Accounting FIN-611

LESSON 19-1 Determining the Quantity of Merchandise Inventory

Accounting cycle Made by: Yashvi Shah.

SUSPENSE You sell on credit to Debtors

Chapter 12 Control Systems: Control Accounts

AQA Accounting - AS (Award Code 1121)

Manual Accounting & Computerized Accounting

Audit of Stockholder's Equity

Completing the Accounting Cycle for a Merchandising Corporation

ACCOUNTING EQUATION.

Dr.S.S.Jadhav Head, Dept of Commerce mrs.k.s.k. college beed

Designed And Developed By Aksha Softskills Pvt Ltd.

Closing Entries and Corrective Entries

LEDGERS Made by : Steven JT.

Completing the accounting cycle

Stock Market Stage Analysis.

5-2 Posting Separate Amounts from a Journal to a General Ledger

Presentation transcript:

BY B. ILANGOVAN IRAS (P)

PURCHASES Purchases Imported – 7110 Purchases Indigenous –7120 Purchases thro’ DGS&S Stage Purchase suspense Dr. Cheques & Bills Cr. 2 Stage Stock Dr. Purchase suspense Cr.

SALES Sales other than fuel – 7140 Sales of fuel Stage Cheques & Bills Dr. Sales suspense Cr. 2 Stage Sales suspense Dr. Stock suspense Cr.

STORES Transfers-workshops Transfers-divisional Imprest accounts Depot transfer account Stock adjustment account

SINT SINT- Purchase (OTF) – 7171 SINT- Depot Tansfer (OTF) – 7172 SINT – Fuel – Stage SINT Dr. Stock Cr. 2 Stage Transfer Div./Rly Dr. SINT Cr.

Stores Adjustment Account 7181,7182 – difference between ledger and ground balances. 7183,7184 – difference due to market fluctuation during revaluation – book value vs. Value in sales – new stores as second hand – other losses ie. Breakage etc.

MISCELLANEOUS ADVANCE CAPITAL When the material is issued the entry will be. Miscellaneous advance capital Dr. Stock account Cr. When the material is received, the entry is Stock account Dr. Miscellaneous advance capital Cr.