1 / 7

Principles Of Accounts

Principles Of Accounts. The journal. After reading this chapter,you will understand the following terms: ‧ The journal ‧ Purchase and sale on credit of fixed assets ‧ Bad debts ‧ Correction of errors ‧ Opening entries ‧ Closing entries ‧ The accounting cycle.

pthreadgill
Download Presentation

Principles Of Accounts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Principles Of Accounts

  2. The journal After reading this chapter,you will understand the following terms: ‧The journal ‧Purchase and sale on credit of fixed assets ‧Bad debts ‧Correction of errors ‧Opening entries ‧Closing entries ‧The accounting cycle

  3. Main books of original entry We have seen in earlier chapters that most transactions are entered in one of the following special books of original entry: ‧Cash book ‧ Sales journal ‧ Purchase journal ‧ Returns inwards journal ‧ Returns outwards journal

  4. The journal is used to record the transactions not in the following books of original entry: ‧Cash book ‧ Sales journal ‧ Purchase journal ‧ Returns inwards journal ‧ Returns outwards journal

  5. Give you an Example Example1:A machine was bought on credit from Toolmakers for $550 on 1 July 2005. Form what you have learned in earlier chapters,you will know that the double entry accounts would be as follows. Machinery (Folio GL 1) $ 2005 Jul 1 Toolmakers PL55 550

  6. Format of a journal: • Date Details Dr. Cr. • $ $ • Jul 1 Machinery 550 • Toolmakers 550 • Bought machinery on credit • from Toolmakers.

  7. Hi !!! Nice to see you ? Thank you for coming to my project! Come again!!! BYE!! BYE!! Angie Ng and Sammy Wong 29-3-2001

More Related