By Geoffrey Whittington

ISBN-10: 0511582463

ISBN-13: 9780511582462

A concise advent to the content material and constitution of accounting statements and the double access approach that underlies them. This publication is meant as a primary creation to the topic and assumes no past wisdom or event of accounting. labored numerical examples are an essential component of the exposition, and routines (with recommendations) are supplied. There also are chapters at the interpretation of bills, on accounting for fee alterations, and on broader elements of accounting. The emphasis all through is on figuring out basic rules instead of on particular sensible methods.

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T. Zan Double entry accounts Raw materials Work-inprogress Transaction Dr. Dr. Opening balance b/d I 2 3 4 5 6 7 8 9 10 11 Balance c/d 50 Cr. Cr. Bank Dr. Cr. Dr. 20 20 40 40 80 30 20 Finished goods Cr. Trade debtors Profit & loss Dr. Dr. Cr. Proprietor's Trade capital creditors Cr. Dr. Cr. Dr. 1 70 30 50 20 30 20 30 30 50 30 10 20 5 50 50 10 5 50 30 30 20 20 60 Total 80 Closing balance b/d 60 Cr. 80 1 25 70 25 70 25 1 25 95 25 25 20 95 1 10 1 10 80 20 50 50 5 80 20 30 1 50 20 5 1 70 1 70 150 80 80 30 Revenues and expenses 45 Trade creditors rise by £30 (a credit).

E. Taylor Trial balance at t+ 6 Dr. 30 65 60 Stock Trade debtors Cash Trade creditors Capital Profit Cr. 45 90 20 £155 £155 It will be seen that the trial balance is merely a list of the accounts in the ledger, with the balances entered in the relevant column, Dr. indicating a debit, and Cr. indicating a credit. It will also be seen that the trial balance does indeed balance. The journal entry The journal entry is a very useful method of recording the debit and credit effect of a particular transaction.

The second entry, at time t + 2, is also a credit of £20. This was for stock purchased, and the corresponding account which was debited was 'stock': this is indicated in the narrative. In practice there might also be a cross reference to the page or number of the stock account. The final entries are the 'closing off' of the account at the end of the period. 3, we used the crude method of summing both debit and credit columns and writing the difference between the two on the row below. In the T account format, we use the more elegant double entry method of calculating and carrying down the balance.

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The Elements of Accounting: An Introduction by Geoffrey Whittington


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