By W. Bosua, M. Schutte
A significant desire exists between scholars and others who've now not formerly come into touch with the elemental rules of economic accounting. uncomplicated monetary accounting solutions this desire. The authors make no assumptions in regards to the reader's previous wisdom of economic accounting. useful workouts on the finish of every bankruptcy let the reader to check his or her personal growth. simple monetary Accounting is a perfect introductory or bridging textual content for college kids new to the topic, their teachers, and for the final acquisition of the fundamental options of economic accounting. This ebook can be very valuable as a revision instrument for easy monetary accounting suggestions and ideas. The fourth variation has been completely revised take into consideration the most recent IFRS terminology. extra actions were further to every bankruptcy, and a wholly new bankruptcy has been additional on value-added tax.
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Commission paid 6. Settlement discount granted 7. Credit losses 8. Salaries & wages 9. Tax 10. Licenses 11. Advertisements 12. Water & electricity 13. Telephone 14. Insurance 15. Stationery 16. Consumables 17. Repairs & maintenance 18. Fuel 19. Rent paid 20. Cleaning materials 24 Income 1. Rent received 2. Interest received 3. Commission received 4. Sales 5. Tariff income 6. Services rendered 7. Credit losses recovered 8. 5 168 700 Drafting of an elementary statement of profit or loss and other comprehensive income (see Module 7) Only income and expense account balances appear in the statement of profit or loss and other comprehensive income.
The debtors allowance journal is only a summary of all the above-mentioned transactions. The source document used is a credit note issued to the client. Example: 14/5 18/5 19/5 Issue a credit note to A. Bom for R500, for goods returned, cost price R300. G. Gaap returns goods to a value of R1 000. Issue a credit note. Cost price of goods, R800. Receive goods returned by S. Spies. Issue a credit note of R100. Cost price R80. Debtors allowance journal of ‘‘A’’ for May 20XX C/n 12 13 14 42 Date 14 18 19 Debtor A.
In such cases the goods are sent back to the supplier and the buyer receives credit for the goods returned. The creditors allowance journal is only a summary of the above-mentioned transactions. The source document used is a credit note received from the supplier. Example: 10/5 14/5 16/5 Received a credit note from G. Roetz for inventory returned to them, R300. Return goods to V. Vamp and receive their credit note of R200. Return faulty stationery to a value of R20 to BNA, and receive their credit note.
Basic Financial Accounting by W. Bosua, M. Schutte