Accounting Skills by Margaret Nicholson (auth.)

By Margaret Nicholson (auth.)

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As with sales and purchases, avoid the use of the word 'goods' in the double entry accounts. The transaction itself will usually refer to the items as 'goods' but when recording the transaction in the double entry accounts write 'returns inwards' or 'returns outwards', as the case may be. In the following worked example, consider each transaction carefully and proceed to fmd the entries in the double entry accounts. Feb 1 4 6 10 12 15 20 22 25 28 24 75 Bought goods on credit (£150) from S. Singer.

Smith (£150) and W. Wiseman (£120). Bought motor van (£4,000) on credit from Bright Motors Ltd. Cash purchases £450. Paid Nelsons Ltd. £250 in cash. F. Fieldhouse paid £100 by cheque. Bought display equipment (£350), paying by cheque. Paid J. Black £650 by cheque. Sold goods (£220), receiving payment by cheque. Enter the following transactions in the double entry accounts, Nov 1 Started business with £5,000 in a business bank account. 2 Bought goods on credit (£490) from W. Rycroft. 3 Withdrew £250 cash from the bank and placed it in the cash box.

Normanton (Loan) Office Stationery Insurance 2,500 2,505 1,750 841 100 335 610 160 436 55 150 100 1,000 45 95 5,341 -POINTS TO REMEMBER Cr. £ 5,341 -- If the trial balance totals do not agree, the following procedure will very often reveal the errors: 1. Re-check the addition of the totals, to make sure the error is not a simple matter of addition. 2. Check the balances- have debit balances in the ledger been incorrectly entered in the credit column of the trial balance, and vice versa? Check that no balances have been missed completely.

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