4 slides5.1

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Double Entry Double Entry System 2 System 2 DR CR

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Transcript of 4 slides5.1

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Double EntryDouble Entry

System 2System 2

DR CR

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The Accounting System The Accounting System to record transactionsto record transactions

Click me!

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ObjectivesObjectives

At the end of the lesson, students should be able to :

• know what are General Journal and Special

Journals.

• able to record simple business transactions

using the Double Entry Accounting System

into the General / Special Journals.

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An Overview…

General

Journal

Special

Journals

Ledger Accounts

Trial Balance

Prepare Simple Financial Statements

Adjustments

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GENERAL JOURNAL

Debit CreditDate Particulars

$ $

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Debit Credit Credit

Credit Debit Debit

Assets = Owner’s Equity + LiabilitiesAssets = Owner’s Equity + Liabilities

(Debit) (Credit) (Credit)

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Debit CreditDate Particulars

$ $

General Journal

a) a) John began business with cash in John began business with cash in

hand hand $5000 on 1 January 2000.$5000 on 1 January 2000.

2000

Jan 1 Cash in hand

Capital-John

5000

5000

John began business with cash $5000.

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Debit CreditDate Particulars

$ $

General Journal

b) b) John began business with a bank John began business with a bank

loan of loan of $8000 on 1 January 2000.$8000 on 1 January 2000.

2000

Jan 1 Cash in hand

Loan from bank

8000

8000

John began business with a bank loan of $8000.

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Debit CreditDate Particulars

$ $

General Journal

c)c) John used $2000 to buy a motor John used $2000 to buy a motor

vehicle vehicle

for business use on 16 March for business use on 16 March 2000. 2000.

2000

Mar 16 Motor Vehicle

Cash

2000

2000

John bought a motor vehicle worth $2000.

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Debit CreditDate Particulars

$ $

General Journal

d)d) John repaid bank loan of $1500 John repaid bank loan of $1500

using cash using cash

on 27 Oct 2000.on 27 Oct 2000.

2000

Oct 27 Loan from Bank

Cash

1500

1500

John repaid the bank loan.

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Debit CreditDate Particulars

$ $

General Journal

e)e) John sold goods at $6000 on credit John sold goods at $6000 on credit

to to

ABC Ltd on 26 November 2000.ABC Ltd on 26 November 2000.

2000

Nov 26 Debtors (ABC Ltd)

Sales

6000

6000

Sales worth $6000 to ABC Ltd.

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Debit CreditDate Particulars

$ $

General Journal

f) Stock count was conducted and f) Stock count was conducted and

closing stock closing stock

was found to be $10,000 on 31 Dec was found to be $10,000 on 31 Dec 2000.2000.

2000

Dec 31 Stock

Trading

10,000

10,000

To record closing stock worth $10,000.

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It is common for the owner to draw money or goods from the firm for personal use anytime.

According to the Accounting Entity concept, we must record the event even though he is the owner of the firm.

What do you call this?Click me!

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It is common for the owner to draw money or goods from the firm for personal use anytime.

According to the Accounting Entity concept, we must record the event even though he is the owner of the firm.

DRAWINGS

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Debit CreditDate Particulars

$ $

General Journal

g)g) The owner withdrew cash $1000 The owner withdrew cash $1000

for his for his

personal use on 1 April 2000.personal use on 1 April 2000.

2000

April 1 Drawings

Cash

1000

1000

To record drawings of $1000 cash.

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An Overview…

General

Journal

Special

Journals

Ledger Accounts

Trial Balance

Prepare Simple Financial Statements

Adjustments

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4 SPECIAL JOURNALS

Purchases Journal

Returns Outwards Journal

Sales Journal

Returns Inwards Journal

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CreditDate Particulars

$

General Journal

Reason for the purchases journal…

Debit

2000

Mar 2 Purchases 200Creditors-ABC 200

April 7 Purchases 600Creditors-Peter 600

May 12 Purchases 1000Creditors-PCK 1000

$

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Purchases Journal…

CrDate Particulars

$

Mar 2 Creditors-ABC 200

Purchases Journal

April 7 Creditors-Peter 600

May 12 Creditors-PCK 1000

2000

Dr Purchases

Cr Creditors

1800Total purchases to be debited

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Dr Date Particulars

$

Returns Outwards Journal…

Mar 5 Creditors-SBS 100

April 9 Creditors-David 600

May 26 Creditors-PCK 500

2000

Dr Creditors Cr

Returns

OutwardsReturns Outwards Journal

1200Total returns outwards to be credited

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CrDate Particulars

$

Reason for the Sales Journal…

2000

Mar 2 Debtors-ABC 200Sales 200

April 7 Debtors-Peter 600Sales 600

May 12 Debtors-PCK 1000Sales 1000

$

Dr

General Journal

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Dr Date Particulars

$

Dr Debtors Cr Sales

Sales Journal…

Sales Journal

Mar 2 Debtors-ABC 200

April 7 Debtors-Peter 600

May 12 Debtors-PCK 1000

2000

1800Total sales to be credited

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Cr Date Particulars

$

Returns Inwards Journal… Dr Returns Inwards

Cr Debtors

Returns Inwards Journal

Mar 9 Debtors-ABC 100

April 9 Debtors-Peter 200

May 24 Debtors-PCK 300

600Total returns inwards to be debited.

2000

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IN OUT

Debit ReturnsInwards

Credit Returns

Outwards

Tips to remember…


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