Qualification > Commerce
Accounting HELP !!!
contraentry:
The way we've been taught is to start off with the balance as per the updated cashbook.
i.e: This is the format we've been taught.
Balance as per updated cashbook : XXX
+ UnPresented Cheques XXX
- Bank lodgments (XXX)
______
Hence Balance as Per Bank Statement XXXX
I remember our teacher saying something about another method, but she told us to use the method I documented above.
syedz123:
--- Quote from: contraentry on June 05, 2010, 09:46:09 am ---The way we've been taught is to start off with the balance as per the updated cashbook.
i.e: This is the format we've been taught.
Balance as per updated cashbook : XXX
+ UnPresented Cheques XXX
- Bank lodgments (XXX)
______
Hence Balance as Per Bank Statement XXXX
I remember our teacher saying something about another method, but she told us to use the method I documented above.
--- End quote ---
the other method is starting with the bank balance..bt this time you rather add uncredited cheques and less Unpresented cheques....
Limited Company will by all means come for sure in p2...also i hv a STRONG feeling manufacturing and BRS will come in our p2 c0z they came for the yr 08 bt didnt come in 09...
syedz123:
to be honest...i hv always been confused bout the sets off in control ac/s t0o...
this is hw i know it..sets off in sales ledger control a/c is always on the credit side
and in the purchases ledger control a/c its in the debit side
this is what i always do n nerver gotten it wrong b4...
contraentry:
Look at a purchase ledger control account as a one big creditors account.
So, now, One Big Creditor is also your Debtor. Now you agree to set off the monetary value of what he provides you in Purchases against what you sold him.
So you post the amount ($90 in your case) on the Debit side of the purchases account as "Set off against sales ledger"(so it reduces the amount you owe him for purchases), and post that amount ($90) on the Credit side of the sales ledger (so it reduces the amount he owes you for sales [to him]).
syedz123:
--- Quote from: contraentry on June 05, 2010, 02:00:26 pm ---Look at a purchase ledger control account as a one big creditors account.
So, now, One Big Creditor is also your Debtor. Now you agree to set off the monetary value of what he provides you in Purchases against what you sold him.
So you post the amount ($90 in your case) on the Debit side of the purchases account as "Set off against sales ledger"(so it reduces the amount you owe him for purchases), and post that amount ($90) on the Credit side of the sales ledger (so it reduces the amount he owes you for sales [to him]).
--- End quote ---
ooh..kk Thanks nw i undrstnd it better lol
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version