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Chap02_Recording transactions.pptx
1.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.1 Chapter 2: Recording transactions Frank Woodâs Business Accounting 1
2.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.2 Learning objectives After finishing this chapter, you should be able to: ï Explain what accounts and elements of transactions are ï Present and explain the principles of double entry bookkeeping ï Record the elements of a transaction
3.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.3 The double entry system ï Every transaction affects two items. ï These effects need to be shown in the accounting books. ï This is double entry bookkeeping.
4.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.4 A double entry account
5.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.5 How recording in an account affects items
6.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.6 Double Entry Rules: Assets - Liabilities - Capital Transactions Debit Credit 1 Asset 2 Liabilities 3 Capital
7.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.7 Activity The owner starts the business with ÂŁ10,000 in cash on 1 August 2012.
8.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.8 Activity (Continued) A van is bought for ÂŁ4,500 in cash on 2 August 2012.
9.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.9 Activity (Continued)
10.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.10 Activity (Continued) Fixtures (e.g. shelves) are bought on credit from Shop Fitters for ÂŁ1,250 on 3 August 2012.
11.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.11 Activity (Continued) Paid the amount owing to Shop Fitters in cash on 17 August 2012.
12.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.12 Activity (Continued) Combining all four of these transactions, the accounts now contain:
13.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.13 Activity
14.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.14 Activity (Continued)
15.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.15 Activity (Continued)
16.
Frank Wood and
Alan Sangster, Frank Woodâs Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 2.16 Activity (Continued)
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