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5.6 Posting the Cash Payments Journal

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VCE Accounting - Michael Allison
VCE Accounting - Michael Allison

VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.

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5.6 POSTING THE CASH PAYMENTS JOURNAL
Video of this presentation at… YouTube Channel for VCE Accounting
© Michael Allison. Author’s permission required for external use.  At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts Cash at Bank [A] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Assets   Cash at Bank [A] 31/1 Cash payments 3700 Debit Credit Assets  
© Michael Allison. Author’s permission required for external use. Creditors [L] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Liabilities   Creditors [L] 31/1 Cash 394 Debit Credit Liabilities  
© Michael Allison. Author’s permission required for external use. Stock [A] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Assets   Stock [A] 31/1 Cash 1300 Debit Credit Assets  
© Michael Allison. Author’s permission required for external use. Advertising [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Advertising [E] 31/1 Cash 160 Debit Credit Expenses  
© Michael Allison. Author’s permission required for external use. Wages [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Wages [E] 31/1 Cash 800 Debit Credit Expenses  
© Michael Allison. Author’s permission required for external use. Drawings [-OE] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Negative OE   Drawings [-OE] 31/1 Cash 350 Debit Credit Negative OE  
© Michael Allison. Author’s permission required for external use. GST [L] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Liability   GST [L] 31/1 Cash 196 Debit Credit Liability  
© Michael Allison. Author’s permission required for external use. Insurance [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 11 Insurance 906 550 500 50 Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 11 Insurance 906 550 500 50 Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Insurance [E] 31/1 Cash 500 Debit Credit Expenses   Sundries There is no Sundries ledger As Sundries represent the firm’s “irregular” items, each transaction is entered individually in its own ledger
© Michael Allison. Author’s permission required for external use. 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Creditors [L] 31/1 Cash 394 Cash at Bank [A] 31/1 Cash payments 5700 Cr Stock [A] 31/1 Cash 1300 Advertising [E] 31/1 Cash 160 Wages [E] 31/1 Cash 800 Drawings [-OE] 31/1 Cash 800 GST [L] 31/1 Cash 800 Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Cash at Bank [A] 31/1 Cash payments 5700 Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Creditors [L] 31/1 Cash 394 Stock [A] 31/1 Cash 1300 Advertising [E] 31/1 Cash 160 Wages [E] 31/1 Cash 800 Drawings [-OE] 31/1 Cash 800 GST [L] 31/1 Cash 800 Dr Dr Dr Dr Dr Dr Dr
© Michael Allison. Author’s permission required for external use. TASK In-class Homework Ex5.3 X Ex5.4 X

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5.6 Posting the Cash Payments Journal

  • 2. Video of this presentation at… YouTube Channel for VCE Accounting
  • 3. © Michael Allison. Author’s permission required for external use.  At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts Cash at Bank [A] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Assets   Cash at Bank [A] 31/1 Cash payments 3700 Debit Credit Assets  
  • 4. © Michael Allison. Author’s permission required for external use. Creditors [L] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Liabilities   Creditors [L] 31/1 Cash 394 Debit Credit Liabilities  
  • 5. © Michael Allison. Author’s permission required for external use. Stock [A] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Assets   Stock [A] 31/1 Cash 1300 Debit Credit Assets  
  • 6. © Michael Allison. Author’s permission required for external use. Advertising [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Advertising [E] 31/1 Cash 160 Debit Credit Expenses  
  • 7. © Michael Allison. Author’s permission required for external use. Wages [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Wages [E] 31/1 Cash 800 Debit Credit Expenses  
  • 8. © Michael Allison. Author’s permission required for external use. Drawings [-OE] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Negative OE   Drawings [-OE] 31/1 Cash 350 Debit Credit Negative OE  
  • 9. © Michael Allison. Author’s permission required for external use. GST [L] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Liability   GST [L] 31/1 Cash 196 Debit Credit Liability  
  • 10. © Michael Allison. Author’s permission required for external use. Insurance [E] 31/1 Cash payments 3700 Posted on last day of period Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 11 Insurance 906 550 500 50 Jan 31 Total payments 3700 394 1300 160 800 350 500 196 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 11 Insurance 906 550 500 50 Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Debit Credit Expenses   Insurance [E] 31/1 Cash 500 Debit Credit Expenses   Sundries There is no Sundries ledger As Sundries represent the firm’s “irregular” items, each transaction is entered individually in its own ledger
  • 11. © Michael Allison. Author’s permission required for external use. 5.6 POSTING THE CASH PAYMENTS JOURNAL Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Creditors [L] 31/1 Cash 394 Cash at Bank [A] 31/1 Cash payments 5700 Cr Stock [A] 31/1 Cash 1300 Advertising [E] 31/1 Cash 160 Wages [E] 31/1 Cash 800 Drawings [-OE] 31/1 Cash 800 GST [L] 31/1 Cash 800 Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Cash at Bank [A] 31/1 Cash payments 5700 Cash Payments Journal Date Details Cheque Number Bank Creditors Control Stock Control Advert- ising Wages Drawing s Sundries GST Jan 31 Total payments 3700 394 1300 160 800 350 500 196 Creditors [L] 31/1 Cash 394 Stock [A] 31/1 Cash 1300 Advertising [E] 31/1 Cash 160 Wages [E] 31/1 Cash 800 Drawings [-OE] 31/1 Cash 800 GST [L] 31/1 Cash 800 Dr Dr Dr Dr Dr Dr Dr
  • 12. © Michael Allison. Author’s permission required for external use. TASK In-class Homework Ex5.3 X Ex5.4 X