Goods sent to the branch at selling price
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This document provides information and guidance on accounting for goods sent from a head office to a branch when sold at a selling price that includes a mark-up. It explains that transactions between the head office and branch need to adjust for the profit mark-up, while transactions between the branch and customers do not. The document also discusses how to account for normal and abnormal losses. Finally, it provides a sample accounting question involving a head office, branch, and customers to prepare various branch accounts.
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- Below the client is the operating concern, which represents the legal entity or group. There can be multiple operating concerns under a client.
- Controlling areas are used to separate responsibilities for planning, budgeting, reporting etc. There can be multiple controlling areas under an operating concern.
- Company codes represent individual companies or plants. They are the lowest level for accounting and are mandatory.
- Business areas can be used to separate divisions, regions etc. for reporting. Multiple business areas can be assigned to a company code.
- Profit centers can be used below
Final accounts
The document provides information on preparing final accounts, including a profit and loss account and balance sheet. It explains that the profit and loss account is used to determine the net profit or loss for the period by adjusting the gross profit for indirect expenses and other incomes. The balance sheet shows the assets, liabilities, and capital as of a certain date. It discusses various adjustments that need to be made like closing stock, outstanding expenses, prepaid expenses, and depreciation, and how they impact both accounts.
SAP Business One Financial Module
This document discusses various aspects of fixed assets in SAP Business One. It begins by explaining how to enable the fixed assets solution in SAP Business One. It then discusses the life cycle of an asset master data record, including definition, activation through capitalization, depreciation, adjustments, and retirement. Key windows for asset master data, capitalization, depreciation, and retirement are shown. The document also discusses virtual fixed assets and how they can be used to capitalize identical assets in large quantities. It concludes by mentioning the asset depreciation forecast report, which simulates future depreciation for planning purposes.
Accounting entries in sap
- Depreciation accounts reduce the value of assets over time by allocating costs to different periods. Accumulated depreciation accounts track total depreciation taken on an asset to date to calculate its current book value.
- When depreciation is posted, the depreciation account debits accumulated depreciation and credits the depreciation expense account. The depreciation expense is then posted to the profit and loss account to calculate net income.
- In the balance sheet, assets are reported at their historical acquisition cost less any accumulated depreciation to date to show their current value.
Acc week 5
The document discusses trial balances, trading accounts, and profit and loss accounts. It provides examples of how to prepare a trial balance to check the equality of debit and credit balances. It also explains how to prepare trading accounts to calculate gross profit and how expenses are transferred to profit and loss accounts to determine net profit.
Acc week 5
The document discusses trial balances, trading accounts, and profit and loss accounts. It provides examples of how to prepare a trial balance to check the equality of debit and credit balances. It also explains how to prepare trading accounts to calculate gross profit and how expenses are transferred to profit and loss accounts to determine net profit.
Financial statements.
The document discusses financial accounting concepts like trading accounts, profit and loss accounts, and using accounting information systems. It defines trading accounts and explains their purpose is to calculate gross profit or loss. It also defines profit and loss accounts and how they are used to determine net profit. The document recommends using accounting information systems to automate financial statements for increased accuracy and efficiency over manual methods. It describes the components, benefits, and common types of accounting information systems.
FINAL ACCOUNTS.ppt
This document provides an overview of final accounts, which include the trading and profit & loss account and balance sheet prepared at the end of the accounting year. It explains that the trading account is used to calculate gross profit/loss from sales, the profit and loss account calculates net profit/loss after expenses, and the balance sheet shows the assets, liabilities, and capital as of a certain date. Sample proformas are provided for the trading account, profit and loss account, and balance sheet. The accounting cycle ends with the preparation of these final statements.
YehiaMagdiCV 11-2015
Yehia Magdi has over 15 years of experience in finance, accounting, costing, and budgeting roles within various companies. He currently works as a senior cost controller for IDH group, where he is responsible for testing pricing, cost analysis, supplier analysis, cost statements, feasibility studies, and financial reporting. Magdi has experience with ERP systems like Oracle, Navision, and SAP. He is enrolled in CMA part 2 and is willing to finish it by the end of 2016.
Job Description - AP Accountant Ayman (1)
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accounting-technician-major-college (1).pptx
This document provides guidance on posting transactions to a ledger and preparing an unadjusted trial balance in accounting. It defines key terms like ledger, debit, and credit and explains how to post transactions to ledger accounts by recording debits on the left side and credits on the right side. Each transaction is posted twice, once in each affected account. It also describes the components of a ledger account and how to prepare an unadjusted trial balance by listing all general ledger account balances to verify that total debits equal total credits. The trial balance helps identify potential errors before making adjustments.
what is Trading account In accounting
The account prepared by the trader to get the information about the gross profit or gross loss from the business within a certain period (such as one year or six months) is called ‘trade account’. In fact, the meaning of trading account is such an account from which gross profit or loss is known through the purchase and sale of goods.
Acording to J.R. Batliboi — The Trading Account shows the results of buying and selling of goods. In preparing this account, the general establishment change are ignored and only the transaction in good anr included.
This explains the meaning of trading account.
According to this definition, trading account can also be called Goods Account, because only transactions related to goods are accounted for in it, such as- (i) opening stock, (ii) purchase of goods, (iii) Purchase returns, (iv) Sales of goods, (v) Sales returns, (vi) Closing stock, (vii) Cost of manufacturing the goods, (viii) Cost of purchasing the goods and bringing them to the place of business.
Accounts project on Ledger and Trial Balance
A ledger is an accounting book that records journal entries in individual accounts in chronological order. There are three main types of ledgers: the purchase ledger, which records supplier accounts and purchases; the sales ledger, which records customer accounts and sales; and the general ledger, which organizes transactions from all journals. A trial balance is a worksheet that compiles the debit and credit balances of all ledger accounts to check that the accounting entries are mathematically correct. An unbalanced trial balance indicates there is an error in the accounting process, while a balanced trial balance means the debit and credit totals match.
Integrated and non integrated accounts part i
Introduction and Overview of Integrated and Non-integrated Accounts, a part of Cost Accounting Syllabus
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Goods sent to the branch at selling price
- 1. BRANCH ACCOUNTING KPMB2008 QUESTION ON GOODS SENT TO THE BRANCH AT SELLING PRICE/ COST PLUS MARK-UP When goods are sent to the branch at selling price, you are required to show the following accounts: a) Branch Stock a/c (at Selling Price) b) GSTB (at Cost Price) c) Branch Stock Adjustment a/c (at Profit) GOODS SENT (A) GOODS SOLD (B) GOODS RETURN (C) GOODS RETURN (D) Which transaction that you need to adjust for mark-up using this method? - Any transactions involving the Head Office and the Branch (A) and (C) need to be calculated it’s mark-up / profit included in the transaction. What about transaction involving the Branch and the Customer? - No adjustment need to be done on the figure/ amount. Just pick up the Selling Price of the goods sold to the customer and record it in the book. So, when it come to answering question using this method, students need to identify the flow of each transaction, determine whether it is classify as (A) and (C) or (B) and (D). Will you be inform about the percentage of Normal loss or Abnormal loss in the question? There are several approach of question regarding Normal and Abnormal Loss. Most question will normally tell you what is the percentage of Normal Loss or Abnormal Loss, The 4 various situations: 1. Both Normal and Abnormal Loss are not given - when you total up the debit and credit side of the Branch Stock a/c at the end of the period the debit side is greater than the credit side, then the different is known as NORMAL LOSS 2. Only Normal loss is given - Once you have recorded the Normal loss on the credit side of Branch Stock a/c but still the a/c is not balance at the end of the period, the different is due to ABNORMAL LOSS. 3. Only Abnormal loss is given HEAD OFFICE BRANCH CUSTOMER / DEBTORS
- 2. BRANCH ACCOUNTING KPMB2008 - Once you have recorded the Abnormal loss on the credit side of Branch Stock a/c but still the a/c is not balance at the end of the period, the different is due to NORMAL LOSS. 4. Both are given - Just key in the figure in the respective a/c Question: AG Sdn Bhd is situated in Kajang and has a branch in Gemas. AG Sdn Bhd purchased goods for the branch and transfer the goods to the branch at a uniform mark-up of 40%. The branch sells goods on cash but also has a credit customers who are required to settle their account direct to the head office in Kajang. The following information is available for the month of August 2008: Transactions At 1st August 2008: Stock at the branch (at selling price) Branch Debtors Transactions during the month until 31/8/2008: Goods sent to the Branch (at cost) Goods returned by branch to HQ (at SP) Goods returned by customer to branch (at SP) Goods returned by customer to HQ (at SP) Branch Cash Sales Branch Credit Sales Bad Debts written off Branch Debtors Discount allowed to Branch Debtors Cash Remittance / Payment by Debtors / Customers direct to HQ At 31st August 2008: Stock at the branch (at cost) Branch Debtors Flow of transaction e.g: A,B,C or D RM 3,150 4,570 80,000 7,000 3,450 6,240 120,000 40,000 450 860 32,000 2,450 2,780 Prepare: i) Goods sent to Branch Account ii) Branch Stock Account iii) Branch Debtors Account
- 3. BRANCH ACCOUNTING KPMB2008 iv) Branch Stock Adjustment Account