Subsidiary books are used to record transactions in greater detail than the primary books. The key subsidiary books discussed in the document are:
1) Purchase books record credit purchases and avoid cash purchases. Purchase returns books record goods returned to suppliers.
2) Sales books record credit sales and sales returns books record goods returned by customers.
3) Bills receivable and payable books record bills of exchange received from and given to customers/suppliers respectively.
4) The journal proper is used for opening, closing, rectifying and other adjusting entries.
- Accounting is the process of identifying, measuring, recording and communicating financial information about an organization's economic activities. It provides information to management, owners and other external parties.
- Luca Pacioli is considered the father of accounting due to publishing the first book describing the double-entry system of bookkeeping in 1494.
- The accounting equation shows the relationship between assets, liabilities and owner's equity: Assets = Liabilities + Owner's Equity. It is the fundamental framework in accounting.
This document provides information about getting fully solved assignments from an assignment help service. Students are instructed to send their semester, specialization name, and course details to the provided email address or call the phone number to receive help with their assignments. It then provides an example assignment question for a financial accounting course, asking students to journalize transactions, explain accounting objectives and categories of users, define goodwill and provide journal entries for admission of a new partner, and differentiate between trade and cash discounts. The document provides an assignment for students to prepare final accounts from a trial balance with various adjustments.
This document provides information about obtaining fully solved assignments. It instructs students to send their semester and specialization name to an email address or call a phone number to receive assignments. It then provides an example assignment for BBA203 Financial Accounting, including sample questions and answers. The assignment covers topics like journal entries, accounting objectives, treatment of goodwill, differentiation of trade and cash discounts, features and objectives of final accounts, and preparation of trading, profit and loss statements and a balance sheet.
These documents provide the initial source information for recording business transactions in books of original entry like journals and cash books. Source documents include cash receipts/payments documenting money in/out of the business, invoices for credit sales and purchases, credit/debit notes for returns, and payment vouchers. Information from these sources is recorded in journals by date in accounts like sales, purchases, returns, and cash receipts/payments. Totals are then posted from the journals to ledger accounts.
The general journal is used to record transactions not recorded in specialty journals. It provides a chronological record of non-specialized entries. Examples include asset sales, depreciation, interest income/expense, and stock sales. The document also provides an example general journal entry and explains the format for recording debit/credit journal entries with date, account titles, amounts, and narration.
Journal is the book of original entry that records business transactions chronologically with brief descriptions. It uses double-entry accounting with equal debit and credit entries. Transactions are then posted from the journal to individual accounts in the general ledger to update account balances. An opening entry is made to transfer balances from the previous accounting period.
This document contains an assignment for a Financial Accounting course with 6 questions. Question 1 asks to journalize transactions, Question 2 explains accounting objectives and user categories, Question 3 defines goodwill and provides a journal entry problem, Question 4 differentiates trade and cash discounts and includes a cash book exercise, Question 5 explains final accounts features and objectives, and Question 6 prepares financial statements from a trial balance with additional information.
The document discusses subsidiary books of accounts which are used to record transactions of similar nature at one place. It explains key subsidiary books like purchase book, sales book, purchase return book, sales return book, bills receivable book, bills payable book and cash book. It also discusses the advantages and disadvantages of maintaining subsidiary books. Maintaining subsidiary books divides the accounting work, ensures specialization and prevents errors but it also requires more resources and knowledge.
- Accounting is the process of identifying, measuring, recording and communicating financial information about an organization's economic activities. It provides information to management, owners and other external parties.
- Luca Pacioli is considered the father of accounting due to publishing the first book describing the double-entry system of bookkeeping in 1494.
- The accounting equation shows the relationship between assets, liabilities and owner's equity: Assets = Liabilities + Owner's Equity. It is the fundamental framework in accounting.
This document provides information about getting fully solved assignments from an assignment help service. Students are instructed to send their semester, specialization name, and course details to the provided email address or call the phone number to receive help with their assignments. It then provides an example assignment question for a financial accounting course, asking students to journalize transactions, explain accounting objectives and categories of users, define goodwill and provide journal entries for admission of a new partner, and differentiate between trade and cash discounts. The document provides an assignment for students to prepare final accounts from a trial balance with various adjustments.
This document provides information about obtaining fully solved assignments. It instructs students to send their semester and specialization name to an email address or call a phone number to receive assignments. It then provides an example assignment for BBA203 Financial Accounting, including sample questions and answers. The assignment covers topics like journal entries, accounting objectives, treatment of goodwill, differentiation of trade and cash discounts, features and objectives of final accounts, and preparation of trading, profit and loss statements and a balance sheet.
These documents provide the initial source information for recording business transactions in books of original entry like journals and cash books. Source documents include cash receipts/payments documenting money in/out of the business, invoices for credit sales and purchases, credit/debit notes for returns, and payment vouchers. Information from these sources is recorded in journals by date in accounts like sales, purchases, returns, and cash receipts/payments. Totals are then posted from the journals to ledger accounts.
The general journal is used to record transactions not recorded in specialty journals. It provides a chronological record of non-specialized entries. Examples include asset sales, depreciation, interest income/expense, and stock sales. The document also provides an example general journal entry and explains the format for recording debit/credit journal entries with date, account titles, amounts, and narration.
Journal is the book of original entry that records business transactions chronologically with brief descriptions. It uses double-entry accounting with equal debit and credit entries. Transactions are then posted from the journal to individual accounts in the general ledger to update account balances. An opening entry is made to transfer balances from the previous accounting period.
This document contains an assignment for a Financial Accounting course with 6 questions. Question 1 asks to journalize transactions, Question 2 explains accounting objectives and user categories, Question 3 defines goodwill and provides a journal entry problem, Question 4 differentiates trade and cash discounts and includes a cash book exercise, Question 5 explains final accounts features and objectives, and Question 6 prepares financial statements from a trial balance with additional information.
The document discusses subsidiary books of accounts which are used to record transactions of similar nature at one place. It explains key subsidiary books like purchase book, sales book, purchase return book, sales return book, bills receivable book, bills payable book and cash book. It also discusses the advantages and disadvantages of maintaining subsidiary books. Maintaining subsidiary books divides the accounting work, ensures specialization and prevents errors but it also requires more resources and knowledge.
This document discusses vouchers in accounting. It defines a voucher as a document containing details of a financial transaction that is recorded in the books of accounts. It describes different types of accounting vouchers like contra, payment, receipt, journal, sales, purchase, credit note, and debit note. It also discusses inventory vouchers like physical stock, material in/out, delivery note, and receipt note. It provides examples of business transactions recorded with different voucher types.
The document summarizes journal and ledger posting concepts and procedures. It provides examples of journal entries for capital contributions by partners and transactions involving cash, purchases, sales, and other accounts. It then explains the key aspects of ledger accounts including their format and the posting process to transfer journal entries to respective accounts in the ledger. Procedures for compound journal entries and advantages of the ledger are also outlined.
The document summarizes journal and ledger posting concepts and procedures. It provides examples of journal entries for capital contributions by partners and transactions involving cash, purchases, sales, and other accounts. It then explains the key aspects of ledger accounts including their format and the posting process to transfer journal entries to respective accounts in the ledger. Procedures for compound journal entries and advantages of the ledger are also outlined.
Here are the corrections to Antony's trial balance:
1) Capital and Drawings are personal accounts so they will have debit and credit balances respectively.
2) Freehold premises and Opening stock are asset accounts so they will have debit balances.
3) Sales, Sales return, Loan from Sharma, Bills Payable are nominal accounts so they will have credit balances.
4) Sundry Debtors, Sundry Creditors, Cash in hand are asset/liability accounts so they will have debit/credit balances respectively.
5) Purchases and Return Outwards are nominal accounts so they will have debit balances.
6) Administration expenses, Wages, Factory expenses are expense accounts so they will have
1) The document discusses ledger accounts, which record all transactions relating to a particular person, firm, or item. It explains how accounts have debit and credit sides and how transactions are posted from journals to ledgers.
2) Sample ledger accounts are provided and the rules for posting debits and credits to the appropriate sides of accounts are described.
3) Journal entries for sample transactions are provided and posted to ledger accounts, with debits posted to the debit side and credits posted to the credit side along with details like date, particulars, and journal folio.
The document discusses special journals and their purposes. Special journals are used to overcome limitations of the general journal for large volumes of transactions. They subdivide the journal by transaction type into books like purchases, sales, cash, returns etc. This makes posting and locating transactions more efficient as similar entries are recorded together. While useful for large businesses, special journals may not be practical for small businesses with fewer transactions.
Accounting Books Journal and Ledger.pptmarvinrosel4
This document provides information about accounting journals and ledgers. It discusses the journal as the book of original entry and the general ledger as the book of final entry. It provides examples of transactions to record in journals and how to post them to T-accounts to determine account balances. It also discusses compound journal entries and includes practice problems for students to journalize and post transactions and prepare a trial balance.
The document discusses journalizing transactions in accounting. It describes the accounting cycle which involves recording transactions in a journal, classifying them in a ledger, and preparing financial statements. The journal is the book of original entry where transactions are recorded in chronological order. Transactions are categorized as related to persons, properties/assets, or incomes/expenses. The rules of debit and credit are explained for different account types like personal, real, and nominal accounts. Examples are provided for passing journal entries for business transactions.
1) Pramod started a business with Rs. 100,000 capital. He purchased furniture for Rs. 15,500 and received Rs. 850 in commission. He sold the furniture for Rs. 15,500.
2) Reena and Sanjay both started businesses, purchasing goods and machinery on credit. Sanjay took a loan from a bank.
3) The transactions involve multiple businesses recording purchases, sales, expenses, payments received and made, and adjusting account balances.
The document discusses journalizing transactions in accounting. It describes the accounting cycle which involves recording transactions in a journal, classifying them in a ledger, and preparing financial statements. The journal is the book of original entry that records transactions chronologically. Transactions are categorized as related to persons, properties/assets, or incomes/expenses. The rules of debit and credit are explained for different account types - personal, real, and nominal accounts. Examples are provided for passing journal entries for various business transactions.
This document discusses journalizing transactions in accounting. It explains that journalizing involves recording transactions in a journal and covers the rules of debit and credit for personal, real, and nominal accounts. Personal accounts include natural, artificial, and representative accounts. Real accounts are tangible and intangible assets. Nominal accounts include expenses/losses and incomes/gains. The document provides examples of journal entries and discusses subdivisions of journals, including general, cash, purchases, and sales journals. It also covers opening, adjusting and closing entries that are recorded in the general journal.
Bookkeeping and accounting are essential business functions for recording and reporting financial transactions and data. Bookkeeping involves recording transactions, while accounting interprets and analyzes the financial information. Key accounting records include source documents, a chart of accounts, books of original entry like cash receipt and payment books, and the book of final entry, the general ledger, which summarizes all account activity.
PT ABC recorded various transactions related to accounts receivable in August 2010, including credit sales, cash receipts, and sales returns. To record these transactions, PT ABC will make journal entries debiting and crediting appropriate accounts like accounts receivable, sales, cash, and sales returns. PT ABC also tracked accounts receivable balances by customer to aid in collection and recorded allowances for doubtful accounts and write-offs of uncollectible receivables.
The accounting cycle involves analyzing business transactions, recording them in journals, posting them to ledger accounts, preparing trial balances, making adjustments, preparing financial statements, and closing entries at the end of each period. The key steps are: 1) recording transactions, 2) posting to ledger accounts, 3) preparing an unadjusted trial balance, 4) making adjustments, 5) preparing an adjusted trial balance, 6) closing entries, and 7) a post-closing trial balance. The accounting equation of Assets = Liabilities + Equity must always balance after each step.
This document provides an introduction to accounting concepts for students studying accounting. It discusses key accounting terms like assets, liabilities, expenses and revenue. It also explains the accounting cycle and books of first entry like sales day books, purchases day books and cash books. Transactions are recorded using double-entry bookkeeping and transferred to ledger accounts. The accounting process ends with preparing a trial balance and final accounts.
The document contains information about journal entries for various business transactions. It includes examples of opening a business with cash capital, purchasing assets like buildings and furniture, buying and selling inventory, paying salaries, receiving and returning goods from customers, and receiving interest income. Journal entries are made for each transaction showing debits and credits to different accounts according to accounting principles. The journal is the book of original entry that records all transactions of a business with explanations.
i have made this ppt for my college ,,i will share this for those gyes who want a specimen of bfa subject
and this slide making crdt goes to my sir.. thank you sir
The accounting cycle has four main steps: 1) Recording transactions, 2) Classifying transactions by posting them to ledger accounts, 3) Summarizing by preparing a trial balance and final accounts, and 4) Closing the books. Journalizing is the process of recording transactions in the journal, or book of original entry. The journal contains details of debit and credit amounts, account names, and page references. Key terms in accounting include capital, drawings, bad debts, discounts, and classification of accounts. Opening entries are needed to transfer account balances from the prior year.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
This document discusses vouchers in accounting. It defines a voucher as a document containing details of a financial transaction that is recorded in the books of accounts. It describes different types of accounting vouchers like contra, payment, receipt, journal, sales, purchase, credit note, and debit note. It also discusses inventory vouchers like physical stock, material in/out, delivery note, and receipt note. It provides examples of business transactions recorded with different voucher types.
The document summarizes journal and ledger posting concepts and procedures. It provides examples of journal entries for capital contributions by partners and transactions involving cash, purchases, sales, and other accounts. It then explains the key aspects of ledger accounts including their format and the posting process to transfer journal entries to respective accounts in the ledger. Procedures for compound journal entries and advantages of the ledger are also outlined.
The document summarizes journal and ledger posting concepts and procedures. It provides examples of journal entries for capital contributions by partners and transactions involving cash, purchases, sales, and other accounts. It then explains the key aspects of ledger accounts including their format and the posting process to transfer journal entries to respective accounts in the ledger. Procedures for compound journal entries and advantages of the ledger are also outlined.
Here are the corrections to Antony's trial balance:
1) Capital and Drawings are personal accounts so they will have debit and credit balances respectively.
2) Freehold premises and Opening stock are asset accounts so they will have debit balances.
3) Sales, Sales return, Loan from Sharma, Bills Payable are nominal accounts so they will have credit balances.
4) Sundry Debtors, Sundry Creditors, Cash in hand are asset/liability accounts so they will have debit/credit balances respectively.
5) Purchases and Return Outwards are nominal accounts so they will have debit balances.
6) Administration expenses, Wages, Factory expenses are expense accounts so they will have
1) The document discusses ledger accounts, which record all transactions relating to a particular person, firm, or item. It explains how accounts have debit and credit sides and how transactions are posted from journals to ledgers.
2) Sample ledger accounts are provided and the rules for posting debits and credits to the appropriate sides of accounts are described.
3) Journal entries for sample transactions are provided and posted to ledger accounts, with debits posted to the debit side and credits posted to the credit side along with details like date, particulars, and journal folio.
The document discusses special journals and their purposes. Special journals are used to overcome limitations of the general journal for large volumes of transactions. They subdivide the journal by transaction type into books like purchases, sales, cash, returns etc. This makes posting and locating transactions more efficient as similar entries are recorded together. While useful for large businesses, special journals may not be practical for small businesses with fewer transactions.
Accounting Books Journal and Ledger.pptmarvinrosel4
This document provides information about accounting journals and ledgers. It discusses the journal as the book of original entry and the general ledger as the book of final entry. It provides examples of transactions to record in journals and how to post them to T-accounts to determine account balances. It also discusses compound journal entries and includes practice problems for students to journalize and post transactions and prepare a trial balance.
The document discusses journalizing transactions in accounting. It describes the accounting cycle which involves recording transactions in a journal, classifying them in a ledger, and preparing financial statements. The journal is the book of original entry where transactions are recorded in chronological order. Transactions are categorized as related to persons, properties/assets, or incomes/expenses. The rules of debit and credit are explained for different account types like personal, real, and nominal accounts. Examples are provided for passing journal entries for business transactions.
1) Pramod started a business with Rs. 100,000 capital. He purchased furniture for Rs. 15,500 and received Rs. 850 in commission. He sold the furniture for Rs. 15,500.
2) Reena and Sanjay both started businesses, purchasing goods and machinery on credit. Sanjay took a loan from a bank.
3) The transactions involve multiple businesses recording purchases, sales, expenses, payments received and made, and adjusting account balances.
The document discusses journalizing transactions in accounting. It describes the accounting cycle which involves recording transactions in a journal, classifying them in a ledger, and preparing financial statements. The journal is the book of original entry that records transactions chronologically. Transactions are categorized as related to persons, properties/assets, or incomes/expenses. The rules of debit and credit are explained for different account types - personal, real, and nominal accounts. Examples are provided for passing journal entries for various business transactions.
This document discusses journalizing transactions in accounting. It explains that journalizing involves recording transactions in a journal and covers the rules of debit and credit for personal, real, and nominal accounts. Personal accounts include natural, artificial, and representative accounts. Real accounts are tangible and intangible assets. Nominal accounts include expenses/losses and incomes/gains. The document provides examples of journal entries and discusses subdivisions of journals, including general, cash, purchases, and sales journals. It also covers opening, adjusting and closing entries that are recorded in the general journal.
Bookkeeping and accounting are essential business functions for recording and reporting financial transactions and data. Bookkeeping involves recording transactions, while accounting interprets and analyzes the financial information. Key accounting records include source documents, a chart of accounts, books of original entry like cash receipt and payment books, and the book of final entry, the general ledger, which summarizes all account activity.
PT ABC recorded various transactions related to accounts receivable in August 2010, including credit sales, cash receipts, and sales returns. To record these transactions, PT ABC will make journal entries debiting and crediting appropriate accounts like accounts receivable, sales, cash, and sales returns. PT ABC also tracked accounts receivable balances by customer to aid in collection and recorded allowances for doubtful accounts and write-offs of uncollectible receivables.
The accounting cycle involves analyzing business transactions, recording them in journals, posting them to ledger accounts, preparing trial balances, making adjustments, preparing financial statements, and closing entries at the end of each period. The key steps are: 1) recording transactions, 2) posting to ledger accounts, 3) preparing an unadjusted trial balance, 4) making adjustments, 5) preparing an adjusted trial balance, 6) closing entries, and 7) a post-closing trial balance. The accounting equation of Assets = Liabilities + Equity must always balance after each step.
This document provides an introduction to accounting concepts for students studying accounting. It discusses key accounting terms like assets, liabilities, expenses and revenue. It also explains the accounting cycle and books of first entry like sales day books, purchases day books and cash books. Transactions are recorded using double-entry bookkeeping and transferred to ledger accounts. The accounting process ends with preparing a trial balance and final accounts.
The document contains information about journal entries for various business transactions. It includes examples of opening a business with cash capital, purchasing assets like buildings and furniture, buying and selling inventory, paying salaries, receiving and returning goods from customers, and receiving interest income. Journal entries are made for each transaction showing debits and credits to different accounts according to accounting principles. The journal is the book of original entry that records all transactions of a business with explanations.
i have made this ppt for my college ,,i will share this for those gyes who want a specimen of bfa subject
and this slide making crdt goes to my sir.. thank you sir
The accounting cycle has four main steps: 1) Recording transactions, 2) Classifying transactions by posting them to ledger accounts, 3) Summarizing by preparing a trial balance and final accounts, and 4) Closing the books. Journalizing is the process of recording transactions in the journal, or book of original entry. The journal contains details of debit and credit amounts, account names, and page references. Key terms in accounting include capital, drawings, bad debts, discounts, and classification of accounts. Opening entries are needed to transfer account balances from the prior year.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Primary Books
• Purchase Book
• Purchase Return Book or Return Outward
Book
• Sales Book
• Sales Return Book or Return Inward Book
• Bills Receivables Book
• Bills Payable Book
• Journal Proper
3. Purchase invoices
• Purchase invoices are sent to the buyers of any goods
that have been bought on credit.
• Invoice is a business document or statement giving
details of goods purchased, supplier name, as to their
price, quantities, weight, total value etc.
• Any sales invoice issued by a business is a purchase
invoice when received by the buying business.
• The buyer enters the purchase invoice into a purchase
day book before recording the details using double
entry bookkeeping.
4. Purchase Book
• It records only credit purchases
• Avoids recording cash purchases of goods as
well as cash and credit purchases of fixed
assets.
5. Purchase Book of Mahaveer
Enterprises
Date
2008
April
Name of the Supplier L.F. Inward Invoice
No.
Amount Rs.
02 BYK Ltd. 426 20740
14 Sangita Enterprises 1407 2100
17 Gadgil and Sons 1607 4800
18 Raghunath and Co. 2701 17500
Total 45140
6. Writing of Purchases Book
Record the following transactions in Purchase Book for
February, 2008.
• 1 Purchased goods from Ashok and Co. Rs2500 as per
inward invoice No 9
• 6 Bought goods from Suresh Rs1000 less 10% Trade
discount as per inward invoice No 10
• 17 Bought goods for cash from Sunil worth Rs950
• 18 Surinder invoiced goods to us Rs800 less 5% Trade
Discount as per Inward Invoice No11
• 25 Purchased Machinery from Bahu Co. Rs1000 as per
Invoice No 20.
7. Purchase Book
Date
2008
February
Name of the Supplier L.
F.
Inward Invoice
No
Amount Rs.
1 Ashok and Co. 9 2500
6 Suresh (Rs1000-Rs100) 10 900
18 Surinder (Rs800-Rs40) 11 760
4160
8. Posting of Purchases Book
Ledger Posting
Purchase Account
Date
2008
Feb
Particulars J.F. Amount
Rs.
Date
2008
Feb
Particulars J.F. Amount
Rs.
29 To Sundries as per
Purchase Book
4,160
9. Ashok and Co. Account
Date
2008
Feb
Particulars J.F. Amount
Rs
Date
2008
Feb
Particulars J.F. Amount
Rs
1 By Purchases A/c 2,500
12. Purchase Return Book or Return
Outward Book
• The subsidiary book is used to record the goods
purchased on credit and sent back to creditors or
suppliers because they do not conform to specification
or for some other reason.
• Debit Note- When a businessman purchases goods on
credit, he gives credit to the supplier’s a/c. when such
goods are returned, supplier’s credit must be reduced
to that extent. To decrease supplier’s credit,
businessman debits supplier’s a/c with that amount
and sends him a note informing that his a/c has been
debited to that extent, such note is known as debit
note.
13. Purchase Return Book of Mahaveer
Enterprises
Date
2008
April
Name of Supplier L.
F.
Debit Note No. Amount Rs.
20 Sangita Enterprises 21 700
27 Gadgil & Sons 22 900
1600
14. Writing of Purchase Returns Book or
Returns Outward Book
Enter the following transactions in Purchase
Returns Book for March,2008
• 6 Returned goods to Anil and Co. Rs5000 as
per Debit Note No 18
• 20 Sunil and Co. received goods returned by
us Rs2000 as per debit note no 19
• 26 Returned goods to Manish Rs500 as per
Debit Note No 20
16. Posting of Purchase Return Book
LEDGER
Purchase Return Account
Date
2008
March
Particulars J.F. Amount
Rs
Date
2008
March
Particulars J.
F.
Amount
Rs
31 By Sundries as
per Purchase
Return Book A/c
7,500
17. Anil and Co. Account
Date
2008
March
Particulars J.F. Amount
Rs
Date
2008
March
Particulars J.
F.
Amount
Rs
6 To Purchase
Return A/c
5,000
20. Sales Book
Specimen of Sales Book
Sales Book of Mahaveer Enterprises
Date
2008
April
Name of the Customer L.F. Outward
Invoice No.
Amount Rs.
3 Bhalchandra Corporation 2001 14700
8 Vinayak Enterprises 2002 13835
16 Heramba Traders 2003 15700
20 Morehwar and Co. 2008 13100
Total 57335
21. Writing of Sales Book
Enter the following transactions in Sales Book and
make ledger posting of the same for January 2008
• 4 Sold goods to Madhav Rs5400 @20% Trade
discount Invoice No.13
• 8 Sold machinery to Wani Rs10000 @ 5% Trade
Discount.
• 20 Sold goods for cash to Shriram Rs900.
• 25 Sold goods to Shridhar Rs950 Invoice No14
• 29 Sold goods to Shridhar Rs860 Invoice No.15
22. Sales Book
Date
2008
January
Name of the Customer L.F. Outward
Invoice No.
Amount Rs.
4 Jadhav (Rs5400-Rs1080) 13 4320
25 Shridhar 14 950
29 Shridhar 15 860
Total 6130
26. Sales Return Book or Return Inward
Book
Goods Sold to customers maybe returned by
them for the following reasons:
• Goods are not according to the specifications
• Goods are of inferior quality
• Goods are damaged in transit
• Goods are more than ordered.
27. Credit Note
• When a businessman receives such goods
from his customers along with debit note, a
note is sent to the customer (called as credit
note).
• All the entries regarding such returns are
recorded in sales return book.
28. Specimen of Sales Return Book
Sales Return Book of Mahaveer
Enterprises
Date
2008
April
Name of the Customer L.F. Credit Note No. Amount Rs.
11 Bhalchandra Corporation 09 670
23 Vinayak Enterprises 10 200
27 Heramba Traders 11 340
Total 1210
29. Writing of Sales Return Book
• 2 Mohan returned goods to us Rs1000 as per
credit note No.103
• 10 Gadgil and sons returned goods to us
Rs150 as per Credit Note No. 104
• 5 Received goods Rs275 returned from Sharad
and Co. as per Credit Note. No.105
30. Sales Return Book
Date
2008
June
Name of the Customer L.F. Credit Note No. Amount Rs.
2 Mohan 103 1000
10 Gadgil and Sons 104 150
15 Sharad and Co. 105 275
Total 1425
31. Posting of Sales Return Book
Sales Return Account
Date
2008
June
Particulars J.F. Amount
Rs.
Date
2008
June
Particulars J.F. Amount
Rs.
30 To Sundries as per
sales Returns Book
1425
33. Gadgil and Sons Account
Date
2008
June
Particulars J.F. Amount
Rs.
Date
2008
June
Particulars J.F. Amount
Rs.
10 By Sales Return
A/c
150
34. Sharad and Co’s Account
Date
2008
June
Particulars J.F. Amount
Rs.
Date
2008
June
Particulars J.F. Amount
Rs.
15 By Sales Returns
A/c
275
35. Bills Receivables Book
• The bills receivables of a firm consist of all bill
of exchange accepted by customers in respect
of amount due from them. These are recorded
in the bills receivables books.
36. Specimen of Bills Receivable Book
Bill Receivables Book of Mahaveer
Enterprises
Sr.
No.
Date
2008
From
whom
Received
Name of
the
Acceptor
Date
of
Bill
2008
Term
Days
Date of
Maturity
Where
Payable
Amount
Rs.
How
Dispose
d
1 April
24
Mahesh
& Co
Mahesh
& Co
April
20
90 July 22 BOB,
Nasik
13100 Discount
ed with
banker
on
27.4.200
8
2 April
27
Shankar
& Co
Shankar
& Co
April
23
60 June25 BOI 11700
Total 24800
37. Bills Payable Book
• It consists of all bills of exchange accepted by
the business in respect of amounts owing to it
suppliers. All such bills of exchange are
recorded in bills payable books.
38. Specimen of Bills Payable Book
Bills Payable Book of Mahaveer
Enterprises
Sr.
No.
Date
2008
Name of
the
Drawer
Payee Date
of
Bill
2008
Term
Days
Date of
Maturity
Where
Payable
Amount
Rs.
Remarks
1 April
20
Sangita
Enterpris
es
Sangita
Enterpris
es
April
20
90 July 22 PNB ,
Sangli
1400
2 April
20
Raghuna
th & Co.
Raghunat
h & Co.
April
18
90 July20 PNB,
Sangli
17500
Total 18900
39. Bills of Exchange
• A bill of Exchange is an order in writing by the
creditor to the debtor to pay the amount
specified there in, on the specified date called
due date.
• It is drawn by the creditor and accepted by the
debtor.
40. Journal Proper
• Opening entries
• Closing entries
• Transfer entries
• Rectification of entries
• Adjusting entries
• Entries related to dishonour of cheques
• Entries related to dishonour of bills
41. Opening entry is passed at the beginning of every year to
brought forward the balances of personal and real accounts
appearing in the last year’s Balance Sheet.
Balance Sheet of Vinay as at 31st March ,2008
Liabilities Rs. Assets Rs.
V’s Capital A/c 60,000 Cash A/c 1,000
Creditors 15,000 Stock A/c 11,000
Bank Overdraft 5,000 Land and Building A/c 40,000
Debtors A/c 4,000
Plant and Machinery A/c 20,000
Furniture A/c 4,000
80,000 80,000
42. The opening entry for the same can be passed as
follows:
In the books of Vinay
Journal Proper
Date
2008
April
Particulars L.F. Debit
Rs.
Credit
Rs.
1 Cash A/c Dr. 1,000
Stock A/c Dr. 11,000
Land and Building A/c Dr. 40,000
Debtors A/c Dr. 4,000
Plant and Machinery A/c Dr. 20,000
Furniture A/c Dr. 4,000
To V’s Capital A/c 60,000
To Creditors A/c 15,000
To Bank Overdraft A/c 5,000
(Being last year’s balances brought forward)
43. Closing Entry
• At the end of the financial year final account
are prepared. Accounts relating to goods such
as opening stock, purchases, sales, return
inwards, return outwards and direct expenses
(eg..carriage inward, wages, power, coal and
coke) are transferred to Trading Account by
passing closing entry. All nominal accounts
indicating expenses and income are
transferred to P&L account and for this
purpose a closing journal entry is necessary.
44. The following balances appeared in
the ledger of Amol as on 31-03-2008:
Debit Balances Rs. Credit Balance Rs.
Opening Stock 1,00,000
Purchases 4,00,000
Wages 1,50,000
Manufacturing Expenses 50,000
Sales 10,00,000
Administrative Expenses 1,00,000
Advertisement Expenses 50,000
45. In the books of Amol
Journal Proper
Date
31st
March
Particulars L.F
.
Debit Rs. Credit Rs.
31 Trading A/c Dr. 7,00,000
To Opening Stock A/c 1,00,000
To Purchases A/c 4,00,000
To Wages A/c 1,50,000
To Manufacturing Expenses A/c 50,000
(Being the transfer of balances to Trading A/c)
31 Sales A/c Dr. 10,00,000
To Trading A/c 10,00,000
(Being the transfer of Sales to Trading A/c)
31 Profit and Loss A/c Dr. 1,50,000
To Administrative Expenses A/c 1,00,000
To Advertisement A/c 50,000
(Being the transfer of balances to Profit and Loss
A/c)
46. Transfer Entries
In the books of Amar
Journal Proper
Date Particulars L.F Debit Rs. Credit Rs.
A’s Capital A/c Dr. 5,000
To A’s Drawings A/c 5,000
(Being the transfer of A’s Drawings to A’s Capital
A/c)
47. Cash Book
• A Cash book is a specific journal which is used
for recording all cash receipts and cash
payments.
• In actual practice businessman prepares Cash
Book without passing journal entries. Such a
system of maintaining books of accounts is
called practical system of Book-keeping.
• Cash Book is both Journal and Ledger.
48. Specimen of Cash Book/ Cash Register
Simple Cash Book for ………..
Receipts Payments
Date Receipt
No.
Particulars L.F. Amount
Rs
Date Voucher
No.
Particulars L.
F.
Amount
Rs.
Total Total
49. Specimen of Cash Book with Cash and
Bank Columns
Two Column Cash Book for ………..
Receipts Payments
Date Recei
pt
No.
Particula
rs
L.
F.
Cash
Rs
Bank
Rs
Date Vouc
her
No.
Particul
ars
L.
F.
Cash
Rs
Bank
Rs.
Total Total
50. Guidelines for two column Cash Book
• If a cheque is received by the proprietor it is treated as Cash and
Cash A/c is debited.
• If a cheque received by the proprietor is paid into the bank on the
day of receipt, Bank A/c is debited as Bank is receiver.
• If a cheque is dishonored the other accounts to be debited or
credited is the party who issued the cheque or the respective
Nominal Account associated.
• If a cheque is received by the proprietor and endorsed to other
party is dishonored, no entry is to be passed in Cash book. A journal
entry will be passed or reverse entry maybe passed to cancel the
effect of original entry.
• Contra Entries- If cash is paid into bank, Cash a/c is credited and
bank A/c is debited and vice versa. “C” is written in the LF column.
• Cash is real A/c and Bank is personal A/c.
51. Specimen of Cash Book with Cash,
Bank and Discount Columns
Three Column Cash Book for ………..
Receipts Payments
Dat
e
Rec
eipt
No.
Particu
lars
L.
F.
Disc.
Allw
d Rs.
Cash
Rs
Bank
Rs
Dat
e
Vou
che
r
No.
Particu
lars
L
.
F
.
Disc.
Rcvd
. Rs.
Cash
Rs
Bank
Rs.
Total Total
52. Guidelines for three column Cash Book
• Only the Cash and Bank Column are to be
balanced. Discount Columns are to be totalled
and posted to the Discount A/c in the Ledger.
• Narration has to be written after recording each
entry.
• When a business is running an overdraft the
balances in his cash Book in th bank column will
appear on the payment side as “By Balance b/d”
and not on the receipts side as in the case of a
favorable balance.