Archive about 'Bookkeeping to Trial Balance'

Answers To Questions on True Or False On Subsidiary Books

Answer to Question on Subsidiary Books

True

False

1.0

Total of Return Inward Register is credited to Return Inwards Account

X

2.0

The sale of an old car is recorded in the Sales Register

X

3.0

Credit Note is the basis for making entry in the Purchase Returns Book

X

4.0

The Sales Register is a [...]

Questions(With Answers) On True Or False For Subsidiary Books

QUESTIONS [  click here for ANSWER ]

True

False

1.0

Total of Return Inward Register is credited to Return Inwards Account

2.0

The sale of an old car is recorded in the Sales Register

3.0

Credit Note is the basis for making entry in the Purchase Returns Book

4.0

The [...]

Steps To Balance The Trial Balance

I was preparing the Trial Balance and it could not balance. Can you please tell me the steps to balance it.?

In the event that your trial balance doesn’t balance, go through the following bookkeeping tips/steps in the suggested order to ensure that the error can be detected [...]

The Different Types Of Journals Or Books Of Prime or Original Entry Shown In The Accounting Cycle

Journal is also called the Book Of Prime Or Original Entry.
 
The purposes of Journal are as follows:
 

Records in one place the complete effects of a transaction
Provides a chronological record of transaction
Helps to prevent or locate errors because the debit and credit amounts  for each entry could be readily compared

 
 
The Standard form and Content of journal [...]

The Accounting Cycle-Steps Involved

Accounting Cycle is a series of accounting process which begins with the identification of an economic activity or transaction, recording of the economic activity and ends with the prepration of the financial statements. The Accounting Cycle is a repeated process where one cycle ends and another cycle (as above) is repeated again

The steps involve in [...]

Trial Balance

Definition Or What is A Trial Balance

A list/statement/worksheet of all the account balances of the general ledger at a particular point in time from which the Income Statement and Balance Sheet of a business is drawn up.

It is prepared in each financial period as a summary of the closing of the previous ledger which [...]

Types of Subsidiary Book -The Cash Receipts Journal

The Cash Receipts Journal

This Journal records all cash RECEIVED. The sources of information required to write up this Journal are as follow:

duplicate receipts for amounts received from debtors
daily cash sale sheets
bank statement for items such as deposits made direct into the bank by customers and interest on investments collected by bank and credited to [...]

Types of Subsidiary Book -The Cash Payments Journal

The Cash Payment Journal

This Journal records all CASH PAYMENTS. The sources of information required to write up this Journal are as follow:

cheque stubs for all payments made by cheque
bank statement for items such as bank charges, dishonored cheques and interest on bank overdraft

A typical Cash Payment Journal format is as follows:

Date

Particulars

Cheque
No

Folio
No

Purchases
Discount

Cash
Purchases

Trade
Creditors

Sundry
Payments

Bank

(a)

(b)

©

(d)

(e)

(f)

(g)

(h)

(i)

Column:-
(a) date of payment
(b) [...]

Types of Subsidiary Book -The Purchase Journal

The Purchase Journal

This Journal records all purchases on CREDIT. The book is written up from the actual invoices received from trade suppliers.
Purchase Journal as follows:

Date

Invoice No

Particulars

Folio No

Details($)

Monthly Total($)

2007

Jan 1

72306

Supplier A

PL 8

190.00

20

42315

Supplier B

PL 11

150.00

31

42327

Supplier C

PL 15

450.00

$790.00
======

When the Purchase Journal is written up, the various amounts would then be posted to the credit side of the [...]

Types of Subsidiary Book -The Sales Journal

The Sales Journal

This Journal records all sales on CREDIT. The book is written up from the duplicate of sales invoices. It contains only credit sales related to the goods originally bought for resale.
Sales Journal as follows:

Date

Invoice No

Particulars

Folio No

Details($)

Monthly Total($)

2007

Jan 1

4230

Mr ABC

SL 8

190.00

20

4231

Mr BCD

SL 11

150.00

31

4232

Mr BDE

SL 15

450.00

 $790.00
======

When the Sales Journal is written up, the various [...]