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Mastering Accounting by George Bright

By George Bright

This booklet presents a accomplished creation to the rules and perform of book-keeping and accounting. in the course of the textual content, real-life case experiences are used to demonstrate ideas. there are various sensible routines (with solutions) and actions integrated. a bit of GCSE questions is given on the finish of the booklet.

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Sample text

The corresponding debit entry for £10 could be made in the sales account, as this would have the desired effect of reducing the sales to its true figure. To avoid complicating the sales account, however, we make the debit entry in the sales returns account instead. The accounts will now look like this: Les Solt 1 June Sales 90 I 2 June Sales returns 10 30 Sales Dr £ 11 June Cr L. Solt £ 90 Sales returns 2 June L. Solt 10 The account for Les Solt shows that £80 is now owed by him to the wholesaler.

7 Food Supplies is a wholesaler which has Jim Turner, a retailer, as one of its customers. On 1 June Jim owed £250 from the previous month. The following transactions then took place: 3 June 6 June 9 June Jim purchased £458 of materials from Food Supplies on credit. Jim returned materials worth £75 because they were unsuitable. Jim settled the amount due on lJune. He was entitled to 4% cash discount. Show how the above would be recorded in the ledger of: (a) Food Supplies, (b) Jim Turner. 8 Prepare accounts to show the following information in (a) the ledger of Zoe Clough, (b) the ledger of Peter Blake.

He will need to open an account to record the amount they are paid. This will be called the wages or salaries account. Of course some employees may be wage earners and others salaried. In this case the business will usually have two separate accounts. Activity Make a list of some services required and expenses incurred by any business known to you. Services required by different businesses will vary but many will be the same. Some of the most common are: the use of another's property, for which rent will be paid; use of local authority services such as refuse collection for which rates will be paid; the use of the Royal Mail, for which postage will be paid; and the use of a loan from someone else, on which interest will be paid.

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