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Repost from MARKETING AFFILIATION SYSTEM
FINANCIAL ACCOUNTING ESSAY ANSWERS
(1a)
(i) Purchase of office equipment on credit: This transaction would be recorded in the purchases journal or the purchases day book.
(ii) Credit purchases: Also recorded in the purchases journal or the purchases day book.
(iii) Bank charges: These would typically be recorded in the cash book under the bank column.
(iv) Goods returned by a customer: Recorded in the returns inward journal or the returns inward book.
(1b)
(i) Purchases: From the purchases journal or purchases day book.
(ii) Cash payments: From the cash book.
(iii) Returns outwards: From the returns outwards journal or returns outwards book.
(iv) Discount received: From the cash book or the discount received journal.
(v) Petty cash payments: From the petty cash book or petty cash vouchers.
(1c)
(i) Sales ledger: This ledger records all credit sales transactions. It contains individual accounts for each customer, detailing their purchases on credit and any payments made against those purchases.
(ii) Purchases ledger: This ledger records all credit purchases transactions. It contains individual accounts for each supplier, detailing the goods purchased on credit and any payments made to them.
(iii) General ledger: Also known as the nominal ledger, it records all financial transactions of a business. It contains various accounts such as assets, liabilities, equity, revenues, and expenses. Transactions from subsidiary ledgers like sales ledger and purchases ledger are summarized and posted to the respective accounts in the general ledger.
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Repost from MARKETING AFFILIATION SYSTEM
(1)
(a)(i) General journal
(ii) Purchases journal
(iii) General journal or bank journal
(iv) Sales returns journal
(b)(i) Purchases journal
(ii) Cash payments journal
(iii) Returns outwards journal
(iv) Discount received journal
(v) Petty cash journal
(c)(i) Sales ledger: Records credit sales, customer accounts, and related transactions.
(ii) Purchases ledger: Records credit purchases, supplier accounts, and related transactions.
(iii) General ledger: Records all other transactions not included in the sales or purchases ledger, including assets, liabilities, capital, income, and expenses.
F/ACCOUNTING OBJ
01-10: CDBACACBBC
11-20: CDDBDBDACB
21-30: AADCCBBBBB
31-40: ACBBDDADAA
41-50: CCDABDBBCD
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*F/ACCOUNTING*
(1a)
(i) Purchase of office equipment on credit: This transaction would be recorded in the purchases journal or the purchases day book.
(ii) Credit purchases: Also recorded in the purchases journal or the purchases day book.
(iii) Bank charges: These would typically be recorded in the cash book under the bank column.
(iv) Goods returned by a customer: Recorded in the returns inward journal or the returns inward book.
(1b)
(i) Purchases: From the purchases journal or purchases day book.
(ii) Cash payments: From the cash book.
(iii) Returns outwards: From the returns outwards journal or returns outwards book.
(iv) Discount received: From the cash book or the discount received journal.
(v) Petty cash payments: From the petty cash book or petty cash vouchers.
(1c)
(i) Sales ledger: This ledger records all credit sales transactions. It contains individual accounts for each customer, detailing their purchases on credit and any payments made against those purchases.
(ii) Purchases ledger: This ledger records all credit purchases transactions. It contains individual accounts for each supplier, detailing the goods purchased on credit and any payments made to them.
(iii) General ledger: Also known as the nominal ledger, it records all financial transactions of a business. It contains various accounts such as assets, liabilities, equity, revenues, and expenses. Transactions from subsidiary ledgers like sales ledger and purchases ledger are summarized and posted to the respective accounts in the general ledger.
_*Question 1*_
(a)(i) General journal
(ii) Purchases journal
(iii) General journal or bank journal
(iv) Sales returns journal
(b)(i) Purchases journal
(ii) Cash payments journal
(iii) Returns outwards journal
(iv) Discount received journal
(v) Petty cash journal
(c)(i) Sales ledger: Records credit sales, customer accounts, and related transactions.
(ii) Purchases ledger: Records credit purchases, supplier accounts, and related transactions.
(iii) General ledger: Records all other transactions not included in the sales or purchases ledger, including assets, liabilities, capital, income, and expenses.
Repost from MARKETING AFFILIATION SYSTEM
(1)
(a)(i) General journal
(ii) Purchases journal
(iii) General journal or bank journal
(iv) Sales returns journal
(b)(i) Purchases journal
(ii) Cash payments journal
(iii) Returns outwards journal
(iv) Discount received journal
(v) Petty cash journal
(c)(i) Sales ledger: Records credit sales, customer accounts, and related transactions.
(ii) Purchases ledger: Records credit purchases, supplier accounts, and related transactions.
(iii) General ledger: Records all other transactions not included in the sales or purchases ledger, including assets, liabilities, capital, income, and expenses.
