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CHAPTER 31 Progression Of “Invoices and Credit Notes Received” Through The Daybooks And Ledgers PowerPoint PPT Presentation


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CHAPTER 31 Progression Of “Invoices and Credit Notes Received” Through The Daybooks And Ledgers. This presentation acts as a complement to the textbook. Progression Of “ Invoices and Credit Notes Received ” To Daybooks And Ledgers (1). PURCHASES BOOK.

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CHAPTER 31 Progression Of “Invoices and Credit Notes Received” Through The Daybooks And Ledgers

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Chapter 31 progression of invoices and credit notes received through the daybooks and ledgers

CHAPTER 31

Progression Of “Invoices and Credit Notes Received” Through The Daybooks And Ledgers

This presentation acts as a complement to the textbook


Progression of invoices and credit notes received to daybooks and ledgers 1

Progression Of “Invoices and Credit Notes Received” To Daybooks And Ledgers (1)

R. Delaney

PURCHASES BOOK

DATE DETAILS INV. NO. NET VAT TOTAL

INVOICE NO. 43

P. POWER

20 MAIN ST.

DUBLIN 4 PH. 01 8213876

2/5/11 P POWER 43

10,000

1,000

11,000

7/5/11 G GREENE 54 6,000 600 6,600

16,000 1,600 17,600

TO: JOE BLOGGS

1 MAIN ST

LONGFORD 2/5/11

,

Assume another Invoice , No. 54, was received from G. Greene on 7/5/11. This is also shown in the Purchases Book

QTY DESCRIPTION UNIT PRICE TOTAL

5 TVs. MODEL TV3 €3,000 €15,000

TOTAL EX VAT €15,,000

LESS 33 1/3% TRADE DISCOUNT €5,000

NET €10,000

VAT @ 10% €1,000

TOTAL INCL. VAT €11,000


Progression of invoices and credit notes received to daybooks and ledgers 2

Progression Of “Invoices and Credit Notes Received” To Daybooks And Ledgers (2)

R. Delaney

PURCHASES RETURNS BOOK

DATE DETAILS CR NO. NET VAT TOTAL

CREDIT NOTE NO. 4

P. POWER

20 MAIN ST.

DUBLIN 4 PH. 01 8213876

6/5/11 P POWER 4

4,000

400

4,400

9/5/11 G GREENE 9 2,000 200 2,200

6,000 600 6,600

TO: JOE BLOGGS

1 MAIN ST

LONGFORD 6/5/11

,

Assume another Credit Note , No. 9, was received from G. Greene on 9/5/11. This is also shown in the Purchases Returns Book

QTY DESCRIPTION UNIT PRICE TOTAL

2 TVs. MODEL TV3 €3,000 €6,000

TOTAL EX VAT €6,000

LESS 33 1/3% TRADE DISCOUNT €2,000

NET €4,000

VAT @ 10% €400

TOTAL INCL. VAT €4,400


Progression of invoices and credit notes received to daybooks and ledgers 3

Progression Of “Invoices and Credit Notes Received” To Daybooks And Ledgers (3)

R. Delaney

Net VAT Total

Net VAT Total

2/5 P. Power Inv. No.4 10,000 1,000 11,000

6/5 P. Power Cr. Nt.4 1,000 100 1,100

Purchases Rts. Book

7/5 G. Green Inv. No.8 6,000 600 6,600

9/5 G. Green Cr. Nt. 9 2,000 200 2,200

3,000 300 3,300

16,000 1,600 17,600

Purchases Book

P. Power A/C

Goes to Dr. Side

because Power is

the receiver.

6/5 To Returns 1,100

2/5 By Purchases 11,000

Goes to Cr. Side

because Power is

the giver.

G. Green A/C

9/5 To Returns 2,200

7/5 By Purchases 6,600

Goes to Dr. Side

because Green is

the receiver.

Goes to Cr. Side

because Green is

the giver.

Purchases A/C

31/5 As per P. Book 16,000

Goes to Dr. side as Purchases are an expense.

VAT A/C

31/5 As per P. Book 1,600

Goes to the Dr. side as

this is an expense.

31/5As per P. Rts. Bk. 300

Goes to Cr. side as this

reduces expenses.

Purchases Rts. A/c

Goes to Cr. side as this

reduces expenses.

31/5As per P. Rts. Bk. 3,000


Balancing the ledgers

Balancing The Ledgers

R. Delaney

“The Balance” is

the difference between the value of the debit entries and the value of the credit entries in a ledger account.

It goes on the smaller side to make the totals of both sides equal

F

F

P. Power A/C

6/5 To Returns PRB 1,100

2/5 By Purchases PB 11,000

31/5 Balance c/d 9,900

11,000 11,000

1/6 Balance b/d 9,900

G. Green A/C

7/5 By Purchases PB 6,600

9/5 To Returns PRB 2,200

31/5 Balance c/d 4,400

6,600 6,600

1/6 Balance b/d 4,400

Purchases A/C

31/5 As per P. Bk 16,000

VAT A/C

31/5As per P. Rts. Bk .PRB 300

31/5 As per P.Bk PB 1,600

31/5 Balance c/d 1,300

1,600 1,600

1/6 Balance b/d 1,300

Purchases Rts. A/c

31/5As per P. Rts. Bk. PRB 3,000


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