Accounts Notes Double Entry Example 1 Transactions Debit (In) Credit (Out) Bought goods for resale for cash Purchases Cash Sold goods for cash Cash Sales Paid cash into bank Bank Cash Sold goods and received cheque Bank Sales Bought goods and paid by cheque Purchases Bank Example 2 Transactions Debit Credit Bought goods on credit from M.Mizzi Purchases M.Mizzi Paid M.Mizzi in cash one week later M.Mizzi Cash Sold goods on credit to S.Said S.Said Sales S.Said paid by cheque Bank S.Said Example
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interest in a company. For company (as opposed to group) accounts it is simply all assets less all liabilities. For consolidated group accounts the value of minority interests should also be excluded. The addition of minority interests gives us “shareholders’ fund including minority interests”. A further adjustment gives us total equity. SHARE CAPITAL The capital collected by a joint stock company for its business operation is known as share capital. Share capital is the total amount of capital
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compute net accounts receivable. a. Accounts Receivable has a balance of $14‚000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1‚100 of uncollectible accounts. b. Accounts Receivable has a balance of $25‚700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2‚300 of uncollectible accounts.
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Klein: Amending our Traditional Account of Knowledge In his paper‚ “Is Justified True Belief Knowledge‚” Gettier refutes the traditional Justified True Belief account of knowledge by providing counterexamples that show that while the conditions provided by the JTB account are necessary‚ they fall short of being sufficient for knowledge. Klein’s paper‚ “A Proposed Definition of Propositional Knowledge‚” suggests a fourth condition with which to amend the JTB account so that it provides both necessary
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in the individual accounts in ledgers. 4. Create preliminary trial balance 5. Adjusting entries 6. Create adjusted trial balance of the accounts 7. Combine sums in various accounts 8. Close books for current month Permanent accounts are also known as real accounts. These are accounts that do not close at the end of the accounting year. The permanent accounts are all of the balance sheet accounts (asset accounts‚ liability accounts‚ owner’s equity accounts) except for the owner’s
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STATEMENT OF ACCOUNT Name Address : : SOA No SOA Date Due Date : : : SOAPeriod : 5957188 01/06/2013 18/05/2013-30/06/2013 10/06/2013 Previous Due Payments Received Adjustments Current Charges Amount Due 1‚660.00 Invoice Charges InvoiceNo Period AccountNo : 1‚660.00 426144 Description 0.00 User Name: Package 3‚660.00 Rate Unit Quantity Amount 3‚660.00 (Dr) ServiceType Tax Total 6317995 18/05/2013 -18/05/201 3 01/06/2013 -30/06/201 3
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NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical
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historical cost of $80‚000 even though its current cost‚ replacement cost‚ and inflation-adjusted cost is much higher today. The cost principle or historical cost principle states that an asset should be reported at its cost (cash or cash equivalent amount) at the time of the exchange transaction and should include all costs necessary to get the asset in place and ready for use. Other Meanings of historical cost. Historical Cost Concept Accounting is concerned with past events and it requires consistency and
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Classification of Ratios Ashok Leyland (Company 1) Swaraj Mazda (Company 2) Profitability Ratios 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Gross Profit Margin (%) 7.86 4.77 7.49 8.32 6.78 7.31 3.38 6.61 6.62 6.76 Operating Profit Margin (%) 10.09 7.66 10.23 10.67 9.43 7.8 4.96 7.81 7.62 7.78 Liquidity Ratios Current ratio 1.08 1.29 1.22 1.09 0.88 0.96 0.85 1.19 1.23 1.25
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a Dematerialized (or "Demat") account‚ instead of the investor taking physical possession of certificates. A Dematerialized account is opened by the investor while registering with an investment broker (or sub-broker). The Dematerialized account number is quoted for all transactions to enable electronic settlements of trades to take place. Every shareholder will have a Dematerialized account for the purpose of transacting shares. Process for opening a DEMAT account in any bank. Q2 What are
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