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By R. J. Bull (Auth.)

The leading target of this customary booklet is to supply the coed with a wide standpoint of commercial accounting dependent upon a legitimate conceptual framework. It does this by way of integrating the idea with the appliance, offering accounting ideas as easily and without delay as attainable, and stimulating self sustaining inspiration at the a part of the reader

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Reduces the indebtedness of the business to the owner. Drawings are normally thought of as being an anticipation of profit, and as such they are not an expense of the business. The income statement and balance sheet 43 John Brown and Co. £ £ 9,000 Ownership equity 14,000 7,000 Less: Drawings 3,000 2,000 4,000 3,000 Creditors 6,000 Land and buildings Plant Cars Stock Debtors Cash £31,000 Purchases Returns inwards Carriage inwards Carriage outwards Wages Rent Rates Insurance Discount allowed £ 11,000 2,000 £13,000 17,000 Sales 500 Returns outwards 200 Discount received 300 5,500 400 300 400 400 42,000 400 600 £25,000 £43,000 ΣΛ + ΣΕ = IL + IK £31,000 + 25,000 = 13,000 + 43,000 As indicated in the text above (pages 35-39), the firm will examine its revenues and expenses to ascertain whether any adjustments are necessary before calculating the net profit of the year.

Smith, a sole trader, for June 1984: June 1 2 3 4 5 7 9 11 13 14 15 Started business with £600 in the bank and £50 in hand Bought £500 goods on credit Sold goods on credit for £143 Bought goods for cash £23 Bought old delivery van paying by cheque £500 Paid for petrol by cheque £18 Sold goods on credit for £115 Bought goods on credit for £366 Sold goods for cash £200 which was then paid into the bank Paid sundry expenses in cash £15 H. Smith took £15 cash for his own use Questions for discussion 18 23 24 27 28 30 47 Paid some creditors on account by cheque £300 Collected cheques from debtors and paid the money into the bank Sold goods for cash £60 Sold goods on credit for £400 Paid by cheque one month's rent of the office £90 H.

Brown starts business with cash of £1,000. (ii) Buys furniture for shop—cash £300. (iii) Buys goods for resale—cash £150. (iv) Buys m o r e goods for resale on credit from Smith at £180. (v) Sells goods for cash—£120. (vi) Pays wages of assistant—cash £10. (vii) Sells goods on credit to Jones—£90. (viii) Pays Smith cash on account—£120. (ix) Pays rent in cash £12. In terms of our quadrant the result is (ii) Furniture (vii) Debtors (i) Cash (ii) (iii) (v) (vi) (viii) (ix) (iii) (iv) (vi) (ix) £ + 300 + 90 +1,000 + 120 Purchases + + Wages + Rent + 150 180 10 12 + 1,862 £ £ (i) Ownership interest (iv) Creditors (viii) -120 £ +1,000 + 180 -300 -150 - 10 -120 - 12 (v) (vii) Sales + + 120 90 -120 +1,390 -592 W e may extract the final balance for each of the items to draw u p what is usually referred to as a 'trial balance'—a check to see that our equation still balances.

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