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By S. Hall and N. Skene Smith (Auth.)

ISBN-10: 0080103324

ISBN-13: 9780080103327

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Example text

Some items appearing in Trial Balances require further con­ sideration and explanation. 1. Drawings. So far we have assumed that the proprietor takes nothing from the business. It is a most unreaUstic assumption. Normally he will withdraw money regularly or as he requires it. He may consider these withdrawals as his salary but they are not recorded as such in the accounts. All withdrawals of the proprietor are withdrawals of profit—or, if no profit is made, of his capital. Individual payments are entered: Debit Drawings Account Credit Cash Account.

Rose 600 2,236 The assets, less liabihty, amount to £2,236. This according to the books of account is the value of the business to the proprietor. It is the capital of B. Perry. We can approach the figure another way. At the beginning, Perry introduced capital of In the first three months, the profit made was £2,000 236 Therefore the new capital is £2,236 Thus at any one time we can write: Capital = Assets — Liabihties and we can also write: Capital = Capital at beginning of Trading Period + Net Profit for Period or — the Net Loss.

At 31st Dec­ ember the total of Sundry Debtors was £1,440. Race wishes to make provision for Bad Debts of 5 % and for Discounts Allowable of 4 %. Give the Bad Debts Account and show how the Provisions would appear on the Balance Sheet. Dr. 1962 Dec. 31 Bad Debts Account £ 1962 To G. George 40 Dec. 31 „ J. Joyce 130 „ Provision c/d 72 By P. & L. A/c £242 Balance Sheet—Assets Side Sundry Debtors Less Provision for Bad debts Provision for Discounts Cr. £ 242 £242 1963 Jan. £ 72 55 1 By Provision b/d £ £ 1,440 127 1,313 72 40 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E The provision for Discounts is calculated on the total of Debtors less the provision for Bad Debts.

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Accounting Principles and Practice by S. Hall and N. Skene Smith (Auth.)

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