Specimen forms

PURCHASE REQUISITION
Date…………………. Serial No:………………
Purpose*: inventory/special
capital equipment/(budget reference)
*Delete as appropriate

Job or
Quantity Descriptio Material dept. Delivery required Purchase order
and units n code code Date Place No. Date Supplier

Origination department………………………… Authorisation…………………………….

PURCHASE ORDER
To: ………………………… Serial No:…………………………
……………………….. Date…………………………………….
……………………….. Purchase Req. No:…………..

Please supply, in accordance with the attached conditions

Delivery
Quantity Description Code Price Per
Date

Your quotation…………………………
To be delivered, carriage paid, to …………………………………. Terms
Please quote our Purchase Order number on all correspondence.
 For ABC Ltd

……………………………………….

GOODS RECEIVED NOTE

To: ……...…………………… Serial No:…………………………
..…………………………. Date issued: ……………………….
Carrier: ……………………. Purchase Order No:…………..
Date of delivery: ……………………..
Gross
Description Code Quantity Packages
Weight

INSPECTION REPORT Received by:………….

Quantity passed Quantity rejected Remarks Required by:………….

Accepted:…………….

Inspector ……………………………………… Date ………………………….. Date:……………………

MATERIAL REQUISITION
Charge job/ Serial No:…………………………
Cost Centre No:…………………………. Date…………………………………….

Cost office only

Quantity
Code No. Description
or weight Rate Unit GHS Store
Authorised by: Storekeeper: Price entered by:
Received by: Bin card entered: Calculations checked:

STORES LEDGER CARD

Description……………………………. Unit……………………….. Location………………… Code………………………
Maximum:……………………………… Minimum……………… Reorder level……….. Reorder quantity…..

Receipts Issues On order

Date/ref Quantity GHS Date/ref Quantity GHS Date/ref Quantity GHS
FIFO inventory valuation
Date Receipts Issue Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
Op/ Bal 10 2 20
70 2.2 154 10 2 20
2nd Mar 70 2.2 154
174
10 2 20 40 2.2 88
30 2.2 66
3rd Mar 86
50 2.3 115 40 2.2 88
50 2.3 115
4th Mar 203
40 2.2 88 20 2.3 46
30 2.3 69
5th Mar 157

LIFO inventory valuation

Date Receipts Issue Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
Op/ Bal 10 2 20
70 2.2 154 10 2 20
2nd Mar 70 2.2 154
174
40 2.2 88 10 2 20
30 2.2 66
3rd Mar 86
50 2.3 115 10 2 20
30 2.2 66
50 2.3 115
4th Mar 201
50 2.3 115 10 2 20
20 2.2 44 10 2.2 22
5th Mar 159 42

AVCO inventory valuation

Date Receipts Issue Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
Op/ Bal 10 2 20
2nd Mar 70 2.2 154 2.175 174
3rd Mar 40 2.175 87 40 87
4th Mar 50 2.3 115 90 2.244444 202
5th Mar 70 2.244444 157.1111 20 44.88889
EXAMPLES OF COMMONLY USED DOUBLE ENTRIES – WITH IMPACT ON ELEMENTS OF ACCOUNTING
TRANSACTION DOUBLE ENTRY
1 Investment of cash by owner in business Dr. Cash/Bank
Cr. Capital
2 Introduction of asset by owner in business Dr. Asset
Cr. Capital
3 Purchase of non-current asset on cash Dr. Asset
Cr. Cash/ Bank
4 Purchase of non-current asset on credit Dr. Asset
Cr. Payable
5 Purchase of inventory on cash Dr. Purchases
Cr. Cash
6 Purchase of inventory on credit Dr. Purchases
Cr. Trade payable
7 Payment to trade payable/Creditor Dr. Trade payable
Cr. Cash
8 Returning an item purchased on credit Dr. Trade payable
Cr. Purchase return
9 Making a cash sale Dr. Cash/Bank
Cr. Sales
10 Making a credit sale Dr. Trade receivable
Cr. Sales
11 Getting a credit sale returned Dr. Sales return
Cr. Trade receivable
12 Cash received from trade receivable Dr. Cash/Bank
Cr. Trade receivable
13 Payment of cash expense Dr. Expense
Cr. Cash
14 Expense payable Dr. Expense
Cr. Payable
15 Loan received Dr. Cash/Bank
Cr. Loan
16 Other income earned (e.g. interest income) Dr. Receivable
Cr. Income
17 Cash receipt of other income Dr. Cash
Cr. Income
18 Cash drawings by owner Dr. Drawing
Cr. Cash
19 Goods drawing by owner Dr. Drawing
Cr. Purchases
20 Repayment of loan Dr. Loan
Cr. Cash/Bank
20 Cash deposited in bank Dr. Bank
Cr. Cash
20 Cash withdrawn from bank Dr. Cash
Cr. Bank
CT ON ELEMENTS OF ACCOUNTING
REASON & IMPACT
Increase in asset – SOFP
Increase in capital – SOFP
Increase in asset – SOFP
Increase in capital – SOFP
Increase in asset – SOFP
Decrease in asset – SOFP
Increase in asset – SOFP
Increase in liability – SOFP
Increase in expense – P&L
Decrease in asset – SOFP
Increase in expense – P&L
Increase in liability – SOFP
Decrease in liability – SOFP
Decrease in asset – SOFP
Decrease in liability – SOFP
Decrease in expense – P&L
Increase in asset – SOFP
Increase in income – P&L
Increase in asset – SOFP
Increase in income – P&L
Decrease in income – P&L
Decrease in asset – SOFP
Increase in asset – SOFP
Decrease in asset – SOFP
Increase in expense – P&L
Decrease in asset – SOFP
Increase in expense – P&L
Increase in liability – SOFP
Increase in asset – SOFP
Increase in liability – SOFP
Increase in asset – SOFP
Increase in income – P&L
Increase in asset – SOFP
Increase in income – P&L
Decrease in capital - SOFP
Decrease in asset – SOFP
Decrease in capital - SOFP
Decrease in expense – P&L
Decrease in liability– SOFP
Decrease in asset – SOFP
Increase in asset – SOFP
Decrease in asset – SOFP
Increase in asset – SOFP
Decrease in asset – SOFP
SOURCE DOCUMENTS

CREDIT SALES CREDIT PURCHASE

Sales order received Purchase order sent

from customer to supplier as request
detailing goods for goods
required

Goods sent to Goods Received Note

customer together (GRN) completed
with a Goods
Delivery Note (GDN)

Sales invoice sent to Purchase invoice

customer as request received from supplier
for payment and matched against
(GRN)

Credit note issued if Debit not may be

Customer is issued in order to
overcharged Goods request credit note
returned from supplier
DIAGRAM OF BOOKS USED

All business transactions

Classify – put same types of transactions together

Credit Credit Returns Return Cash receipts

Sales Purchases Inwards Outwards And payments
(Sales (Purchases
returns) returns)

Enter in Enter in Enter in Enter in Enter in cash

Sales Day Purchases returns returns received Book
book Day book inwards Day outwards and payment
book Day book Book

Enter in double entry accounts in the various ledgers

 General ledger
 Sales ledger
 Purchases ledger
Other
types

Enter in
general
journal
 Tax rates applicable under the terms of these treaties are as follows:

Country/ Type of Dividends (where the Dividend (in Royalties Technical or Interest
income recipient holds at any other management
least 10%/25% of case) service fee
shares)

% % % % %
France 7.5 15.0 12.5 10.0 12.5
United Kingdom 7.5 15.0 12.5 10.0 12.5
Germany 5.0 15.0 8.0 8.0 10.0
South Africa 5.0 15.0 10.0 10.0 10.0 (5.0% for
non-resident
banks)

Belgium 5.0 15.0 10.0 10.0 10.0

Italy 5.0 15.0 10.0 10.0 10.0
The Netherlands 5.0 10.0 8.0 8.0 8.0
Switzerland 5.0 15.0 8.0 8.0 10.0
Denmark 5.0 15.0 8.0 8.0 8.0
Czech Republic* 6.0 6.0 8.0 8.0 10.0
Morocco 5.0 10.0 10.0 10.0 10.0
Singapore* 7.0 7.0 7.0 10.0 7.0
Mauritius 7.0 7.0 8.0 10.0 7.0
Ireland* 7.0 7.0 8.0 10.0 7.0
* Not in force yet
 Withholding tax under domestic tax laws
Income Rate %
Resident persons
Interest (excluding individuals and resident financial institutions) 8.0
Dividends 8.0
Rent on residential properties 8.0
Rent on non-residential properties 15.0
Fees to resident individuals as invigilators, examiners and part-time teachers
or lecturers, and endorsement fees to individuals 10.0
Fees or allowances to directors, managers, board members and trustees who
are resident individuals 20.0
Commission to insurance, sales, canvassing and lotto agents who are
individuals 10 Supply of goods exceeding GH¢2,000 per annum 3.0
Supply of works exceeding GH¢2,000 per annum 5.0
Supply of services by an entity exceeding GH¢2,000 per annum 7.5
Supply of general services by an individual 7.5
Payments to petroleum subcontractors 7.5
Payments for unprocessed precious minerals 3.0
Royalty, natural resource payments 15.0
Non-resident persons
Dividends 8.0
Royalties, natural resources payments and rents 15.0
Management and technical service fees 20.0
Goods, works or any services 20.0
Repatriated branch after tax profits 8.0
Interest income (excluding individuals) 8.0
General insurance premiums 5.0
Income from telecommunication and transportation business 15.0
Payments to petroleum subcontractors 15.0
Offence
Failure to register
Failure to issue (proper) tax
invoices
Late filing of VAT return
Making a claim for a refund which
you are not entitled to
Late payment of tax
General penalty
Sanctions
Up to twice the amount of tax on taxable supplies until
the application is filed
Up to GH¢ 1,200, plus the higher of GH¢ 500 and triple
the amount of tax
GH¢ 500 plus an additional GH¢ 10 per day
Twice the original refund request, plus interest
125% of the Bank of Ghana monetary policy rate,
compounded monthly, and applied to the amount
outstanding
Up to three times the amount of tax involved
 Business Employment Investment Total
Chargeable Income 3,000.00 5,000.00 560.00 8,560.00

First 4,380.00 0 4,380.00 -

Next 1,320.00 5% 1,320.00 66.00
Next 1,560.00 10% 1,560.00 156.00
Next 36,000.00 17.50% 36,000.00 6,300.00
Next 196,740.00 25% 59,460.00 14,865.00
Excess 240,000.00 30% 102,720.00 21,387.00

Employment Income 2019 2020

Basic chargeable Income -200000 100000
Add All Alowancess Loss b/f -200000
Ovetime** chargeable Income -100000
Bonus**
Total Cash Emm 12000
Non Cash Benefit
Furnished Acco (10% of TCE) 1200
V,F&D (12.5% of TCE)*600 600
Asssessable 12000
less: Reliefs 3000
Tier 1
Tier 2
Tier 3
Dissability Relies 25% of Ass Inc
Interest on Mortgage

Chargeable Income 9000

102,720.00

2021
-500000
-100000
-600000