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ACC117 - Notes

This document outlines key accounting concepts and journal entries. It discusses 1) types of journals used in accounting such as general, purchase, sales, and cash journals, 2) adjustments made for financial statements like accruals, prepayments, bad debts, depreciation, and capital/revenue expenditures, and 3) reconciling items between a firm's cash book and bank statement including unpresented cheques, uncredited cheques, withdrawals, standing orders, dishonored cheques, and deposits.

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3K views5 pages

ACC117 - Notes

This document outlines key accounting concepts and journal entries. It discusses 1) types of journals used in accounting such as general, purchase, sales, and cash journals, 2) adjustments made for financial statements like accruals, prepayments, bad debts, depreciation, and capital/revenue expenditures, and 3) reconciling items between a firm's cash book and bank statement including unpresented cheques, uncredited cheques, withdrawals, standing orders, dishonored cheques, and deposits.

Uploaded by

Nenny Candy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
  • Types of Journals
  • Accruals and Prepayments
  • Allowance for Doubtful Debts
  • Depreciation
  • Bank Reconciliation Items

ACC117 – NOTES

1. Types of journals

General Journal Sales/purchase of non-current assets


on credit

Opening/closing entries

Withdrawals of stock for owner’s own


use
Purchase Journal Goods purchased on credit.
(Invoice – receive dari supplier)
Return Outward Journal (Purchase Goods returned to supplier. (Credit
Return) note)
Cash Payment Journal All cash payment made by business.
(Payment voucher - cash, cheque -
bank)
Sales Journal Credit sales (Invoice – hantar kepada
customer)
Return Inwards Journal (Sales Return) Goods returned by a customer (Credit
note)
Cash Receipt Journal Cash received (Receipt and cash,
cheque, commission)

2. Adjustments for Financial Statements (SOPL – Expenses & Revenue & SOFP
– A = C + OE)
Accruals and Prepayments (+/-)

Bad debts written off (hutang lapuk,


berkaitan dengan account
receivable) - expenses
Allowance for doubtful debts
(increase = expenses, decrease =
revenue)
Depreciation (Susut nilai, berkaitan
dengan noncurrent asset)

Capital expenditure & Revenue


expenditure

3. Items in the firm’s cash book (CRJ & CPJ) not yet entered in the Bank
Statement.
a. Unpresented cheques – sudah record dalam cash book tapi belum
dibentangkan di bank untuk bayaran. (Cheques paid out)
b. Uncredited cheques - deposit money/terima cheques. (Cheques
received)
c. Errors made by the bookkeeper.
4. Items in the Bank Statement not yet entered in the firm’s cash book (CRJ &
CPJ).
a. Withdrawals
b. Standing orders - Instruction to the bank to make regular payments.
c. Dishonoured cheques - cheques which were rejected (cannot be cash
out) by the bank due to insufficient amount of fund.
d. Deposits/Credit Transfer - bank boleh mengumpul wang terus daripada
pelanggan firma bagi pihak firma, menerima dividen ke atas pelaburan
bagi pihak firma atau membayar faedah ke atas deposit, kepada firma.
e. Errors made by the bank.

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