Accounting Transactions and Procedures
Account Transactions
Who Receives Payment at WHO DA
Cargo – Fertilizer
- Debit
- Credit
- Lost
- Gain
Auditors 10
Opening of Corrte tsp.
- 104 XXX
- 101 XXX
Salaries Paid in Cash by 1200
- 41.1 1200
- 10.1 1200
Passing Checks (Cancellation of Fact x Pay by Check)
- 421 XXX
- 104 XXX
Exchange Rate USS Mened by 1000 to $2.94
- 101 2940
- 121 2940
Exchange Rate at $2.90
Exchange Rate Difference to Date
- 676 40
- 101 40
Destination
- 97 40
- 676 40
Exchange Rate at $3.00
- 101 60
- 776 60 (No failure, no destination x cta Class 6)
Bank Credit Note for Interest Earned by 220
- 108 220
- 774 220
Bank Debit Note for 115 (Excess Commissions and Operations)
- 679 115
- 108 115
Destination
- 97 115
- 79 115
Auditors 12
Merchandise Sales
Sold 375 units of Product X at $80.00/unit. Cost of sales is $50.00/unit. 40% cash payment, remaining balance by customer bill of exchange plus 3% surcharge.
Sale
- 121 35,700
- 4011 5700
- 701 30,000
Cost of Sales
- 691 18750
- 201 18750
40% Cash Payment
- 101 14280
- 121 14280
Remaining Balance and 3% Surcharge
- 123 22,184.69
- 121 21480
- 493 642.60
- 401 122.09
Debt Payment
- 101 22,184.69
- 123 22184.69
Tax
- 493 642.60
- 642.60 XXX
Merchandise Sales (10,000 + IGV)
- 121 11,900
- 4011 1.900
- 701 10,000
Merchandise Return (1,000)
Return
- 701 1000
- 4011 190
- 121 1190
Debt Cancellation
- 101 10710
- 121 10710
Merchandise Sales (1000 + Sales Tax) – 30-Day Bill of Exchange
Sale
- 121 1190
- 4011 190
- 701 1000
30-Day Collection
- 123 1190
- 121 1190
Credit Sale ($3,000 including VAT, exchange rate 2.95)
End of January exchange rate is 3.00.
Sale
- 121 8850
- 4011 1413.03
- 701 7436.97
Exchange Rate Adjustment to 3.00
- 121 150
- 776 150
Closing Exchange Rate at 2.92
Exchange Rate Change
- 676 90
- 121 90
Destination
- 97 90
- 79 90
Client Advance Payment (3000)
- 101 3000
- 122 3000
Goods Sale (9000 + IGV)
Sale
- 121 9000
- 4011 1436.97
- 701 7513.03
Cancellation
- 101 6000
- 122 3000
- 121 9000
Auditors 14
Employee Loan (500, check)
- 14.1 500
- 10.4 500
Shareholder Loan (1500, check)
- 14.2 1500
- 10.4 1500
Business Capital (120,000)
Partner A (40%): 48,000
Partner B (32%): 38,400
Partner C (28%): 33,600
Partner A contributes 50% through a building, Partner B contributes 40% through merchandise, and Partner C contributes 50% in cash.
Capital Subscription
- 14.4 120,000
- 50.1 120,000
Partner Contributions
- 10.1 168,000
- 12.1 153,000
- 33.2 24,000
- 14.4 56,100
Auditors 16
Loan to Company CE (1000)
- 16.1 1000
- 10.1 1000
Claim with Insurance Company (Incident Z, $500, exchange rate 3.20)
- 16.2 1600
- 20.1 1600
Accounting for Rejected Interest (10%, 400)
- 16.1 400
- 16.3 40
- 10.4 400
- 38.1 40
- 10.1 440
- 16.1 400
- 16.3 40
- 38.1 40
- 77.1 40
Payment of Charges (8000), Interest Receivable (400), Guarantee Deposits (20,000), Claims (1750)
- 10 30,150
- 16 30,150
- 16.4 20,000
- 10.4 20,000
Loan with 10% Interest (1000)
- 16.1 1000
- 16.3 100
- 38.1 1100
Loan Repayment with Interest
- 10.1 1000
- 38.1 100
- 77 100
- 16.1 1000
Doubtful Collection (1000)
- 16.9 1000
- 16.2 1000
Absorption by Company
- 19.6 1000
- 16.9 1000
Provision for Doubtful Collection
- 68.4 1000
- 19.6 1000
Insurance Claim (2000)
- 16.2 2000
- 10.4 2000
Auditors 19
Provision for Doubtful Collection (3000)
- 68.4 3000
- 19.6 3000
Punishment of Accounts Receivable (10,000)
- 19.6 10000
- 12.9 5000
- 16.9 5000
Retrieval of Doubtful Account (8000)
- 19.2 4,000
- 19.6 4,000
- 76.5 8,000
Adjustment for Excess Reserves (2000)
- 19 2000
- 19.2
- 19.6
- 68.4 2000
Provision for Doubtful Collection (10,000)
Provision
- 68.4 10,000
- 19.6 10,000
- 94 10,000
- 79 10,000
- 16.9 10,000
- 16.4 10,000
- 19.6 10,000
- 16.9 10,000
Credit Sale (10,000) – Company Burns
- 68.4 10,000
- 19.2 10,000
- 95 10,000
- 79 10,000
- 12.9 10,000
- 12.1 10,000
Payment
- 19.2 10,000
- 12.9 10,000
x/x for the punishment of uncollectible accounts
Provision Stabilization
- 19.2 50,000
- 68.4 50,000
- 79 50,000
- 95 50,000
- 10 50,000
- 12.9 50,000
Auditors 20
Merchandise Purchase (50,000 + IGV)
Purchase
- 60.1 50,000
- 40.11 9,500
- 42.1 59,500
Purpose
- 20.1 50,000
- 61.1 50,000
Cancellation
- 42.1 59,500
- 10.4 59,500
Merchandise Surplus (8000)
- 20.1 8000
- 76.9 8000
Merchandise Purchase from Abroad (Related Expenses)
Purchase
- 60.1 50,000
- 60.9 3,000
- 42.1 53,000
Goods in Transit
- 28 53,000
- 611 53,000
Merchandise Sale (1500 + VAT, 45% cost, 30% return)
Sale
- 12.1 1785
- 4011 285
- 70.1 1500
Cost of Sales
- 69.1 675
- 20.1 675
Return
- 70.1 450
- 40.11 85.5
- 12.1 535.5
Total Cost of Sales
- 20.1 202.5
- 69.1 202.5
Missing Merchandise (5350)
- 66.9 5350
- 20.1 5350
Merchandise Under Warranty (1000)
- 16.4 1000
- 20.1 1000
Merchandise in Escrow (1000)
- 16.2 1000
- 20.1 1000
Merchandise Donation (10)
- 65.4 10
- 20.1 10
Auditors 21
Transfer of Finished Goods to Warehouse
- 21.1
- 71.1
Sale of Finished Products
- 12.1 XX
- 4011 XX
- 70.2 XX
- 62.2 XX
- 21.1 XX
- 71.1 XX
- 69.2 XX
Finished Goods Surplus (100)
- 21.1 100
- 76.9 100
Finished Goods Return (1000)
- 70.2 1000
- 4011 190
- 12.1 1190