UNIT 3 CH 5
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| Special journal | show 🗑
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| show | No. All cash transactions are recorded in CPJ and CRJ
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| 4 Types of Journals and their uses: | show 🗑
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| Purpose of special Journals: | show 🗑
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| show | All transactions must be recorded in a journal before it is posted to the ledger accounts.
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| Purchases Journal: | show 🗑
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| Details in Purchases Journal: | show 🗑
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| show | GST charged does not affect valuation of stock. Reduces GST L owed to the ATO, increases the debt owed to creditors
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| Referring to the Purchases Journal, state one reason why the amount recorded in the Creditors Control column is greater than the value of stock purchased. | show 🗑
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| show | SC - debit __ GST Clearing - Debit __ Creditors Control - Credit
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| Explain the effect on the GST Clearing account of GST charged by suppliers on credit purchases. | show 🗑
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| Explain the relationship between the Creditors Control account and the Creditors Ledger. | show 🗑
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| show | 1. The purchases journal is posted to the General Ledger at the end of the month, using the column totals.
__ 2.Individual transactions are posted to the Creditors Ledger accounts on the day they occur.
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| show | Account in the GL summarising all transactions recorded in in the subsidiary ledger accounts.
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| Subsidiary ledger: | show 🗑
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| show | Individual dates of transactions the date they occurred
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| Creditors schedule: | show 🗑
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| Sales Journal: | show 🗑
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| Explain how the Creditors Schedule aids in the control of creditors. | show 🗑
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| show | DC - Debit __ Sales Rev - Credit __ GST Clearing - Credit __ COS - Debit __ Stock Control - Credit
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| show | GL: Debtors Control account - summary of all transactions that affect debtors as a whole __ Debtors Ledger (subsidiary ledger) contains a separate account for each individual debtor, showing each individual transaction affecting that debtor’s balance.
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| State two differences in the way the Sales Journal is posted to the Debtors Ledger (as compared to the General Ledger). | show 🗑
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| State the function of a Debtors Schedule. | show 🗑
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| How does Debtors Schedule aid in control of Debtors? | show 🗑
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| Explain how the GST Clearing account may end up with a credit balance. | show 🗑
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| GST settlement: | show 🗑
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| Explain how the GST Clearing account may end up with a debit balance. | show 🗑
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| GST Refund: | show 🗑
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| show | 1: double checking allows detection for recording errors _ 2: ease of reporting _ 3: allocation of responsibility
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| show | prep of the D and C schedules allow balance of control account to be checked against sum of balances of the subsidiary ledger accounts. Allows for recording errors to be detected/corrected. + Reliability++ of balances in BS
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| show | single balance for all D or C provided by control account in GL and schedule means BS only needs to report the balance of the control account, rather than list each individual D/C/ Relevance +in BS+ omitting these details.
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| show | management of the subsidiary ledger can be allocated to particular employee. this employee can be responsible for managing all dealings with D. e.g. assessing credit worthiness, issuing of sales invoices, collection of receipts from debtors etc
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| show | also this employee can manage bad debts. FOR CREDITORS: collection of purchase invoices and timely payment of creditors.) Greater accountability, improve effectiveness.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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