General Ledger? Journals? Day Books? Debtors Ledger? Creditors Ledger? Trial Balance?
Posted by learnaccounting on November 10, 2007
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Mukesh Shah said
I am credit controller and now my boss expects me to do reconcilliation of debtors ledger. How should I do it. For example our financial year is from 01/06/2007 to 31/05/2008. Shall I print debtors ledger and than match with bank entries. our company do not take cash. How shall I match openiing balance and closing balance.
learnaccounting said
You have to make sure what exactly your boss meant that he expects you to perform a reconciliation of debtors ledger. In accounting, usually this happens when the total debtors balance shown in the General Ledger shows difference when you compare with the total of all debtors balance maintained in the debtors ledger. Incorrect recording of bank entries is not the only factor causing the difference, other factors includes incorrect recording of sales, discounts, & etc
Pinky said
I was asked at the interview how to close the books of accounts at the end of the year, meaning what steps do we take to close the books of accounts ?
learnaccounting said
That would involve closure of each accounts in the General Ledger. A Trial Balance would then be prepared followed by the Balance Sheet and Income Statement. Of course year end closure of accounts involve some of the important matters such as determining inventories balance by way of inventories count, making sure of correct accrual of expenses, computation and recognition of current year income taxes and deferred taxes if any & etc.
Mack Jos said
If there are source documents till the last day of accounting period, do I still need journal to prepare any adjustments.
learnaccounting said
Yes. In bookkeeping, you need journals to record any adjustments in the general ledger, even though you have the source documents because the journals would specify which account to be debited and which account to be credited in the general ledger.
bwalya said
exellent material-will prove useful
learnaccounting said
Thank you
NADEEM said
WELL FROM JOURNAL ENTERIS LEDGER AND TRIAL BALANCE I DID COME TO KNOW ABOUT THE ACCOUNTS THAK
PLS EXPLAIN IT AGAIN WITH MORE ENTRIES
NADEEM
00965 66425379
learnaccounting said
Thanks for your comment. No time to do more entries at the moment
roselily said
J carrier is continuing his business on 1 january 2005 with the folowing assets and liabilities Cash 1000,account receivable 500,inventories 20000, vihicle 10000, account payable 250, land 15000.
Jan 1 paid insurance policy 2400 cheque no8
2 sold good to b.murray 1000 invoice no25
6 cash sales 2000
10 Receved 490 from J Bruce in settlement of her account,receipt no 28
15 Paid wages 800
21 Received commission 1000
23 Received rent 2000 receipt no 99
25 Bought office equipment for 10000 from Lagoon motors.
28 Paid delivery van expenses 1000
31 Paid advertising 1000
post the transactions in the general journal and extract a trial balance as at 31/01/2005
Prepare a profit and loss account and a balance sheet at the end of that month 2005.