Accounting Principles and Practice. The Commonwealth and by S. Hall, N. Skene Smith

By S. Hall, N. Skene Smith

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It represents a tangible £620 0 26 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E asset and as an asset it is a Debit balance. No further entry will be made in this account until the end of the next trading period when the next profit calculation is made. The Stock Account will then appear Hke this: Dr. 1962 Mar. 31 Stock Account £ 1962 640 June 30 To Trading A/c June 30 To Trading A/c (say) By Trading A/c Cr. £ 640 800 On 30th June, two entries are made in the Trading Account. On the debit is charged the value of the stock at the beginning of the period—£640.

46 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E Trial Balance Capital Loan, B. Baker Buildings Plant and Machinery Stock Purchases Factory Wages Sales Rates Salaries and Wages Carriage Outwards Lighting and Hearing Telephone Insurance Discounts Bad Debts Bad Debts Provision General Expenses Sale of Machinery Creditors Debtors Cash Drawings £ 6,481 5,000 5,100 4,778 2,109 5,614 4,060 16,108 260 1,219 601 80 20 180 931 94 50 119 220 1,016 1,420 190 2,100 £28,875 Dr. £ £28,875 Trading and Profit & Loss Account for the Year ended 31st December, 1962 £ To Stock, 1st January 1962 2,109 By Sales Purchases 5,614 Stock, 31st Dec.

The preparation of the Final 32 ACCOUNTING PRINCIPLES AND PRACTICE Accounts is then merely a matter of collecting together the items appropriately marked for each stage of the work. Some items appearing in Trial Balances require further consideration and explanation. 1. Drawings. So far we have assumed that the proprietor takes nothing from the business. It is a most unreaUstic assumption. Normally he will withdraw money regularly or as he requires it. He may consider these withdrawals as his salary but they are not recorded as such in the accounts.

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