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Lecture Accounting and financial system - Lecture 4: Accounting process II

Lecture Accounting and financial system - Lecture 4: Accounting process II. The main contents of the chapter consist of the following: ledger accounting, control procedure, extraction of trial balance. | ACCOUNTING & FINANCIAL SYSTEMS MCPC 606 LECTURERS: DR. JOHN MACCARTHY & DR. MALIK ZAKARIA 1 1 Lecture 4: Accounting Process II Overview: Ledger Accounting Control Procedure Extraction of Trial Balance 2 Purchase Day Book and the Purchase Ledger (Practice Question ) B. Awuni has the following credit purchases and credit sales for November: Nov 1: Sold to M. Hammond: Shirts for Ghc60. Sold to K. Boakye: Belt for Ghc300. Nov 9: Bought from C. Gyato: Dressing bags for Ghc400. Nov 16: Bought from M. Blankson: A pair of shoe for Ghc320. Nov 18: Goods returned to suppliers by us: C. Gyato was Ghc100 Nov 23: Sold to B. Yeboah: Belt for Ghc200. Nov 24: K. Boakye was Ghc50. You are required to: (a) Write up Purchase day book, Purchase return day book and ledger. (b) Post the items to the personal accounts. (c) Post the totals of the day books to the sales and purchases accounts (General ledger). (d) What are the books of prime entry within a business? Solution To be solved in the class 4 Cash | ACCOUNTING & FINANCIAL SYSTEMS MCPC 606 LECTURERS: DR. JOHN MACCARTHY & DR. MALIK ZAKARIA 1 1 Lecture 4: Accounting Process II Overview: Ledger Accounting Control Procedure Extraction of Trial Balance 2 Purchase Day Book and the Purchase Ledger (Practice Question ) B. Awuni has the following credit purchases and credit sales for November: Nov 1: Sold to M. Hammond: Shirts for Ghc60. Sold to K. Boakye: Belt for Ghc300. Nov 9: Bought from C. Gyato: Dressing bags for Ghc400. Nov 16: Bought from M. Blankson: A pair of shoe for Ghc320. Nov 18: Goods returned to suppliers by us: C. Gyato was Ghc100 Nov 23: Sold to B. Yeboah: Belt for Ghc200. Nov 24: K. Boakye was Ghc50. You are required to: (a) Write up Purchase day book, Purchase return day book and ledger. (b) Post the items to the personal accounts. (c) Post the totals of the day books to the sales and purchases accounts (General ledger). (d) What are the books of prime entry within a business? Solution To be solved in the class 4 Cash book Is used to records all payments (lodgements) to the bank and all withdrawals from the bank. The left side(debit) is used to record all lodgements and money received [with the paying-in-slips as the source document]. The right side(credit) records all cheque payments and direct transfers from the bank [with cheque stabs as the source document]. Periodically a request is sent to the bank for a statement of all transactions made by the bank. 5 Practice Question 1 At the beginning of September, K. Manu had Gh₵900 in the bank. During 1 September 2016, K. Manu had the following receipts and payments. 2/9/2016 Cash sale: receipt of Gh₵ 80. 2/9/2016 Payment from credit customer Hay Gh₵400 less discount allowed Gh₵20. 2/9/2016 Payment from credit customer Been Gh₵720. 3/9/2016 Payment from credit customer Seed Gh₵150 less discount allowed Gh₵10. 8/9/2016 Cheque received from Mr. Lawson Gh₵ 1,800 to provide a short term loan. 10/9/2016 Second cash sale: Receipt of Gh₵150. 14/9/2016 Cash .