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Analyse the effect of accounting transactions and events on the basic accounting equation. Explain what an account is and how it helps in the recording process. Define debits and credits and explain how they are used to record accounting transactions. Identify the basic steps in the recording process. 2
Learning Objectives • • • •
Explain what a journal is and how it helps in the recording process. Explain what a general ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Explain the purposes of a trial balance.
Accounting Information System The system of: • collecting and processing transaction data and • communicating financial information to interested parties
4
Accounting transactions & events • transactions are events that must be recorded in the Financial Statements • analyse the effect of business transactions on the basic accounting equation
The Accounting Equation must always balance 5
Transaction analysis •
Issue of shares for $10,000
6
2
Transaction analysis •
Borrowings of $5,000 from ANZ Bank
7
Transaction analysis •
Purchase of office equipment for $5,000 cash
8
Transaction analysis •
Receipt of $1,200 cash in advance from customer
9
3
Transaction analysis •
Renders services for $10,000 cash
10
Transaction analysis •
Payment of rent $900
11
Transaction analysis •
Payment of insurance $600
12
4
Transaction analysis •
Purchases of supplies on credit
13
Transaction analysis •
Payment of dividend $500
14
Transaction analysis •
Payment of employee salaries $4,000
15
5
Transaction analysis Summary • Analyse transaction in terms of effect on Assets, Liabilities & Owner’s Equity • Two sides of the equation must always be equal (Assets = Liabilities + Owner’s Equity) • Note cause of change in Owner’s Equity
16
The Account an individual accounting record of increases and decreases in a specific Asset, Liability, or Stockholders’ Equity item
17
Debit & Credit procedures Double entry system: • each transaction affects at least two accounts • total debits must equal total credits
18
6
Debit & Credit procedures Dr/Cr procedures for assets & liabilities
19
Debit & Credit procedures Dr/Cr procedures for Owner’s Equity: • Share Capital
• Retained Profits
20
Debit & Credit procedures (cont.) • Dividends
21
7
Debit & Credit procedures Dr/Cr procedures for Revenue & Expenses:
22
Shareholder’s Equity Relationships
23
Accounting Equation expanded
24
8
Recording Process Steps • • •
analyse transaction and effect on accounts enter transaction information in a journal transfer journal information to accounts in the Ledger
25
The Journal • a chronological record of all transactions • complete effect of a transaction disclosed in one place • helps prevent errors as debit & credit amounts are easily compared
26
The General Journal
Reference: Wong Pty. Ltd.: 1st three transactions
27
9
Chart of Accounts • a listing of all accounts and associated account numbers for a business
28
The General Ledger • contains all Asset, Liability and Owner’s Equity accounts
29
Posting • transfer of information from Journals to the General Ledger
30
10
Posting transactions - steps •
In ledger account to be debited record: Date of transaction Enter name of ledger account to be credited (cross-reference) Enter amount Tick account number in General Journal to show the entry has been posted Repeat process for credit side of the entry
31
Recording Process Illustrated •
Shares issued for cash
Reference: Wong Pty. Ltd. 32
Recording Process Illustrated (cont.)
Reference: Wong Pty. Ltd. 33
11
Recording Process Illustrated •
Loan of $5,000 from ANZ Bank
34
Recording Process Illustrated (cont.)
35
Recording Process Illustrated •
Office equipment purchased for cash
36
12
Recording Process Illustrated (cont.)
37
Balancing the accounts Example: Cash ledger
38
The Trial Balance • a list of all the accounts and their balances at a given time listed in order as they appear in General Ledger • proves the mathematical equality of debits and credits after posting
39
13
Preparing a Trial Balance • • •
List account numbers, titles and balances Total debit and credit columns Verify equality of debit and credit columns
40
Trial Balance – Wong Pty. Ltd
41
Trial Balance - limitations Errors not detected in a Trial Balance • transaction not journalised • correct journal entry not posted • journal entry posted twice • incorrect accounts used in journalising/posting • offsetting errors made in recording amount 42
