Small Business & Entrepreneurship

BS215 CHAPTER 3 ACTG. FOR DEBTORS

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BS215 CHAPTER 3 ACTG. FOR DEBTORS
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  BS215 CHAPTER 3 ACCOUNTING FOR DEBTORS  Accounting for Detor! "n# Cre#itor! i! "n i$%ort"nt %"rt of "n& "ccounting !&!te$' Detor! "re !o$eti$e! referre# to "! (Account! Recei)"*e+'It i! i$%ort"nt t,"t #etor! "ccount! "re !ent -it,out #e*"& !o t,"t t,e& $"& e %"i# %ro$%t*& to ")oi# *i.ui#it& %ro*e$!' Si$i*"r*&/ cre#itor! "ccount! !,ou*# e %"i# %ro$%t*& if %o!!i*e/ !o t,"t cre#it "rr"nge$ent! -it, !u%%*ier! c"n e $"int"ine#' DEBTORS  Detor! "ccount! !,ou*# e 0e%t in " !e%"r"te *e#ger referre# to "! t,e Detor! e#ger' T,e t-o $"in tr"n!"ction! in #etor! "ccount! "re !"*e! on cre#it "n# t,e recei%t of c"!,'T,e !ource #ocu$ent! in)o*)e# -it, t,e!e t-o tr"n!"ction! "re 1' In)oice! for !"*e! 2' Recei%t for t,e recei%t of c"!,'  I**u!tr"tionOn 1 "n' 241 " tr"#ing co$%"n& ,"! t,e fo**o-ing #etor!  AB 6 25 CD 24 EF 15 64Tr"n!"ction! for t,e -ee0 en#ing 7 "n -ere "! fo**o-!In)oice! 14 AB 6 5 11 CD 14 12 EF 12 6 27Recei%t! 141 AB 6 25 142 CD 15 143 EF 5 6 85  T,e "ccount! of t,e #etor! -ou*# e "! fo**o-! AB Dr' Gr' B"*"nce24141941 B"*"nce 6 25 Dr 47941 Recei%t 141 6 25 949 Dr 47941 In)oice 14 6 5 5 Dr CD 41941 B"*"nce 24 Dr 47941 Recei%t 142 15 5 Dr 47941 In)oice 11 14 15 Dr EF41941 B"*"nce 15 Dr 47941 Recei%t 143 5 14 Dr 47941 In)oice 12 12 22 Dr  A !c,e#u*e :*i!t; of Detor! i! t,en %re%"re# "! fo**o-! AB 6 5 CD 15 EF 22 6 82  T,e #etor! *e#ger 0ee%er -i** c,ec0 on t,e "ccur"c& of ,i! or ,er -or0 & %re%"ring t,e fo**o-ing !u$$"r& B"*"nce 6 4 A## In)oice! :14912; 27 Tot"* Account! Recei)"*e 6 <7 e!! C"!, recei)e# 85 B"*"nce &et to e recei)e# 6 82=>T,i! "$ount "gree! -it, t,e *i!t of Detor!' DEBTORS CONTROL ACCOUNT T,e #etor! contro* "ccount i! %re%"re# in t,e gener"* *e#ger' It i! %re%"re# for t-o %ur%o!e!1'To ,e*% "*"nce t,e gener"* *e#ger -it,out ,")ing to refer to t,e in#i)i#u"* #etor! "ccount!'2'To c,ec0 on t,e "ccur"c& of t,e #etor! "ccount!'T,e #etor! contro* gi)e! t,e !"$e infor$"tion "! t,e !u$$"r& gi)en "o)e Detor! Contro* 241 Dr Cr B"*"nce41941 B"*"nce 6 4 Dr 47941 In)oice! :14912; 6 27 <7 Dr 47941 C"!, : Recei%t! 1419143; 6 85 82 Dr Notice t,"t t,e "*"nce of t,e #etor! contro* "ccount of 682 "gree! -it, t,e !c,e#u*e of Detor!' T,i! in#ic"te! t,"t "** %o!ting "re *i0e*& to ,")e #one correct*&'  OTHER DEBTORS TRANSACTIONS Credit note issued   A cre#it note i!!ue# for goo#! returne# or for "n o)erc,"rge i! %o!te# to t,e cre#it !i#e of " #etor! "ccount "n# to t,e cre#it !i#e of t,e #etor! contro* "ccount' Cre#it note! "re %o!te# in t,e !"$e %o!ting "! In)oice!' T,e contr" :o%%o!ite; entr& i! " #eit to t,e !"*e! "ccount' Dishonoured cheques ?,en " c,e.ue i! recei)e# fro$ " #etor it i! cre#ite# to t,e #etor! "ccount :"n# t,e #etor! contro* "ccount;' If "n& c,e.ue! "re #i!,onoure#/ i'e' not %"i# & t,e "n0/ t,e srcin"* entr& $u!t e re)er!e' It $u!t e #eite# to t,e #etor+! "ccount "n# #eite# to t,e #etor! contro* "ccount' T,e !ource #ocu$ent for t,i! entr& i! t,e #i!,onoure# c,e.ue returne# fro$ t,e "n0' T,e contr" entr& i! $"#e to t,e cre#it !i#e of t,e "n0 "ccount' Bad debts written off  If "n "ccount i! c*e"r*& notgoing to e %"i# :e'i "n0ru%tc& of t,e #etor;/ it ,"! to e (-ritten off+' T,i! i! #one & "n entr& in t,e gener"* @ourn"* "! fo**o-! B"# #et! 6  Detor 6  
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