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September 2, 2016 at 3:15 pm
Dear Jogn Moffat,
Thank you very much for lecture, very user explainatory and user friendly.
I have one problem for some reason with the excersise in this chapter (Pattie`s chair business). I did everything as you explained: recorded transactions in books of primal entry, made T acccounts, closed them up… , but when I prepared Trial Balance it appeared that have 200$ difference between debets and credits. Tripple checked everything and redone the excercise but still couldn’t find the mistake. May be you could give a tip, where to look for.
John Moffat says
September 3, 2016 at 6:53 am
Have you checked your answer against the answer printed in the lecture notes?
February 13, 2016 at 5:55 am
There is a question in test, i.e what documents should accompany when payment is made to a supplier.
And the answer is Remittance advice.
Could you please give an idea of what is remittance advise and also a little explanation of what are supplier statement, purchase requisition and purchase invoice.
February 13, 2016 at 8:30 am
There is a chapter at the end of the free lecture notes called “Business Documentation”, which explains all the different business documents. You can find the page number from the contents page.
guo jiun says
December 29, 2015 at 6:39 am
are there rules of thumb which can be used to identify the functions of a book before we familiarise ourselves through revisions? For example suppose i was drawing up p&l if i had no prior experience i would be a bit confused about which figures to use for sales (made up of cash sales and credit sales (use the list of sales day journal total cash receivable book for cash sales).
December 29, 2015 at 8:50 am
Sorry but there are no real rules you can learn apart from what is explained in the lecture. It is a question of having to learn the names and functions of the various books.
May 17, 2015 at 7:30 pm
One very standard way of controlling is the imprest system of petty cash, whereby cash is drawn from the bank at regular intervals e.g. weekly, and the amount drawn is exactly equal to the amount spent during the previous week. As a result the balance is always ‘topped up’ to the same fixed amount, which fixes an upper limit on the amount that could ever be stolen.
This is part of the notes, may you please explain it?
May 18, 2015 at 9:24 am
Maybe you decide to start with $50 in petty cash.
During the first week you spend $10. That leaves $40. So the amount transferred from the bank is $10 – the float is back to $50.
During the second week you spend $20 – that leave $30. So the amount transferred from the bank is $20 – the float is back to $50.
and so on…..
March 11, 2015 at 7:01 am
Thanks a lot for these lectures
September 22, 2014 at 8:01 pm
appreciate the great help
i just start reading the course notes after lessening to the lectures,
– is it the proper way to go through the syllabus ?
– where i can find the answers for the questions mentioned in the courses to check the accuracy of my initial answers.?
so kind of you to revert
September 23, 2014 at 6:42 am
You should have the notes in front of you while you are watching the lectures.
If you look at the contents page of the notes you will find that the answers to all of the examples are at the end.
September 23, 2014 at 7:09 am
September 23, 2014 at 7:25 am
You are welcome 🙂
June 15, 2014 at 7:27 pm
I really appriciate your helps with all of these lecture videos.
I have a question: at 16:20 I don’t get what he says. After determining cash 15.000, then what? And why is there a balance of 5.000 in Debit at the end?
Thanks in advance.
June 16, 2014 at 7:52 am
This is just an illustration of the account – we are calculating the receivables at the end of the year.
If total sales were 20,000 then we debit receivables with 20,000. If cash received from credit customers was (say) 15,000, then we credit receivables with 15,000.
The end result (the balance) is a net debit of 5,000 – the total we are owed at the end of the period.
June 16, 2014 at 10:45 am
Thanks so much. But I am still confused. He adds a balance in credit right after sales, then makes total credit up to 20.000. If debit and credit are both accounted for 20.000 equally, the balance at the end of month should be 0, isn’t it?
June 16, 2014 at 10:54 am
There is a debit of 20,000 and a credit of 15,000.
So a net debit of 5,000, which is what we end up with.
The figure on the credit side is the missing figure, or the balance – we then carry it forward to the opposite side.
I think it best if you watch my lecture on double entry to see how we balance of faccounts neatly.
February 14, 2014 at 7:13 pm
So it means cash book works as a book of prime entry and as a part of double entry system? At the end of the day’s transactions when we want to complete a double entry for Credit purchases, again we use cashbook as part of double entry system right?
Dr Payable ledger control account
Cr Cash Book
February 14, 2014 at 10:52 pm
No. The cash book is a book of prime entry.
The total are posted to the cash account, which is part of the double entry.
February 15, 2014 at 5:08 am
Would that be a cash account or bank account in the ledgers?
February 15, 2014 at 7:24 am
Some companies call it the cash account, some call it the bank account. There is no rule.
Most will call it the cash account.
(If there is also ‘loose’ cash then this is normally called petty cash)
February 15, 2014 at 8:08 am
Thank you John. Much appreciated.
February 15, 2014 at 8:07 am
Thank you Christine.
January 1, 2014 at 9:50 pm
The things i cant get somewhere else, i find here on opentution.
June 17, 2013 at 9:48 pm
Thank you for the lecture! All doubts cleared 🙂
November 17, 2012 at 6:32 pm
Kick ass lecture. Good job. And you were tidy enough. 😛
September 25, 2012 at 6:07 pm
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September 5, 2012 at 7:53 pm
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August 5, 2012 at 7:45 pm
thumbs up. that was a well presented lecture, easy to understand.
March 30, 2012 at 6:39 pm
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February 23, 2012 at 6:32 pm
very well explained,great thanks
February 10, 2012 at 5:58 pm
Nice Lecture It has cleared my confusion related this topic thanks.
February 6, 2012 at 1:20 am
Why the video is not working
November 13, 2011 at 2:01 pm
very useful . thanks
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August 2, 2012 at 9:18 am
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