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  2. hello sir,
    i have problems in recording of purchase return and sale return.is there same ledger for purchase and purchase return or it is separate.and also for sale and sale return.
    thank you in advance.

    • I do explain the entries for returns in my lectures on control accounts.

      For a purchase return we debit payables, and credit either purchases account or a purchase returns account. If we use a purchase returns account, then on the SOPL we show the net of purchases less purchase returns.

  4. Hi!
    Madarin is my mother tongue. Because of the language barrier, I can’t easily understand my textbooks of F3.
    Teacher your clear and excellent explanation makes me have a curious and confident mind towards accounting learning! By the way, your accent is really great~
    ??????????????????Thank you for your efforts of making videos and notes!?

  7. At ”double entry bookkeeping part (a)”, the withdrawals account show the balance of 100. but at the next part, which is part (b), the withdrawals account show difference figure, which recorded as 500.

    My question is, is the lectures mistake? or i miss something?

    • If you listen carefully I explain this during the lecture – I am giving an example of a typical sort of mistake that the bookkeeper can make (which becomes very relevant in later lectures when exam questions expect you to know how to correct mistakes).

  9. Hi thanks for the lecture very interesting and much appreciated. I am new to accounting and i get confused between the debit and credit so where to place what any tips thanks.

  10. Hi,

    The lecture is interesting, I like the way of presentation.

    I want to clear my one doubt regarding Drawings. While solving the Accounting Equation we had put Drawings on Liabilities side and deducted it from Capital.

    In this lecture the balance of Drawings have been debited. Would you please tell me the nature of Account for Drawings?
    Normally, it has debit balance or credit balance?

    Thank you

      • It is indeed a debit balance (which as you will see in the following parts of this lecture serves to reduce the capital, which is a credit balance because it is owing to the owner).

      • I answered your question – you did not ask for the ‘nature of the account’.

        There is no such thing as “personal, nominal, or real” and so I have absolutely no idea what you are talking about.

        On the assumption that you are studying for ACCA Paper F3 then I suggest that you watch all of my free lectures – they are a complete free course and cover everything needed to be able to pass the exam well. They do not cover “personal, nominal, or real” accounts because they do not exist 馃檪

      • Mr. Moffat, when we come across the books of Financial Accounting, we come to know about the types of Accounts.

        Real Account — Record Assets and Liabilities
        Nominal Account — Record all losses (expense) and gains (Income)
        Personal Account — Related to an Entity/Person

        My question was in what category Drawings / Withdrawals would fall from the above.

        I did not get your idea as you have mentioned “Personal, Nominal or Real” account do not exist.

        Would you please elaborate you concept?

      • I repeat – in UK accounting and in what is examined the ACCA exams, we do not have ‘real, nominal, and personal accounts’, and there is therefore nothing for me to elaborate.
        The lectures cover everything you need to be able to pass Paper F3 well.

  12. as we know journal is one of day books where we record unusual transactions but i saw before preparing ledger accounts/t accounts we pass entries of all transactions in journal which are not unusual i am confused why we do so ? just in order to assist students so that they can pass right entries in ledger accounts we use that journal is it so??

  14. Oltimo! This is Great!! This is a simple way of learning and mastering ledger entry and tial balance… do you know what?? I was finding this part of accounting very difficult, but today, I have understood every bit of every part of it… Thank you Mr John Moffat. God Bless opentuition sponsors….

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