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F8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › F8

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by @47@.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • March 2, 2017 at 12:42 pm #375109
    @47@
    Member
    • Topics: 19
    • Replies: 51
    • ☆☆

    Can you please tell me the sequence of the following

    Day book
    Journal
    General ledger
    Control account
    Trial balance

    March 2, 2017 at 2:54 pm #375125
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Invoices are listed in the day books: SDB for sales invoices, PDB for purchase invoices.
    The entries for each ‘day’ are totalled. This gives the total sales or purchases for the day.

    The general ledger:

    For the SDB total: Cr Sales (Cr VAT split out as required); Dr Receivables control account
    For the PDB total: Dr Various expenses and VAT; Cr Payables control account

    In the receivables ledger, Dr each individual invoice to the appropriate customer’s account.

    In the payables ledger, Cr each individual invoice to the appropriate supplier’s account.

    Journals are used as needed eg to put through depreciation, write off bad debts.

    Trial balances can be taken at any time, but usually at least once a month.

    March 2, 2017 at 3:30 pm #375136
    @47@
    Member
    • Topics: 19
    • Replies: 51
    • ☆☆

    Thanks a million!

    March 2, 2017 at 9:11 pm #375187
    @47@
    Member
    • Topics: 19
    • Replies: 51
    • ☆☆

    Can you please help me with this confusion as well.
    Post year end sales are an adjusting event, right. We’ll adjust them in the f/s, but then why do we stress so much on putting substantive procedures on checking whether they correctly used cut off?
    Even if they didn’t apply cut off correctly, eventually it will have to be adjusted anyway
    So why even bother with cut off?

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