Download PDF by S. Hall and N. Skene Smith (Auth.): Accounting Principles and Practice

By S. Hall and N. Skene Smith (Auth.)

ISBN-10: 0080103324

ISBN-13: 9780080103327

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The rearrangement is simply. Capital + Liabilities = Assets. But the figure for Capital is not derived from this equation. It comes from the account which gives: Capital = Beginning Capital + Net Profit. The Balance Sheet only balances because the Double Entry System incorporates both principles. Note that no entry is made in the Real and Personal Accounts recording the transfers to the Balance Sheet. The balances on these accounts are summarised in the Balance Sheet; they are not transferred to it.

1962 Wages—Factory 4,140 Gross Profit carried down 6,857 Cr. £ 16,108 2,612 £18,720 £18,720 47 FINAL ACCOUNTS Rates Salaries and Wages Carriage Outwards Lighting and Heating Telephone Insurance Discounts Bad Debts General Expenses Loan Interest Depreciation: Buildings Machinery Net Profit £ 260 1,219 601 80 60 135 1,016 104 119 250 £ By Gross Profit brought down Gain on Sale of Machine 6,857 62 102 462 2,511 £6,919 £6,919 Balance Sheet as at 31st December, 1962 Capital: Balance at 1st Jan. Add Net Profit Less Drawings Assets: Buildings Balance at 1st Jan.

The mistakes are corrected together by the insertion of a credit balance for the amount accrued. Dr, Rent Account 1962 £ 1962 Api. 3 To Cash 300 June 30 „ „ 300 Oct. 4 „ „ 300 Dec. 31 Amount Accrued c/d 300 Dec. 31 Cr. £ By P. & L. A/c £1,200 1,200 £1,200 1963 Jan. 1 By Amount Accrued b/d 300 The true annual rent is charged in the Profit & Loss Account and the credit balance must be included in the Balance Sheet as a liabiUty. " A debit balance is carried forward as a prepayment. Dr. 1961 Api. Insurance Account £ 1961 1 To Cash, Fire Insce.

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Accounting Principles and Practice by S. Hall and N. Skene Smith (Auth.)


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