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What is the difference between Journal Entry and Journal Posting?

Ahuja Sahil
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Difference Between Journal Entry and Journal Posting

Journal entry is recorded in a journal which is also known as the primary book of accounts, this is where all transactions are recorded for the first time in a progressive order. The words are often used around each other, however, there is a difference between journal entry and journal posting.

Journal posting is done inside a ledger which is also known as the principal book of accounts, this is where all ledger accounts are maintained.

 

Journal Entry

1. The act of recording a financial event in a journal is called “journalising”, however, the entry recorded in the journal is called a “journal entry”. It is a record of a transaction’s debit and credit aspect with the help of double entry bookkeeping system.

2. One of the main difference between journal entry and journal posting is “timing”, the journal entry is the next step to preparing vouchers, it immediately precedes journal posting.

3. Simple Journal Entry – Example

Ist Account Debit
 To IInd Account Credit

There are two types of journal entries, simple journal entry and compound journal entry.

 

Journal Posting

1. The act of transferring a journal entry into a ledger account is called journal posting. It includes transferring of debits and credits from journal book to the ledger accounts.

2. Journal posting is the next step to a journal entry, it precedes balancing the ledger.

3. Ledger posting – example

  • A business bought furniture worth 1000 in cash, journal posting for this transaction in the respective ledger accounts would be as follows,

Example of Journal posting in Ledger

>Read What is the Accounting Cycle?

 

Difference between Depreciation, Depletion and Amortization

Ahuja Sahil
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Depreciation Vs Depletion Vs Amortization

All assets with an estimated useful life eventually end up being exhausted. Different types of assets such as fixed, intangible & mineral assets are systematically reduced within their useful life. The difference between depreciation, depletion and amortization depends on the type of asset in question.

Depreciation, Depletion and Amortization are three primary ways to apply such reductions in assets. To begin with, here is a quick reference table;

Difference between Depreciation, Depletion and Amortization

Depreciation

It is to spread or allocate the cost of a tangible fixed asset over its estimated economic useful life. In other words, it may be seen as a reduction in the cost of a fixed asset due to normal usage, wear and tear, new technology, and other related reasons.

Example – A company charging 10% depreciation on all their buildings, 25% depreciation on laptops, etc.

Related Topic – Why is Depreciation not charged on land?

Amortization

Prorating cost of an “Intangible Asset” over the period during which benefits of this asset are estimated to last is called Amortization. The concept of amortization is also used with leases & debt repayment.

Amortization is for Intangible assets whereas depreciation is for tangible fixed assets. Examples of intangible assets are copyrights, patents, software, goodwill, etc.

 

Depletion

When dealing with a natural resource also referred as a mineral asset the concept of depreciation or amortization cannot be applied. “Depletion” is a form of a systematic reduction in the value of a natural resource based on the rate at which it is being used.

For example – A coal mine has 10 Million tonnes of coal and the coal extraction is happening at the rate of 1 Million tonnes per year. In this case, depletion rate would be 10% p.a. since at this rate of extraction the coal mine is being depleted at 10% per year.

 

>Related Long Quiz for Practice Quiz 39 – Depreciation

>Read Explain Obsolescence and Depletion

 

What is Depletion and Obsolescence?

Ahuja Sahil
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Depletion

It is a systematic reduction in the value of a natural resource as an asset. In accounting, depletion is mainly associated with the extraction of natural resources i.e. mineral assets. For example – extraction of coal from a mine, extraction of limestone from a quarry, unearthing oil from an oil well, etc. The cost of extracting the mineral is spread between the number of years the natural reserve is expected to last.

For instance, if an oil well is anticipated to last for 20 years and the predicted benefits are worth 20,000,000 (20 Million) then the depletion amount (assuming uniform extraction) would be 1,000,000 (1 Million) each year. It is different from depreciation & amortization, however, the fundamental logic of the application is similar.

Such assets are commonly termed as wasting assets since they are eventually used up and will have no remaining value.

Depletion Accounting – It is a form of applying depreciation on such wasting assets, the percentage to be applied is calculated based on the rate at which the natural resource is being used. For example, an oil well would be depreciated based on the rate at which the oil is being extracted from it.

 

Related Topic – Depreciation Vs Depletion Vs Amortization

Obsolescence

Continuous improvement, innovation, market trends, etc. in the market lead to the production of new and improved assets. It causes a reduction in the monetary value of assets which are currently being used. This whole process of an asset becoming out of date and losing its economic value is called Obsolescence.

The concept of obsolescence is useful while applying depreciation or evaluating stock (inventory). A fixed asset may become obsolete even before the end of its predicted useful life. While evaluating inventory all obsolete (outdated) items are supposed to be charged to the Income statement.

 

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>Read Difference between Depreciation and Amortization

 

What is an Offset Account?

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Offset Account

To understand an offset account it is important to understand the meaning of the word “Offset”. It means, to show a consideration or amount that reduces or balances the effect of an opposite amount, it has an equal and opposite effect. In simpler terms, offset means a counteracting or opposite force.

Example – Accumulated Depreciation Account, Drawings Account, etc.

It is an account that reduces the gross amount of another related account to derive a net balance. For example, a “fixed asset account” carrying a debit balance may have a related offset account such as a “provision for depreciation account” which accumulates the annual charge for depreciation carrying a credit balance.

An offset account is also known as a Contra Account.

 

Example

Suppose capital account has a credit balance of 1,00,000 and the owner has withdrawn 25,000 for personal use (drawings). In this case, drawings account is an offset for the capital account.

Capital Account Credit Balance
Drawings Account Debit Balance

Capital Account – 1,00,000 (Credit)

Drawings Account (Offset) – 25,000 (Debit)

In this case, Net capital of the business = Capital Account – Drawings Account

= 1,00,000 – 25,000

= 75,000 (Credit)

 

In some countries the concept is used in banking and financial sector, usually, a consumer’s bank account is paired with his loan account to calculate net loan balance.

Net Loan Balance = Loan Amount (main account) – Bank Balance (offset account)

And then interest rate charged by the bank is on the net loan balance.

 

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Accounting and Journal Entry for Closing Stock

Ahuja Sahil
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Closing Stock

Goods that remain unsold at the end of an accounting period are known as closing stock. They are valued at the end of an accounting year and shown on the credit side of a trading account and the asset side of a balance sheet. Accounting and journal entry for closing stock is posted at the end of an accounting year.

Closing stock is valued at cost or market value whichever is lower. It may be shown inside or outside a trial balance. Most often it is shown outside the trial balance. It is an important ingredient in calculating gross profit/loss and includes raw materials, work in progress & finished goods.

 

Journal Entry for Closing Stock

  1. When closing stock is not shown in the trial balance.

This is the most common scenario where the closing stock is not shown in the trial balance, it is only provided as additional information. It will be shown in the trading account & balance sheet. Below is the journal entry for closing stock in this case.

Closing Stock A/C Debit
 To Trading A/C Credit

(Closing stock brought in the books of accounts)

 

Closing stock appearing in the trading account

Closing Stock shown in trading account

Closing stock appearing in the balance sheet

Closing Stock in Balance Sheet

 

2. When closing stock is shown inside the trial balance.

Uncommon, but possible scenario where the closing stock is shown in the trial balance, it is only possible when the closing stock is already adjusted against purchases.

Below is the journal entry for closing stock when it is reduced from purchases.

Closing Stock A/C Debit
 To Purchases A/C Credit

In this case, it will be shown in the balance sheet but not in the trading account.

 

Closing stock appearing in the trial balance

Closing stock shown in trial balance

 

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>Read Why is Closing Stock Not Shown in Trial Balance?

 

Accounting and Journal Entry for Income Tax

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Journal Entry for Income Tax

Income tax is a form of tax levied by the government on the income generated by a business or person. Accounting and journal entry for income tax is done in a distinct way for different types of business establishments i.e. Sole Proprietorship, Partnership, and Private Limited Company.

Private limited companies have a comparatively complex structure for the accounting of income tax which is not covered in this article.

 

Journal Entries in Case of – Sole Proprietorship

For a Sole Proprietor, income tax is not an expense incurred to generate revenue hence it is not treated as an expense to be paid out of profits. In this case, income tax is treated as a personal expense resulting in drawings from the business concluding to a reduction of capital.

Journal entry for income tax in case of a sole proprietorship contains 2 steps as follows;

Step 1 – When Tax is Paid

(Paying tax via the bank)

Income Tax Account Debit
 To Bank Account Credit

 

Step 2 – When Adjustment of Income Tax is Done

(Adjusting income tax as drawings)

Drawings A/C Debit
 To Income Tax A/C Credit

 

Journal Entries in Case of – Partnership Companies

For a Partnership Firm, income tax is payable by the business itself and not individually by the partners. In this case, income tax is reduced from the net profits. It is shown in the profit and loss appropriation account.

Journal entry for income tax in case of a partnership firm includes debiting the Income Statement/P&L Account.

Profit and Loss A/C Debit
 To Income Tax A/C Credit

 

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>Read Accounting and Journal Entry for Manager’s Commission 

 

What is a Liability, Examples, Types, its Placement, etc?

Ahuja Sahil
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Liability – Accounting Definition

In a business scenario, a liability is an obligation payable to a third party. It may or may not be a legal obligation and arises from transactions and events that occurred in the past. It is usually payable to an external party (e.g. lenders, long-term loans).

There are mainly three types of liabilities except for internal liabilities. Current liabilities, Non-Current liabilities & Contingent Liabilities are the three main types of liabilities. The settlement of liability is expected to result in an outflow of funds from the company.

“Total Liabilities” are always equal to “Total Assets”.

(Capital + Liabilities) = Assets

 

Accounting for a Liability Account

While dealing with a liability account it is important to know that it would always carry a credit balance.

As per the modern classification of accounts or American/Modern Rules of accounting an increase in liability is credited whereas a decrease is debited.

Debit and Credit Rule for a Liability

 

Liabilities Shown in Financial Statements

Liabilities are shown on the left-hand side of a vertical balance sheet. They would always equal to the assets of a company. This is the reason why a balance sheet always tie-up.

liabilities shown in the balance sheet

 

Types of a Liability

1. Current Liabilities – Also known as short-term liabilities they are payable within 12 months or within the operating cycle of a business. Examples – trade creditors, bills payable, outstanding expenses, bank overdraft etc.

2. Non-current Liabilities – Also termed as fixed liabilities they are long-term obligations and the business is not liable to pay these within 12 months. Examples – long-term loans, bonds payable, debentures, etc.

3. Contingent liabilities – are liabilities that may come into existence depending on the outcome of a future occurrence. In case the event does not happen, an organization is not liable to pay anything. They are shown as a footnote to the balance sheet. Examples of contingent liabilities are

  • Lawsuit proceedings
  • Product warranty claims
  • Guarantee for loans

4. Owner’s funds/Capital/Equity – Last among types of liabilities is the amount owed to proprietors as capital, it is also called owner’s equity or equity.

 

Internal and External Liabilities

Internal – It is payable to internal parties such as promoters (owners), employees etc. Example – Capital, Salaries, Accumulated profits, etc.

External – It is payable to external parties such as lenders, vendors, etc. Example – Borrowings, Creditors, Taxes, Overdraft, etc.

 

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>Related Long Quiz for Practice Quiz 17 – Contingent Liabilities

>Read Contra Liabilities

 

What are Different types of Liabilities?

Ahuja Sahil
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Liability

A liability is an obligation payable by a business to either internal (e.g. owner) or an external party (e.g. lenders). There are mainly four types of liabilities in a business; current liabilities, non-current liabilities, contingent liabilities & capital.

A liability may be part of a past transaction done by the firm, e.g. purchase of a fixed asset or current asset. The settlement of liability is expected to result in an outflow of funds from the business.

In totality, total liabilities are always equal to the total assets.

(Capital + Liabilities) = Assets | So, Liabilities = Assets – Capital

 

Types of Liabilities

1. Current Liabilities – Obligations which are payable within 12 months or within the operating cycle of a business are known as current liabilities. They are short-term liabilities usually arisen out of business activities. Examples of current liabilities are trade creditors, bills payable, outstanding expenses, bank overdraft etc.

2. Non-current or Fixed Liabilities – Second among types of liabilities is non-current or fixed liabilities; they are long-term obligations of a business and are not payable within a year or an accounting period. They are generally used for the purchase of fixed assets. For example, long-term loans, bonds payable, debentures, etc.

3. Contingent liabilities – are those liabilities that may or may not be incurred by a business depending on the outcome of a future occurrence. In case the occurrence does not happen, an organization is not liable to pay anything. They are required to be disclosed as soon the amount can be estimated and are shown as a footnote to the balance sheet. Examples of contingent liabilities are;

  • Lawsuit proceedings
  • Product warranty claims
  • Guarantee for loans

4. Owner’s funds/Capital/Equity – Last among types of liabilities is the amount owed to proprietors as capital, it is also called as owner’s equity or equity. Capital, as depicted in the accounting equation, is calculated as Assets – Liabilities of a business. It is an internal liability of the business and includes reserves and profits.

 

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>Related Long Quiz for Practice Quiz 17 – Contingent Liabilities

>Related Long Quiz for Practice Quiz 22 – Current Liabilities

>Read Internal and External Liabilities

 

Accounting and Journal Entry for Manager’s Commission

Ahuja Sahil
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Journal Entry for Manager’s Commission

In addition to salaries, companies may offer a fixed percentage of their net profit to managers as commission. This is done to motivate and encourage them to generate more revenue for the company. Accounting and journal entry for manager’s commission involves the below 3 steps,

 

Step 1 – Manager’s commission is shown as a payable since it is calculated at the very end of an accounting period.

Manager’s Commission A/C Debit
 To Oustanding Commission A/C Credit

 

Step 2 – Accounting for manager’s commission includes the actual payment made to pay off the liability created in Step 1.

Outstanding Commission A/C Debit
 To Bank A/C Credit

 

Step 3 – Journal entry for manager’s commission includes transferring commission paid to the income statement/profit and loss account.

Profit and Loss A/C Debit
 To Manager’s Commission A/C Credit

 

Features of Manager’s Commission

  1. The outstanding commission is a current liability like any other outstanding expense, hence it is shown on the liability side in the balance sheet.
  2. Manager’s commission is an operating expense just as any other expense like salary, rent etc.
  3. Manager’s commission paid is shown on the debit side of the profit and loss account as it is an expense for the company.
  4. There are 2 ways to calculate the amount payable as the manager’s commission.

 

Calculation of Manager’ Commission – Case I

In this case, the commission rate is calculated on the “net profit of the company” and the calculated amount is finally paid as a manager’s commission.

Manager’s commission is calculated on net profits (before charging manager’s commission)

Formula to calculate Manager's Commission before charging such commission

Example for Case I – Commission rate – 10%, Net Profit – 1,50,000

Manager’s Commission Amount = (10/100)*1,50,000

= 15,000

 

Calculation of Manager’ Commission – Case II

In this case, the commission rate is calculated on “net profit of the company minus manager’s commission”.

In this case, manager’s commission is calculated on net profits (after charging manager’s commission)

Formula to calculate Manager's Commission after charging such commission

Example for Case I – Commission rate – 10%, Net Profit – 1,50,000

Manager’s Commission Amount = (10/100+10)*1,50,000

= 13,636.36

 

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>Read What is Honorarium?

 

What is Working Capital Turnover Ratio?

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Working Capital Turnover Ratio

Working Capital Turnover Ratio is used to determine the relationship between net sales and working capital of a business. It shows the number of net sales generated for every single unit of working capital employed in the business.

Companies may perform different types of analysis such as trend analysis, cross-sectional analysis, etc. to find out effective utilization of its resources, in this case, working capital.

In a practical scenario, net sales may not be provided, which can then be calculated on the basis of the cost of revenue from operations or cost of goods sold. Working capital is calculated by subtracting current liabilities from current assets.

 

Formula to Calculate Working Capital Turnover Ratio

Working Capital Turnover Ratio

Net Sales = Sales – Returns

Working Capital = Current Assets – Current Liabilities

(or)

Working Capital Turnover Ratio - 2

COGS = Net Sales – Gross Profit (or) Opening Stock + Purchases – Closing Stock

 

Example

Question. Calculate working capital turnover ratio from the following data.

Current Assets 1,00,000
Current Liabilities 50,000
Sales 2,00,000
Sales Returns 50,000

 

Answer. Net Sales = Sales – Sales Returns

Net Sales = 2,00,000 – 50,000

Net Sales = 1,50,000

Working Capital = Current Assets – Current Liabilities

WC = 1,00,000 – 50,000

WC = 50,000

Working Capital Turnover Ratio = Net Sales/Working Capital

= 1,50,000/50,000 = 3/1 or 3:1 or 3 Times

This shows that for every 1 unit of working capital employed, the business generated 3 units of net sales.

 

High and Low Working Capital Turnover

High – A high ratio is desired, it shows a high number of net sales for every unit of working capital employed in the business. However, a very high ratio is not desirable as it may signal that the company is operating on low working capital w.r.t revenue from operations.

In case of a very high ratio, it is also certain that the company may not be able to meet the sudden increase in demand due to limited working capital.

Low – Lower working capital turnover ratio means that the business is not generating sufficient sales relative to the working capital employed.

A lower than the desired ratio shows that the working capital is not optimally used to generate sales & optimization may be required.

 

Short Quiz for Self-Evaluation

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>Related Long Quiz for Practice Quiz 33 – Working Capital

>Read Operating Profit Ratio

 

What are Different Types of Ledgers?

Ahuja Sahil
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Types of Ledgers

A ledger is a book where all ledger accounts are maintained in a summarized way. All accounts combined together make a ledger book. Predominantly there are 3 different types of ledgers; Sales, Purchase and General ledger.

A ledger is also known as the principal book of accounts and it forms a permanent record of all business transactions.

 

1. Sales Ledger or Debtors’ Ledger

First among different types of ledgers is “Sales or Debtors’ ledger”. It is a grouping of all accounts related to customers to whom goods have been sold on credit (Credit Sales). Sum of all the money owed to a business by their customers is shown here and is termed as Accounts Receivable, Trade Debtors or Sundry Debtors.

The accounts are mostly arranged in alphabetical order, however, nowadays all the ledger accounts are maintained with the help of accounting ERPs.

 

2. Purchase Ledger or Creditors’ Ledger

It is a grouping of all accounts related to sellers from whom goods have been purchased on credit (Credit Purchases). Sum of all the money owed by a business to their sellers is shown here and is termed as Accounts Payable, Trade Creditors or Sundry Creditors.

The total monetary amount inside the purchase ledger is shown in the trial balance and the balance sheet at its appropriate place.

Cash Sales and Cash Purchases are booked into the Cash Book.

 

3. General Ledger

Companies usually make a single general ledger which includes 2 additional subtypes of ledgers i.e. nominal ledger and private ledger. These two may or may not be included in the list for different types of ledgers in accounting.

General Ledger

A general ledger or GL is a centralized compilation for all the ledger accounts of a business. It contains all types of accounts which can be found in an organization such as assets, liabilities, capital or equity, revenues, expenses, etc.

As per traditional or UK style accounting, GL consists of all nominal & real accounts necessary to prepare financials for a company. E.g. Building, Office equipment, Furniture and so on.

Nominal Ledger –  As the name suggests it contains all nominal accounts i.e. expense, losses, incomes and gains. Examples – Salaries, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, Depreciation, etc.

Private Ledger – Private ledger consists of accounts which are confidential in nature such as capital, drawings, salaries, etc. These accounts are only accessible by selected individuals.

Some companies do make separate general, nominal and private ledger.

 

 

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Read Difference Between Income Statement and Balance Sheet

 

What are Qualitative Characteristics of Accounting Information?

Ahuja Sahil
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Qualitative Characteristics of Accounting Information

There are some qualities of accounting that make it useful for both external and internal users of accounting. Without these qualities, accounting information wouldn’t be clear, and an orderly view of the business would not be visible. 4 qualitative characteristics of accounting information are;

Qualitative Characteristics of Accounting Information

 

Comparability

Comparison is a very important part of financial information as it helps the users of accounting information to differentiate, analyze, improve, and take important decisions.

The ability to do intra-firm comparisons (within the same company), inter-firm comparisons (with other companies), and market sector comparisons (comparisons within the same market sector) make accounting information easy to work with.

Example of Comparability – QoQ (Quarter on Quarter) & YoY (Year on Year comparisons) should be possible with the accounting information.

 

Understandability

The presentation of accounting information should be simple and understandable for the users of the information. All the data must be clear and concise, it can be easily understood by everyone, including parties who are not from an accounting background.

All relevant explanatory notes should be provided along with the financial statements. Method of valuation of inventory, method of depreciation, information on reserves and surplus, contingent liabilities, and any other extraordinary items.

Example of Understandability – It should be possible for bankers, investors, employees, etc., to understand the financial information of the business.

 

Reliability

One of the most important qualitative characteristics of accounting information is the reliability of data, i.e. all information provided must be traceable and verifiable with proper source documents.

In an internal or external audit, the information inside financial statements should be confirmable back to its source. Failure of an audit may lead to disbelief in the company’s financial data.

Example of Reliability – An auditor must be able to verify a transaction back to its origin with the help of invoices, memos, purchase orders, sales orders, etc.

 

Relevance

Relevance of accounting information means it should help the user of information with their decision-making process. The information provided should not be irrelevant and unnecessary. All information should be capable of monetary computation.

Example of Relevance – A firm is expected to provide the total amount owed by the debtors on the balance sheet, whereas the total number of debtors is unimportant.

 

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>Read 5 Principles of Accounting with Examples

 

 

What are Subsidiary Books?

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Subsidiary Books of Account

Also known as books of original entry, special purpose books, special purpose subsidiary books, and subsidiary books of accounts are various books recording financial transactions of a similar nature. They are the sub-division of the journal.

During the lifecycle of a business, the volume of transactions in a business may rise to the extent that a single journal may no longer be adequate to keep the books. This is when special purpose books or subsidiary books may be required for more efficient bookkeeping.

List of supporting books

Subsidiary Books of Accounting

Related Topic – How to treat return inwards in trial balance?

 

Types of Subsidiary Books

1.  Cash Book – A cash book is a book of prime entry that records all transactions made by a business in both cash and a bank instrument.

2. Purchase Book – A purchase book is one of the special purpose books where all the credit purchases are recorded by a business.

3. Sales Book – A sales book is one of the subsidiary books where all the credit sales are recorded by a business.

4. Purchase Returns Book – Also known as returns outward book, a purchase returns book is prepared to record goods returned by a business to its suppliers.

5. Sales Return Book – Also known as a returns inward book, a sales return book is prepared to record goods returned to a business by the customers.

6. Journal Proper – It is a book in which all miscellaneous transactions which are not recorded in any other subsidiary book are called a journal proper.

7. Bills Receivable Book – is a book that records all bills receivable to a business, the total of bills receivable book is posted on the debit side of the B/R account.

8. Bills Payable Book – is one of the subsidiary books that records all bills payable by a business, the total of bills payable book is posted on the credit side of the B/P account.

Related Topic – Is sales return a debit or credit?

 

Purpose of Subsidiary Books

For any business that grows large enough and the amount of transactions increases, it is no longer possible to record all transactions in one journal book, but rather in a number of journals. This is where subsidiary books play a crucial role and they can be seen as an extension of the journal book itself.

As a result, subsidiary books may be defined as books in which transactions are entered first, followed by ledger account preparation. They are also called day books or special journals.

In addition to overcoming the limitations of a journal book or journal entries, they have other benefits such as better organization of similar types of transactions.

Related Topic – Is cash book both a journal and ledger?

 

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>Read Why are subsidiary books maintained in accounting?

 

What are Source Documents in Accounting?

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Source Documents or Source Vouchers

Source documents are the first document to record a transaction which works as an evidence containing details of a transaction. They are external documents or documents related to external activities which are first input in the accounting source systems.

Examples of source documents are invoice or bill, cash memo, cheque, sales order, purchase order, credit note, petty cash voucher, credit card sales voucher, etc.

Source documents arrive in a company through many different departments, mostly via sales and purchase departments. They are sometimes referred to as supporting documents.

Examples of Source Documents

Sales Order (SO) – is a document issued to the customer and generated by the firm itself. Nowadays sales orders are digitally transmitted soft copies over company’s internal network.

Purchase Order (PO) – is an official document generated by a buyer of goods/services as an offer for the seller. There are 4 different types of purchase orders Standard PO, Contract PO, Blanket PO and Planned PO.

Cash Memo – Cash memo is a document prepared by the seller when goods are sold in cash. It contains all details of the transaction such as quantity, amount, selling price, etc.

Invoice/Bill – It is an evidence prepared by the seller to document credit sales. It has all details about the credit sale such as the purchaser, date, price, quantity, etc.

Debit Note – A debit note is a document sent by a buyer to a seller while returning goods received on credit. This notifies that a debit has been made to their accounts.

Credit Note – A credit note is a document sent by a seller to the buyer notifying that a credit has been made to their account against the goods returned by the buyer.

Pay-in-Slip – It is a source document used for depositing cash and cheques into a bank. Pay-in-slip acts as an evidence of deposit

Cheque – It is an order in writing drawn on the bank to pay the mentioned amount payable to the bearer or the person specified on the cheque.

Petty Cash Voucher – It is used for petty cash expenses such as stamps, postage and handling, stationery, carriage, etc.

 

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>Read What is a Voucher?

 

What is an Accounting Period?

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Accounting Period

Also known as a financial period, period of account, accounting year, financial year, etc. the period for which a business prepares its accounts is called the accounting period for that firm.

As per the going concern concept, when a business is started, it is assumed that it will not be dissolved in the near future and will continue to operate for a foreseeable future. Therefore it is required that the lifespan of a business should be divided into equal parts. It is used for financial reporting by the business.

Internally, the company may decide to maintain accounting records monthly, quarterly, etc. However, for external users of accounting information, the financial statements are produced for a period of 12 months. There may be exceptions to this when a business is newly set up or is being dissolved.

 

Key Features of Accounting Period

  • Period of measurements should be equal.
  • Maximum 12 months after the start date.
  • It may be different from the calendar year.
  • It is uniform and consistent.

 

Financial Period of Various Countries

Accounting Period in Major Countries

Note – Fiscal year, accounting year & calendar year may be different for a company.

 

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>Read Accounting Cycle

 

What is Creditor’s Turnover Ratio?

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Creditor’s Turnover Ratio or Payables Turnover Ratio

Creditor’s turnover ratio is also known as Payables Turnover Ratio, Creditor’s Velocity and Trade Payables Ratio. It is an activity ratio that finds out the relationship between net credit purchases and average trade payables of a business.

It finds out how efficiently the assets are employed by a firm and indicates the average speed with which the payments are made to the trade creditors. The inverse of this ratio, when multiplied by 365, gives the average number of days a payable remains unpaid.

 

Formula to Calculate Creditor’s Turnover Ratio

Formula for Creditor's Turnover Ratio

Net Credit Purchases = Gross Credit Purchases – Purchase Return

Trade Payables = Creditors + Bills Payable

Average Trade Payables = (Opening Trade Payables + Closing Trade Payables)/2

 

Example – Payables Turnover Ratio

Ques. Calculate creditor’s turnover ratio from the information provided below;

Total Purchases – 5,00,000

Cash Purchases – 2,00,000

Creditors (Beginning of period) – 50,000 & Creditors (End of period) – 1,00,000

Ans. 

Creditor’s turnover ratio or Accounts payable turnover ratio = (Net Credit Sales/Average Trade Receivables)

Net Credit Purchases = Total Purchases – Cash Purchases

= 5,00,000 – 2,00,000

Net Credit Purchases = 3,00,000

Average Trade Payables = (Opening Trade Payables + Closing Trade Payables)/2

= (50,000 + 1,00,000)/2

= 75,000

Ratio = (3,00,000/75,000) => 4/1 or 4:1

 

High and Low Creditor’s Turnover Ratio

A high ratio may indicate

• Low credit period available to the business or early payments made by the business.
• The company may operate majorly on the cash basis.
• The company is not availing full credit period.

A low ratio may indicate

• Creditors are not paid in time.
• Increased credit period is allowed to the business.

 

Short Quiz for Self-Evaluation

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What is the Journal Entry for Credit Purchase and Cash Purchase?

Ahuja Sahil
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Journal Entry for Credit Purchase and Cash Purchase

To run successful operations a business needs to purchase raw material and manage its stock optimally throughout its operational cycle. Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. In case of a journal entry for cash purchase, ‘Cash’ account and ‘Purchase‘ account are used.

The person to whom the money is owed is called a “Creditor” and the amount owed is a current liability for the company. Purchase orders are commonly used in large corporations to order goods on credit.

 

Accounting and Journal Entry for Credit Purchase

In case of a credit purchase, “Purchase account” is debited, whereas, the “Creditor’s account” is credited with the equal amount.

Purchase Account Debit
 To Creditor’s Account Credit

Journal entry for credit purchase

 

Golden rules of accounting applied (UK Style)

  • Purchase A/C (Type – Nominal) > Rule – Dr. all Expenses and Losses
  • Creditor’s A/C (Type – Personal) > Rule – Cr. the Giver

Modern rules of accounting applied (US-Style)

  • Purchase A/C (Type – Expense) > Rule – Dr. the Increase in Expenses
  • Creditor’s A/C (Type – Liability) > Rule – Cr. the Increase in Liability

 

Example – Journal Entry for Credit Purchase

Post a journal entry for – Goods purchased for 5,000 on credit from Mr Unreal

Example - Journal Entry for Credit Purchase

Related Topic – Journal Entry for Credit Sales and Cash Sales

 

Accounting and Journal Entry for Cash Purchase

Cash Purchase, on the other hand, is simple and easy to account for. In case of cash Purchase, the “Purchase account” is debited, whereas “Cash account” is credited with the equal amount.

Purchase Account Debit
 To Cash Account Credit

Journal entry for cash purchase

 

Golden Rules applied (UK Style)

  • Purchase A/C (Type – Nominal) > Rule – Dr. all Expenses and Losses
  • Cash’s A/C (Type – Real) > Rule – Cr. What Goes out

Modern Rules applied (US-Style)

  • Purchase A/C (Type – Expense) > Rule – Dr. the Increase in Expenses
  • Cash A/C (Type – Asset) > Rule – Cr. the Decrease in Asset

 

Example – Journal Entry for Cash Purchase

Post a journal entry for – Goods purchased for 5,000 in cash from Mr Unreal

Example - Journal Entry for Cash Purchase

 

Short Quiz for Self-Evaluation

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What is the Journal Entry for Credit Sales and Cash Sales?

Ahuja Sahil
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Journal Entry for Credit Sales and Cash Sales

Sales are a part of everyday business, they can either be made in cash or credit. In a dynamic environment, credit sales are promoted to keep up with the cutting edge competition. Accounting and journal entry for credit sales include 2 accounts, debtor and sales. In case of a journal entry for cash sales, a cash account and sales account are used.

The person who owes the money is called a “debtor” and the amount owed is a current asset for the company. Companies are careful while extending credit as it may lead to bad debts for the business.

 

Accounting and Journal Entry for Credit Sales

In the case of credit sales, the respective “debtor’s account” is debited, whereas “sales account” is credited with the equal amount.

Journal Entry for Credit Sales
Debtor’s Account Debit
 To Sales Account Credit

Golden rules of accounting applied (UK Style)

  • Debtor’s A/C (Type – Personal) > Rule – Dr. the Receiver
  • Sales A/C (Type – Nominal) > Rule – Cr. all Incomes and Gains

Modern rules of accounting applied (US Style)

  • Debtor’s A/C (Type – Asset) > Rule – Dr. the Increase in Assets
  • Sales A/C (Type – Revenue) > Rule – Cr. the Increase in Revenue

 

Example – Journal Entry for Credit Sales

Post a journal entry for – Goods sold for 5,000 on credit to Mr Unreal.

Related Topic – Journal Entry for Credit Purchase and Cash Purchase

 

Accounting and Journal Entry for Cash Sales

Cash sales, on the other hand, are simple and easy to account for. In the case of cash sales, the “cash account” is debited, whereas “sales account” is credited with the equal amount.

Journal Entry for Cash Sales
Cash Account Debit
 To Sales Account Credit

Golden Rules applied (UK Style)

  • Cash A/C (Type – Real A/C) > Rule – Dr. What Comes in
  • Sales A/C (Type – Nominal) > Rule – Cr. all Incomes and Gains

Modern Rules applied (US Style)

  • Cash A/C (Type – Asset) > Rule – Dr. the Increase in Assets
  • Sales A/C (Type – Revenue) > Rule – Cr. the Increase in Revenue

 

Example – Journal Entry for Cash Sales

Post a journal entry for – Goods sold for 5,000 in cash to Mr Unreal.

 

Short Quiz for Self-Evaluation

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Difference Between Bill of Exchange and Promissory Note

Ahuja Sahil
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Bill of Exchange Vs Promissory Note

To pay for credit sales a buyer may make a written promise in form of a promissory note or a bill of exchange. Below is a compilation of the major points of difference between a bill of exchange and a promissory note.

Definition (Bill of Exchange) – It is a financial instrument in writing containing an unconditional order signed by the maker, directing another person to pay a specific sum of money. It is paid to the bearer of the instrument (or) to the order of a particular person (or) to a particular person.

Format

Format - Bills of Exchange

 

Definition (Promissory Note) – It is a financial instrument, in which one party promises in writing to pay a pre-determined sum of money to the other party subject to agreed terms. It can either be payable on demand or at a specific time. It may be paid to the bearer of the instrument (or) to the authorized party (or) to the order of the authorized party.

Format

Promissory Note Template

 

Difference (Table Format)

Bill of Exchange Promissory Note
1. A bill of exchange is an order to pay. 1. A promissory note is a promise to pay.
2. The creditor is the drawer in this case. 2. The debtor is the drawer in this case.
3. There are 3 parties involved in a bill of exchange; the Drawer, the Drawee, and the Payee. 3. There are 2 parties involved in a promissory note; Promisor and the Payee.
4. Acceptance is mandatory by the drawee. 4. Acceptance is not mandatory by the drawee.
5. Liability of the drawer is only recognized when the acceptor fails to pay. 5. Promisor has the primary liability to make a payment.
6. Noting a bill of exchange is advisable in case of non-payment. 6. Noting a promissory note is compulsory in case of non-payment.
7. Stamping is necessary for a bill of exchange except for “bills payable on demand”. 7. Stamping is necessary for promissory notes without any exceptions.
8. A single copy is prepared, except in the case of foreign bills. (3 copies are made) 8. One copy is prepared in all cases.

 

>Read Bookkeeping Vs accounting

 

What is Profit and Loss Appropriation Account?

Ahuja Sahil
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Profit and Loss Appropriation Account

In case of a sole proprietorship, there is a single owner and any addition in the capital in form of net profit or reduction in form of drawings is directly done from the firm’s capital account. However, in case of a partnership, “Profit and Loss Appropriation Account” is created to demonstrate the change in each partner’s individual capital as a result of profit or loss incurred by the firm.

P&L Appropriation account helps to show a clear distinction between the capital contribution of each partner and the changes thereafter. Profit and Loss Appropriation Account is used for allocation of net profit among different partners. It is seen as an extension of the profit and loss account itself.

 

Template and Method of Preparation

It includes items such as interest on capital, interest on drawings, interest on partner’s loan, salaries to partners, commission, reserves, and profit share. (It doesn’t include drawings made by partners)

Credit

Net Profit (From the income statement) & Interest on drawings (charged to partners)

Debit

Interest on capital, salaries to partners, commission to partners, transfer to reserve, profit share, etc.

Profit and Loss Appropriation Account Format - 2

Note – Except rent if there are any funds payable to a partner for e.g. interest on capital, salaries, commission, etc. they should be treated as appropriation and are not supposed to be charged against profits.

 

Short Quiz for Self-Evaluation

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>Read Difference Between Profit and Loss & Profit and Loss Appropriation

 

What are Modern Rules of Accounting?

Ahuja Sahil
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American or Modern Rules of Accounting

There are a couple of ways to approach the art of accounting, traditional and modern. Classification of accounts under both traditional and modern rules of accounting is done very differently.

The UK or traditional style of accounting classifies all accounts of a business into 3 main types i.e. Real, Personal & Nominal. On the other hand, American or modern rules of accounting classify all accounts into 6 different types i.e. Asset, Liability, Capital, Revenue, Expense & Drawings.

Traditional or Golden rules of accounting are applied with real, personal, and nominal accounts, however, American or modern rules of accounting are applied with the modern classification of accounts.

 

Classification of Accounts and Modern Rules

The first step is to identify the type of account from either of the 6 categories shown in the below table. Once the account is determined correctly, apply modern rules of accounting to prepare a perfect journal entry.

Type of Accounts Debit Credit
Asset Increase Decrease
Liability Decrease Increase
Capital Decrease Increase
Revenue Decrease Increase
Expense Increase Decrease
Drawings Increase Decrease

 

Tip – Memorize the word (CRADLE) which means “small bed for a baby” in the English language.

C – Capital, R – Revenue, A – Assets, D – Drawings, L – Liability, E – Expense

Another way to look at modern rules of accounting is,

American or Modern Rules of Accounting

 

Example Journal Entries

  • Example I – Purchased furniture for 20,000 in cash, prepare the journal entry
Accounts Involved Amount Rule Applied
Furniture A/C 20,000 Asset – Dr. the increase
To Cash A/C 20,000 Asset – Cr. the decrease

 

  • Example II – Received 1,00,000 in the bank as a loan, prepare the journal entry
Accounts Involved Amount Rule Applied
Bank A/C 1,00,000 Asset – Dr. the increase
To Loan A/C 1,00,000 Liability – Cr. the increase

 

  • Example II – Received 5,00,000 via a cheque from Mr. Unreal as a trade receivable, prepare the journal entry
Accounts Involved Amount Rule Applied
Bank A/C 5,00,000 Asset – Dr. the increase
To Mr. Unreal A/C 5,00,000 Revenue – Cr. the increase

 

Short Quiz for Self-Evaluation

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10 Tips to Follow for Freshers Before an Accounting Interview

Ahuja Sahil
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3
10 Tips to Follow for Freshers Before an Accounting Interview

Last updated on Jun 20th 2023

Tips to Follow for Freshers Before an Accounting Interview

Initial finance and accounting interviews can be hard-hitting and you don’t want to be caught off-guard. Here, we’ve compiled top 11 tips to follow for freshers before an accounting interview.

For obvious reasons we have not added the must-haves such as “hard work” & “dedication”. This list has been curated from real-life experiences and hopes to help you to achieve more out of your accounting interviews.

 

10. Revise your basics

Top grades in academics do not guarantee success in accounting and finance interviews. This is the main reason why we strongly suggest that you revise fundamentals of accounting and finance before your next encounter with an interviewer.

The idea is to avoid taking it for granted and never be complacent with yourself. You can subscribe and receive a free eBook with top 40 accounting interview questions asked by major companies around the world.

Revise Finance and Accounting Fundamentals

 

9. Know Your Job Profile – Don’t Be Trapped

This is one of the most important tips to follow for freshers before an accounting interview. A lot of freshers are prone to getting into the WRONG type of jobs because of not being able to handle the anxiety of starting a professional career.

A finance student getting into marketing, human resources, customer care, operations, and other unrelated work profiles is not the best way to kickstart a career.

It is highly advisable that you research your role & job profile. What are you expected to do 9 to 5? how are you going to spend a regular day at work? etc. Trust us, you don’t want to feel trapped and be sorry for your decision later on. It is also important because it allows you to anticipate questions and prepare precisely for the technical rounds.

 

8. Exhibit Stability

You may not have applied for the exact role you’ve always wanted, however, this isn’t something you need to convey to the interviewers. Talking about IJPs (Internal Job Postings), future plans, anything which shows that you’re not going to stay in this role for long is a strict NO!

Be careful about revealing your future plans, a lot of students get excited and start talking about fancy courses such as CPA, CA, CMA, ACCA, CFA, etc. that they are pursuing. Don’t get amazed to know that this is only a red flag in the eyes of the interviewer. There are however exceptions to this scenario where a specific course may be a plus for your role. Only reveal if you’re 100% sure about it.

 

7. Stay Motivated

You may have the best preparation and extraordinary educational background but on the day of the interview, you still need the unseen & intangible forces to work in your favour.

add motivation to the right attitude and the see the magic happen!

To reduce nervousness, stress, and anxiety related to an interview, we recommend that you try to watch motivational videos or do anything that makes you feel confident and positive.

 

6. MS-Excel

Most finance and accounting roles require you to work extensively with MS-Excel. Therefore, most of the accounting and finance interviews have at least one round related to Microsoft Excel.

Few functions we recommend every fresher should be comfortable with are Sort, Filter, Concatenate, Vlookup, Hlookup, Pivot (basics), Conditional Formatting, Text to Column, Charts, Sumif, Countif, Left, Right, Mid, Trim, etc.

The above is not an exhaustive list but covers most of the major functions. Also, consider learning some basic excel shortcuts.

 

5. Journal Entries

For accounting students, this is your holy grail. There is almost no way that an accounting interview can exist without journal entries. Not only are you expected to be good with accounting fundamentals but you are also required to display superior journal entry skills.

We have a list of journal entries here that can help you prepare. Along with basic entries, the operations manager love to ask accrual related entries don’t forget to prepare them.

 

4. Don’t Overtalk & Embrace Smartwork

Overtalking rarely helps, more often than not we end up saying things that we didn’t want to or we reveal more than required. Please avoid this.

Staying Quiet at the right time is an uncommon tact

Nothing beats a combination of Smart Work and Hard Work. For example, if you are anticipating a group discussion in your interview make sure you’ve researched the best practices, to-dos, etc. related to a GD. Don’t be shy to Google and learn something new.

 

3. Communication Skills

More than 70% of rejections happen in the preliminary rounds where the people from the human resource department churn out the applicants. The biggest reason for rejection in Non-English speaking countries still remains “Poor Communication Skills”.

Few resources for improvement we recommend are; watching movies, reading, youtube channels, online courses on UDEMY, online certifications at COURSERA, etc. This is one area that requires persistence and constant practice.

 

2. Research About the Company

Don’t forget to research about the company, mainly, its main line of business, history & top management. The best way to do this is through Wikipedia or the company’s own website.

Be ready with a crisp and natural answer to this question “Why do you want to join our organization?”

 

1. Rejection isn’t the end of World

Last in our list of tricks and tips to follow for freshers before an accounting interview is related to handling rejection. There is always a chance that your entire interview experience may have been really awesome and all your answers were perfect, but, you will still be rejected.

Accept that you can’t control everything and sometimes the reason for failure isn’t you at all. There are numerous behind the scene management-related decisions that can impact your success in an accounting interview. A few of them are – reduction in no. of positions, the job is filled up by an IJP, budget constraints, hiring manager’s personal choice, etc.

Jack Ma, Alibaba Group’s founder was REJECTED! by KFC. 

~Goodluck~

 

>Read Accounting Interview Questions for Freshers

 

What is Debtor’s Turnover Ratio?

Ahuja Sahil
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0

Debtor’s Turnover Ratio or Receivables Turnover Ratio

Debtor’s turnover ratio is also known as Receivables Turnover Ratio, Debtor’s Velocity and Trade Receivables Ratio. It is an activity ratio that finds out the relationship between net credit sales and average trade receivables of a business.

It helps in cash budgeting as cash flow from customers can be computed on the basis of total sales generated by a business. It is to be noted that provision for doubtful debts is not subtracted from trade receivables.

 

Formula to Calculate Debtor’s Turnover Ratio

Formula for Debtor's Turnover Ratio

Net Credit Sales = Gross Credit Sales – Sales Return

Trade Receivables = Debtors + Bills Receivable

Average Trade Receivables = (Opening Trade Receivables + Closing Trade Receivables)/2

 

Example – Receivables Turnover Ratio

Ques. Calculate debtor’s turnover ratio from the information provided below;

Total Sales – 5,00,000

Cash Sales – 2,00,000

Debtors (Beginning of period) – 50,000 & Debtors (End of period) – 1,00,000

Ans. 

Debtor’s turnover ratio or Accounts receivable turnover ratio = (Net Credit Sales/Average Trade Receivables)

Net Credit Sales = Total Sales – Cash Sales

= 5,00,000 – 2,00,000

Net Credit Sales = 3,00,000

Average Trade Receivables = (Opening Trade Receivables + Closing Trade Receivables)/2

= (50,000 + 1,00,000)/2

= 75,000

Ratio = (3,00,000/75,000) => 4/1 or 4:1

 

High and Low Debtor’s Turnover Ratio

A high ratio may indicate

• Low collection period allowed to customers.
• The company may operate majorly on the cash basis.
• Company’s collection of accounts receivable is efficient.
• A high proportion of quality customers pay off their debt quickly.
• The company is conservative with regard to the extension of credit.

A low ratio may indicate

• High collection period allowed to customers.
• Good credit period availed by the company from its suppliers.
• The company may have a high amount of cash receivables for collection.

 

Short Quiz for Self-Evaluation

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Accounting and Journal Entry for Bill of Exchange

Ahuja Sahil
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Journal Entry for Bill of Exchange

Bill of exchange is an instrument in writing signed by the maker which contains an order without any conditions. It directs another person to pay a specific sum of money to the bearer of the instrument (or) to a particular person (or) to the order of a particular person. Journal entry for bill of exchange is posted differently in the books of both drawee and the drawer.

A valid bill of exchange acts as a bill receivable for the drawer (Issuer) and a bill payable for the drawee (Acceptor).

 

Journal Entry in the Books of Drawer

Accounting in the books of drawer at different stages is shown as follows;

  • When the sale of goods on credit is recorded in books of the drawer.

When credit sales are recorded in the books of drawer

  • When a valid and accepted bill of exchange is received against the above credit sale.

Journal entry when bill is received from drawee

  • When payment is received, journal entry for bill of exchange is;

Journal entry when payment is received after maturity of a bill of exchange

 

Journal Entry in the Books of Drawee or Acceptor

Accounting in the books of drawee/acceptor at different stages is shown as follows;

  • When the purchase of goods on credit is recorded in the books of the drawee/acceptor.

Journal entry in books of drawee - purchase of goods on credit

  • When a valid and accepted bill of exchange is provided for the above credit purchase.

Journal entry in books of drawee - when bill is given to drawer

  • When payment is made, the journal entry for bill of exchange is;

Journal entry when payment is made at maturity of a bill of exchange

 

Short Quiz for Self-Evaluation

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>Read Bill of Exchange – with Template and Example

 

Accounting and Journal Entry For Provident Fund

Ahuja Sahil
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Journal Entry For Provident Fund (PF)

Provident fund or PF is a compulsory retirement savings plan managed by the government where employees contribute a fixed percentage of their monthly pay-out and the same amount is contributed by the employer. Accounting and Journal entry for provident fund is a 3 step process.

When salaries are paid to employees, the employer deducts the employee’s contribution from it and only the net amount is paid. Employer’s own contribution along with the employee’s share is later on deposited with the proper authority.

 

1. When salaries are paid, the below entry is posted.

Journal entry for provident fund when salary is paid

2. For employer’s own contribution to provident fund, the below entry is posted.

Journal entry for employer's own contribution to provident fund

3. When both the amounts are deposited, the below entry is posted.

Journal Entry when both PF amounts are deposited

If the amount has not been deposited within the accounting period, it is to be shown on the balance sheet as a current liability.

Related Topic  – Journal Entry for Income Tax Paid

 

Example of Accounting for Provident Fund

Show accounting and journal entry for provident fund deposits and deductions for the below information.

Total salaries – 1,00,000, PF deduction (employees) – 12,000, Employer share – 12,000

 

1. When salaries are paid (employee’s share is deducted)

Example - journal entry for PF when salary is paid

2. For employer’s own contribution to PF account (employer’s contribution journalized as salary)

Example - journal entry for employer's own contribution to PF

3. When both employee’s and self-contribution to PF account is deposited with the required authority.

Example - journal entry for PF when both the amounts are deposited

 

Short Quiz for Self-Evaluation

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