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Accounting as a process
process of identifying, measuring, and communicating economic information to permit informed judgements and decisions by users of the information
The
Accounting as a process
Process of Accounting includes:
Accounting as a process
In accounting, the first books of entry called as PRIME ENTRY Use to classify between the various transactions took place Purpose : to group data into a same nature for the purpose of summarising later
Classifications Process
DATA
CREDIT SALES RETURN INWARD
GENERAL
CASH
RECORDKEEPING
Data are classified before its been recorded in the accounting books
Classifications Process
TRANSACTIONS
CASH BASIS NON-CASH BASIS Purchase Journal Sales Journal Return Outward Journal Return Inward Journal General Journal
CASH BOOK
Form of Journal
General Journal
Date Particulars
Maza Kia Sdn Bhd
How is it look?
Ref
Debit
10,000
Credit
10,000
References Account Account Invoice # to be to be Co. purchased a Motor MEMO debited credited
EXAMPLE:
Date of Name of the On 1 January 2004, ABC Transactions Account Vehicles costing RM10,000 on Credit from Maza Kia Sdn Bhd
Form of Journal
Sales Journal
Date Particulars Ref
How is it look?
Amount
5,000
Date of Transactions
EXAMPLE:
Name of sold Debtors goods
Invoice #
Form of Journal
Purchases Journal
Date
3 Jan 04 Nuri Bhd
How is it look?
Particulars
Ref
Amount
8,000
Date of Transactions
EXAMPLE:
Name of Creditors purchased
Invoice #
ABC Co. goods from Nuri Bhd on for RM8,000 on 3 January 2004
Form of Journal
Sales Return Journal
Date
4 Jan 04 Nuri Bhd
How is it look?
Particulars
Ref
Amount
100
Date of Transactions
EXAMPLE:
Name of Debtors returned goods
Credit Note
Nuri Bhd that previously sold Co. costing RM100 on 4 January 2004
Form of Journal
Purchases Return Journal
Date Particulars Ref
How is it look?
Amount
200
Amount to be debited Date of Name of to Transactions Creditors ABC Co. returned goods that previously purchased Creditors Account from Menara Bhd costing RM200 on 5 January
EXAMPLE:
Credit Note
2004
CONCLUSIONS
There are 5 Journals in Accounting. Journals are deal with only credit transactions, whereas cash transactions will be recorded directly into Cash Book Journal Entries provide for easy reference and recording process in Accounting.
THE END