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本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

☆Recording credit sales and purchases

	Originally a credit transaction	Originally a cash transaction
Sales return （returns inwards）	Dr. Sales returns Cr. Receivables	Dr. Sales returns Cr. Cash
Purchase return （return outwards）	Dr. Paybles Cr. Purchases returns	Dr. Cash Cr. Purchases returns

Credit sales and purchases:

● are transactions where goods or services change hands immediately

● payment is not made or received until some time in the future.

Receivables and payables:

● Money that a business is owed is accounted for in the receivables ledger

● Money that a business owes is accounted for in the payables ledger.

Example:

Norris notes down the following transactions that happened to Avon in June.

1.Sell goods for $250 – the customer will pay in a month.

2.Pay $50 petrol for the delivery van.

3.Buy $170 goods for resale on credit.

4.Buy another $40 goods for resale, paying cash.

5.Buy a new computer for the business for $800.

Record these transactions using ledger accounts.

Solution:

1.Dr. Trade receivables 250

Cr. Sales 250

2.Dr. Petrol Expense 　50

Cr. Cash in bank 50

3.Dr. Purchase 170

Cr. Trade payables 　170

4.Dr. Purchase 40

Cr. Cash in bank 40

5.Dr. Computer 800

Cr. Cash in bank 800

● Perpetual and Periodic inventory system

Detailed record of inventory movement in and out of the business can be a very tedious and inefficient process. Such a system of keeping stock records is known as the perpetual system.

In a retail business with high stock turnover (i.e. the inventory move very fast) it is almost impossible to keep detailed records of every item of stock that is received and sold, and to recognize the profit on sale of very single item of stock, in such circumstance, the periodic inventory system is applied.

In other words, the inventory account remains stagnant through out the entire period.

An inventory count is performed at the end of the accounting period to determine the inventory held on hand.

Profit is established by taking sales less cost of goods sold, where

Cost of goods sold = Beginning inventory + Purchasing – Ending inventory

 

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