AccforMgrsUnit4….pptVIP

Posting from the general journal Remember, some transactions that will not be able to be recorded in special journals. These transactions will therefore be recorded in the general journal and posted individually to the general ledger eg. - Assets and liabilities, other than cash, contributed by the owner to commence business. - Purchase of an asset, other than stock, on credit. - Sale of an asset, other than stock, on credit. - Withdrawal of trading stock by the owner for personal use. - Bad debts written off. The General Journal already tells you which ledgers are affected, the amount to be recorded in each ledger and whether the amounts should be debited or credited. Because we are posting individual transactions rather than weekly or monthly totals we must show the individual dates for each transaction in the ledger rather than the date at the end of the period. * Posting from the general journal * Posting from the general journal * Posting from the general journal Work through the remainder to make sure you understand where each general journal item is placed in the relevant ledgers * Accounting for Managers Unit 4 Introduction to Accounting Systems and Transactions: Journals to the General Ledger GOOD NEWS! The good news is we have already covered pages 70, 71 72 back in Chapter 2 so we can skip to page 73 * Posting from Journals to LedgersCASH RECEIPTS JOURNAL We use the Cash Receipts Journal so we only have to transfer once a period to ledgers Ledger accounts affected will be Bank, Capital, Sales, Debtor’s Control, Rent, Discount Expense GST Collected * 3167 Posting from Journals to LedgersCASH RECEIPTS JOURNAL Start with our Cash at Bank Ledger because we are posting from cash receipts journal * 3167 66,367 Posting from the cash receipts journal As an amount is recorded in the debit or credit of a ledger, the name of the other ledger account that will be debited or credited with the same amount will be entered in the ‘details column’ of th