Bài giảng anh văn chuyên ngành 1 ac10 Đại học mở hà nội

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LESSON 1: THE ACCOUNTING EQUATION AND TRANSACTIONS THROUGH ‘DOUBLE ENTRY’

After carefully studying this lesson, you should be able to: 1. understand the nature of ‘the accounting equation’ 2. appreciate the basic contents of a balance sheet

3. recognise the need for recording transactions through double-entry form

4. record some basic transactions in double-entry form

I.1. The resources of a business

To run your business you will need to have resources. You may start with cash only and use that to purchase other resources. Alternatively, you may put into the business various assets which privately you already own. Thus you may put into the business not only cash but also a motor vehicle and some office furniture. The resources of the business are termed ‘assets’. At the start it can be said that

Assets of the business = Assets provided by the owner

Remember that here the concern is with book-keeping for your (or any other) business, as distinct from your personal, domestic matters. ‘Assets provided

by the owner’ is given the term ‘capital’.

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So for the business

Assets = Capital

I.2. The accounting equation

If, initially, you put into your business the three suggested ‘assets’ you might then show the following:

This is what is termed the “accounting equation”. The two sides will always

be equal to one another. Assets cannot exist in a business unless some person(s) has committed to it money (or other resources) amounting to the same total sum. In a sense, the business is responsible to the owner(s) for the amount of the capital.

In practice, people other than the owner may lend money to the business. The money lent from other people is called “Loan”. The ‘equation’ could now appear like this:

Office furniture 600 Capital 6,000

Motor vehicle 4,800 Loan from T Wells 1,000 Cash at bank 1,600

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Any amounts owing to persons other than the owner are given the term ‘liabilities’.

The equation now reads:

Assets £7,000 = Capital £6,000 + Liability £1,000 Remember to keep clearly in mind the equation:

Assets = Capital + Liabilities

I.3. The Balance sheet

The equations shown above are a form of ‘financial statement’ termed the

balance sheet. The previous statement might appear as follows:

L Wang

Balance sheet at 1 September Year 5

Office furniture 600 Capital 6,000

Motor vehicle 4,800 Loan from T Wells 1,000 Cash at bank 1,600

Note the important word ‘at’ in the heading. The balance sheet is likened to a

snapshot photograph of the business, at a given moment in time.

The activities of the business will involve ‘transactions’, e.g. the selling of goods,

and it is helpful if you trace the effect which these might have upon the balance sheet.

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II. TRANSACTIONS THROUGH ‘DOUBLE ENTRY’

II.1. Format of T-account

The practice you are going to adopt has long been in use. It divides each page of the ‘ledger’ into two sides, T-type Ledger accounts use the following format:

Account name

Debit (Dr)

Date Details £

Credit (Cr) Date Details £

II.2. Double-entry rules

You will soon become aware that the terms debit and credit have a special meaning in book-keeping. The rules for double-entry are:

Transaction effect Double-entry rule

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Alternatively, it may be viewed like this:

Asset account

Increases +

Decreases -

Liabilities

Decreases -

Increases +

Capital

Decreases -

Increases +

Each of these represents a “T” account. This two-sided account layout has long been used to apply and show double-entry book-keeping.

Transaction effect Book-keeping action

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The initial transaction will then be shown as follows:

Bank

Date Details £ Year 3

May 1 Capital 5,000

Capital

Date Details £ Year 3

May 1 Bank 5,000

Note: the ‘details’ (capital, bank) cross refers to the other account. You should

always follow this rule.

(ii) On 3 May Year 3, James Meredith bought office furniture, paying by cheque £ 350.

Transaction effect Book-keeping action

Increase of asset office furniture debit office furniture account

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(iii) On 9 May Year 3, James Meredith bought goods on credit £180 from Rendell Supplies.

Transaction effect Book-keeping action

Increase in liability – creditor:Rendell Supplies credit Rendell Supplies

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(v) On 16 May Year 3, sold £270 goods for cash.

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GLOSSARY

account (n): Tài khoản asset (n) Tài sản

balance sheet (n) Bảng cân đối

business (n) Doanh nghiệp, công việc kinh doanh capital (n) Nguồn vốn

cash at bank Tiền gửi ngân hàng cash in hand Tiền mặt

credit (v) Ghi credit side (n) Bên có creditor (n) Chủ nợ

transaction (n) Giao dịch

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LESSON 2: PURCHASES, SALES AND EXPENSES

After carefully studying this lesson, you should be able to:

1. recognise the various meanings attributed to the term ‘purchases’ 2. record in double-entry form (i) the purchase, and (ii) the sale of goods

for cash and on credit; & (iii) the return of goods 3. appreciate the nature of and types of ‘expenses’ 4. record the withdrawal of profit by ‘drawings’

INTRODUCTION

You will learn about the appropriate accounts in which to record the increases and decreases in stock and how to record purchases and sales on credit, in contrast to purchases and sales for cash. In addtion, you will learn how to enter double entry transactions for expenses and revenues. You will also learn about the effects that profit, loss and drawings have on capital.

In the balance sheet of Lesson 1 so far the item ‘goods’ has been included. This refers to goods in which the firm trades and not to items such as the motor vehicle or office furniture which are shown separately and will be kept for use in the business.

If every purchase or sale of goods were entered under the one heading ‘goods’, you would have a confused picture of what was happening. You need to know for a given period (e.g. week, year) the total amount of purchases (of goods for re-sale) as distinct from the total amount of sales. Therefore, we

have Purchases account and Sales account.

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Let it be absolutely clear about what is meant by the term ‘purchases’. It means goods

(i) bought with the intention of reselling them as part of the firm’s trading activities: goods in which the firm ‘deals’.

(ii) bought in order to use them in the manufacture of other goods (e.g. raw materials or in some way to change their form, e.g. the re-packaging of goods carried out by some wholesalers. The intention is the same as in (i) but it is less direct.

Methods of payment can be made either

(i) purchases for cash (purchases of goods with immediate payment in cash or by cheque)

(ii)

purchases on credit (purchases of goods with payment to be made at later date)

You will now see the book entries for purchases.

I.1. Purchases of goods on credit

Refer to example (iii) in Lesson 1:

On 9 May Year 3, James Meredith bought goods on credit £180 from Rendell Supplies.

Goods

Year 3 £

Purchases

Year 3 £

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May 9 Rendell

Supplies 180

Rendell Supplies

Year 3 £ May 9 Goods 180

May 9 Rendell

Supplies 180

Rendell Supplies

Year 3 £ May 9 Purchases 180

The goods account used in Lesson 1 is now replaced with a purchases account.

However, the same rules will apply: where you debited goods account for an increase in asset amount, likewise you will debit purchases account.

I.2. Purchases of goods for cash

E.g. On 15 May Year 3, bought goods for £210, payment being made immediately by cheque.

In this transaction, there is an increase in asset account: Purchases. As there is an increase in asset value, this will be debited.

The payment was made by cheque, so the money in bank account (asset account) decreased. According to the rules for double-entry, if asset account decreases, it will be credited.

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• Credit Purchase - debit purchases account

- credit supplier’s (creditor’s) account

• Cash Purchase - debit purchases account - credit Cash/ Bank account

In due course, payment will be made to the creditor, so

• Payment to creditor - debit creditor’s account

- credit bank account or cash account

II. SALES

The sale of goods means the decrease of an asset. Up to the present this has been recorded to the credit of a goods account. Now, however, in order to provide more information and to facilitate control, it is necessary to record all sales of goods in a sales account, to include:

(i) sales ‘for cash’( goods sold with immediate payment, in cash or by cheque)

(ii) sales on credit (goods sold with payment to be received by an agreed future date)

II.1. Sales for cash

Refer to example (v) in Lesson 1:

16 May Year 3, sold goods for cash £270.

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Goods

Year 3 £ May 16 Cash 270

Cash

Year 3 £ May 16 Goods 270

Sales

Year 3 £

May 16 Cash 270

II.2. Sales on credit

E.g. 23 May Year 3, sold goods on credit for £65 to N Tibbs.

Sales account similarly will be credited, representing the asset decrease. N Tibbs is a debtor (debtors belong to asset accounts) and now owes the business £65. Hence N Tibbs’ account must be debited to show the increase in asset value.

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- debit Cash/ Bank account - credit Sales account

III.1. Returns Outwards

Sometimes goods already purchased will be returned to the supplier, who will

agree to make an allowance. This will be recorded in a returns outwards account (or purchases returns account). A corresponding entry will be made

in the relevant creditor’s account.

E.g. 24 May Year 3, Goods are returned to Rendell Supplies (a creditor) and an

May 24 Returns Outwards 50

The £50 credit on Returns Outwards account effectively decreases the debit amount on the purchases account.

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If we bring together the two transactions relating to Rendell Supplies, his account now appears:

Rendell Supplies

May 24 Returns Outwards 50

The difference between the two sides is a credit excess of £50. The business owes Rendell Supplies that amount.

III.2. Returns Inwards

Sometimes, Goods previously sold may be returned to the seller, for which there

will be an agreed allowance. This will be recorded in a returns inwards account (alternatively, sales returns account) as well as in the account of the customer.

E.g. 26 May Year 3, N Tibbs returns the goods which he purchased on 23 May

N Tibbs

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Year 3 £ Year 3 £

This shows that N Tibbs now owes nothing.

To summarise the book-keeping entries overall relating to Returns:

• Returns outwards (or Purchases Returns) - debit creditor’s account

- credit Returns Outwards account

• Returns Inwards (or Sales Returns) - debit Returns Inwards account

- credit debtor’s account

IV. EXPENSES

You now need to see how expenses are dealt with in the accounts.

If money is spent on buying an asset, such as office equipment, it is debited to the asset account. Money has been spent on owing a resource. If expenditure is on rent of premises, wages, telephone, etc. it is to obtain the use of a resource, but paying for it ‘as you go’ rather than long in advance. It is therefore consistent to debit the expenditure account, as one would the straightforward asset account. Moreover, any expenditure will reduce profit and thus reduce capital. Any reduction in capital needs to be debited: this further justifies the debit entry for expenses.

The owner of a business needs to know how much is being spent on each area of expenditure. So, instead of having one ‘expense account’, it is usual to have several, each one covering a category of expenditure. These may include items such as: wages, salaries, rent, insurance and motor expenses, etc.

Examples

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(i) 14 May Year 3, wages of £40 are paid in cash

Cash is reduced; therefore cash account should be credited. Expenditure on wages (= for labour services) increases, so wages account should be debited with £80.

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From time to time the owner will take money out of the business in the form of cash (or withdrawal by cheque from the firm’s bank account) for his personal use, not the business use. Occasionally the withdrawal may be in the form of goods or services taken for the owner’s personal use. Therefore, the account related to the

withdrawals here is named “Drawings”.

The prudent owner will ensure that the amount he takes out on a weekly/ monthly basis does not exceed the profit made by the business at that stage. Failure to do so will result in a reduction in the capital account as might be expected.

Applying the double-entry rules, Drawings will make capital decrease, so ‘Drawings’ account must be debited. Money taken out of the business will reduce money (reduce asset), hence Cash/ Bank account will be credited.

E.g. May 28 Year 3, James Meredith, the owner, withdrew for private use £130

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Care must be taken not to confuse ‘drawings’ with expenses. To do so can give a false picture of how the business is performing: total expenses might appear much greater than they really are.

SUMMARY

1. The purchases account is used to record the purchases of stock while the returns inwards account is used to record goods returned by the business’s customers.

2. The sales account is used to record the sales of stock, while the returns outwards account is used to record goods returned to supplers by the business. 3. Only goods bought with the intention of reselling them as a part of trading activities are considered as purchases. The purchases of other assets is not considered as purchases.

4. Sales refered to the sale of those goods in which the business trades; the sale of goods that were bought with the intention to resell.

5. The purchase or sale of goods for cash may involve payment or receipt being made by cash or by cheque (bank).

6. Entries in an expense account will be on the debit side

7. Drawings are money or goods taken out of the business by the owner, drawings are not an expense of the business

I hope you will be successful!

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cash transaction (n) Giao dịch thanh toán ngay cheque (n) Séc

commission (n) Tiền hoa hồng credit transaction (n) Giao dịch ghi nợ

drawings (n) Rút vốn expense (n) Chi phí

purchase (n) Việc mua hàng raw material (n) Nguyên liệu thơ rent payable (n) Chi phí th trụ sở

rent receivable (n) Tiền cho thuê trụ sở

returns inwards (n) Hàng bán bị trả lại

returns outwards Hàng mua trả lại cho nhà cung cấp sale (n) Việc bán hàng

withdraw (v) Rút ra

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appreciate the key features of commonly used methods of paymen through a bank

The objectives: After carefully studying this lesson, you should be able to:

LESSON 3: BALANCING ACCOUNTS; THE DIVISION OF THE LEDGER & BANK FACILITIES

I. BALANCING ACCOUNTSI.1. Method for checking the balance

The procedure of balancing is as follows:

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The „balance‟ is then placed on the left-hand side of the account – on the next available line – ready to start the next month/ period. The £4,305 debit balance represents the reality of the debits exceeding the credit to that date by that amount. The date shown is the first day of the new month/ period. „Balance b/d‟ is an abbreviation of „balance brought down‟.

In conclusion, at the end of May, bank account has debit balance of £4,305. Creditor‟s account will be balanced according to the same principles:

Rendell Supplies

 24 Returns Outwards 50

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 31 Balance c/d 50

June 1 Balance b/d 50 At the end of May, this account has credit balance of £50.

Another example of debtor‟s account is as follows:

N Tibbs

May 23 Sales 65 May 26 Returns Inwards 65 At the end of May, this account has „Nil‟ balance. The two sides of the account are in agreement with each other. You therefore total the two sides and enter a double line under each. With this example, only one transaction on each side so the only requirement is to double underline the amount on both sides.

You may come across the following:

c/f = carried forward b/f = brought forward

Where balances are carried forward from one page to the next, „balance c/f‟ would appear at the bottom of one page and „balance b/f‟ at the top of the next page.

I.2. Running balance accounts

The accounts we have so far had the traditional layout (T-account)

Account name

A balance is calculated only at the end of the relevant period (month, year, etc). Much business practice, especially with computerised records, now uses the

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three-money column layout (running balance format/layout). Normally, bank uses this layout in the bank statement which bank issues to their customers. The third money column states the balance resulting from the transaction recorded on the same line.

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II. DIVISIONS OF THE LEDGERII.1. Sub-divisions of the ledger

It is usual to sub-divide the ledge: each part contains a distinct type of account. This has advantages of:

 Smaller units are managed more easily than one very larger

 Useful information is available easily from the specialised parts of the ledger that otherwise would be hidden

 Overall it helps in the control of the various accounts.

(a) customers‟ personal accounts (debtor accounts) Sales Ledger (b) suppliers‟ personal accounts (creditor accounts) Purchases Ledger (c) concerning with the receiving and paying money, Cash book

whether by cash, cheque or other method

II.2. Types of accounts

(a) Personal accounts – the individual accounts of debtors and creditors

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(b) Impersonal accounts – the accounts of things rather than people. Impersonal accounts are sub-divided into:

* Real accounts – covering assets, e.g. premises, motor vehicles, stock, cash, bank.

* Nominal accounts – the various income and expense accounts, e.g. sales, wages, insurance.

III. BANK FACILITIESIII.1. Current account

This type of account is used for regular banking and withdrawal of money. The bank provided facilities for transferring money to other people, still mainly by cheque, though increasingly by other means also.

It is possible for a current account to be „overdrawn‟, i.e. more has been taken out of the account than has been put in. Normally banks expect to be asked in advance to give their agreement to an „overdraft‟.

III.2. Deposit account

With this account it is normally expected that money paid into the account will remain there for some time and that withdrawals will be infrequent. Interest will be paid by the bank on the account balance, whereas it is less likely that a current account holder will receive interest.

III.3. Cheques

A cheque is a written instruction from the customer of the bank (i.e. the account holder) to the bank to pay a certain amount of money

(i) to another person; or

(ii) to the account holder (eg. if drawing money out of the firm‟s bank account for use as office cash)

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III.4. Other payment methods

III.4.1. Credit Transfer

It is a direct means of transferring money through the bank systems, which is initiated by the paying party. It has a number of variations.

 The payer gives to his or her bank a slip setting out the payment to be made together with cash or a cheque to cover the payment. The bank then transfers money to the relevant account.

 The payer can fill in slips to settle many bills, covering these with a single payment (cash or cheque) for the total amount (multiple credit transfer). It is commonly used by employers for the payment of wages and salaries.

 The method is much used for the paying of accounts such as for gas, electricity, or telephone services.... Often businesses include a bank credit slip when sending out statements of account to debtors, to encourage payment by this method.

III.4.2. Standing order

It is a direct transfer between bank accounts, involving regular payments  of fixed amounts

 at stated dates

 to certain persons or firms

When this kind of payment happens, the payer then gives the bank written instructions to make the payments. The bank will then automatically charge the payer‟s account and send a credit to the payee‟s bank. Once the instruction has been given by the payer to his bank, no further action is necessary and payments would continue to be made until cancelled or amended. Standing order payments can only be altered by the payer.

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Standing orders are much used for the payment of regular subscriptions or for the payment of hire purchase installments or insurance premiums.

III.4.3. Direct debit

This method is rather like credit transfer in reverse, that is, a direct transfer initiated by the payee.

First the would-be payee obtains the written agreement of the payer to the use of this method. Then the payee prepares a voucher that is charged against the payer‟s bank balance and is passed through the bank clearing system.

Unlike the standing order, it can be used

 for either fixed or variable amounts and/or

 where the time intervals between payments vary

The method is open to abuse and so the bank has introduced a number of safeguards, such as restricting its use to approved organisations only. The payer can withdraw the consent if dissatisfied with the working of the system.

3. An account has a credit balance when the opening balance is on the credit side. This will occur where the total of the credit side is greater than the total of the debit side.

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4. The running balance format of account is based upon the same double entry principle as “T” accounts and shows the balance of the account after each transaction. .

5. The ledger is divided into separate ledgers, each of which records a certain type of transaction.

6. Accounts are classified to identify the nature of the entries they contain, e.g. personal accounts.

7. The two main types of accounts are current accounts and deposit accounts. Current accounts do not normally earn interest while deposit accounts do.

8. Credit transfer, standing order and direct debit are methods of making payment directly through the banking system.

I hope you will be successful!

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GLOSSARY

balance (v) (n)

Cân đối Số dư

credit balance (n) Dư có

credit transfer (n) Ủy nhiệm chi current account (n) Tài khoản vãng lai

deposit account (n) Tài khoản tiền gửi có kỳ hạn direct debit (n) Ủy nhiệm thu

fixed amount (n) Khoản tiền cố định general ledger (n) Sổ cái chung

nominal account (n) Tài khoản danh nghĩa personal account (n) Tài khoản cá nhân purchases ledger (n) Sổ cái mua hàng real account (n) Tài khoản tài sản running balance account

sales ledger (n) Sổ cái bán hàng standing order (n) Lệnh chi trả định kỳ

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LESSON 4: THE TRIAL BALANCE; TRADING AND PROFIT/LOSS ACCOUNTS AND THE BALANCE

SHEET: MORE FEATURES

The objectives: After carefully studying this lesson, you should be able to: 1. recognise different forms of carriage

2. recognise the structure of income, cost and profit

3. prepare a Trial Balance, a Trading and profit and loss account & the Balance sheet

4. distinguish between fixed and current assets, as well as between longer-term and current liabilities

INTRODUCTION

You will also learn about the purpose of the trial balance and how to prepare one. Then, you will be introduced the different typeds of profits and how they are calculated in the Trading and Profit & Loss accounts. You will learn how to transfer net profit and drawings to the Capital assount at the end of the period. Finally, you will learn how to present the assets, liabilities and capital on the balance sheet in a more meaningful and informative format.

Double-entry book-keeping is based on the matching principle: for every amount on the debit side there is an equivalent amount on the credit side. If over a period of time – say, a month – all transactions have been entered correctly, then it follows that

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The sum of the debits = the sum of the credits

Refer now to the example relating to James Meredith in Lesson 1 and 2. A Trial Balance at the end of May Year 3 would appear like this:

Trial Balance of James Meredith at 31 May Year 3

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Knowing the side of the Trial Balance on which you would expect an account to appear will be of great help in drawing one subsequently in any check you might have to do:

- cash

- asset accounts, e.g. office furniture...

- debtors - purchases - returns inwards

- expense accounts, e.g. wages, insurance...

The trial balance is important as a means of checking. It is also a preliminary to the preparation of the ‘final accounts’ of a business – to which you shall be turning your attention in the next parts.

II.1. Methods of calculating different types of profit

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Gross profit The account by which sales income exceeds cost of goods sold

(Sales Revenue – Cost of Goods sold)

Net profit The remaining profit – after allowing for other costs

(Gross profit + Other income – Running expenses)

• In Trading account, you will calculate Gross Profit. • In Profit and Loss account, you will calculate Net profit.

Cost of goods sold (a) income from

sales

= Sales Revenue

(b) Other income, e.g

rent receivable

Gross profit

Running expenses

Net profit

Income = (a) Income from Sales + (b) Other income

II.2. Final accounts: More features

II.2.1. Returns

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Bài giảng anh văn chuyên ngành 1 ac10 Đại học mở hà nội

<b>LESSON 1: THE ACCOUNTING EQUATION AND TRANSACTIONS THROUGH ‘DOUBLE ENTRY’ </b>

<b>I.1. The resources of a business </b>

<b>I.2. The accounting equation</b>

<b>I.3. The Balance sheet</b>

<b>II. TRANSACTIONS THROUGH ‘DOUBLE ENTRY’</b>

<b>II.2. Double-entry rules </b>

<b>GLOSSARY </b>

account (n): Tài khoản asset (n) Tài sản

balance sheet (n) Bảng cân đối

business (n) Doanh nghiệp, công việc kinh doanh capital (n) Nguồn vốn

cash at bank Tiền gửi ngân hàng cash in hand Tiền mặt

credit (v) Ghi credit side (n) Bên có creditor (n) Chủ nợ

transaction (n) Giao dịch

<b>LESSON 2: PURCHASES, SALES AND EXPENSES </b>

INTRODUCTION

(ii)

<i><b>I.1. Purchases of goods on credit </b></i>

<i><b>I.2. Purchases of goods for cash </b></i>

<b>II. SALES </b>

<i><b>II.1. Sales for cash </b></i>

<i><b>II.2. Sales on credit </b></i>

<i><b>III.1. Returns Outwards </b></i>

<i><b>III.2. Returns Inwards </b></i>

<b>IV. EXPENSES</b>

SUMMARY

cash transaction (n) Giao dịch thanh toán ngay cheque (n) Séc

commission (n) Tiền hoa hồng credit transaction (n) Giao dịch ghi nợ

drawings (n) Rút vốn expense (n) Chi phí

purchase (n) Việc mua hàng raw material (n) Nguyên liệu thơ rent payable (n) Chi phí th trụ sở

rent receivable (n) Tiền cho thuê trụ sở

returns inwards (n) Hàng bán bị trả lại

returns outwards Hàng mua trả lại cho nhà cung cấp sale (n) Việc bán hàng

withdraw (v) Rút ra

<b>LESSON 3: BALANCING ACCOUNTS; THE DIVISION OF THE LEDGER & BANK FACILITIES</b>

<b>I. BALANCING ACCOUNTSI.1. Method for checking the balance </b>

<b>I.2. Running balance accounts </b>

<b>II. DIVISIONS OF THE LEDGERII.1. Sub-divisions of the ledger </b>

<b>II.2. Types of accounts </b>

<b>III. BANK FACILITIESIII.1. Current account </b>

<b>III.2. Deposit account </b>

<b>III.3. Cheques </b>

<b>III.4. Other payment methods </b>

<i><b>III.4.2. Standing order </b></i>

<i><b>III.4.3. Direct debit </b></i>

<i><b>I hope you will be successful! </b></i>

<b>GLOSSARY </b>

balance (v) (n)

Cân đối Số dư

credit balance (n) Dư có

credit transfer (n) Ủy nhiệm chi current account (n) Tài khoản vãng lai

deposit account (n) Tài khoản tiền gửi có kỳ hạn direct debit (n) Ủy nhiệm thu

fixed amount (n) Khoản tiền cố định general ledger (n) Sổ cái chung

nominal account (n) Tài khoản danh nghĩa personal account (n) Tài khoản cá nhân purchases ledger (n) Sổ cái mua hàng real account (n) Tài khoản tài sản running balance account

sales ledger (n) Sổ cái bán hàng standing order (n) Lệnh chi trả định kỳ

<b>LESSON 4: THE TRIAL BALANCE; TRADING AND PROFIT/LOSS ACCOUNTS AND THE BALANCE </b>

<b>SHEET: MORE FEATURES </b>

<b>INTRODUCTION </b>

<b>II.1. Methods of calculating different types of profit </b>

<b>II.2. Final accounts: More features </b>

<i><b>II.2.1. Returns </b></i>

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