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1、F3 Chapter 07 Sources Records and Books of Prime EntryProvided byAcademy of Professional Accounting (APA)Professional Accounting EducationCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台ACCA F3Financial Accounting (FA)财务会计 第七讲ACCA Lecturer: Carrie NICopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 2Part C: Th
2、e Use of Double Entry & Accounting Systems? Source records and books of prime entry? Ledger accounts and double entry? From trial balance to financial statementsCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 3C1: Sources Records & Books of Prime EntryBPP Chapter 4? The role of source documents?
3、 Books of prime entry? Sales and purchase day books? Cash book? Petty cash bookCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 4Source Documents? A business will enter into a number and variety of transactions during an accounting period:? Ultimately all of these transactions must be summarised in the b
4、usiness FS.Cash transactionsales purchases wages stationery acquisition of non-current assetsCredit transactionspurchases salesCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 5Source Documents? This is achieved by having accounting records to record each stage of the process:Assorted transactions (e.g.,
5、 invoices)Categorised (in books of prime entry)Summarised (e.g., nominal ledger, trial balance)Financial statementsCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 6Source DocumentsBusiness transactions are nearly always recorded on a document. These documents are the source of the information in the acc
6、ounts. Such documents include the following:? A quotation is a written offer from a business to deliver goods or services at a set price.? A purchase order is a written order for goods or services sent to a supplier.? A sales order is a document of the company that details an order placed by a custo
7、mer for goods or services.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 7Source Documents? A goods dispatched note is a list of goods that the company has sent out to a customer.? A goods received note is a list of goods that a business has received from a supplier.? Invoice is sent tout or received w
8、hen credit sales happen. The details on the invoice should match the details on the sales order.? A debit note is a document sent by a customer in respect of goods returned. It acts as a request to the supplier to issue a credit note.? A credit note is a document sent to a customer in respect of goo
9、ds returned. It acts much like a “negative” invoice.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 8Source Documents? Remittance advice is a document sent to a supplier with a payment, detailing which invoice are being paid and which credit notes offset.? Receipt is a document confirming confirmation t
10、hat a payment has been received.? Statement is a document sent out by a supplier to a customer listing the transactions on the customers account.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 9Books of Prime Entry? Books of prime entry are not part of the accounting system itself. They are, however, th
11、e first step in recording an accounting transaction, and so are the start of the process to produce a set of accounts.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 10Books of Prime EntryThe seven main books of prime entry are:? Sales day book (records credit sales, i.e., invoices sent)? Purchase day b
12、ook (records credit purchases, i.e., invoices received)? Sales returns day book (records returns of purchases made on credit, i.e., credit notes received)? Cash book (transactions involving the bank account)? Petty cash book (transactions involving petty cash)? JournalCopyright ? ACCAACCAspace 中国ACC
13、A特许公认会计师教育平台 11Sales and Purchase Day Books? Day books are essentially lists of like transaction.? They are totaled periodically depending on the volume of transactions. This may be daily, weekly or in some cases even less frequently. Totals from the day books are entered into the accounting system.
14、Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 12Sales and Purchase Day BooksSales day bookThe sales day book is used to keep a list of all invoices sent out to credit customers each day. Here is an example.Sales Day BookDate Invoice Number Customer Total Amount Invoiced03.03.20x9 207 ABC Co. $4,000208
15、 XYZ Co. $1,200$5,200Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 13Sales and Purchase Day BooksPurchase day bookThis is used to keep a record of invoices which a business receives for credit purchases. Here is an example.Purchase Day BookDate Supplier Total Amount Invoiced Purchase Electricity03.04.
16、20x9 RST Co. $215 $21510.04.20x9 JUM Inc. $1,804 $1,80415.04.20x9 DDT Co. $758 $758$2,777 $2,019 $758Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 14Sales and Purchase Day BooksSales returns day bookThe sales returns day book is the book of prime entry for credit notes raised. Here is an example.Where
17、 a business has very few sales returns, it may record a credit note as a negative entry in the sales day book.Sales Returns Day BookDate Credit Note Customer Total Amount Invoiced03.03.20x9 CR008 ABC Co. $2,000Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 15Sales and Purchase Day BooksPurchase returns
18、 day bookThe purchase returns day book is the book of prime entry for credit notes received. Here is an example.Where a business has very few purchases returns, it may record a credit note as a negative entry in the purchase day book.Purchase Returns Day BookDate Suppliers Goods Total Amount03.03.20
19、x9 ABC Co. 300 cardboard boxes $2,000Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 16Sales and Purchase Day BooksLearning exampleBryn entered into the following transactions on 18th August:? Brought $1,200 goods on credit from A Jones? Issued a $300 credit note to D Jones? Bought another $300 goods fr
20、om Rajiv for cash? Bought $3,400 goods from Rayn, promising to pay within a month? Received a credit note for $150 from Rayn relating to a previous purchaseWhat is the total of Bryns purchase day book at the end of the day?A. $4,900 B. $4,450 C. $4,750 D. $4,600Copyright ? ACCAACCAspace 中国ACCA特许公认会计
21、师教育平台 17Cash Book? The cash book may be split into a cash receipts book and a cash payments book.? Transactions involving the bank account are recorded in these cash books.? The number of analysis columns and their categories will vary from business to business.? The cash payments book may have anal
22、ysis columns such as cash purchases, payable ledger (i.e., amounts paid to credit suppliers), rent insurance, wages etc.? Periodically (depending on the frequency of transactions), the totals of each column are entered into the accounting system (called posting).Copyright ? ACCAACCAspace 中国ACCA特许公认会
23、计师教育平台 18Cash BookCash receipts are recorded as follows, with the total column analysed into its component parts.Cash ReceiptsDate Narrative TotalDiscountsAllowedReceivablesLedgerCash SalesSundry03.03.20x9 Cash sale $150 $150Receivable:ABC Co.$1,000 $50 $1,000Discount taken$1,150 $50 $1,000 $150Copy
24、right ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 19Petty Cash Book? Petty cash refers to the small cash float which is normally kept on business premises.? Transactions (normally payments for sundries such as tea and coffee) involving this float are recorded in the petty cash book. The float is occasionally
25、topped up from the bank. Periodically (depending on the frequency of transactions), the totals of each column are entered into the accounting system.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 20Petty Cash BookMost business keep a small amount of cash on the premised for small payments, e.g., stamps
26、, coffee.Petty Cash ReceiptsReceipts PaymentsDate Narrative Total Date Narrative Total Stationery03.03.20x9 Bank $50 03.03.20x9 Paper $10 $10$50 Coffee $5 $5$50 $15 $10 $5Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 21Petty Cash BookPetty cash imprest system? Under the “imprest system”:Cash still hel
27、d in petty cash XPlus voucher payments XMust equal the agreed sum or float XCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 22Petty Cash BookReimbursement is made equal to the voucher payments to bring the float back up to the imprest amount.? Pre-set limit, say $50.? Voucher filled in when money is tak
28、en out to pay expenses.? At any time, vouchers + cash = pre-set limit.? At the end of the week/month, the petty cash book is filled in from the vouchers.? The amount needed to bring the balance back up to the pre-set limit = money spent.Copyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 23Petty Cash BookLe
29、arning exampleWhich of the following explains the imprest system of operating petty cash?A. Weekly expenditure cannot exceed a set amountB. The exact amount of expenditure is reimbursed at intervals to maintain a fixed floatC. All expenditure out of the petty cash must be properly authorisedD. Regul
30、ar equal amounts of cash are transferred into petty cash at intervalsCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 24Journal BookCertain transactions do not “fit” in the main books, for example:? Period end adjustments? Correction of errorsThe journal book lists these sundry transactionsCopyright ? ACCAACCAspace 中国ACCA特许公认会计师教育平台 25SummaryProvided byAcademy of Professional Accounting (APA)Professional Accounting Education