By S. Hall and N. Skene Smith (Auth.)
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Extra info for Accounting Principles and Practice
Discounts Allowable are a deduction in assess ing the real value of debts owing to the business and will therefore 38 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E be recorded as a credit balance. Conversely, Discounts Receivable are recorded as a debit balance, a deduction from liabilities. EXAMPLE 1 0 During 1962, B. Rivers allowed discounts of £ 6 4 0 to various customers and received discounts of £220. At the end of the year he wishes to make provision for discounts on debtors ( 5 % of £ 1 , 4 0 0 ) and on creditors ( 2 | % of £ 9 6 0 ) .
640 800 On 30th June, two entries are made in the Trading Account. On the debit is charged the value of the stock at the beginning of the period—£640. On the credit is entered the new stock on hand—£800. Only one figure for stock appeared in the Trading Account of Example 6 because this was a new business and there was no opening stock. The Net Profit figure is transferred to the credit of Capital Account. The owner of the business is entitled to receive the profits of the business and consequently the value of the business to him is increased by the amount of Net Profit.
The accounts present these facts by balances that are carried forward on various Real and Personal accounts. We can profitably close this introduction by stressing two fundamental points of difference between the Trading and Profit & Loss Account and the Balance Sheet. The Trading and Profit & Loss Account IS an integral part of a Double Entry Accounting System. The Balance Sheet IS NOT an account; it is merely a summary of balances. g. for the Year Ended 30th June, 19—. g. at 30th June, 19—. The Preparation of Final Accounts Considering Examples 5, 6 and 7, we reahse that a great deal of work has gone into the preparation of the Trading and Profit & Loss Account and Balance Sheet of B.
Accounting Principles and Practice by S. Hall and N. Skene Smith (Auth.)