hi hope this is ok to post here I am in dire and really need some help . I am currently doing bookkeeping level 1 and am struggling with 1 question that keeps getting sent back to redo. I need to complete double entry accounts for Cash sale £150 ,credit sale £240,Cash refund £30.00 ,Reciept £240 and need to combine the t accounts . I have submitted my assignment 3 x but each time this area of question is wrong I have worked out the vat in a separate ledger and split each account up into different ledger so stumped now on where its wrong really hope someone can help
-- Edited by b on Monday 4th of August 2014 06:53:27 PM
Sounds simple enough but invariably with these things there's a subtle twist in the question that students miss.
Probably best that you show your homework here, with the full question and your latest answer and we'll talk you through what you have done wrong.
it may not be me who helps with this as I'm a bit busy but a fuller question will get peoples interest if they get to help you first.
kind regards,
Shaun.
p.s. If it has been sent back three times your training provider should have identified that there is an issue and helped you with this.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Well the cash sale and refund would have the bank as the other side of the entry and the credit sale would have the clients account in the sales ledger. Like Shamus said, if you post what you have we can spot the mistake essier
Hi I have separated each transaction into a t account all tutor keeps saying is I need to have at least 3 t accounts to each transaction then I need to combine each of these together I have read and re read and completely stuck .i have asked tutor do I need to start with day book which has everything then from this a sales / purchase ledger , and vat ledger example I have asked is Cash sale £150 ( date etc in day book ) seperate t account would be sales ledger of £125 , vat ledger £25 based on 20% vat . Am I completely on wrong thing thanks in advance
You've really got to include the question in original form in order for us to be able to help with the answer.
As a half cocked start point though you've got at least four T accounts : bank, debtors, sales and VAT. That could possibly be expanded with Customers T Accounts if you have that information.
When your instructor is saying each transaction has three parts it does. Where the money is coming from, where it is going to and VAT.
For example
Dr Customer £150
Cr VAT £25
Cr Sales £125
or
Dr Bank £150
Cr VAT £25
Cr Sales £125
or
Dr Debtors £150
Cr VAT £25
Cr Sales £125
There is no difference between general debtors and customers except for more detail of knowing who owes you the money. In the real world you would not have debtors without knowing who owes you the money but I know that some early questions with some study texts are very far from the real world.
Each T account needs to be completed then balanced off and the results taken to a trial balance.
Hope that helps get you started.
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hi thanks for reply this is exactly how it is on my assignment hope this helps
15th jan 200X cash sale £150
18th jan 200X credit sale £240 (jones)
19th jan 200X cash refund £30
19th jan 200X receipt £240 (jones)
Sorry being a pain would it help if I posted what I have wrote for this question . Really appreciate your help majority of this course has been straight forward it is just this particular question and because it keeps going on in really starting to think I should throw in the towel
Please complete double entry accounts for each transaction and combine t accounts
Hi thanks for reply this is exactly how it is on my assignment hope this helps 15th jan 200X cash sale ã150 18th jan 200X credit sale ã240 (jones) 19th jan 200X cash refund ã30 19th jan 200X receipt ã240 (jones)
Hi I posted on an earlier post but think it's got muddled up anyway posting a question I am really stuck on using exact words the question poses hope someone can help .
This is exactly how it is on my assignment hope this helps
Com
15th jan 200X cash sale £150
18th jan 200X credit sale £240 (jones)
19th jan 200X cash refund £30
19th jan 200X receipt £240 (jones)
Sorry it posted before I could finish anyway the question is
Complete double entry accounts for the following transactions (as above in last post) . Please combine the T accounts . Again hope someone can help me this is the only question I keep getting wrong in whole assignment thanks
don't think that there is any muddle (any thread that gets to ten posts where its still on the same subject matter is considered a win on this site).
I didn't see any need for a follow up myself as Matt's given a really good answer to the question.
Now you just balance them off and move the C/FWD's to the trial balance.
kind regards,
Shaun.
p.s. if you are finding understanding the concept of balancing off accounts difficult try watching this video (just did a quick YouTube search for something relevant, scan watched it and whilst the guy is pretty useless with Excel the bookkeeping seems OK). Its very basic but should help you see what you need to do to balance off the accounts and create a trial balance.
https://www.youtube.com/watch?v=RacjcokhkS0
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Sorry I did see the last reply and I understand that , all I was confused with is when getting my assignment back the tutor has asked for at least 3 double entry to each transaction . Completely understand if you want to delete this thread as I have gone on about it just very eager to understand exactly what is needed to proceed in my study as at this present moment I'm ready to throw in the towel
don't do that. You will get your head around this.
This is a very important concept that your coming to grips with and its esential that you understand it properly.
I hope that video helps a little.
As noted in my reply from 23:51 last night and as also shown by Matt, there are three double entries for each transaction.
Where the money is coming from, where its going to and VAT.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks again Shaun have re looked at it all and do understand this and am re doing my assignment now thanks so much for your help and will try to carry on with the course I'm not use to doing accounts etc by paper noramlly it's by computer but for some reason this course likes to do things the hard way and confuse people of an age like me :)
