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Post Info TOPIC: Posting a cash transaction on business takeover
Gill


Newbie

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Posting a cash transaction on business takeover
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Hi i need help to post a cash transaction. The business has been recently taken over and £10000 has been paid to the seller for stock and prepaid invoices. The following Journals has been posted to balance sheet as part of opening setup on sage:
JC directors Loan £10000
JD Stock £4000
JD Salaries £2500
JD Prepaid invoices £3500

Now £10000 has been paid out from bank to the seller. How and where shall i post this transaction?

Any help will be much appreciated..



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Cheshire


Master Book-keeper

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Posts: 8646
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Hi

So hows about an intro before we start. We always ask newbies!

Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.

Your Q looks copied and pasted from somewhere.

Who gave you the journal information?

Have you seen the sale agreement?

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Mr Mod
One to keep an eye on for VEIS (1 min betw reg and post/other obvious reasons) happy to be proved wrong.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Posts: 3904
Date:
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Cheshire wrote:

Mr Mod
One to keep an eye on for VEIS (1 min betw reg and post/other obvious reasons) happy to be proved wrong.

 I'm more worried about the gender status!!!!

Seriously, when did it become a cash transaction?



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Opening journals dont make sense. Or I need a stronger coffee!

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

Status: Offline
Posts: 3904
Date:
Permalink Closed

Your coffee is fine lol.



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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