Accounting Perdisco (1 Viewer)

[heart-station]

Hello
I doing perdisco and there's a part I'm not sure about "Declared a cash dividend of $2500. Dividend will not be paid until next month." So for that where would I put it in for financial statements?

Thanks in advance.

 

[chewy123]

Dividend declared should be treated as a liability - therefore something on the bs.
It is not an expense, therefore don't put it in the income statement.

 

[heart-station]

Thanks for replying but what's a bs? so this wouldn't be put into the general ledger right?

 

[shinji]

bs = balance sheet... lol..

 

[heart-station]

Oh sorry I didn't know. thanks lol

 

[heart-station]

Hi again... I'm stuck again... what do these terms mean "net 30" and "2/10, n/30" ? Also "Con's Coffee returned $1, 026 worth of product. Issued a credit note for $1,026" I know I credit it but where do I write it? do I write it in the

Account: ARC - Con's Coffee? or APC - Con's coffee?

Thanks in advance again

 

[chewy123]

IT will be in the general ledger. Divident payable.

2/10 means you get 2% discount if you pay within 10 days, n/30 means no discount pay within 30 days. I have no idea that net 30 is.

Sale return FROM CUSTOMER credit Account receivable control (ARC). You will also make 2 entries in the general journal, reversing cost of sale (Dr inventory , Cr Cost of sale) and sales return (Dr sales return and allowance, Cr ARC), this will need to be added in the relevant accounts. you need to add back the inventories returned to your inventory account in negative numbers...and others.

I will attach an example for you.

 

[chewy123]

There you go.

 

[heart-station]

Thanks Chewy123 ! for attaching the example and helping me

 

[heart-station]

Chewy123 I want ask something else "received sales order to deliver 5 bags to Jandesh's Hot Spot for 750 each" I put that in the sales journal right? because I asked my friend and he was like no because it hasn't happened yet? but it doesn't sound right :S

Also what do I put if "KavaJava declared bankruptcy. Balance of the accoutning written off as uncollectable" ?:S
& If the companay made a order but received it later do I record it as when they made the order or when they receive it?

Thank you heaps again in advance

 

[chewy123]

Chewy123 I want ask something else "received sales order to deliver 5 bags to Jandesh's Hot Spot for 750 each" I put that in the sales journal right? because I asked my friend and he was like no because it hasn't happened yet? but it doesn't sound right

Do nothing until order delivered. As I remember, they are going to tell you that the order is delivered some weeks later, then you will have to record it.

Also what do I put if "KavaJava declared bankruptcy. Balance of the accoutning written off as uncollectable" ?:S

Depends on the accounting policy which will be written in the intro.

For perdisco, I presume you just directly write it off, which has the following entries in the general journal:
Dr Bad debt expense
Cr ARC -[company]

You will also need to credit it in the special journal in the same ARC - [company] so the company will no longer owe you any money plus the normal ARC account.

I will attach an example.

& If the companay made a order but received it later do I record it as when they made the order or when they receive it?

When you receive it.

Disclaimer: don't blame me if i got it wrong.

 

[chewy123]

there, dun get too mechanical though, understand the concept.

 

[heart-station]

THANK YOU SO MUCH Chewy123!!

 

[heart-station]

Chewy123 you know when a transaction is shown in the bank statement but not in the CRJ or CPJ do I need to put it in the bank rec?

also if interest is Cr in bank statement is that interest payable? :S

& in the bank reconciliation "bank balance as per bank statement" do I put the final balace from the bank statement for June? Or the June 1 balance brought forward amount?

thanks again

 

[chewy123]

You found the answer or what?

 

[heart-station]

Yes.... I did. But now I don't really understand the Worksheet -.-
Where do I get all the amounts from?

 

[chewy123]

I feel bad for doing this, promise me that you will read your text book and fully understand the concept before proceeding.

 

[heart-station]

Thanks and yup I will. I remember intute we went through this but I didn't get it :S

 

[diaboly1270]

Hey chewy, umm im currently completly my perdisco, and im at the bank reconcilitation section, but i dont know where to get the figures for

'balance as per bank statement'

and i also am unsure about what i have to put in the ledgers, for example the interest, and bank charges and such, is there anyway you could help me as you did Station?

thanks in advance

 

[chewy123]

Hey chewy, umm im currently completly my perdisco, and im at the bank reconcilitation section, but i dont know where to get the figures for

'balance as per bank statement'

and i also am unsure about what i have to put in the ledgers, for example the interest, and bank charges and such, is there anyway you could help me as you did Station?

thanks in advance

There...STUDY for it first.

balance as per bank statement is literally balance as per bank statement...no trick.
interest and bank charges is cash receipt and cash payment, do what you did before...and such.

Sigh...you two are lucky to have me here, when I was doing mine I was all alone:angry: and diaboly, the rep you gave me is worth 0 points, it's not even green.