G. W Wheeler.

Bookkeeping for beginners online

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BOOKKEEPING FOR BEGINNERS.



BOOKKEEPING FOR
BEGINNERS.



BY



G. W. WHEELER, A.K.C.

\\

(Incorporated Accountant.)



LONDON :
GEE & CO. (PUBLISHERS) LTD., 34 MOORGATE STREET, E.G.



1912.



irf



CONTENTS.

PAGE

The Ledger and Journal described i

The Journal Transactions 8&n

The Ledger Transactions ... ... ... ... 9&*5

Trial Balance 18

Closing Entries ... 20

The Ledger reproduced and completed ... ... ... 22

Trading and Profit and Loss Accounts 25

Balance Sheet ., 26

Subsidiary Books 28

Cash Book 31

Bills of Exchange 36



261494



THE Instruction given in the following pages is intended
to help Students who wish to acquire some practical
knowledge of Bookkeeping by self-tuition.

The expression and arrangement will be found particularly
suitable to those who desire to become familiar with the
general principles of the subject before undertaking the
study of more advanced text-books.



BOOKKEEPING FOR BEGINNERS.



PART I.



THE LEDGER AND JOURNAL.

THE Ledger is the most important of all books of account,
the contents forming a summary of business financial
transactions.

If it were not too cumbersome, a complete double-entry
system could be carried out by the use of the Ledger, without
the aid of subsidiary books.

To obviate the difficulty of making original entries in the
Ledger, the Journal is called into use, and a correct system of
accounts can be kept by the use of these two books.

The Journal is the means of gathering together facts in a
convenient form, ready for transference (or "posting") into
the Ledger.

THE LEDGER.

There are two rules which must be adhered to :

(1) Debit the Receiver and Credit the Giver.

(2) Every Debit must have a corresponding Credit.

What, then, is the difference between Debit and Credit, and
how is it illustrated or expressed ?



BOOKKEEPING FOR BEGINNERS.



The debit side contains assels and the credit side liabilities;
assets representing possessions, and liabilities, necessarily, our
indebtedness, viz. :

Dr. Cv.

Assets ) , (Liabilities

Debits) ! Credits

the left-hand side being the Debit and the right side the Credit.
This is invariable.

Every account is represented by two sets of money columns
on two pages forming a folio, or by two sets of money columns
similarly set out on a single page.

The head of the page or folio is reserved for che name of the
account, thus :
Dr. A. B. & CO. Cr.







To enable the bookkeeper to find any account without loss of
time, an index is provided, in which the names of the accounts
are entered and the page, or folio, on which such accounts are
to be found.

It will be evident that accounts will be different in nature
Personal or Impersonal.

The example above is of the former class, A. B. & Co.
representing a firm or persons.

Impersonal Accounts record transactions in Property,
Revenue, or Capital.

The Personal Accounts differ from the Impersonal in that the
indebtedness of ourselves to others (or vice versa) is involved ;



BOOKKEEPING FOR BEGINNERS. 3

whereas the Impersonal Accounts record the position in some
matter or property.

For the purpose of working out a few very simple transac-
tions, let us assume that we are about to trade under the name
of Self and Partner from January ist.

An example of the difference between Personal and
Impersonal Accounts.



Dr.



BANK ACCOUNT (of Self and Partner).
(Impersonal)



CY.



Jan. 4


To B. C. & Co.


s d
50 o o






s d



ACCOUNT OF B. C. & CO. (in books of Self and Partner).
Dr. (Personal) Cr.







s d


Jan. 4


By Bank


s d

50 o o



In this instance we have received the sum of .50 from
B. C. & Co. We are the receivers, and our Bank Account is
debited. B. C. & Co. are the givers, and their Personal
Account is credited. The cash forms our asset, and the credit to
B. C. & Co. our liability.

It has been stated that the Debit side contains Assets and the
Credit side Liabilities. This is a common stumbling-block.
How, it is asked, can the credit be a liability ? It is contrary
to the meaning of the term. Nevertheless, it must be at once



4 BOOKKEEPING FOR BEGINNERS.

conceded ; the accuracy of the treatment will be obvious when
further progress is made. Bear in mind that the terms " debit "
and " credit " do not necessarily apply to us, but to the person
or matters referred to in the name or description of the
accounts.

A word is necessary as to the use of the terms "To " and
' By. " It is customary to prefix " To " before debit entries and
"By" before credit entries, implying either the indebtedness
of one account to another, or the credit to one account by
debiting another.

In the foregoing example Self and Partner have received the
sum of ,50 and debited " Bank," and we have given credit to
the payees, " B. C. & Co.," in our Ledger.

We may now consider the different classes of assets and
liabilities.

Real Accounts record various kinds of property.

Nominal Accounts record gains and losses.

Personal Accounts record our position with other persons.

Real Accounts :

In the same way that debts due to us are debited to the
account of the debtor, so Property Accounts must be debited
for additions made to property, Property Account being the
receiver. A reduction in property is credited to that account,
as the value of the asset is thereby decreased.

Debits. Credits.

Increased assets. In reduction of assets.

Nominal Accounts Profit and Loss :

It is the object of double entry to maintain a proper
equilibrium. Debits and credits are inflated by the transactions
of the business. Goods purchased for a certain sum, and sold,



BOOKKEEPING FOR BEGINNERS. 5

result in an accumulation of entries, which is adjusted by
transfer of the resulting balance of profit or loss, as the case
may be.

Gains or profits are in the nature of liabilities for the time
being, having to be accounted for ; they are ultimately disposed
of by transfer to Capital.

Capital :

Assuming assets to be ... ... ... 1,380

And liabilities



20



There is a difference of



which, if omitted, prevents a complete balance. This ,1,360
is capital, or excess of assets over liabilities. Capital may be
described as the liability of the business to the partners.

Some accountants prefer to describe Credits as " Liabilities
and Capital."

It is therefore clear that capital at the commencement of
business is represented by an excess of assets, and further

accretions to capital are produced from profits.


Example.

Dy. Cr.





s d I


s


d


Assets


1,380 o o


Liabilities


20 o







j Capital


1,360 o


o


Dr. Cr.




s d




s


d


Debits




Credits






(Losses) say


25 o o


(Profits) say


125 o






The difference of 100 being ultimately transferred to the
credit of capital.



BOOKKEEPING FOR BEGINNERS.



The increased credit to capital would be represented by an
increased asset ; we will assume that it. is in the form of cash.

Exam-pie.



Dr.



Assets
A dd Cash


s d
i, 380 o o

IOO O O


Liability
Capital


* d

20 O O

1,460 o o












1,480 o o




1,480 o o



In the same way that gains have to be credited so losses
must be debited, until the books are " closed " for the prepara-
tion of a Statement of Assets and Liabilities at a given date.

These entries automatically disappear by transfer of the
difference between losses and profits to the Capital Account.

Personal Accounts require little explanation, such accounts
being opened and set apart for all who have dealings with us,
the difference between the debits and credits showing the
position from day to day.

Read through the following items, and consider whether they
are Real, Nominal, or Personal, and Debtors or Creditors.

(1) B. C. owes us ,100.

(2) A horse valued at .50.

(3) We owe D. E. for office furniture ,20.

(4) Office furniture is valued at 30.

(5) Partner has paid ,500 into bank.

(6) Stock is valued at ,700.

(2) the Horse, (4) Furniture, (6) Stock are Real Accounts,
(i) and (3) are Personal.

(5) Bank is a Real Account, and Partner is a creditor in
Capital Account.



BOOKKEEPING FOR BEGINNERS. 7

Numbers (i), (2), (4), and (6) are debits (assets).
Number 3 is a credit (liability).

Number (5) is a debit for bank (asset) and a credit to
partner's capital (liability).

If these details are set out in Ledger form we have :
Dr. BALANCE ACCOUNT. Cr.



I

2

4

i


B.C
Horse
Office Furniture
Bank

Stock .. ..


s d

100 O O

50 o o
30 o o
500 o o
700 o o


3
5


D.E

Partner's Capital


s d

20 o o
500 o o




Assets


1,380 o o




Partner's Capital . .


520 o o
















The difference of ,860 representing capital of Self.

It must be observed that Rule I always holds good, and that
the receiver is debited and the giver credited without
exception.



THE JOURNAL.

The Journal is the means of gathering together transactions
ready for entering (or " posting ") into the Ledger.

Debits in the Journal are debits in the Ledger, and credits
in the Journal are credits in the Ledger. There is no cross
posting.

The foregoing Ledger entries would not, in practice, be
original entries ; they would come from the Journal or other
subsidiary book of account.

A very little experience will prove that original Ledger
entries would necessitate mental Journal entries, which would
cease to exist as soon as the postings were made. By recording
in Journal form the particulars which are required for the
Ledger, a permanent record is secured.



BOOKKEEPING FOR BEGINNERS.



The foregoing items would be stated thus :

JOURNAL FOLIO 1.



L ?r




Dr.


Cr.


9
i


B.C Dr.
To Capital (Self)


s d

100 O O


s d

IOO O


4

i


Horse Account Dr.
To Capital (Self)


50


50 o o


, i
10


Capital (Self) Dr.
To D.E


20 O


20


3

i

g


Office Furniture Dr.
To Capital (Self)

Bank ' Dr


30 o o
500 o o


30 o o


2


To Capital (Partner)




500 o o


5

i


Stock Dr.
To Capital (Self)


700 o o


700 o o






1,400 o o


1,400 o o











The debits and credits to Capital complete the " double
entries."

It is important that every Journal entry should be followed
by an explanation of the need of such entry. This is called
the " narration."

Example :

(to be compared with the above)









s d


f


s d


Stock




Dr.


700 o o






To


Capital (Self)






700







For Amount of Stock brought


nto the Partnership










by Self.











The Journal entries now have to be posted into the Ledger.

It is advisable to keep accounts of the same class together
by dividing the Ledger into sections.



BOOKKEEPING FOR BEGINNERS.



"A column is provided both in Journal and Ledger, headed
" Folio" or " Page." The Journal column bears the Ledger
folio and the Ledger column the Journal folio.



Dr.



LEDGER ACCOUNTS.

i. CAPITAL (SELF).



Cr.







J'nl








J'nl








Folio


s d






Folio


s d


Jan. i


ToD. E. ..


i


20


Jan. i


By B.C. ..

Horse A/c


i
i


100 O O

50 o o












Office
















Furniture


i


30 o o








*




Stock


i


700 o o



Dr.



2. CAPITAL (PARTNER).



Cr.









s d


Jan. i


By Bank


Jn'l
Folio


s d

500 o o


Dr. 3. OFFICE FURNITURE. Cr.


Jan. i


To Capital
(Self)


J'nl
Folio

i


s d

30 o o








s d


Dr. 4. HORSE ACCOUNT. Cr.


Jan. i


To Capital
(Self)


J'nl
Folio

i


s d

50 O








* d



10 BOOKKEEPING FOR BEGINNERS.
Dr. 5. STOCK. Cr.


Jan. i


To Capital
(Self)


J'nl
Folio

i


s d
700 o o








s d


Dr.


6. BANK Cr.


Jan. i


To Capital
(Partner)


J'nl
Folio

i


yf s d
500 o o









* d


Dr.


9. B. C. Cr.


Jan. i


J'nl
Folio
To Capital
^ (Self) i


s d

100 C








s d


Dr.


io. D. E. Cr.










Tan. i bv Capital
(Self)


J'nl
Folio

i


s d

20



The several balances represent the figures shown in the
Balance Account.

Rules i and 2 have been observed ; the receiver is debited,
the giver credited, and every debit has a corresponding credit.

Partner having joined Self in business and paid .500 into
the Partnership Bank Account, further transactions have to be
recorded to 3ist March.



BOOKKEEPING FOR BEGINNERS. II

All cash received is assumed to be paid into the bank, and
cheques drawn for all disbursements.

Jan. 4. Received from B. C. (see example p. 3) ... 50 o o

Bought of D. E. Goods 100 o o

Sold to F. G. 10 o o

Do. ,, ... ... ... 120 o o

Feb. 28. Bought of D. E. 250 o o

Sold to F. G. 25 o o

Received from F. G 95 o o

Discount allowed to F. G., 5% 500

Mar. 31. Received from F. G 47 10 o

Discount allowed to F. G., 5% 2 10 o

Paid to D. E 95 o o

Discount allowed by D. E., 5% 500

Sold to H.J. Goods 20 o o

Sold to F. G. ,, 120 o o

Cash Sales to date 75 o o

Salaries, &c. 10 o o

Office Expenses 500

Drawings Self 20 o o

Drawings Partner 10 o o



^"1,065 o o

Criticise each item and decide what accounts have to be
debited and credited in accordance with the rule.

Although the necessary Journal entries are set out, they must
not be accepted and passed over ; it is imperative that the
student should thoroughly grasp the principles of journalising
before proceeding further.



12



BOOKKEEPING FOR BEGINNERS.

JOURNAL FOLIO



Jan. 4
Feb. 28


Bank
To B. C
(Cash received.)


.. Dr.


Led.
Fo.
6
9

7
10

ii

8

ii

8

7

10

ii

8


s d

50 o o

IOO
10
120

250 o o
25 o o


S d

50 o o

IOO O
10 O
I2O O

250 o o
25 o o


Goods Purchased Dr.
ToD. E
(For Goods purchased description to
follow.)


F. G

To Goods sold
(For Goods supplied to F. G
our Invoice of this date.)


.. Dr.
, as per


F. G

To Goods sold
(For Goods supplied to F. G
our Invoice of this date.)


.. Dr.

, as per


Goods Purchased
To D. E
(For Goods purchased.)


.. Dr.


F. G Dr.

To Goods sold
(For Goods supplied as per our Invoice
of this date.)


555 o o 555 o o


JOURNAL FOLIO 3.


Feb. 28
Mar. 31


Forward
Bank
To F. G
(Cash received.)


'. '. Dr.


ii

13
ii

6

ii

13
ii

10
6

10
13

12

8


s d

555 o o
95 o o

500
47 10 o

2 10 O

95 o o
500

20


s d

555 o o
95 o o

500
47 10 o

2 10 O

95 o o
500

20 O O


Discount
To F. G

(5 per cent allowed to F. G.)


. . Dr.


Bank


Dr


ToF. G "
(Cash received.)




Discount
To F. G

(5 per cent, allowed to F. G.)


.. Dr.


D. E Dr.
To Bank
(For amount paid D. E. on account.)


D. E


Dr.


To Discount
(For 5 per cent, deducted.)




H. J Dr.
To Goods sold
(For Goods supplied to H. J., as per our
Invoice of this date.)
Forward


825 o o


825 o o



BOOKKEEPING FOR BEGINNERS. 13

JOURNAL FOLIO 4.



Mar. 31



Forward
F. G .. Dr.


Led.
Fo.

II


s d
825 o o

I2O O O


s d
825 o o


To Goods sold


8






(For Goods supplied to F. G., as per our
Invoice of this date.)








Bank Dr.


6


75 o o




To Goods sold
(For Cash Sales to date.)


8




75 o o


Salaries Dr




IO O O




To Bank


5




IO O O


(For Salary and Wages paid.)








Office Expenses. . .. .. .. Dr.




500




To Bank
(For Sundry Payments made.)


6




500


Self (Capital Account) . . . . Dr.
To Bank
(For Drawings to date.)


I
6


20


20 O O


Partner (Capital Account) . . . . Dr.
To Bank
(For Drawings to date.)


2

6


IO O O


IO O







1,065 o o


1,065











The Journal entries being completed, it will be observed that
additional accounts to those already in the Ledger have become
necessary, such accounts being :



Goods Purchased.
F. G.
Salaries, &c.



Goods Sold.
Discount.
Office Expenses.



14 BOOKKEEPING FOR BEGINNERS.

The complete set of Ledger accounts required is :

1. Capital (Self).

2. Capital (Partner).

3. Office Furniture.

4. Horse Account.

5. Stock.

6. Bank.

7. Goods Purchased.

8. Goods Sold.

9. B. C.

10. D. E.

11. F. G.

12. H. J.

13. Discount,

14. Salaries, &c. ; and

15. Office Expenses.

It will be necessary to procure some paper with Ledger
rulings and to open the several accounts; first posting your
Journal entries (described as Folio i), and then to post the
foregoing transactions, from folios described as 2, 3, and 4 in
the Journal, to the Ledger, remembering that debits in the
Journal are debits in the Ledger, and credits in the Journal
credits in the Ledger.

Allow at least twelve clear lines to each account, taking care
to put in the correct heading and to arrange in a convenient
order.



BOOKKEEPING FOR BEGINNERS.



LEDGER.

Containing Accounts appearing on pages 9 and 10.
Dr. i. CAPITAL (SELF.) Cr.







J'nl
Folio


s d






J'nl
Folio


s d


Jan. i
Mar. 31


ToD. E.
Bank


i

4


20 O O
20 O O


Jan. i


By B. C.

Horse Ac


i


100












count


i


50 o o












Office Furni
















ture


i


30 o o












Stock


i


700 o o



Dr.



2. CAPITAL (PARTNER).



Cr.



Mar. 31


To Bank


Jn'l
Folio
4


t s d

10


Jan. i


By Bank


i


s d
500 o o


Dr. 3. OFFICE FURNITURE. Cr.


Jn'l
Folio
Jan. i To Capital (Self) i


s d

30 o o








s d


Dr. 4. HORSE ACCOUNT. Cr.


Jan. i


To Capital (Self)


J'nl
Folio

i


s <i

50 o o








s d


Dr. . 5. STOCK. Cr.


Jan i


To Capital (Self)


Jn'l
Folio

i


s d
700 o o








s d



1 6 BOOKKEEPING FOR BEGINNERS.


Dy. 6. BANK.


Cr.






Jn'l


s d(|




T'nl


s d




Folio








Folio




Jan. i


To Capital (Part-






Mar. 3 i


By D. E.


3


95 o o




ner) . .


i


500 o o




Salaries, &c.


4


10 O O


2


B.C 2


50 o o




Office Ex-






Feb. 28
Mar. 31


F.G
.Do
Goods Sold


3

3

4


95 o o
47 io o
75 o o




penses
Self (Capital
Account) ..


4
4


500

20 O












Partner (Cap-
















ital Account)


4


IO O O


Dr. 7. GOODS PURCHASED. Cr.




J'nl


s d i




s d




Folio










Jan. 4
Feb. 28


ToD. E.


2

2


IOO

250 o o
























Dr. 8. GOODS SOLD. Cr.








s d




i J'nl s d












Folio








Jan. 4


By F. G. 2


10






1




F. G. 2


120 O








Feb. 28


F. G. 2


25 o o








Mar. 31


H. J. ! 3

F. G. ; 4


20
120 O










Bank 4


75 o o


Dr. g. B. C.


Cr.






J'nl
Folio


s d






Jn'l s d

Folio i


Jan. i


To Capital (Self)


i


IOO


Jan. 4


By Bank


2 i 50 o o


Dr. io. D. E.


Cr.




J'nl s d
Folio






J'nl
Folio


s d


Mar. 31


To Bank
Discount . .


3 95 o o
3 500


Jan. i

4


By Capital (Self)
H Goods Pur-


i


20 O O












chased . .


2


IOO O










Feb. 28


Do. ..


2


250 o o



BOOKKEEPING FOR BEGINNERS.



Dr.



Dr.



Dr.



Dr.



ii. F. G.



Cr.







T'nl


s d






J'nl


s d






Folio








Folio




Jan. 4


To Goods Sold


2


10


Feb. 28


By Bank


3


95 o o




Do.


2


I2O O O




Discount , . 1 3


500


Feb. 28


Do.


2 \ 2S


Mar. 31


Bank .. 3


47 10 o


Mar. 31


Do.


4


120 O




Discount ..


3


2 10



















12. H. J,



Cr.







T'nl


s d


1




s c






Folio












Mar. 31


To Goods Sold


3


20







































Dr.



13 DISCOUNT.



Cr.







J'nl
Folio


* d


j


J'nl
Folio


* c


Feb. 28


To P. G.


3


500


Mar.3i By D. E.


3


5 o c


Mar. 3 1


Do


3


2 10


1









14. SALARIES, &c.



Cr.







T'nl


s d






s d






Folio










Mar. 31


To Bank


4


IO


















1









15 OFFICE EXPENSES.



Cr.



Mar. 31



To Bank



J'nl j s d
Folio



500



The Ledger now contains all transactions as set out in the
Journal to 3ist March.



i8



BOOKKEEPING FOR BEGINNERS.



If at this point \ve desire to know whether all Journal entries
have been posted, a Trial Balance is made for the purpose.

The Trial Balance is a statement of the combined debits and
credits appearing in the Ledger, thus :

TRIAL BALANCE.





f


s


d







s


d


Capital, S


elf .. . .40


o





Capital, Self


880


o


o


Do. I


'artner




10








Do. Partner


500








Office Furniture




30


o


o










Horse Ac


count




50





o










Stock .






700


o













Bank .






767


10





Bank


140








Goods Pi


rchased




350





o


Goods Sold


370


o


o


B_C. .






IOO





o


B. C


50





o


D. E. .






100








D. E. ..


3/0








F. G. .






275








F. G


150








H.J. .






20


o













Discount






7


10





Discount


5


o





Salaries






i I0


o













Office Expenses




i 5


o















2,465




___









2,465

^^ss^^




_


o

_.



which you will find is in agreement with the Journal totals on
pages 8 and n, viz. :

On page 8 ... ... ... ... ^1,400

,, ' ,, ii 1,065

.2,465

and proves that all Journal entries have been posted to the
Ledger.

In general practice it is customary to make a Trial Balance
by taking the balance on each account, instead of the debit and
credit, but it will be observed that an agreement with the
Journal totals is then impossible.

At this date Self and Partner desire to know what profit or
loss has been made, which necessitates the introduction of a
Trading and Profit and Loss Account.



S^>KKEEPING FOR BEGINNERS.



The Trading Account will contain the amount of Stock at the
commencement and end of the period, also Purchases and Sales,
the balance being Gross Profit if the heavier amount falls on
the credit side, and Gross Loss if the larger amount appears
on the debit side. The .resulting balance is then transferred
to the Profit and Loss Account, into which is brought other
credits, if any, and all debits (Trade Expenses, &c.) ; the
remaining balance being Net Profit or Net Loss, according to
which is the greater Credit or Debit.

The Net Profit or Loss is transferred to the respective Capital
Accounts in the proportions agreed.

FORM OF TRADING ACCOUNT.

Dr. 16. TRADING ACCOUNT. Cr.

(For the Three Months endmg 3131 March.)



To Stock ist January
Purchases . .

Balance, being Gross i
Profit transferred



f s d



By Sales

Stock on hand at cost. .



s d



FORM OF PROFIT AND LOSS ACCOUNT.

Dr. 17. -PROFIT AND LOSS ACCOUNT. Cr.

(For the Three Months ending 3ist March.)





f s d


s d


To Salaries, &c
Office Expenses..
, Discount allowed




By Trading Account, Gross
Profit transferred
Discount received




Depreciation








Capital, being Net Profit
transferred

















Now turn to your manuscript Ledger, and either bring down
the balances or transfer to Trading and Profit and Loss, as
required, leaving the Capital Accounts open until the result of
the three months' trading is ascertained.



20



BOOKKEEPING FOR BEGINNERS.



How to bring down balances in the Ledger :

OFFICE FURNITURE.
Dr. (A Property Account.)



Cr.



\ s d

To Capital ,
(the original entry)


By Profit and Loss ..
(Depreciation if any)
Balance carried down . .


i s d


To Balance brought down . . j

i







How to transfer balances from one account to another :

GOODS SOLD.
Dr. (A Subsidiary Trading Account.) Cr.

' s d



To Trading Account ..
* (Transferred)



By Sales



* The transfer is made by Journal entry.

CLOSING JOURNAL ENTRIES in the Business of SELF AND
PARTNER, sist March.

JOURNAL FOLIO 5.



Write 5 per cent, off Horse Account for T
months' Depreciation,
Profit and Loss


iree
Df


Led.

Fo.

17


s d

2 IO O


s d










2 10 O


(For Depreciation at the rate of 20 per cent
annum for the three months to 3131 March 1907


per
)








Transfer the Stock to the Trading Account.
Trading Account
To Stock
(For Stock at ist January, transferred.)


Dr.


16
5


700 o o


700 o o


Transfer Goods Purchased and Sold to the Tra
Account.


ding
Dr


16


350 o o




To Goods Purchased
(For Purchases transferred.)




7




350 o o


Goods Sold
To Trading Account
(For Sales transferred.)


Dr.


8
16


370 o o


370 o o



BOOKKEEPING FOR BEGINNERS.



21



It is desirable to transfer the discount allowed and discount
received to Profit and Loss separately, although in the same
account (see former Ledger entries, p. 17).


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