General Ledger General ledger accounts The general ledger

  • Slides: 18
Download presentation
General Ledger

General Ledger

General ledger accounts • The general ledger is a detailed summary of all the

General ledger accounts • The general ledger is a detailed summary of all the account a business has and what transactions has taken place in that account. • Each general ledger accounts looks as shown below Account Name Debit Side Credit Side

The rules that apply to the accounting equation applies to the general ledger:

The rules that apply to the accounting equation applies to the general ledger:

Owners Equity

Owners Equity

• Remember Accounts increase on the + side and decrease on the –

• Remember Accounts increase on the + side and decrease on the – side. • The + and – is determined by the rules shown in the previous slides • In the following slides we are going to show you the steps of completing a general ledger 1. Identify the accounts (assets, liabilities, owners equity) and on which side it increases and decreases. 2. Post the opening balances. 3. Post al CRJ transactions 4. Post al CPJ transactions 5. Close all the accounts

Remember the following • When posting from the CRJ debit bank and credit all

Remember the following • When posting from the CRJ debit bank and credit all other accounts • When posting form the CPJ credit bank and debit all other accounts

CASH RECEIPTS JOURNAL OF INQAYIZIVELE TRADERS – JUNE 2011 Doc Day 001 1 CRR

CASH RECEIPTS JOURNAL OF INQAYIZIVELE TRADERS – JUNE 2011 Doc Day 001 1 CRR 3 002 13 CRR Details Analysis Bank of receipts Sales Cost Sundry Accounts of Amount Fol Sales Details 50 000 Capital A. S Mapeka Sales 50 000 3 400 Makopo B. G Sales 3 000 5 000 8 000 5 000 4 000 2 500 2 000 45 000 CRR 22 Sales 003 27 A. S Mapeka 3 400 2 720 3 000 45 000 108 900 10 900 8 720 98 000 Commissio n income Capital

STEP 1 : IDENTIFY THE ACCOUNTS AND ON WHAT SIDE IT INCREASES AND DECREASES.

STEP 1 : IDENTIFY THE ACCOUNTS AND ON WHAT SIDE IT INCREASES AND DECREASES.

Step 2: Post the CRJ. DEBIT BANK in details write total receipts we use

Step 2: Post the CRJ. DEBIT BANK in details write total receipts we use the total at the end of the month

Step 3: Post the CRJ. Credit the rest of the accounts in details write

Step 3: Post the CRJ. Credit the rest of the accounts in details write bank we use the total of each column except sundry accounts we use each transaction separately

Step 3: Post the CRJ. Credit the rest of the accounts in details write

Step 3: Post the CRJ. Credit the rest of the accounts in details write bank we use the total of each column except sundry accounts we use each transaction separately

In the CRJ cost of sales and Trading stock are recorded separately they always

In the CRJ cost of sales and Trading stock are recorded separately they always work together like shown below

CASH PAYMENTS JOURNAL OF BOITUMELONG– JUNE 2011 Doc Day Details 100 2 101 3

CASH PAYMENTS JOURNAL OF BOITUMELONG– JUNE 2011 Doc Day Details 100 2 101 3 102 6 Municipality N. T Hlongwane Mogane Bank Tradin Equipm Sundry Accounts g ent Amou Fol Details stock nt 350 Trading licence 1 800 1 500 300 Stationary 2 000 4 150 2 000 1 500 650

STEP 1 : IDENTIFY THE ACCOUNTS AND ON WHAT SIDE IT INCREASES AND DECREASES.

STEP 1 : IDENTIFY THE ACCOUNTS AND ON WHAT SIDE IT INCREASES AND DECREASES.

Step 2: Post the CPJ. CREDIT BANK in details write total payments we use

Step 2: Post the CPJ. CREDIT BANK in details write total payments we use the total at the end of the month

Step 3: Post the CPJ. DEBIT the rest of the accounts in details write

Step 3: Post the CPJ. DEBIT the rest of the accounts in details write bank we use the total of each column except sundry accounts we use each transaction separately

Step 3: Post the CPJ. DEBIT the rest of the accounts in details write

Step 3: Post the CPJ. DEBIT the rest of the accounts in details write bank we use the total of each column except sundry accounts we use each transaction separately

Control Accounts Reconciliation Control accounts are general ledgerControl Accounts Reconciliation Control accounts are general ledger
Financial Accounting General Ledger Accounts Receivable Accounts PayableFinancial Accounting General Ledger Accounts Receivable Accounts Payable
Accounts Payable General Ledger Kathleen Graw Accounts PayableAccounts Payable General Ledger Kathleen Graw Accounts Payable
Chapter 4 THE SIMPLE LEDGER 1 LEDGER ACCOUNTSChapter 4 THE SIMPLE LEDGER 1 LEDGER ACCOUNTS
Chapter 4 The Simple Ledger 1 Ledger AccountsChapter 4 The Simple Ledger 1 Ledger Accounts
General Ledger Client WriteUp Our General Ledger WriteUpGeneral Ledger Client WriteUp Our General Ledger WriteUp
General Ledger Process Overview Financial Accounting General LedgerGeneral Ledger Process Overview Financial Accounting General Ledger
POSTING and GENERAL LEDGER General Ledger and TheirPOSTING and GENERAL LEDGER General Ledger and Their
National accounts Environmental accounts Economywide Material Flow AccountsNational accounts Environmental accounts Economywide Material Flow Accounts
DEPARTMENTAL ACCOUNTS Introduction Departmental accounts are accounts relatingDEPARTMENTAL ACCOUNTS Introduction Departmental accounts are accounts relating
National accounts Environmental accounts Economywide Material Flow AccountsNational accounts Environmental accounts Economywide Material Flow Accounts
Company Accounts Final Accounts 1 Final Accounts OFCompany Accounts Final Accounts 1 Final Accounts OF
General Ledger GL Account 1GENERAL LEDGER 2FINANCIAL STATEMENTGeneral Ledger GL Account 1GENERAL LEDGER 2FINANCIAL STATEMENT
THE GENERAL LEDGER Unit 3 CHAPTER 3 LEDGERTHE GENERAL LEDGER Unit 3 CHAPTER 3 LEDGER
Posting Journal Entries to General Ledger Accounts ChapterPosting Journal Entries to General Ledger Accounts Chapter
Posting Journal Entries to General Ledger Accounts SectionPosting Journal Entries to General Ledger Accounts Section
Summary Accounts R 12 General Ledger Management FundamentalsSummary Accounts R 12 General Ledger Management Fundamentals