Accounting And Financial Services

Accounting And Financial Services

How would one provide an example demonstrating how the bookkeeping and accounting services sector might relate and interact with other sectors in the financial services industry?

Accounting Credit On Sales Tax Report

Accounting Credit

Can you deduct an accounting credit on the sales tax report for timely tax payment? If you need to debit the sales tax, where should you credit it? Thank you.

Accounting Date for Checks

by Pam
(San Diego, CA)

Accounting Date For Checks

We use cash accounting. When we enter checks into our accounting system that we issue to pay our company's bills. What date should be recorded on the general ledger? The date on the check or the date on the bank statement showing when the check cleared the bank account. For example, this can be tricky around year-end when you date a check 12/29 and it appears on the bank statement as 1/5.

Accounting Designated Trip Allowance

by Lawrence Rae
(Canada)

Trip Allowance

We were given a large gift for a medical trip to India. I placed the money in my checking account. Is there a way to account for that trip within my checkbook while still entering the items in the register to balance at the end of the month? Or do I have to put the money in a different bank account to track the expenditures for the trip while I balance my present checkbook?

Accounting Dissolution Owner Changes

by Maureen Labrador
(Philippines)

Accounting Dissolution Owner Changes

Admission by investment of assets.

Partners Gonzaga and Magada have capital account balances of P30,000 and P20,000, respectively, and they share profits and losses in a 3:1 ratio.

How would you prepare the journal entries to record the admission of Ortiz under each of the following conditions:

1. Ortiz invested P30,000 for a one-fourth interest in net assets; the total partnership capital after Ortiz's admission will be P80,000.

2. Ortiz invested P30,000, of which P10,000 is a bonus to Gonzaga and Magada. In conjunction with the admission of Ortiz, the carrying amount of the inventories is increased by P16,000. Ortiz's capital account is credited for P20,000.

Accounting For Donations

Accounting For Donations

How would I record cash earned from selling cookies or from a car wash?

Would I list it under the title under donations?

Thanks!

Accounting for Free Food

Accounting For Free Food

When a restaurant gives a complaining customer a free meal how does the bookkeeper account for this?

Accounting for Gratuities

Accounting For Gratuities

What is the best way to account for tips when it comes to debit and credit cards?

I assume that tips will be included in my sales and deposited into my bank account.

What is the best way to then take tips out of my sales account to reconcile it?

Tips payable or something like that?

Thanks very much!

Accounting For Photography And Food

by Mark
(NH)

Accounting For Photography And Food

I imagine this is some kind of expense, but how would you categorize it?

Our food production related product requires recipe research and food photography to create content for website and other marketing materials.

Is it a marketing expense, R&D expense, etc.

Accounting T Accounts Question

by Rekha
(Canada)

Accounting and Bookkeeping

Set up the following 10 t-accounts on a sheet of blank paper:

Cash (or bank);
Office Equipment;
Furniture & Fixtures;
Delivery Equipment;
Land;
Building;
Accounts Payable/Hill Office Furniture Co;
Accounts Payable/Murry Auto Sales;
Bank Loan Payable;
Capital, W. Stubbs.

Using the process of analyzing transactions, record the following transactions directly into the t-accounts:

Feb 1. William Stubbs, the owner invested $75,000 cash in a hardware store

Feb 2. borrowed $20,000 from the bank

Feb 3. bought a building and land for $80,000. The building is valued at $63,000 and the land at $17,000. Paid by cheque.

Feb 4. bought a cash register for $950. Issued a cheque.

Feb 5. bought a desk and chair for the office for $1,200 on account from Hill Office Furniture Co.

Feb 6. bought a used delivery trunk for $6,100 on account from Murray Auto Sales

Feb 7. made a partial payment on the bank loan $500

Feb 8. paid hill office furniture co $400 on account

Feb 9. bought an electronic calulator from Hill Office Furniture co for $150. Paid $50 cash and agreed to pay the balance in 10 days.

Correction of Accounting Errors

(CA)

Accounting Corrections

1. Which of the following errors would not be revealed by the trial balance?

a. A sale debited to accounts receivable for $500 and credited to sale for $50?
b. A rent check debited to rent expense for $975 and credited to cash for $795?
c. Collection of receivables debited to cash for $300 and credited to accounts payable for $300?
d. Payment of an account debited to accounts payable for $1000 and debited to cash for $1000?

Financial Accounting

by David
(jhb)

Financial Accounting

Why do total assets equal total equity and liabilities on both balance sheets?

Nonprofit Audio CD Accounting

by Jason
(Fawn Grove, PA, USA)

www.sycp.us

As a nonprofit podcast corporation in Pennsylvania, we produce audio CDs of our podcast and generously donate them to local public libraries. To streamline our process and avoid creating audio CDs of archived episodes, we have priced these CDs at $12.00 each, considering factors like time, materials, and postage. Recently, I purchased 100 blank CDs for $14.00.

Now, with 40 episodes, our donation to the libraries is technically valued at $480. For this transaction, I can debit the Expenses account for $480 to account for the cost of producing and donating the audio CDs. However, since there was an initial value of $14.00 for the blank CDs, I need to appropriately credit another account to reflect this added value.

Non-Profit Accounting in For-Profit Company

by Jonas
(Kampala, Uganda)

Non-Profit Accounting

I need to handle the accounting for three companies, each operating in different countries with distinct accounting systems. The first company is a commercial company in Uganda, the second is a commercial company in Congo, and the third is a non-profit organization also located in Congo.

All these companies are owned by the same person, but there are no other direct links between them. The Congolese company mainly acts as a plantation with the Ugandan company as its primary client. The accounting system/rules in Uganda follow the English standards, while in Congo, they adhere to the Belgian/French standards.

I have encountered several challenges and would appreciate any assistance with the following:

How do I record a grant received by the commercial company? We are supported by fair-trade organizations, and they provide us with grants to aid our activities.

How do I handle a repayable grant? This is a loan without interest, but there are administrative costs associated with it.

Sometimes, we receive a grant in our Ugandan bank account, but it's meant for the Congolese company. How should I record this transaction accurately?

What entries should I make when transferring money in cash from Uganda to Congo?

If we purchase assets in Uganda and later transfer them to our Congolese company, how do I account for this transaction?

We are allowed to allocate a portion of our employees' salaries as an own-contribution in-kind to a project, as required by the grant. How should I record this contribution?

Can I record accumulated depreciation in the French accounting system? I want to track the original purchase price and all depreciation over time for our assets.

In our African context, we often provide advances for services yet to be delivered. Unfortunately, some individuals may disappear without providing the promised services. How do I handle this situation in the books?

When should packaging material be considered an asset, an expense, or part of the equity?

Any help or advice regarding these accounting challenges would be greatly appreciated! Best regards, Jonas

Proprietary Concern Accounting

Proprietary Accounting

A proprietor maintains his savings account in the company books of accounts. He received some amount after selling his personal property which he deposited in his saving account.

What Entry should I Pass?

Is it: Bank A/c Dr?
To proprietor capital A/c

or

Bank A/c dr.
To Sale of property A/c.

Kindly note he invested the received amount in another company.

Starting A Business Accounting

Starting A Business Accounting

How can one do the accounting for starting a business with cash Rs currency 32,000 and bank loan of Rs currency 68,000?

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