…I am studying for the Drafting Financial Statements (CG) module and would be grateful if you could help me with the Donated Assets part of it.
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The sales journal is a book in which non-cash sales are recorded with details of customer, invoice, amount and date. These items are later posted to each customer’s account in the sales ledger.
...can they legally invoice the company for interest on late payment charges?
This is a point that has perplexed the government for some time, as it is aware of the impact that late payment has on small businesses. All too often, large companies hold small suppliers to ransom by delaying payment, so causing them serious cash flow problems.
20 May 2004
St. David's Hall, Cardiff
14 June 2004
London
Q: I find it difficult to understand which accounts affect the Trading and Profit & Loss accounts…_2
…especially when balancing the T accounts. Please could you help me or give me a system to remember which are transferred to the Profit & Loss Account.
…do I enter the cash sales accounts as zero rated or do I have to work out the VAT and put that into the VAT accounts? What about cash from a client, cheques or vouchers?
…If I do not take off the discount in the cash book, how do I fit this into the ledgers?
29-30 January 2004
London
London
One problem that exists in costing systems is the difficulty of allocating fixed costs to products. This is almost always done arbitrarily and there is an element of distortion, particularly if a number of products are involved. One way round this is to use Marginal or Direct Costing, which divides costs into fixed and variable costs.