Home
Search results “Purchase discount accounting”
Purchase Discounts and Discount Terms - Ch. 5 Video 2
 
04:32
Discount Terms and journal entries for purchase discounts
Views: 50511 mattfisher64
Merchandising: Purchase Discounts, Purchase Returns, Purchase Allowances - Accounting video
 
09:18
A purchase discounts and purchase returns and allowances example. Other videos in this series: Part 1 - Operating Cycle, Inventory, and Purchase Discount Terms Part 3 - Selling Inventory Part 4 - Adjusting and Closing Part 5 - Income Statements and Business Evaluation For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount textbook-store visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad).
Purchase Discounts and Discount Terms | Accounting | Chegg Tutors
 
08:48
Purchase discounts are reductions in the amount paid for purchases due to payment within the discount terms. For instance, if the terms were 2/10 net 30, a 2% discount would be applied to the total cost of merchandise purchases if payment was made within 10 days, otherwise payment would be due within 30 days. Purchase discounts can be accounted for on the books using the gross or net methods. Discounts on purchases only apply to the costs of the merchandise, shipping costs wouldn't be eligible for a discount. ---------- Accounting tutoring on Chegg Tutors Learn about Accounting terms like Purchase Discounts and Discount Terms on Chegg Tutors. Work with live, online Accounting tutors like Jayson L. who can help you at any moment, whether at 2pm or 2am. Liked the video tutorial? Schedule lessons on-demand or schedule weekly tutoring in advance with tutors like Jayson L. Visit https://www.chegg.com/tutors/Accounting-online-tutoring/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- About Jayson L., Accounting tutor on Chegg Tutors: Western Michigan University, Class of 2013 Accounting major Subjects tutored: Accounting TEACHING EXPERIENCE I've tutored for approximately 4 years, covering a wide range of accounting and finance issues from cost accounting to npv analysis. I'm very logical so my teaching tends to reflect that. In addition, I tend to be more concrete in teaching (rather than abstract), which can help quite a bit when an equation doesn't quite make sense. My goal with tutoring is to lay the problems out simply and quickly so that students understand and remember the processes behind the answers. EXTRACURRICULAR INTERESTS I enjoy biking, hiking, chess, frisbee golf, a little bit of everything. Want to book a private lesson with Jayson L.? Message Jayson L. at https://www.chegg.com/tutors/online-tutors/Jayson-L-2498180/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- Like what you see? Subscribe to Chegg's Youtube Channel: http://bit.ly/1PwMn3k ---------- Visit Chegg.com for purchasing or renting textbooks, getting homework help, finding an online tutor, applying for scholarships and internships, discovering colleges, and more! https://chegg.com ---------- Want more from Chegg? Follow Chegg on social media: http://instagram.com/chegg http://facebook.com/chegg http://twitter.com/chegg
Views: 1282 Chegg
Sales Discounts - Ch. 5 Video 5
 
04:07
Recording sales discounts on credit sales
Views: 37427 mattfisher64
Gross vs Net Method of Accounting for Sales Discounts
 
06:11
This video shows the difference between the gross method and the net method of accounting for Sales Discounts. Some companies offer discounts to customers for paying their bill within a specific period of time. It is very common to see, "2/10, n/30" on a bill, which means the customer will receive a 2% discount off the sales price if the bill is paid within 10 days, but if the bill is not paid within 10 days then the entire amount is due within 30 days. A company can account for these sales discounts using either the Gross Method or the Net Method. Under the Net Method, we assume that the customer will receive the discount when we initially record the sale. Thus, we record Sales Revenue and Accounts Receivable as if the customer had taken the discount. If the customer does end up paying early and getting the discount, we simply debit Cash for the amount received and credit Accounts Receivable for the same amount. If, however, the customer does not end up receiving the discount, they will pay more than we initially recorded. We debit Cash for the full balance (without the discount) and credit the receivable. To make the debits and credits balance, we credit an account called "Other Income" or "Sales Discount Forfeited" or "Interest Revenue." Under the Gross Method, we do not assume that the customer will receive the discount when we initially record the sale. Thus, if the customer doesn't receive the discount and pays the full amount, we simply debit Cash for the amount received and credit Accounts Receivable for the corresponding amount. If the customer does end up receiving the discount, however, we debit Cash for the amount received and credit Accounts Receivable. To make the debits and credits balance, we also debit an account called Sales Discounts. Sales Discounts will then be subtracted from Gross Sales on the Income Statement to yield Net Sales. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 9239 Edspira
Business & Accounting Terms : How to Define a Purchase Discount
 
00:45
A purchase discount is an inducement for early payment provided by vendors to people or customers who pay bills ahead of time. Get a percentage off of a purchase pay back by paying in a timely fashion with advice from a certified public accountant in this free video on accounting terms. Expert: Henry Gutter Bio: Henry Gutter is a certified public accountant located in El Segundo, Calif. Filmmaker: Mark Labbato
Views: 309 eHow
Accounting - Current Liabilities - Accounts Payable - Purchase Discounts - Severson
 
10:36
See the below link for more resources, including as a list of all of my videos, practice exercises, Excel templates, and study notes. https://www.dropbox.com/s/09hdhag3zieyt08/Severson%20YouTube%20Videos.xlsx?dl=0 This video discusses the topic of current liabilities (i.e. short term.) We discuss the reasons for this classification, what types of liabilities would be classified as such, how to analyze them, and how to handle various calculations and journal entries related to them. This also includes a discussion of accounts payables, and purchase discounts reported under the gross and net methods.
Accounting for Purchases Perpetual Inventory Financial Accounting FAR Exam
 
15:07
Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ II. Accounting for Merchandise Purchases The invoice serves as a source document for this event. A Purchases without Cash Discounts. 1. Entry to record purchase: debit Inventory, credit Cash or Accounts Payable. 2. Trade Discounts: deductions from list price (catalog price) to determine the invoice price (actual selling price). Trade discounts are not entered into accounts. B. Purchase With Cash Discounts 1. Credit terms describe cash discounts offered to purchasers by seller for payment within a specified period of time called the discount period. 2. Cash Discounts- granted by the seller to encourage buyers to pay the amount they owe earlier. Buyers view cash discounts as purchase discounts and sellers view them as sales discounts. 3. Example: credit terms, 2/10 n/30, offer a 2 % discount if invoice is paid within 10 days of invoice date, if not full payment is due within 30 days of invoice date. 4. Entry for buyer for purchase using full invoice, gross method is: debit Merchandise Inventory and credit Accounts payable. 5. Payment within Discount Period: debit Accounts Payable (full invoice amount), credit Cash (full invoice – discount), credit Inventory (amount of discount). 6. Managing Discounts: Missing out on cash discounts can be very costly. A system should be set-up to ensure that all invoices are paid on the last day of discount period. 7. Payment after Discount Period: debit Accounts Payable and credit Cash. C. Purchases with Returns and Allowances 1. Purchase allowances is a reduction in the cost of defective merchandise that a buyer acquires. 2. Purchases returns are merchandise a buyer acquires but then returns to the seller. 3. A debit memorandum informs the seller of a debit made to the seller’s account payable in the buyer’s records. 4. Entry on buyer’s books: debit Accounts Payable or Cash (if refund given) and credit Inventory. 5. Discounts can only be taken on the remaining balance on the invoice if a return is made before payment is made. D. Purchases and Transportation Costs - the point at which ownership is transferred (called FOB or free on board). Determines who is responsible for paying any freight costs and/or bearing any loss. Two alternative points of title transfer are: 1. FOB shipping point—title transfers at shipping point and buyer pays shipping costs. a. Increases cost of merchandise (cost principle) b. Debit Inventory, credit Cash or Accounts Payable (if to be paid for with merchandise later) 2. FOB destination—title transfers at destination and seller pays shipping costs. a. Operating expense for seller b. Debit Delivery Expense and credit Cash.
Create Sales & Purchase Invoice & Entry In Miracle Accounting Software [Lesson:3]|- Accounting Tips
 
02:53
Hello Namaskar Doston, Is video main Maine Aapko bataya Hai Ki Aap Miracle Accounting Software (GST Version 9.0.2) Main Sales 7 Purchase Entry Kaise Kar Sakte Hai Aur mujhe Ummid Hai Ki Is Video Ko Pura Dekhne Ke bad Aap Sales & Purchase Entry Karna Sikh jayenge. In This Video I Describe About Sales & Purchase Entry In Miracle Accounting Software How You Can? Subscribe Our YouTube Channel:- https://goo.gl/VRp27g Google Plus :- https://goo.gl/wsDWtS
Views: 12333 Accounting Tips
Accounting for Merchandise Operations | Financial Accounting | CPA Exam FAR | Chp 5 p 1
 
01:00:56
Sales revenues, cost of goods sold, gross profit, CPA exam, sales returns and allowance, sales discount, Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances, FIFO, LIFO
Accounting for Sales and Purchase Discounts
 
05:12
Credit terms such as 2 10 n 30 and the journal entries to account for discounts under the 2014 revenue recognition changes
Views: 1586 Cheri Bergeron
Discounts, Premiums and Bonds at Par (Intermediate Financial Accounting Tutorial #12)
 
06:42
Before we moved onto valuing and reporting long term bonds I thought that I would provide a quick summary of bonds issued at a discount, premium or at par. The stated rate is also known as the coupon rate, or face rate. The market rate is also known as the effective rate and is the rate at which you can get other very similar or identical financial instruments (for example, a bond may have been issued at a 4% coupon rate, 1 year later the market rate for those bonds might have shifted to 6%). Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: https://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 27542 Notepirate
Consistency Principle Accounting Conservatism | Financial Accounting | CPA Exam FAR | Ch 6 P 1
 
14:21
Consistency, Disclosure, Materiality, Accounting conservatism , Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances, FIFO, LIFO
Inventory | Financial Accounting | CPA Exam FAR | Chp 6 p 1
 
42:02
FIFO, LIFO, Weighted average, specific identification, First in first out, Last in first out, Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances, Consistency, Disclosure, Materiality, Inventory overstated, inventory understated, cost of goods sold overstated, cost of goods sold understated Inventory turnover and days;s sales in inventory, ratio, financial statement analysis, Lower of cost or market, LCM, Accounting conservatism
trade and cash discount in accounting
 
09:56
trade and cash discount in accounting
Views: 6208 Vista Academy
Accounting - Merchandise Purchase Transactions
 
08:00
How do you handle purchases, purchase returns, purchase discount
Views: 1564 Kippi Harraid
Merchandising Operations: Operating Cycle, Inventory, Purchase Discounts - Accounting video
 
06:05
Discussion of the operating cycle, inventory, purchase discount terms Accompanying lecture notes: http://tiny.cc/nw1enw -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students all over the world. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, adding our videos to your favorites and subscribing to our YouTube channel (click on more info on the videos). Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook: http://www.facebook.com/TheAccountingDoctor -- Part 2 - Purchase Discounts and Purchase Returns and Allowances Example Part 3 - Selling Inventory Part 4 - Adjusting and Closing Part 5 - Income Statements and Business Evaluation For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount textbook-store visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad).
Accounting Course - Purchase Discounts
 
02:32
http://accountingcorner.org - FREE downloads Learn here accounting basic - purchase discounts
Views: 2249 FreeAccountingTutor
Purchase Entry In Busy Accounting Software Part 3 Freight, Cartage, Discount, Courier
 
12:17
Purchase Entry In Busy With Freight, Cartage, Courier, Discount Example This Is Third Part Of purchase Entry In Busy Accounting Software
Purchase Discount   Shipping is Added to Invoice and FOB Destination
 
03:56
Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video of this lecture, go to https://www.youtube.com/watch?v=ySVzjrPh-J4 To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Periodic Inventory Accounting (Merchandising Inventory) Accounting Detailed On B/S & I/S
 
08:14
Merchandising accounting using periodic inventory system (periodic inventory method) used in a merchandising operation (merchandising inventory system & merchandising accounting), show how setup and record inventory transactions on the balance sheet and income statement (using a balance sheet template with T Accounts), using the periodic inventory accounting purchases are recorded directly to the income statement accounts (net income), detailed example with journal entries (T Accounts) demonstrating various transactions, (1) purchased inventory accounts, purchases, accounts payable, purchase discounts, purchase returns and allowances, transportation in, etc., (2) sales inventory accounts, sales, sales discounts, sales returns and allowances, accounts receivable, transportation out, etc., (3) payment receipts recording detailed, (4) COGS (cost of goods sold) inventory adjustments for year end detailed, and (5) physical inventory account adjustment for end of period, balance sheet and income statement recording for each of the above activities (transactions) is explained and demonstrated using balance sheet template with (T Accounts) by Allen Mursau
Views: 2803 Allen Mursau
Inventory and Cost of Goods Sold | Intermediate Accounting | CPA Exam FAR | Chp 8 p 1
 
37:19
Goods available for sale, ending inventory, cost of goods sold, Last in first out, Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances, Consistency, Disclosure, Materiality, Accounting conservatism, intermediate accounting, cpa exam
Selling Inventory; Sales Returns, Sales Allowances, Sales Discounts - Accounting video
 
04:45
Discussion on the selling of inventory: the journal entries recorded as well as a short review on sales returns and allowances and sales discounts as well as F.O.B., freight-in, freight-out, and delivery expense. Other videos in this series: Part 1 - Operating Cycle, Inventory, Purchase Discount Terms Part 2 - Purchase Discounts and Purchase Returns and Allowances Example Part 4 - Adjusting and Closing Part 5 - Income Statements and Business Evaluation For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount textbook-store visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad).
Basics of Accounting :- Types of Discount, Journal entries of Discount
 
08:06
Discount क्या होता है Discount की journal entries कैसे करते है
Views: 2444 Suresh Makwana
Merchandising Operation | Financial Accounting | CPA Exam FAR | Ch 5 P 1
 
17:35
Inventory, perpetual, periodic, operating cycle, retailer, wholesaler, Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances,
Purchase Discounts
 
09:37
Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video of this lecture, go to https://www.youtube.com/watch?v=ySVzjrPh-J4 To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
500 Sales Discount VS. Purchase Discount
 
05:40
Sales discount journal entry and calculation, sales discount being a discount given by the seller for an early payment of amount due often using terms notation such as 2/10, n/30 meaning there is a 2% discount if paid in 10 days otherwise there is no sales discount and payment is due in 30 days. We record the initial sale without the discount debiting AR and crediting sales. If payment is received in the discounted period we will account for the sales discount at that time by computing the discount and recording a journal entry to debit cash for amount originally due less the discount, crediting AR for the original amount, debiting sales discount for the amount of the discount, the debiting of sales discount reducing net income, sales discount being an income statement account, a contra sales account in that it will be reported on the income statement in the revenue section but the sales discount will be reducing revenue to arrive at net revenue. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
GST Accounting Entries Discount Paid/Discount Received/Debit Note/Credit Note Tally.erp9
 
10:11
Learn GST accounting entries of Debit note credit note For Sales return and purchase return in Tally.erp9. Accounting entries in the case of Less quantity goods received by supplier.and higher price bill made by supplier.
Views: 57005 TALLY ONLINE CLASS
ACCOUNTING EQUATION 3 -  PURCHASE PRICE AFTER TRADE DISCOUNT
 
05:24
ACCOUNTING EQUATION 3 - PURCHASE PRICE AFTER TRADE DISCOUNT
Views: 357 accountants2be
Accounting for Discounts and VAT  Part01
 
09:59
Key Topics: • Types of discounts • How to calculate trade and settlement discounts • How to calculate VAT when settlement discount is involved • VAT fraction • Double entry accounting for discounts and VAT Lecture Outcomes: 1. Understand the types of discounts and how to calculate them 2. Brief overview of VAT 3. Understand how to carry out basic VAT calculation 4. Be able to calculate VAT when settlement discount is involved 5. Understand how to calculate VAT from Gross Amount 6. Be able to post discounts and VAT transactions in the general ledger
Views: 3449 HomeiLearn
Xero Accounting Tutorial #6 - Recording Supplier (Purchase) Invoices
 
06:24
This video demonstrates how to record supplier/purchase invoices on Xero Accounting Software. This is the 6th video in my Xero training course. Next lesson https://www.youtube.com/watch?v=3HYcw2D8fLk Create a bookkeeping spreadsheet using Microsoft Excel http://youtu.be/LlWADbkGdac 30 Free Day Trial on KashFlow Accounting Software http://www.kashflow.com/?code=AFF2105084 Free Bookkeeping and Accounting Course https://www.youtube.com/watch?v=IhYJbCAcCKE&feature=c4-overview&list=UUgPrg8qyvKaiED9tvdAIfpQ Try Crunch Accounting Software! http://www.crunch.co.uk/?aid=samuel3a Learn more at www.freebookkeepingaccounting.com
Views: 17642 BookkeepingMaster
Accounting for Purchase of Inventory | Financial Accounting | CPA Exam FAR | Ch 5 P 2
 
23:34
Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances,
Accounting Entry for Credit Purchase
 
02:56
Did you liked this video lecture? Then please check out the complete course related to this lecture, ACCOUNTING BASICS A COMPLETE STUDY with 300+ Lectures, 28+ hours content available at discounted price (only Rs.640)with life time validity and certificate of completion. https://www.udemy.com/fundamentals-of-accounting-a-complete-study/?couponCode=YTBABCS57 ---------------------------------------------------------------------------------------------------------------- Welcome to one of the comprehensive ever course on Accounting Basics. This course starts from “What is Accounting”, “Need for Accounting” to various Practical aspects in Accounting. Enjoy lectures for each and every concept in accounting presented in digital hand written format followed by Solved Case Studies Video. New videos are being added at frequent intervals and this course will be the longest one in Accounting soon. ---------------------------------------------------------------------------------------------------------------- Welcome to Accounting Basics - A Complete Study Course! This is one of the comprehensive course in Fundamentals of Accounting covering theory as well as practice. In this course, you will learn Fundamentals of Accounting, step by step covering the following: Section 1: a) Introduction to Accounting; b) Book Keeping; c) Accounting – Objectives and Process; d) Accounting Cycle; e) Accountancy, Accounting and Book Keeping; f) Users of Accounting Information; g) Branches of Accounting; h) Basic Accounting Terms; i) Basic Assumptions in Accounting; j) Basic Concepts in Accounting; k) Modifying Principles of Accounting; l) Accounting Standards; Section 2: m) Double Entry System in Accounting; n) Accounting Equation; o) Golden Rules of Accounting; Section 3: p) Source Documents; q) Cash Memo; r) Invoice; s) Receipt; t) Debit Note; u) Credit Note; v) Pay in Slip; w) Cheque; x) Vouchers; Section 4: y) Books of Original Entry; z) Journal and Format aa) Steps in Journalising; bb) Journal Illustrations; cc) Compound Journal Entry; Section 5: dd) Ledger; ee) Utility of Ledger; ff) Format of Ledger; gg) Posting; hh) Procedure for Posting; ii) Posting of Compound Journal Entry; jj) Posting the Opening Entry; kk) Balancing an Account; ll) Significance of Balancing; mm) Balancing of Different Accounts; nn) Procedure for Balancing; Section 6 - covering Trial Balance and Final Accounts. This course is structured in self paced learning style. Video lectures are used for delivering the course content. Take this course to create strong foundation in fundamentals of accountancy. • Category: Business What's in the Course? 1. Over 206 lectures and 20 hours of content! 2. Understand need and importance of Accounting 3. Understand Book Keeping, Objectives and Advantages 4. Understand Accounting Process, Accounting Cycle, 5. Understand Users of Accounting Information 6. Understand Branches of Accounting 7. Understand Basic Accounting Terms 8. Understand Accounting Assumptions, Concepts and Principles 9. Understand Rules of Accounting 10. Understand Journal, Ledger, Trial Balance and Final Accounts Preparation Course Requirements: 1. No basic knowledge is required 2. Students can approach this course with fresh mind Who Should Attend? 1. Any one interested in Learning Accountancy 2. Accounting / Finance / Science Students 3. Entrepreneurs
Views: 16369 CARAJACLASSES
debid note discount on purchase entry tally accounting hindi PAONE
 
04:32
debid note discount on purchase entry tally accounting hindi from PAONE
Views: 11 PAONE GS path
IGCSE Accounting - Trade Discount and Cash Discount
 
05:47
This video explains how to record trade discount and cash account in accounting
Views: 21118 Rakesh Kabra
Purchases Budget with Example Calculations - Accounting video
 
02:18
Example of the calculation of required purchases to meet budgeting needs. Other videos in this series: Part 1 - Production Budgeting example Part 2 - Production Budgeting and Purchases Budgeting comprehensive example For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount textbook-store visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad).
Example: Periodic Inventory: Gross & Net Methods | Intermediate Accounting | CPA Exam FAR | Chp 8 p9
 
13:56
period method, gross method, net method, inventory, purchase discount, liquidation, FIFO, LIFO, accounts payable, purchase allowance, Inventory overstated, inventory understated, cost of goods sold overstated, cost of goods sold understated Inventory turnover and days;s sales in inventory, ratio, financial statement analysis, Lower of cost or market, LCM, Accounting conservatism
Subsidiary Book #1 (Purchase & Purchase return a/c, Sales and Sales return a/c) :-by kauserwise
 
30:19
▓▓▓▓░░░░───CONTRIBUTION ───░░░▓▓▓▓ If you like this video and wish to support this kauserwise channel, please contribute via, * Paytm a/c : 7401428918 * Paypal a/c : www.paypal.me/kauserwisetutorial [Every contribution is helpful] Thanks & All the Best!!! ─────────────────────────── Here is the video about Subsidiary Book , and in this video we discussed Bills receivable, Bills payable and Journal Proper with solved problem in simple manner. Hope this will help you to get the subject knowledge at the end. Thanks and All the best. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 142900 Kauser Wise
How to apply discounts in Xero Accounting Software
 
01:24
In Xero accounting software, discounts can be applied against invoice lines or set to a default for contacts. This video tutorial shows you how to apply one-off discounts to sales invoices and how to set up default discounts. Try Xero accounting software for free: http://www.xero.com/signup/
Rebate Discount Income Entry In Busy Accounting Software
 
07:38
यहाँ पर हम Rebate Discount की Entry कर रहे है और इस से हमें पता लग जायेगा कब और केसे ये Entry करनी है
Accounting | Basic Accounting term | Lesson 2.7 | Goods; Purchases; Sales; Purchases & Sales Return
 
10:16
In this Video meaning & Concept of 'Goods' is explained. Besides Other related terms such as Where the term 'Purchases' and 'Sales is used in Accounting. Besides concepts & meaning of Purchases return and Sales return are also explained in detail in this video
Views: 2074 Najeeb Hashmi
Purchase Entry In Busy Accounting Software Part 2 With Freight And Cartage Courier Charges Discount
 
06:19
Purchase Entry With Discount and Freight And Cartage This Is Part Two Of Video Series keep Watch all Video Parts
Sales of Merchandise Inventory | Financial Accounting | CPA Exam FAR | Ch 5 P 3
 
17:52
Sales revenues, cost of goods sold, gross profit, CPA exam, sales returns and allowance, sales discount, Merchandising operation, purchase of inventory, FOB shipping, FOB destination, perpetual inventory, periodic, purchase discount, purchased invoice, discount terms, net purchased, freight in, purchase returns, purchase allowances, purchased returns and allowances, FIFO, LIFO
Intro to Financial Accounting: Merchandiser Financial Accounting
 
01:15:01
Introduction to Financial Accounting Professor Alexander Sannella Lecture 10 0:15 Merchandiser Financial Statements 2:29 Balance Sheet Example Learning Objective 2 6:10 Perpetual vs. Periodic Inventory Systems 8:12 Example 12:14 Pure Periodic System 13:06 Perpetual Inventory Systems 15:03 Summary 18:27 Example 22:16 Purchase Invoice 23:43 Purchase of Inventory: Journal Entries 24:11 Purchase on Credit 26:20 Transportation Costs 26:51 FOB Shipping Point 27:11 FOB Destination 33:58 Journal Entry (FOB Shipping) 35:38 Purchase returns and allowances 37:48 Journal Entry 44:40 Purchase Discounts 46:37 Journal Entry Questions and Explanations 51:29 Question 1 53:45 Question 2 Learning Objective 3 57:25 Sales Invoice 57:48 Recording a Sale 58:14 Summary 58:39 Journal Entry (cash sale) 1:00:28 Journal Entry (credit sale) 1:03:00 Sales Returns (2 entries) 1:04:27 Journal Entries (sales returns) 1:07:30 Sales Allowances (no restocking) 1:09:50 Sales Discounts There are two approaches to accounting for inventory; perpetual inventory accounting and periodic inventory accounting. In the periodic inventory accounting approach, purchases for the period are added to beginning inventory to arrive at an interim total referred to as cost of goods available for sale. At the end of the period, the inventory is physically counted. Subtracting the end-of-period inventory amount from the cost of goods available for sale leads to cost of goods sold. A purely periodic system is unrealistic for a large business. A business cannot wait until the endof the period and a physical count to determine its ending inventory and cost of goods sold (would never make it in time for financial statements). The periodic approach is most appropriate for inexpensive inventory that is sold by small shops that do not have opscan or point-of-sale capability. In a perpetual inventory system, detailed records of the cost of each inventory item are maintained and the cost of each item sold is determined from the records when the sale occurs. Under a perpetual system, inventory accounts are continually updated for acquisitions and sales and the cost of goods sold (to be charged against income) is determined after each sale in real time. Gross profit margins can also be determined at the point of sale in real time. The merchandise inventory is increased for additional costs of purchases, such as freight costs. Freight costs are the costs of transporting the goods to the buyer's place of business. FOB, or "free-on-board" terms will determine which party pays the freight fee. FOB shipping point means that goods are placed free on board the common carrier by the seller, and the BUYER pays the freight costs. FOB destination means that the goods are placed free on board at the buyer's place of business, and the seller pays the freight costs. Freight costs incurred by the seller on outgoing merchandise are an operating expense and are debited to "Freight out" or deliver expense, and cash is credited. Freight-out is classified as an operating expense by the seller and will be discussed with accounting for merchandiser sales. When the purchaser pays the freight, merchandise inventory is debited and cash is credited (freight in). The purchaser may return the merchandise, or choose to keep the merchandise if the supplier is willing to grant an allowance (deduction) from the purchase price. In a perpetual system, two entries must be made for every sale: (1) record the sale and (2) record the reduction of inventory. The sales invoice is the documentation used for recording the sale. Because we are using a perpetual approach to accounting for th e inventory, we will actually be making two entries. The first entry will record the sale and the related receipt of cash or account receivable. The second entry will record the reduction of inventory and the related cost of goods sold for this particular transaction. If we need to accept a sales return, in a perpetual system, we also need to make two entries. The first entry will show the reduction in accounts receivable, with a corresponding entry in sales returns and allowances. The second entry will show the merchandise inventory being restocked, with the returned merchandise with a corresponding entry to reduce the cost of goods sold. Sales returns and allowances is a contra revenue account. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
GST Accounting Entries Discount Paid Discount Received Debit Note Credit Note Tally erp9
 
10:11
We Provide the Part Time Accountant for Your Firm Income Tax Return, Service Tax Return, TDS Return, GST Return, New & Correction Pan Apply,Salary Return, Bank Reconciliation, Party Account Reconciliation, Any Accounting Work You Contact to me any time Facebook- https://www.facebook.com/lalitlks Email - [email protected] अन्य छात्र को साझा करें (Share to Other Student) Subscribe channel and share to other for latest update on Lalit Sharma channel नवीनतम अद्यतन के साथ जुड़ने के लिए सदस्यता लें (subscribe to connect with latest update) My Personal Face-book Account (Any Query – Income Tax / GST / TDS / BOOK KEEPING/AUDIT)https://www.facebook.com/lalitlks Facebook (Like to Connect) https://www.facebook.com/lalitlks for more details mail to [email protected] or [email protected] Prepared By (Lalit Sir & Miss Sarika ) -~-~~-~~~-~~-~- Please watch: "GST CHALLAN RECONCILIATION GST ACCOUNTING TALY ERP9" https://www.youtube.com/watch?v=UdDasIDXT5E -~-~~-~~~-~~-~-
Financial Accounting: Merchandising Operations
 
01:18:57
Introduction to Financial Accounting Merchandising Operations (Chapter 5) February 25th, 2013 by Professor Victoria Chiu The main objectives of this lecture is to describe and illustrate merchandising operations & the two main types of inventory systems. We also aim to master how to account for the purchase & sale of inventory using a perpetual system. How to adjust & close the accounts of a merchandising business, as well as preparing merchandisers' financial statements is covered, as well as using the gross profit percentage & inventory turnover to evaluate the health of a business. The operating cycle consists of the company purchasing inventory from the vendor / supplier, & then collects cash by selling the inventory to a customer. Merchandisers are businesses that sell a product to customers. New accounts that they use (that we didn't already cover) include inventory (a current asset account listed on the balance sheet). Inventory is the merchandise that a company holds for sale to customers. Sales revenue and cost of goods sold (type of expense) are also two new accounts we deal with (listed on the income statement). Sales revenue is the retail price of the inventory sold to the customer & cost of goods sold is the cost (to the company) of the inventory sold to the customer. A perpetual inventory system keeps a running computerized record of inventory (thanks to bar codes). A contemporary perpetual inventory system constantly records units purchased & cost amount, the units sold & sales & cost amounts, & the quantity of inventory on hand & its cost. It also better controls inventory due to the fact the inventory & purchasing systems are integrated with accounts receivable & sales. Despite it being computerized, physical counts do occur once every year to double check that the ending inventory listed is the correct amount (since spoilage, theft, & other factors may result in loss of inventory without a sale). The perpetual system is most popular. Bar cods are used by businesses today to streamline many formerly repetitive & labor intensive processes related to inventory. It is used to record sales & cost of goods sold, as well as to update the inventory count. It also updates purchasing & generates purchase orders (replenishes inventory by communicating with the company's purchasing systems). Under the periodic inventory system, goods are counted periodically to determine quantity. Under this system, businesses physically count their inventories periodically to determine the quantities on hand. It is used by small businesses, restaurants, & small retail stores (that lack optical-scanning cash registers). It is normally used for relatively inexpensive goods. However, it is less popular than the perpetual system due to computerized inventory systems being much easier & more convenient to use. When inventory is purchased, the inventory account ( a current asset) is increased with each purchase. The vendor submits an invoice for payment (the seller's request for payment from the buyer). The invoice contains the seller, the purchaser, the date of purchase / shipment, the credit terms, the total amount due, & the due date. It should be noted that the inventory account is also impacted by shipping costs, returned purchased items, & early payment discounts. The journal entry to purchase inventory is simply a debit to the inventory account & a credit to the accounts payable account for the same amount. If purchased with cash rather than with credit, simply credit cash instead of crediting accounts payable. Purchase discounts involve the customer getting a discount for making an early payment within a given period (determined by the seller). For example, the buyer is legible for a 3% discount if the buyer pays for the goods within 15 days. If the buyer does not pay within 15 days, they are responsible for the full amount (within 30 days). The above example would be denoted 3/15, n/30. EOM stands for end of month. Purchase Returns & allowances are also discussed, as well as transportation & freight costs (FOB destination & shipping point). ------QUICK NAVIGATION------ Video begins with overview of learning objectives Operating Cycle: 3:31 Merchandisers: 6:11 Balance Sheet Diff: 10:18 Income Statement Diff: 10:59 Perpetual Inventory System: 12:59 Bar Codes: 16:19 Periodic Inventory System: 17:35 Purchasing Inventory: 20:03 Journal Entry for Purchase of Inventory: 22:53 Purchase Discounts: 24:46 Payment Within Discount Period: 29:53 Purchase Returns and Allowances: 34:23 Journal Entry for Purchase Returns & Allowances: 37:34 Transportation Costs: 40:22 FOB Shipping Point: 45:20 Purchase Discount - Shipping is Added to Invoice: 46:06 FOB Destination: 49:56 Summary of Purchase Returns & Allowances, Discounts, & Transportation Costs: 52:53 Exercise S5-2 - (Analyzing Purchase Transactions - Perpetual Inventory): 55:50 Midterm Review: 1:04:54
Views: 31720 Rutgers Accounting Web
Periodic Inventory (Purchases For Merchandising Operations) Accounting Detailed
 
05:53
Merchandising accounting,how the purchases account (for merchandising operations) is used in the periodic inventory system (periodic inventory method), purchases account is included in net income on the income statement, example details the accounting entries for purchasing transactions, the purchases account and the (contra accounts) purchase discounts and purchase returns and allowances, the example details the periodic inventory system for end of period (year) adjustments to the purchases account, (1) end of period purchase discounts and purchase returns and allowances are closed to purchases account, (2) end of period the purchases account(less returns & discounts) is closed to COGS (cost of goods sold) for the amount of purchases sold, (3) the purchases account is adjusted (purchases net amount - purchases sold = purchases remaining after sales), the purchases remaning gets closed to the inventory account (asset) on the balance sheet which closes out the purchases account such that it starts with a zero balance for the next period (year), in summary purchases account gets closed at end of period, (1) amount sold closed to COGS and (2) amount remaining closed to inventory account on balance sheet, detailed accounting showing transactions on a balance sheet template with (T Accounts) by Allen Mursau
Views: 1356 Allen Mursau

Essay writing service best
Futurzwei newsletter formats
Entry level programmer cover letter examples
Unsolicited cover letter for fresh graduates salary
Santa clara address admissions essay