GCSE. Accounting. D. E. Turner P. H. Turner MACMILLAN

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1 GCSE Accounting

2 GCSE Accounting D. E. Turner P. H. Turner M MACMILLAN

3 D. E. Turner and P. H. Turner 1991 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agent, 33-4 Alfred Place, London WCIE IDP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1991 Published by MACMILLAN EDUCATION LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world British Library Cataloguing in Publication Data Turner, D. E.. (Daphne E.) GCSE accounting. 1. Accounting I. Title II. Turner, P. H. 657 ISBN ISBN (ebook) DOI /

4 ( Asterisked (*) units or sections cover the more difficult concepts, which may be omitted from an initial or basic course.) About this Book xi Acknowledgements xi Part One Unit 1 A BIRD'S EYE VIEW Accountancy: What it.is all about 3 la. The first questions 3 lb. Structure of the accounting system 4 1 C. Accounting conventions 5 ld. Help from machines 6 Part Two Unit 2 SUMMARISING THE NET WORTH Balance sheets: what they try to show 11 2A. Personal worth 11 2B. Clubs and commercial firms: what they are worth 13 Unit 3 Keeping track of the changes: A. The changing pattern 19 3B. Types of records 20 3C. Bank accounts 22 3D. Cash and security 23 Unit 4 Keeping track of the changes: Z 28 4A. The fuller picture 28 4B. The trial balance 32 4C. The accounting cycle 34 Unit 5 Reading meaning into balance sheets 39 SA. Balance sheet subgroups 39 * 5B. Interpretation 41 * 5C. Understanding the ratios 43 * 5D. The ratios and change 44 Part Two Multiple-choice test 49 v

5 Part Three Unit 6 CALCULATING THE PROFIT Earning a living: I. The profit and loss account 55 6A. What is profit? 55 6B. Tracking the profit 56 6C. The nature of ledger accounts 59 Unit 7 Earning a living: Z. The accounts of traders 65 7 A. The idea of gross profit 65 7B. Accounting for 'goods' 65 7C. Some more conventions 73 7D. The accounting cycle 74 Unit 8 Complications in traders' accounts 11 SA. Returns and allowances 77 8B. Transportation costs 80 8C. Discounts 81 8D. Wages and salaries 85 Unit 9 A closer look at trading: the use of day books 81 9A. The need for day books 87 9B. Day books of commercial concerns 88 9C. The journal 90 9D. Cycle of operations-updated 92 Part Three Multiple-choice test 97 Part Four Unit 10 MORE ABOUT PROFIT Calculating profit: some complications 103 loa. Accrued charges 103 lob. Pre-payments 106 IOC. Accruals and pre-payments, and examination questions 107 IOD. The 'matching' convention 107 Unit 11 Calculating profit: further complications 111 lla. Bad debts 111 lib. Bringing home the bacon 114 *Unit 12 Stock and its complications A. Valuation of closing stock B. Delayed stock-taking calculations 121 *Unit 13 Understanding profit 1 Z5 13A. Profit and capital B. Profit and turnover C. Rate of stock turnover 129 vi

6 13D. Turnover of debtors and creditors E. Use of the ratios F. The problem of inflation 131 Part Four Multiple-choice test 135 Part Five Unit 14 BEING REALISTIC Accounting for wear and tear A. The nature of depreciation B. Accounting methods C. Calculating the depreciation 143 * 14D. Sale of a depreciated asset E. Examination questions 145 Unit 15 Providing for bad debts A. Potential bad debts 1 SO 15B. Bad-debts provision and the trial balance 152 *Unit 16 A further look at business transactions: capital and revenue transactions A. Types of transactions B. Capital gains and losses C. Materiality 162 Unit 17 A look back at ledger posting A. Ledger posting: the background B. The posting of transactions 167 Part Five Multiple-choice test 115 Part Si:x: Unit 18 SOME ROUTINE APPLICATIONS Looking after the pounds: another look atcash A. Specialised cash books 179 * 18B. Cash flows C. Looking after the pence: petty-cash accounting 185 Unit 19 Reconciling the bank balance A. Bank statements B. Further complications 193 *Unit 20 Paying the wages A. The wages system B. Ledger postings C. Wage payment procedures 201 vii

7 *Unit 21 Paying tax A. Tax and the business organisation B. VAT : the general idea C. Book-keeping procedures D. Complications 208 Part Six Multiple-choice test 213 Part Seven *Unit 22 ACCOUNTS OF PARTICULAR Accounting for clubs and societies 219 ORGANISATIONS 22A. Receipts and payments accounts B. Income and expenditure accounts C. Other final accounts of clubs and societies 223 *Unit 23 Accounting for partnerships A. General considerations B. Accounting procedures C. Goodwill in partnership accounts 234 Unit 24 Accounting for companies: 1. The background A. General considerations B. When not to form a company 241 *Unit 25 Accounting for companies: 2. Accounting procedures A. Ledger procedures B. Company final accounts 247 *Unit 26 The accounts of manufacturers A. The problem B. Form and content of manufacturers' accounts C. Alternative structure 260 Part Seven Multiple-choice test 265 Part Eight CHECKING UP, SUMMING UP AND SELLING UP Unit 27 Getting the books right: 1. The correction of errors 27A. Errors and their effect B. The correction of errors 272 * 27C. Correction through a suspense account 273 * 27D. Errors and examination questions E. Other uses of suspense accounts viii

8 *Unit 28 Getting the books right: 2. Control accounts A. General principles B. Complications 283 *Unit 29 Incomplete records: putting the pieces together A. Statements of affairs B. Preparation of conventional final accounts C. Conversion to double entry 292 *Unit 30 Selling up the business A. Winding up B. Sale of an existing firm 297 Part Eight Multiple-choice test 303 General revision: multiple-choice test 301 Appendix A. Coping with percentages 311 Appendix B. Using graphs and charts 316 Appendix C. Balancing accounts-the rules 319 Index 321 ix

9 About this book This book gives a wide introduction to modern accounting, and emphasises the logic and reason behind the procedures involved. We have designed the book to be used in a number of different ways. It may be used as an intensive one-year course, or as a 'straight-through' two-year course-an appropriate aim for the end of the first year would be unit 17. Alternatively, it is possible to choose some of the units to form a basic and balanced course, with the possibility of suitable students proceeding later to a course comprising the more difficult units (those marked with an asterisk in the Contents). The book attempts to involve the student as the course proceeds, and to develop a questioning and intelligent approach to the issues involved. Students are recommended to keep a record of the activity work suggested in each unit, together with their answers to other practical assignments. Acknowledgements The authors wish to thank Mrs Judith Johnson and Miss Helen Turner for their considerable help in preparing this book. xi

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