By Andy Lymer
The books during this bite-sized new sequence include no complex suggestions or difficult fabrics, making them excellent for the busy, the time-pressured or the in basic terms curious. Small enterprise Accounting Made effortless is a quick, easy and to-the-point advisor to the paintings of dealing with what you are promoting books and bills. in exactly ninety six pages, Small enterprise Accounting assumes that you simply understand not anything in any respect approximately enterprise documents and money owed and offers a method for enterprise vendors who need a uncomplicated, effortless and, primarily, quickly approach of ebook maintaining. TAKE regulate OF YOUR funds SIMPLFY YOUR ACCOUNTING procedure determine company functionality RUN YOUR BOOKS WITH self belief reduce pressure
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Sample text
Ben Martin does not use a till because of the nature of his business, but uses a cash bag instead. He makes a point of not taking out any cash until he has totalled his takings at the end of each day. He then records takings in a cashbook which he keeps in the bag. He takes out his drawings, as explained in Chapter 2, and puts the rest of the cash to one side in a separate container, ready to be banked the following morning. The key aim when filling in the bank paying-in book is to link the supporting information on the sales file with the bank statements and the cashbook.
The amount paid is shown in the ‘Total’ column, and then also included in the ‘Purchase of equipment’ column. Equipment may also be acquired in instalments, through a hire purchase or lease purchase arrangement; or a loan may be taken out to finance the purchase. These types of transactions are more complicated to handle. One way to deal with these, although unorthodox in accounting terms, is to record two opposing (called contra) entries: the first being the purchase of the asset for the full cash price; the other as capital introduced into the business.
In that situation, the narrative describes where the money came from, and the analysis goes under ‘Capital introduced’. Example Hardip Singh sold some shares for £5,000, and paid the proceeds into the business account in order to reduce the overdraft. 1 shows how the entry is recorded. 8 Payments in 23 24 Ref. 25 Cheque (BTshares) Total 26 27 154 5000 Income Cap. Int. 1 Hardip Singh – capital introduced. Note It is important to record a clear explanation of where any capital introduced came from.