Accounting JAMES LIOW Email: james.liow@berjaya.edu.my Tel: +603-26877000 Page 1 of 4 ASSIGNMENT 2 QUESTION 1 At 1 March 2013 Jaya Ltd had a debit balance of $23‚450 on its Debtors Ledger Control Account and a credit balance of $17‚450 on its Creditors Ledger Control Account. Both balances had been reconciled with the individual accounts. During March 2013 the following transactions took place:$ Credit sales 19‚670 Credit purchases 17‚320 Bad debt written off 450 Increase in bad debt provision
Premium Debt Expense General ledger
JACK BLACKMORE BLA14248050 BTEC EXTENDED DIPLOMA IN BUSINESS UNIT 5: BUSINESS ACCOUNTING KAREN DIXON Introduction: This report will entail whether or not it is a good idea for Erika Knolls to invest in Tesco. As a financial adviser I shall use ratio analysis to make a recommendation and support my decisions on whether Tesco will be a good beneficial long term investment. Ratio analysis will be used to measure the profitability‚ liquidity and efficiency of the named business and to analyse the performance
Premium Debt Financial ratios Generally Accepted Accounting Principles
for operations or too much cash are used. It also serves as a purpose of decision making on what amount of money can be granted to a creditor to avoid any liquidity in the business. Cash budget only records strictly cash movements. For example‚ Depreciation is not affected as it’s a loss of value of fixed assets which is not a loss of cash. Bad debts from creditors and cash discounts given by debtors are not included in the cash budget as well.. Lets take a look at the cash budget attached. The
Premium Debt
How to stop When you are in a situation‚ where in you are still not be able to / not willing to pay the debt you owe. The creditor has ever right to sue you by filing a case against you in the court. If the judgment comes against you‚ then Creditor may request the court to pass a writ of garnishment against you to get the money back from my bank account and wages. The papers are sent to my employer in case of wage garnishment and to my bank in case of bank account garnishment. Though in the real
Premium Debt Money Debtor
Example of bad debts recovered: The balance for Debtor A; RM 1‚500 as at 1/1/2011. On 15/3/2011‚ Debtor A could not be traced and was written off as bad debts. On 20/10/2011‚ Debtor A repaid his debt by cheque for RM 1‚500. Accounting period ends on 31/12/2011. |Date | | |JOURNAL |Debit (RM) |Credit (RM) | |15/3/2011 |DR | |Bad debts expense
Premium Debt Debtor Revenue
personal accounts of the Trade Debtors to whom credit sales are affected. Here Trade Debtors word stands for only those debtors to whom goods are sold. Creditors / Suppliers / Purchase / Bought Ledger: This ledger contains the personal accounts of the Trade Creditors who supply the goods on credit. Here Trade Creditors word stands for only those creditors to whom those goods are sold. General Ledger / Nominal / Impersonal Ledger: This ledger contains all nominal accounts‚ real accounts and the remaining
Premium Debt General ledger Double-entry bookkeeping system
one party prosecutes another for the enforceable or protection for a right or a prevention or redress of a wrong * NATURE of obligations – Civil Code * Civil Obligation * one which binds in law‚ vinculum juris‚ which gives the creditor a right to enforce their performance in courts of justice * Natural Obligation * not being based on positive law but on equity and natural law‚ do not grant a right of action to enforce their performance‚ but after voluntary fulfillment
Premium Contract Debt Law
JAMES MADINSON USES CREDITORS AND DEBTORS AS RICH AND POOR‚ AND THE ROLE OF THE GOVERNMENT IN REGARDS TO MONEY LENDING A creditor is a party that has a claim to the service of a second party. It is a person or institution to whom money is owed. A debtor is an entity that owes a debt to another entity; the entity may be an individual‚ firm‚ a government‚ a company or other legal person. James Madison compares creditors and debtors to the rich and poor because the creditors are the parties which
Premium Debt Debtor
give an example: 1. Alternative Obligation An alternative obligation is one where out of two or more prestations which may be given or performed; only one is due and the complete performance of one of them extinguishes the obligation. The Obligee or creditor cannot be compelled to receive part of one and part of the other undertaking or prestation (Article 1199‚ Civil Code) . For example‚ A agrees to give B‚ upon a sufficient consideration‚ a horse‚ or one hundred dollars. Usually‚ when an obligation
Premium Debt Debtor Money
necessity – in case of non-compliance‚ the courts of justice may be called upon by the aggrieved party to enforce its fulfilment or‚ in default thereof‚ the economic value that it represents. Civil obligations – are obligations which give to the creditor or obligee a right under the law to enforce their performance in courts of justice. Natural obligations – are obligations not being based on positive law but on equity and natural law. Essential requisites of an obligation: 1. Passive subject
Premium Debt Law Debtor