Accounting in Business by R. J. Bull (Auth.)

By R. J. Bull (Auth.)

The best target of this normal ebook is to supply the coed with a wide standpoint of commercial accounting established upon a legitimate conceptual framework. It does this through integrating the idea with the appliance, providing accounting ideas as easily and at once as attainable, and stimulating self reliant notion at the a part of the reader

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F o r example, a builder buys two adjacent plots of land in a desirable residential area for £4,000 a n d , later, obtains planning permission. H e sells o n e site for £5,000 and retains t h e o t h e r for sale at a later d a t e . F r o m an accounting viewpoint t h e land sold is worth £5,000, yielding a profit of £3,000, but t h e unsold land, which is equally as valuable, is recorded as being worth only £2,000. Unrealized gains are n o t recorded, so that accounting distinguishes between two types of 'profit'—'operating' or 'trading' gains which a r e realized as a result of selling assets a n d a r e recorded, a n d 'holding gains' which are increases in value obtained by retaining an asset—and a r e n o t recorded.

Are partly ' p r e p a y m e n t s ' . (b) T h e most important item in this category is that of stock which will be sold in a later accounting period. The accounting equation T h e basic accounting equation, arising out of the entity concept, was stated in Chapter 2 as Assets = Liabilities, or A = L. In the example at the beginning of the present chapter we analysed the sale of stock which cost £100 for £150 into its two c o m p o n e n t parts. First we noted that t h e reduction in stock of £100 was exactly balanced by the reduction in the owner's equity of £100.

W e may illustrate this in t h e case of sales. (a) Cash sales result in simultaneous revenue a n d receipt: Cash +50 Sales +50 54 Income measurement—revenue (b) Credit sales will involve a delay (normally 1-2 months) before cash is received. T h u s : Debtors Cash (i) W +80 - 8 0 +80 (0 Sales +80 (i) The sale on credit will result in an increase in sales revenue and a corresponding increase in the debtors. (ii) W h e n the debtor settles his account, debtors will be decreased by £80, and cash increased by the same a m o u n t .

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