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Extra info for CTH Finance for Tourism and Hospitality
18 What is an error of commission? 19 Define an accrual. 20 Where are the prepayments reported in the financial statements? 29 FINANCE FOR TOURISM AND HOSPITALITY SELF-TEST ANSWERS 1 Business organisations need to record transactions for: Sales of goods and services Purchases of stock and other items Operating the bank account Maintaining stock Paying wages Making payments for expenses 2 The two main financial statements are the PROFIT AND LOSS ACCOUNT and the BALANCE SHEET. 3 The trading, profit and loss statement reflects performance.
This makes sense as the business is paying less to settle the debt than it originally thought it would. The double entry to record the discount received for the ABC Company would be: Debit Creditors account Credit Discounts received account Discounts allowed are where a business 'allows' its customers to take a discount in return for early settlement of the amount owing to the business. In this case there will be less money received than the amount at which the debtor is shown in the books. The remaining amount is transferred to the Profit and Loss account as a debit entry which again makes sense as the business is ultimately receiving less than it thought it would, effectively reducing its profit.
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account. E X A M P L E We return to some of the transactions of Ben Charles on this occasion recording three of them incorrectly. Ben Charles sets up in business on 1 May by paying £10,000 into a business bank account.