Financial Accounting

cash book

purchases ledger

sales journal

sales ledger

5%

10%

20%

50%

Net income

Gross revenue

Net assets

Net loss

cash book and sales ledger

general ledger only

general ledger and purchase ledger

purchase ledger only

accounts are kept on the double entry basis

assets are normally shown at cost price

only items with monetary value are included in the accounts

profits are calculated on the basis of cash received less cash paid

Discounts allowed

Interest charged on overdue accounts

Provision for bad debts

Sales returns

a correction of an error

a sale on credit

discount received

goods returned to supplier