POSTING and GENERAL LEDGER

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Presentation transcript:

POSTING and GENERAL LEDGER

General Ledger and Their Uses General ledger is a book containing each firm’s accounts Real Accounts Nominal Accounts

Examples Real Accounts: Cash Receivables Supplies Accounts Payable Notes Payable Nominal Accounts Salaries Expenses Marketing Expenses Depreciation Expense Services Revenues Interest Revenues

Types of General Ledger There are two types of accounts: T – account form Balance column account Balance column account There is a column for debit posting A column to show the balance of the account if it’s a debit balance A column to show te balance of the account if it happens to be a credit balance

Balance-column Account Form

POSTING Posting is the transfer of accounting information from a journal to a ledger This procedure is necessary in order to gather together the effects of business transactions on each type of asset, liability, and capital account. At the end of a time period, summary totals of this account information can be compiled for use in the preparation of a trial balance and financial statement

Posting Illustrated D H Ledger A B C E G F

POSTING PROCESS Posting this journal entry with one debit and one credit involves the following Enter the date of the journal entry in the account to be debited (Cash account) Enter the amount of the debit in the debit column of the account to be debited (Cash account) Enter the cross reference in the ledger account to show that the debit was posted from the journal (Page 2) Enter the cross reference in the journal to show that the debit was posted to the appropriate account (Account 101) Enter the date of the journal entry in the account to be credited (Angga’s Capital account) Enter the amount in the credit column of the amount to be credited (Angga’s Capital account) Enter the cross reference in the ledger account to show that the credit was posted from the journal (page 6) Enter the cross reference in the journal to show that the credit was posted to the appropriate account (Account 300)

List of Accounts A different company has different chart of accounts The amount of accounts would depend on: a. The characteristic of an operating firm b. The activities volume c. The detailed information in the firm

LIST of ACCOUNTS

Continuing .……

Continuing ………

How each of the journal entries has been posted to the appropriate ledger accounts? The following is the list of accounts and their codes in Cipta Jasa Karya

General Journal in Cipta Jasa Karya

(in Rp) No : 16 Office Equipment (in Rp) No : 21 Account Payable Debit (Rp) Credit (Rp) 2008 Aug 1 per Cash 25.000.000 2 4.000.000 29.000.000 Office Equipment Balance Date Description Ref. (in Rp) No : 21 Debit (Rp) Credit (Rp) 2008 Aug 2 Purchased on Credit 1 4.000.000 9 Paid 2.400.000 1.600.000 Account Payable Balance Date Description Ref.

(in Rp) No : 23 Unearned Revenue (in Rp) No : 31 Bagus's Capital Debit (Rp) Credit (Rp) 2008 Aug 3 Collected Down Payment 1 10.000.000 Unearned Revenue Balance Date Description Ref (in Rp) No : 31 Debit (Rp) Credit (Rp) 2008 Aug 1 Owner's Investment 2 54.000.000 Bagus's Capital Balance Date Description Ref

(in Rp) No : 32 Bagus's Withdrawals (in Rp) No : 41 Servives Revenue Debit (Rp) Credit (Rp) 2008 Aug 30 Per Cash 3 1.500.000 Bagus's Withdrawals Balance Date Description Ref (in Rp) No : 41 Debit (Rp) Credit (Rp) 2008 Aug 13 Receivables 2 4.800.000 18 8.400.000 13.200.000 30 3 3.000.000 16.200.000 Servives Revenue Balance Date Description Ref

(in Rp) No : 51 Salaries Expense (in Rp) No : 56 Advertising Expense Debit (Rp) Credit (Rp) 2008 Aug 15 per Cash 2 1.500.000 30 3 3.000.000 Salaries Expense Balance Date Description Ref (in Rp) No : 56 Debit (Rp) Credit (Rp) 2008 Aug 7 per Cash 1 240.000 Advertising Expense Balance Date Description Ref

(in Rp) No : 57 Utilities Expense (in Rp) No : 58 Utilities Expense Debit (Rp) Credit (Rp) 2008 Aug 29 per Cash 3 260.000 Utilities Expense Balance Date Description Ref (in Rp) No : 58 Debit (Rp) Credit (Rp) 2008 Aug 30 per Cash 3 150.000 Utilities Expense Balance Date Description Ref.