Book – Keeping And Accounts 7th Edition – Frank Wood

The capital in the business consists of assets minus liabilities, which in Brew’s case is £11,170 — £170 = £11,000. We must start the writing up of the books on 1 July 2009. To do this: 1 Open asset accounts, one for each asset. Each opening asset is shown as a debit balance. 2 Open liability accounts, one for each liability.

Each opening liability is shown as a credit balance. 3 Open an account for the capital. Show it as a credit balance. Record the details of the above transactions in the journal. Exhibit 24.1 shows: @® the journal ® the opening entries in the double entry accounts. Exhibit 24.1 The Journal Page 5 Date Details Folio Dr Cr – – == fi £ July 1 Motor van 4,840 Fixtures Gli 7 Stock Debtors — B Young D Blake Bank 5,080 Cash Creditors — M Quinn C Walters Capital 11,000 Assets and liabilities at the date entered to open the books 11,170 | 11,170 General Ledger Page 1 Dr Motor Van Account Cr | Folio | £ July 1 Balance 4,840 Page 2 Dr Fixtures Account Cr Folio £ July 1 Balance Page 3 Dr Stock Account Cr | Folio | £ July 1 Balance }5 Chapter 24 e The journal Page 4 Dr Capital Account Cr | | es £ July 1 Balance Ss 11,000 Sales Ledger Page 1 Dr B Young Account (Be Folio Bi July 1 Balance \ 5 Page 2 Dr D Blake Account Cr Folio ip July 1 Balance Purchases Ledger Page 1 Dr M Quinn Account Gi | ta £ July 1 Balance Page 2 Dig C Walters Account Cr j Folio i ie.

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To find out more about the complete range of our publishing, please visit us on the World Wide Web at: www.pearsoned.co.uk FRANK WOOD’S BOOK-KEEPING AND ACCOUNTS Seventh Edition Frank Wood Bsc(Econ), FCA and Sheila RobiINSON BA(Hons), Cert Ed, FMAAT )24& Prentice Hall FINANCIAL TIMES An imprint of Pearson Education Harlow, England + London + New York + Boston + San Francisco + Toronto » Sydney « Singapore * Hong Kong Tokyo + Seoul + Taipei » New Delhi + Cape Town » Madrid * Mexico City « Amsterdam »* Munich » Paris + Milan Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2)E England and Associated Companies throughout the world LONDON BOROUGH OF SUTTON LIBRARY SERVICE (SUT) 30119 026 013 88 O Askews Aug-2010 The rights of Frank Wood and Sheila Robinson to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988.

Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1981 Second edition published 1986 Third edition published 1992 Fourth edition published 1997 Fifth edition published 2001 Sixth edition published 2004 Seventh edition published 2009 © Longman Group Limited 1981 © Longman Group UK Limited 1986, 1992 © Financial Times Professional Limited 1997 © Pearson Education Limited 2001, 2004, 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6-10 Kirby Street, London EC1 8TS.

ISBN: 978-0-273-71805-5 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British library Library of Congress Cataloging-in-Publication Data Wood, Frank, 1926-2000. Frank Wood’s book-keeping and accounts / Frank Wood and Sheila Robinson. — 7th ed. p. cm. Includes bibliographical references and index. ISBN 978-0-273-71805-5 1. Bookkeeping. 2. Accounting. |. Robinson, Sheila l. Il. Title. Ill.

Title: Book-keeping and accounts. HF5636.W86 2009 657—dc22 2008039450 I@-O 0 7% Gi Sr Zh ee 74 Lil 1) oye) Typeset in 10.5/12.5pt Garamond Book by 35 Printed and bound by Rotolito Lombarda, Italy The publisher’s policy is to use paper manufactured from sustainable forests.

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.

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