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1、1Paper F3 Financial AccountingOpening title slide.Highlight and overwrite dummy title. Restrict yourself to a maximum of 3 lines. This text is set to align at the bottom.Do not change the fonts or sizes used.24Sources, records and the books of prime entryCopyright by LINING3The role of source docume

2、ntsThe need for books of prime entrySales and purchase day booksCash bookPetty cashTopic listCopyright by LINING41. The role of source documentsCopyright by LINING5Whenever a business transaction takes place, involving sales or purchases, receiving or paying money, or owing or being owed money, it i

3、s usual for the transaction to be recorded on a document.The role of source documentsCopyright by LINING6Sales InvoicesCredit notesPurchase OrdersChecksSource DocumentsCopyright by LINING7Documents are the source of all the information recorded by a business.Items Quotation Sales order Purchase orde

4、r Goods received note Invoice Statement Credit note Debit note Remittance advice Receipt1.1 Types of source documentCopyright by LINING8Name and address of the seller and the purchaserDate of the saleDescription of what is being soldQuantity and unit price of what has been soldDetails of trade disco

5、unt, if anyTotal amount of the invoice including details any of sales taxSometimes, the date by which payment is due, and other terms of sale1.2 What does an invoice show?Copyright by LINING9Seller Invoice date PurchaserOrder number Credit termsFreight terms Goods Invoice amountCopyright by LINING10

6、A credit note is a document relating to returned goods or refunds when a customer has been overcharged. It can be regarded as a negative invoice.1.3 The credit noteCopyright by LINING11A debit note might be issued to adjust an invoice already issued.A debit note is issued to a supplier as a means of

7、 formally requesting a credit note. Goods received notes record a receipt of goods.1.4 Other documentsCopyright by LINING12Now, lets look at how we use special journals in accounting.13Books of prime entry are books in which we first record transactions.Intention is to summarize these source documen

8、ts.2. Books of prime entry Copyright by LINING14The main books of prime entry are as follows:Sales day bookPurchase day bookSales returns day bookPurchases returns day bookJournalCash bookPetty cash bookBooks of prime entry Copyright by LINING15Special Journals in AccountingSales ReturnsDay BookFor

9、recordingsales returnsPurchasesDay BookFor recordingcredit purchasesCashBookFor recordingcash receiptsSales Day BookFor recordingcredit salesPurchasesreturns Day BookFor recordingpurchases returnsPetty CashBookFor recordingsmall paymentGeneralJournalFor transactionsnot in specialjournals16The sales

10、day book is the book of original entry for credit sales.The sales day book is used to keep a list of all invoices sent out to customers each day.2.1 Sales day book Copyright by LINING17The purchase day book is the book of original entry for credit purchases.A business also keeps a record in the purc

11、hase day book of all the invoices it receives.2.2 Purchase day book Copyright by LINING18The sales returns day book is the book of original entry for goods returned from customers.When customers return goods for some reason, the returns are recorded in the sales returns day book.2.3 Sales returns da

12、y book Copyright by LINING19The purchase returns day book is the book of prime entry for credit notes received from suppliers.The purchase returns day book records goods which the business sends back to its suppliers.The business might issue a debit note to the supplier, indicating the amount by whi

13、ch the business excepts its total debt to the supplier to be reduced.2.4 Purchase returns day book Copyright by LINING20The cash book is the book of original entry for cash receipts and payments.2.5 Cash book Copyright by LINING21A petty cash book is a cash book for small payments.Most businesses ke

14、ep a small amount of cash on the premises to make occasional small payments in cash.2.6 Petty cash book Copyright by LINING22Under what is called the imprest system, the amount of money in petty cash is kept at an agreed sun or “float.Expense items are recorded on vouchers as they occur.2.6 Petty ca

15、sh book Copyright by LINING23The total float is made up regularly by means of a cash payment from the bank account into petty cashThe amount of the top-up into petty cash will be the total of the voucher payments since the previous top-up. 2.6 Petty cash book Copyright by LINING24Exercise:The following is a list of typical business transactions.1.The purchase of goods on credit2. Allowance to credit customers upon the return of faulty goods3. Refund from petty cash to an employ