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78   BOOKKEEPING

110. Example of Purchase Journal.

ME RCHANDISE (PURCHASES). L.1 .   Accounts Creditor.   Date of Invoice and Terms.

19

 

 

 

 

 

 

 

July

2

J.

D. Proctca'(CapitalA/c) Investment

 

 

2800

 

 

4

41

O. Sloane & Co.   - June 29—15 days

 

 

850

 

 

10

40

Dominion Plating Co. - July 6—30 days -   -   -   -

 

 

600

 

 

18

41

G. Sloane & Co.   -   - July 16—15 days

 

 

380

 

 

31

44

Merchandise    Dr.

 

 

4630

 

Aug.

1

42

A. McIntyre & Co.   - July 30—10 days   -   -   -   -

150

25

 

 

 

 

 

"   -30 "    

275

50

425

75

2

42

J. M. Foster & Co.   - ! July 31—Cash    

200

 

 

 

 

 

"   —Draft, 30 days   -   -   -

150

50

350

50

3

43

O. T. Mather & Co.   - Aug. 3—Cash    

125

50

 

 

 

 

"   —Note, 2 mos.   -

165

 

290

50

31

44

Merchandise    Dr.

 

 

1066

75

Remcvrks.—1. The Purchase Journal is much the same as the Dr. side of the Cash Journal. Merchandise is Dr. for the total purchases, just as Cash is Dr. for the total receipts, and the other accounts opposite the dates are Cr. both in the Purchase Journal and the Cash Journal.

  1. The Heading at the top may be " Merchandise Purchases Dr." or "Purchase Journal " or " St. John, N.B., July 2, 19—."

  2. The bookkeeper does not enter the details of the Invoices in the Purchase Journal, since he has the Invoices themselves for reference. He places the Invoices of each firm together, and files them away according to number, or in order of their dates.

  3. Although the terms may be cash or note, still the cash or note may not be received until some days later. In the entry on Aug. 3, the Invoice and goods were received on the date of purchase ; the terms are cash and note at 2 mos.; now whether the cash and note are given at once or some days later, the entry should be put through the personal account. See Section 99.

Set IX.—D. E.—Wholesale Jewellery Business.

Special Features.--Use of Sales Journal and Purchase Journal. Two accounts for the Proprietor—"D. Proctor (Capital A/c) " and "D. Proctor (Private A/c)." Transactions introducing Bank Drafts and Exchange.

Instructions :

  1. Books to be used—Business Papers, Journal, Sales Journal, Purchase Journal, Cash Journal, Bill Book, and Ledger.

  2. Business Papers :

  3. Inward.—Notes on July 13, 16, 29 ; Cheques on July 13, 22 ; Drafts on July 15, 16, 22, 25 ; Bank Draft on July 6.

  4. Outward.—Notes on July 6, 17;'Cheques on July 3 (two), 5, 16, 17 (two), 23, 30, (three), 31 ; Drafts on July 2 9, 11„ 23 ; Bank Drafts on July 3; 8, 23 ; Deposit Slip on July 2 ; Invoices on July 3, 5, 6, 9, I1`, 13, 20", 22, 2o'

(o) Make out business papers ; make entries in Journal, Sales Journal, Purchase Journal, Cash Journal, and Bill Book ; post to the Ledger ; take a Trial Balance ; take stock ; make Financial Statements ; close the Ledger.

Items.

Da.

Totals.


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