ACCM4000 Financial Accounting Workshop 3 with Complete Solutions
Learning Objectives
After doing this workshop, you should be able to:
1. Show the purpose and format of the general ledger.
2. Show transactions from the general journal to the
general ledger.
3. Account for GST.
4. Make a trial balance.
, The Accounting Cycle
Journalising transaction was discussed in the previous workshop.
This workshop will address posting
postingtoto the ledgeraccounts
the ledger accounts and
preparing trial
trialbalance.
balance.
Steps Accounting Records
Recognise & record
transaction Source documents
Note: All
Journalise transaction General journal examples and
activities in this
workshop are in
Post to ledger relation to a
accounts General ledger
sole trader.
Prepare trial balance Trial balance
Prepare financial
statement Financial statements
, Debit and Credit
➢ Remember the Debit and Credit rules addressed in the
previous workshop?
➢ Debit: An increase on the left side of the accounting
equation or a decrease on the right side of the equation.
➢ Credit: An increase on the right side of the accounting
equation or a decrease on the left side of the equation.
A L E
Debit Credit Credit Debit Credit
Debit
, Debit and Credit
Summary of Debits and Credit rules reproduced from the
previous workshop.
Impact to Account Type
Account Type Increase/ Normal
Decrease
Balance
Assets, Expense,
Debit Credit
Drawings
Liability, Equity
Credit Debit
Income
Take note that drawings and expenses reduce equity and
therefore debit is the normal balance for accounts falling under
these categories.
Learning Objectives
After doing this workshop, you should be able to:
1. Show the purpose and format of the general ledger.
2. Show transactions from the general journal to the
general ledger.
3. Account for GST.
4. Make a trial balance.
, The Accounting Cycle
Journalising transaction was discussed in the previous workshop.
This workshop will address posting
postingtoto the ledgeraccounts
the ledger accounts and
preparing trial
trialbalance.
balance.
Steps Accounting Records
Recognise & record
transaction Source documents
Note: All
Journalise transaction General journal examples and
activities in this
workshop are in
Post to ledger relation to a
accounts General ledger
sole trader.
Prepare trial balance Trial balance
Prepare financial
statement Financial statements
, Debit and Credit
➢ Remember the Debit and Credit rules addressed in the
previous workshop?
➢ Debit: An increase on the left side of the accounting
equation or a decrease on the right side of the equation.
➢ Credit: An increase on the right side of the accounting
equation or a decrease on the left side of the equation.
A L E
Debit Credit Credit Debit Credit
Debit
, Debit and Credit
Summary of Debits and Credit rules reproduced from the
previous workshop.
Impact to Account Type
Account Type Increase/ Normal
Decrease
Balance
Assets, Expense,
Debit Credit
Drawings
Liability, Equity
Credit Debit
Income
Take note that drawings and expenses reduce equity and
therefore debit is the normal balance for accounts falling under
these categories.
