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A. Journalize the following transactions and post them to ledger. From the following transactions of Phoenix...

A. Journalize the following transactions and post them to ledger. From the following transactions of Phoenix Inc for Oct ,2016. (i)Journalize the below transactions (ii)Post the Journal entries in to ledger accounts Date Transactions 2016 Oct 1 Niel started business with cash $ 800,000 Oct 2 purchased goods worth $ 3000 Oct 15 Sold goods for $ 25000 Oct 18 Purchased stationeries $4000 Oct 23 Purchased furniture for $ 24,000 Oct 25 Paid electricity charges with cash $3000 Oct 26 Paid Salary $18000 Oct 28 Paid rent $500 B. “Bookkeeping is synonymous to accounting” Analyse this statement.

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Expert Solution

a
i Journal Entries ii Post to ledger accounts
Date Account Title Debit -$ Credit-$ Cash Capital
1-Oct-16 Cash 800000 Date Particulars Dr Cr Balance Date Particulars Dr Cr Balance
Capital 800000 1-Oct-16 Capital 800000 800000 1-Oct-16 Cash 800000 800000
being started business with cash 2-Oct-16 Purchase 3000 797000 31-Oct-16 End Balance 800000
2-Oct-16 Purchase 3000 15-Oct-16 sales 25000 822000 Stationeries
Cash 3000 18-Oct-16 Stationary 4000 818000 Date Particulars Dr Cr Balance
being goods purchased for cash 23-Oct-16 Furniture 24000 794000 18-Oct-16 Cash 4000 4000
15-Oct-16 Cash 25000 25-Oct-16 Electricity Charges 3000 791000 31-Oct-16 End Balance 4000
Sales 25000 26-Oct-16 Salary 18000 773000 Furniture
sold goods for cash 28-Oct-16 Rent 500 772500 Date Particulars Dr Cr Balance
18-Oct-16 Stationary 4000 Sales 23-Oct-16 Cash 24000 24000
Cash 4000 Date Particulars Dr Cr Balance 31-Oct-16 End Balance 24000
being stationary purchased 15-Oct-16 Cash 25000 25000 Electricity Charges
23-Oct-16 Furniture 24000 31-Oct-16 End Balance 25000 Date Particulars Dr Cr Balance
Cash 24000 25-Oct-16 Cash 3000 3000
being furniture purchased 31-Oct-16 End Balance 3000
25-Oct-16 Electricity Charges 3000 Salary
Cash 3000 Date Particulars Dr Cr Balance
being electricity paid 26-Oct-16 Cash 18000 18000
26-Oct-16 Salary 18000 31-Oct-16 End Balance 18000
Cash 18000 Rent
being salary paid Date Particulars Dr Cr Balance
28-Oct-16 Rent 500 28-Oct-16 Cash 500 500
Cash 500 31-Oct-16 End Balance 500
being rent paid in cash
B Although book-keeping and accounting both involve the process of recording the financial transactions of a business, but both are two different terms. Book-keeping is the process of recording the daily transactions of a business entity in chronological order. It forms part of the accounting information system.
On the other hand, accounting is an information system that includes the process of recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business in order to communicate it to stakeholders for decision making related to their business.
Book-keeping and accounting are inter-related but book-keeping is just a part of accounting and accounting has a wider role than book-keeping. Hence, book-keeping is not synonymous to accounting

ekkarill92 answered 4 months ago
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