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Additional info for Cat - 1 Recording Financial Transactions (Int)
2 Time of performance If goods arrive too late, they may be useless. The terms of the contract will determine whether a particular timescale is a condition of performance. If it is, a breach of such terms entitles the injured party to treat the contract as discharged. In commercial contracts for the supply of goods for business or industrial use, it will be assumed that time is of the essence, even where there is no express term to that effect. 3 Seller's title You cannot sell something that is not yours to sell.
Which account receives the credit entry and which the debit depends on the nature of the transaction. Below is a summary. We shall look at double entry in detail in Chapter 4. DEBIT To own/have ↓ AN ASSET INCREASES eg new office furniture CAPITAL/ A LIABILITY DECREASES eg pay an account payable INCOME DECREASES eg cancel a sale AN EXPENSE INCREASES eg incur advertising costs Left hand side CREDIT To owe ↓ AN ASSET DECREASES eg pay out cash CAPITAL/A LIABILITY INCREASES eg buy goods on credit INCOME INCREASES eg make a sale AN EXPENSE DECREASES eg cancel a purchase Right hand side Question Dual effects Try to explain the dual effects of each of the following transactions.
She sells all of her flowers and plants, for $900 cash. Since Neelim has sold goods costing $650 to earn revenue of $900, we can say that she has earned a profit of $(900 – 650) = $250 on the day's trading. How do we reflect this in the accounting equation? Solution Profit, like capital, belongs to the owners of a business. It's why they invested in the first place. In this case, the $250 belongs to Neelim Sultan. However, so long as the business retains the profits, and does not pay anything out to its owners, the retained profits are accounted for as an addition to the proprietor's capital: they become part of that capital.