Pro forma Cash Receipt You are to prepare pro forma cash receipt for use in the company’s shops. Pick a sample transaction and show the VAT element separately. Placebo LtdFountain HouseLondonN1 | Cash Receipt #: 123456790 | Date: / / . | Cash received from ______________________________________________________Of £ ______________________________________________________________________For _______________________________________________________________________ | Payment Received in: Cash | | Cheque | | Other | | | | Net | VAT | Total | Amount Due | ........ | | | Amount Received | | | | Balance Paid | | | | _______________________Signed By | Image Source: (Free Receipt Template , 2013) What is a Cash Receipt? A pro forma cash receipt is a document narrating incoming payments from debtors or receivables and is issued by the business or creditor (Cash Receipts Function, 2011).
[pic] Chronological flow of activities (Business Process): 1. Customer delivers…………. 2. 2. a) List the specific items of information that are usually gathered at the POS (Point of Sale terminal or cash register) and recorded when a customer checks out (excluding obtaining the identity of the customer which is covered in Q3)? b) What are three important uses of this information at
The process will be shown in a flowchart and the factors that affect the process design will be analyzed of receiving merchandise into a Walmart store. Also the sales to stock ratio metric is analyzed to measure the inventory process flow. Receiving Process Receiving Merchandise is brought daily to the store through the company’s logistics process. One team of five associates will unload the
Contact the bank to make sure that they received it. Print payroll and pay slips to distribute to the employees. 7. Recordkeeping. Print payroll registers and make sure that it shows the employee gross-to-net wages for current payroll.
18-1 Identify the accounts and the classes of transactions in the acquisition and payment cycle • 3 classes of transactions included in the cycle: 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and purchase discounts 18-2 Describe the business functions and the related documents and records in the acquisition and payment cycle • Purchase requisition: used to request goods and services by an authorized employee • Purchase order: document used to order goods and services from vendors. Includes description, quantity, and related information for goods and services company intends to purchase • Receiving report: a paper or electronic document prepared at the time goods are received • Vendor’s invoice: a document received from the vendor and shows the amount owed for an acquisition • Debit memo: a document received from the vendor and indicates a reduction in the amount owed to a vendor because of returned goods or an allowance granted • Voucher: commonly used by organizations to establish a formal means of recording and controlling acquisitions, primarily by enabling each acquisition transaction to be sequentially numbered • Acquisitions journal/listing: or purchase journal, generated from acquisitions transaction file and typically includes vendor name, date, amount, and account classifications for each transaction • Accounts payable master file: records acquisitions, cash disbursement, acquisition returns and allowances transaction for each vendor • Accounts payable trial balance: listing includes the amount owed to each vendor or for each invoice or voucher at a point in time • Vendor’s statement: document prepared monthly by the vendor and indicates the beginning balance, acquisitions, returns and allowances, payments to the vendor, and ending balance • Check: commonly used to pay for acquisition when
Ans: False AACSB: Reflective Thinking AICPA BB: Resource Management, Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 7. Cash collections in a schedule of cash collections typically consist of collections on sales made to customers in
Where does the accounts department get its information from? How does the accounts department inter-relate with other departments within the business? At ABC Ltd the accounts department consists of the Finance Director, Company Accountant, General Ledger and Inventory Clerk, Accounts Payable Clerk, accounts receivable clerk, costing technician As well as payroll and personnel database clerk. The departments deal with the payments of invoices, comparing them to the purchase orders and the stock receipts. They also monitor the stock and requirement for purchase orders.
This is regularly taking into account interest for the merchandise and administrations it offers, contrasted with the expense of creating them. Financial specialists use forecasting to figure out whether an occasion influencing an organization, for example, deals desires, will expand or diminish the cost of shares in that organization. Forecasting additionally gives a critical benchmark to firms, which have a long haul viewpoint of operations. Stock experts use different forecasting routines to decide how a stock's cost will move later on. They may take a gander at income and contrast it with financial markers, or may take a gander at different pointers, for example, the quantity of new stores an organization opens or the quantity of requests for the merchandise it produces.
Accrual basis accounting records the transaction immediately in a type of account, such as accounts payable, money owed to other companies for services; or accounts receivable “money owed by its debtors” ("Google.com", 2012). Later when the business pays out or is paid; they perform a balance by debiting one account and balancing by credit the corresponding and opposite account. Tracking the relationship between purchase and sale easier, something cash basis accounting fails at. In general, accrual basis accounting is preferred at tax time and for medium to large business. The classic example is expense.
Would a job order cost system or a process order cost system work for Super Bakery. Why or why not? After much research the company end up changing the system; the one that will identify the cost associated with the activities performed in the business of warehousing, shipping, and manufacturing. Super Bakery is now able to track the profit from each customer's account and the performance of