CTH Finance for Tourism and Hospitality by BPP Learning Media

By BPP Learning Media

BPP studying Media is proud to be the professional writer for CTH. Our CTH examine courses give you the ideal tailored studying source for the CTH examinations and also are an invaluable resource of reference and data for these making plans a occupation within the hospitality and tourism industries.

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Sample text

The double entry to record both of the events would be: Debit Bank Debtors account 400 400 Credit Debtors account Bank Dennis Debtor Bal b/d Reinstating the debt £ 600 400 Bank 400 400 A/c no: SL 51 £ 400 When a business decides that a particular debt is unlikely ever to be repaid, the double entry bookkeeping is fairly straightforward, but there are two separate transactions to record. ƒ When it is decided that a particular debt will not be paid Debit Bad debts account ƒ Credit Debtors account At the end of the accounting period At the end of the year, the balance on the bad debts account is transferred to the P&L ledger account (like all other expense accounts): Debit P&L account Credit Bad debts account The realisation that Dennis Debtor might be insolvent requires the business to write-off the whole balance on the account at that time.

16 What is the purpose of a trial balance? 17 Give four circumstances in which a trial balance might balance although some of the balances are wrong. 18 What is an error of commission? 19 Define an accrual. 20 Where are the prepayments reported in the financial statements? 29 FINANCE FOR TOURISM AND HOSPITALITY SELF-TEST ANSWERS 1 Business organisations need to record transactions for: ƒ ƒ ƒ ƒ ƒ ƒ Sales of goods and services Purchases of stock and other items Operating the bank account Maintaining stock Paying wages Making payments for expenses 2 The two main financial statements are the PROFIT AND LOSS ACCOUNT and the BALANCE SHEET.

The reduction could be due to a variety of reasons such as: (a) (b) (c) Goods were not according to specifications; Goods were damaged during packing or transit; Goods were faulty. A credit note is sometimes printed in red to distinguish it from an invoice. Otherwise, it will be made out in much the same way as an invoice, but with less detail and a 'Credit Note Number' instead of an 'Invoice Number'. 35 FINANCE FOR TOURISM AND HOSPITALITY From the seller's point of view the credit note serves the following purposes: It indicates that the amount shown on the credit note is not now due from the customer.

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