I need help!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi all, I'm really hoping that someone could help me! I'm currently at college studing the aat level 2! I'm not getting on well at college as i just can't understand anything! i have my exam in just 4 weeks and I tried a past exam paper, everything that i have been taught i have forgotten about! Does anyone have any tips on the sales day book as i really don't understand!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:I need help!

    The sales day book records all credit sales, so customers who buy goods from you but don't pay there and then. You should have a total column, a VAT column and analysis columns. The total obviously goes in the total column and the vat in the vat column and the net goes into the analysis column. Sometimes this is just headed Sales Ledger or can be the individual customers name.

    You then need to post the totals to the account. DR the Total to the SLCA. CR the VAT to VAT and CR the net to sales. You then need to post the individual amounts to the accounts in the subsidiary sales ledger (the customers accounts) and these should all add up to what you have in your SLCA.

    I hope this helps

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:I need help!

    Thanks, that is a bit clearer now. I think i'm just getting stressed coz by exam is in 4 weeks and i haven't even really grasped the debit and credits and what goes where!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:I need help!

    Try PEARLS or DEADCLIC

    Purchases: debit
    Expenses: debit
    Assets: debit
    Revenue: credit
    Liabilities: credit
    Sales: credit

    DEBIT
    Expenses
    Assets
    Drawings
    CREDIT
    Liabilities
    Income
    Capital

    If your TB doesn't balance try the following things:

    Add up both columns again!

    Identify the difference and divide this by 9. If it divides into a whole number there is a transposition error somewhere

    Divide the difference by 2 and see if you can spot this figure on the TB, if so it is on the wrong side.

    Good luck

    Gem

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