Purchases Journal and Purchases Return Journal

Download the following slides for this Study Unit before you proceed. Please note that the layout is set as two slides per page.

Handout: Study Unit 5D – Processing Accounting Data PART D Notes (PDF)

You’ll also need the following handout for the Class Example we’re going to do for the PJ and PRJ

This includes:

Required
Format for the PJ
Format for the PRJ
Format for the GJ
Format for the GL
Solution for the PJ
Solution for the PRJ
Solution for the GJ
Solution for the GL

Handout: Class Example – Best Skin Care Purchases Journal and Purchases Returns Journal (PDF)

Lecture 1: Purchases Journal – What is it? (VIDEO)

We introduce the Purchases Journal, including VAT, and show you what it looks like, along with a short example of how to post the transaction to the General Ledger.

Lecture 2: Purchases Returns Journal – What is it? (VIDEO)

We introduce the Purchases Returns Journal, including VAT, and show you what it looks like.

Lecture 3: Purchases and Inventory (VIDEO)

We introduce the systems to deal with inventory once it’s been purchased.

Lecture 4: Best Skin Care PJ & PRJ – Class Example (VIDEO)

Attempt the question on the Purchases Journal and Purchases Returns Journal, then watch the feedback videos.

Lecture 5: Best Skin Care PJ to GL – Class Example (VIDEO)

Attempt the question on the posting of the Purchases Journal and Purchases Returns Journal, then watch the feedback videos. Note, the treatment of VAT in the GL and the Journals required to close VAT input to the VAT Control account.

FAC1502: STUDY UNIT 5D – PROCESSING ACCOUNTING DATA

Study Unit 5(D) covers the following: