Dear Mr.Chris Smail,
I am taking accounting course at night time and i got plenty of "Frankwood" books at home.
But no text book can tell me about practical case.
Find some help
Dear BigBad Wolf,
The reason why I ask so many questions here is that I want to solve problem and learn more about accounting.
approach the company's external accountants need money. I got some idea on my head, please comment
Rental depositDr. Director's C/A $84,000 Cr. Rental deposit received $84,000
Dr. Rental deposit received $84,000Cr. Account payable $84,000
Management Fee depositDr. Management Fee deposit $6807Cr. Director's C/A$6807
Dr. A/C receivable$6807Cr. Management Fee deposit$6807
Rent & RatesDr. Rent & Rates $1467Cr. Bank $1,467
Dr. A/C Receivable $1467Cr. rent & Rates $1467
Adjustment make at completion of transactionDr. Bank $6692713Dr. Legal Fee $7700Dr. Account payable $84000
Cr. Sale of property $6777000Cr. Account Receivable $7413
Dr Bank 6,692,713 Legal Fee 7,700 Rental Deposit 84,000 Cr Sales of Property 6,777,000 Management Fee deposit $6,807 Rent & Rates $606 To record the sales receipts of property, refund of rental deposit, payment of the legal fee and expenses to be paid by the Purchaser
My position is Accounting Clerk, just because the accountant of my company quit his job, I must take over his position. I am not allowed to ask for any help from outside. "accountingWEB" is the only source for me to ask questions. Anyway, Thanks for your recently reply.
Thanks for reply,
But I am running a very small company, we have only 3 staff and 2 boss(shareholders),
we never paid dividend and shareholders receive salary.
(1) Should I still use "dividend" to pay money to shareholders?
(2) On my experience of studying Accounting, I was told by the text book that dividend is paid twice
a year (Interim and Final divdend), can I pay dividend on demand with any amount?
(3) How many ways that a shareholders can draw money from company? Salary, Dividend, Expenses claimed..........and..
Please also tell the nature of the Shareholder's Current Account.
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