BAB 7

ACCOUNTING FOR MERCHANDISING ACTIVITY

ASSOC. PROF DR KHALID ISMAIL (CMA, IIA, AMP)

MERCHANDISING VS. SERVICING COMPANY

SERVICING COMPANY 1. A servicing company earns net income by selling services. A good example is tuition center or medical center.
2. Net income = Revenue operating expenses (salaries of employees, marketing & accounting, etc).

MERCHANDISING VS. SERVICING COMPANY

MERCHADISING 1. A merchandising company earns net income by buying and selling merchandise. A good example is Mydin that buys groceries, electronics and clothes from manufacturers and resells it to customers.
2. The cost of merchandise is called Cost of goods sold and is a direct expense on the Income statement. 3. Net income = Net sales - cost of goods sold operating expenses (salaries of employees, marketing & accounting, etc).

MERCHANDISING VS. SERVICING COMPANY

To Record Purchasing & Selling of Merchandising

1.

To record Purchase
Journal Entries Date 1/1/20X1 Dr. Purchase Cr Cash (To record purchased by cash) 10/1/20X1 Dr. Purchase Cr. A. Payable (To record purchased by credit) RM5,000 RM5,000 Account Debit RM2,000 RM2,000 Credit

Ledger

Purchase

Jan 1 Jan 5

Cash A. Payable

2,000 5,000
7,000 Cash Jan 1 Account Payable Jan 5 Purchase 5,000 Purchase 2,000 7,000

Continue

2. To Record Sales
Journal Entries Date 1/1/20X1 3/1/20X1 Account Dr. Cash Cr. Sales Dr. Account Receivable Cr. Sales Debit RM3,000 RM3,000 RM6,000 RM6,000 Credit

Ledger

Sales Jan 1 Jan 5 9,000 Cash A. Receivab 3,000 6,000 9,000

Cash
Jan 1 Sales 3,000 Acct. Receivable Jan 5 Sales 5,000

Discount
Eg: Purchase/sales merchandise for RM1,000 with 10% trade discount
1.

To Record Trade Discount or Quantity Discount Journal Entries (Buyer) Account Dr. Purchase Cr. Cash Journal Entries (Seller) Account Dr. Cash Cr. Sales Debit RM900 RM900 Credit Debit RM900 RM900 Credit

To Record Cash Discount

Cash Discount terms

10/20, n/30

Discount %

Discount Period

End of Period for Discount to be Deal

Journal Entries
Journal Entries (Purchaser)

Date
1/1/20X1 10/1/20X1

Account
Dr. Purchase Cr. A. Payable Dr. A. Payable Cr. Cash Cash Discount Journal Entries (Seller)

Debit
RM1,000

Credit
RM1,000

RM1,000

RM900 RM100

Date 1/1/20X1 10/1/20X1

Account Dr. A. Receivable Cr. Sales Dr. Cash Sales Discount Cr. A. Receivable

Debit RM1,000

Credit RM1,000

RM900 RM100 RM1,000

To Record Allowance & Returned of Goods

Allowance refers to getting lower price after complaining the goods are not in good quality. Returned of goods refers to the goods sending back to the sellers or buyers Journal Entries of Buyer 1/1/20X1 Dr. Purchase Cr. A. Payable RM2,000 RM2,000

3/1/20X1

Dr. A. Payable Cr. Allowance & Returned of Goods Journal Entries of Sellers

RM2,000
RM2,000

1/1/2000 3/1/2000

Dr. A. Receivable Cr. Sales Dr. Allowance & Returned of Goods Cr. A. Receivable

RM2,000 RM2,000 RM 2,000 RM 2,000

To Record Transportation Expenses

Transport -in The cost to be charged for bringing goods to premises. The charge must be paid by buyer.

Dr. Transport-in Cr. Cash/A.Payable

xxx xxx

Transport-out The cost of selling goods. The charge is considered as operating expenses and must be paid by the buyer.. Dr. Transport-out Cr. Cash/A.Payable xxx xxx

Terms of Delivery
FOB Destination FOB Shipping Point (FOB = Free On Board)

FOB Destination = the seller will deliver goods to the buyer with no transportations charge. Other term related are: - Transportation cost paid by sellers. - The ownership of goods still on the seller until the goods shifted to the buyer premises. - The safety of goods is liable to seller until the good at the buyers premises.
i.

ii. FOB Shipping Point = The sellers will deliver the goods for free until to the sellers shipping point . buyers primiss hantar barangniaga secara percuma sehingga ke titik perkapalan atau ke kenderaan pengangkutan pembeli. Selepas itu pembeli akan menanggung kos angkutan ke atas barangniaga tersebut sampai ke tempatnya. Antara ciri-ciri FOB Titik Perkapalan adalah seperti berikut : - Kos angkutan ditanggung oleh pembeli. - Hak milik barangniaga bertukar tangan kepada pembeli apabila barangniaga keluar dari gudang penjual. - Keselamatan barangniaga semasa dalam perjalanan adalah tanggungjawap pembeli

Pengiraan Item-Item Penyata Pendapatan

1. 2. 3. 4. 5. 6. 7. 8.

Jualan Bersih Kos Barang Dijual Belian Bersih Kos Belian Kos Barang Sedia Dijual Kos Barang Dijual (KBDJ) Untung Kasar Untung Bersih

Lembaran Kerja Dan Penyata Kewangan Firma Pembarangan

I/Duga Akaun Tunai Debit 12,000 Kredit Pelarasan Debit Kredit I/Duga Terlaras Debit 12,000 Kredit P/Pendapatan Debit Kredit Kunci Kira-Kira Debit 12,000 Kredit

Akaun belum terima

Bekalan pejabat Inventori Bangunan kedai SNT bangunan kedai Van SNT van

8,000
1,200 5,000 60,000 18,000 35,000 7,000 3,500 6,000 600

8,000
600 5,000 60,000 24,000 35,000 10,500 5,000 6,300

8,000
600 6,300 60,000 24,000 35,000 10,500

Akaun belum bayar

Pinjaman bank Modal Amar Azam Ambilan Amar Azam Jualan Belian Elaun dan pulangan jualan Elaun dan pulangan belian Diskaun jualan Diskaun belian Angkutan masuk Angkutan keluar Belanja utiliti Belanja faedah Hasil faedah Belanja am 1,500 161,500 Belanja SN Bangunan kedai 1,300 1,100 800 300 800 30,000 1,500 3,000

13,000
25,000 29,600 3,000 65,000 30,000 1,500 2,000 800 1,500 1,300 1,100 800 300 400 1,500 161,500 6,000 6,000

13,000
25,000 29,600 3,000 65,000 30,000 1,500 2,000 800 1,500 1,300 1,100 800 300 400 1,500 400 1,500 2,000 65,000

13,000
25,000 29,600

6,000

Tutorial
7.10

THANK YOU
SABDA RASULALLAH
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