CTH Finance for Tourism and Hospitality by BPP Learning Media

By BPP Learning Media

BPP studying Media is proud to be the reliable writer for CTH. Our CTH research publications give you the excellent tailored studying source for the CTH examinations and also are an invaluable resource of reference and data for these making plans a profession within the hospitality and tourism industries.

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Extra resources for CTH Finance for Tourism and Hospitality

Sample text

It is in the best interests of the customer to delay paying for the goods for as long as possible. In contrast, the business will want payment as soon as possible. Typically, an invoice will state that payment is due 30 days from the invoice date. However, to persuade the customer to pay early, a percentage discount may be offered if payment is made before the due date. 40 2: ACCOUNTING FOR CREDIT TRANSACTIONS A settlement discount is therefore different in nature to a trade discount. A trade discount is a defined reduction in price that is being given to the customer.

In particular ensure that the bank balance and petty cash balances have been included as these are generally kept physically separate from the main ledger. STEP 5 Check that the calculation of the balance on each of the ledger accounts is correct. STEP 6 Look in the ledger accounts for any entry that is for the same amount as the difference on the trial balance and, if it is found, check that the double entry for this transaction has been correctly carried out. STEP 7 Look in the ledger accounts for any entry that is for half the amount of the difference on the trial balance and, if it is found check that the double entry for this transaction has been correctly carried out.

The double entry to record the discount received for the ABC Company would be: Debit Creditors account Credit Discounts received account Discounts allowed are where a business 'allows' its customers to take a discount in return for early settlement of the amount owing to the business. In this case there will be less money received than the amount at which the debtor is shown in the books. The remaining amount is transferred to the Profit and Loss account as a debit entry which again makes sense as the business is ultimately receiving less than it thought it would, effectively reducing its profit.

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