Virginia Tutoring Programme - VTP

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10/02/2022

Bank Reconciliation Statement (BRS)
Is a document prepared by a business to explain the differencesbetween IT'S BOOKS and the ENTRIES ON THE BANK STATEMENT.

Bank Statement - is a document sent by the bank at the end of every month showing all the transactions that took place on the business' bank account.

Two differences that can exist between Bank Statement and the Books Of A Business.

1) If a transaction appears on the Bank Statement but NOT in the Books Of The Business.

We enter the missing or ommited transaction on the Cash Journals (CPJ or CRJ), in order to update the books.

2) If a transaction appears in the BOOKS of The Business but NOT on the Bank Statement.

We record the amount on the Bank Reconciliation Statement and check next month if the Bank Statement has been updated.

Items that are on the Bank Statement that are NOT in the BOOKS of the Business

*Direct Deposit
*EFTs received
*Interest Income (on Current account or fixed deposit or savings account)
*EFT stopped
All these are recorded on the CRJ (Dr Side Of Bank Account via General Ledger)

Entered in the CPJ (Cr side of Bank Account) are:
*Dishonored EFTs
*Bank Charges (add services fees, EFT fees, Credit Card Levies, Cash Deposit Fees)
*Debit Order
*Stop Order
*Interest Expense (On Overdraft or loan from a bank or for not paying creditors on time)

To be continued

31/01/2022

Good Morning Virginians...

We are back again, and this time for good.

We still offer help with Accounting and Mathematical Literacy, only that this time it's R50 per month per subject for Grade 10,11 and 12..

We're here to help your child.

We'll keep you updated.
Thanks.

16/04/2021

Formats regarding Cash effects from OPERATING ACTIVITIES

Cash Flow Statement for the year
Cash flow from operating ?
activities
=
Cash Generated From ?
Operations [Note 1]
Interest Paid (?)
Dividends Paid (?)
Taxation Paid (?)

+\- Cash Flow from
investing activities
+\- Cash Flow from
financing activities
=
Net Change in Cash
and Cash Equivalents
Cash and Cash Equivalents
@ the beginning
Cash and Cash Equivalents
@ the end

Cash flow from operating activities
= Cash Generated From Operations -Interest Paid - Dividends Paid - Taxation Paid

16/04/2021

Going through each Cash Effect.

CASH EFFECT FROM OPERATING ACTIVITIES

*Operating Activities are the main income earning of a company.

*Examples are :
1) Buying and Selling Stock
2) Paying Creditors
3) Receiving Payment from Debtors
4) Paying all the Expenses e.g wages, water, motor vehicle expenses, etc
5) Paying SARS the Tax due
6) Paying Shareholders a Dividend

* DEPRECIATION Expense is a NON - CASH item that reduces profit, but DOES NOT IMPACT CASH FLOW. Hence, IT IS ADDED BACK.

*INTEREST and TAX cash flows will need to be DEDUCTED if they are to be treated as OPERATING CASH FLOWS

16/04/2021

CASHFLOW STATEMENT information.

*We have Cash Flow from
1) Operating Activities
2) Investing Activities
3) Financial Activities

Cash Flow Statement
*is one of the three key financial statements that reports the cash generated and spent during a specific period of time.

*acts as a bridge between the Income Statement and the Balance Sheet, by showing money moving in and out of the business.

Format of the Cash Flow Statement

+\-Cash effects from operating activities
+\-Cash effects from investing activities
+\-Cash effects from financing activities
=Net change in cash and cash equivalents
Cash and cash equivalents @ the beginning of the year
Cash and cash equivalents @ the end of the year

NOTE : Outflow of cash will be shown in (BRACKETS) to indicate a negative effect on cash or moving out of cash from the business.

24/02/2021

MATHEMATICAL LITERACY

CONVERSIONS

King (Km (10 000 )
Henry (Hm
Died (Dm
Miserable (M ) (1 000 )
Death (Dm
Called (Cm ( 100 )
Malaria (Mm ( 10 )

From BIGGEST to you SMALLEST MULTIPLY

From SMALLEST to BIGGEST you DIVIDE

Tan (T) (10 000)
Kilogram (Kg) (1 000)
Gram (g) (100)
Mliligram (mg) (10)

From BIGGEST to SMALLEST you MULTIPLY

From SMALLEST to BIGGEST you DIVIDE

Kilolitre ( Kl ) ( 1 000 )
Litre ( L ) ( 100 )
Millilitre ( ml ) ( 10 )

From BIGGEST to SMALLEST you MULTIPLY

From SMALLEST to BIGGEST you DIVIDE

21/02/2021

Meaning of Redeemable Preference Shares with Key Explanations

Preference shares can be in several forms. This depends on the purpose of such shares. And the decision of the board of directors. For redeemable preference shares, the aid is to redeem or call back the shares.

What are redeemable preference shares?

A type of preference shares where the issuing company has the right to redeem the shares at any time or a date agreed by the Board of Directors.

It can also be defined as shares with callable options upon the board of directors' decision.

Key Explanations

These shares have similar features with other preference shares. It attributes are:

Fixed dividend. The dividend is fixed. For example, a 6% 10000 redeemable preference shares @ N1 each. The coupon rate is 6 per cent. Meaning the entity can pay a total of 600 Naira as a dividend. This means that 600 Naira will be paid every year by the issuing company.

Continue reading: https://sbaccounting.com.ng/meaning-of-redeemable-preference-shares-with-key-explanations/

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