Sundry Accounts

[CLIVE-TRIANGLE]

No. Never. Ever.
A R1. movement in capital is disclosable and is never sundry.
Try faxing this question to me at 086 512 9974 and I will guide you. Or else send it to me with a private message.

[Simimano]

Sigh..

Its not that hard..I don't understand why I cannot succeed.
Furthermore, I will see what I can accomplish on my own, Though I will PM you if I cannot come right.

[Elijah]

The adjective "sundry" is used with expenses. Expenses are nominal accounts that is to say the will only last for the Financial period in question at the end of the financial period, closing journals are carried out. What the closing journals clear-out all nominal accounts for the year, so that at the beginning of the following financial period, they all have zero balances. Real accounts on the other hand are never "cleared-out" but their balances carry forward perpetually, because they are more "important" then nominal accounts. The Capital account is a real account, this is a different class of accounts to expenses, so like Clive-Triangle mentioned even R1 Is not insignificant.

Dont worry, it's going to take time for you to see the "whole puzzle" then it will all make sense, thats just how Accounting works, almost everything is inter-related, one big web. When you study GAAP or IFRS then everything will make sense. You dont sound like a quitter, so GOOD LUCK

Accounting can be as diverse as the Business environment it serves.

[Simimano]

How could I forget..Its a Capital account which means it has nothing to do with sundry..

Did you study GAAP and/or IFRS? Yes, it would appear to be one big puzzle! That I am yet to complete..Understand and master!
Thanks for the Good luck, I will need it!

[Elijah]

Studied GAAP when I did Financial Accounting III

[Simimano]

I was completing my task today when this popped up and this is why I am partly confused..Okay, It is CRJ, Receiving money, but how come Capital is in Sundries? And this is correct, according to my books:



Could someone please clarify for me?

[Elijah]

This is why I ask in an earlier post, whether you doing the accounts for an existing business or if it is study/course related. For practical purposes, you have to be very careful when using sundry accounts you have to think ahead. But most course designers have a somewhat different definition and use of the term sundry. Since you immediate goal is to pass the course, best to follow the course material.

What course are you doing ???

[CLIVE-TRIANGLE]

In this instance, sundry accounts means ALL accounts other than Debtors. This is just terminology.

CRJ mostly records receipts from debtors, whereas the sundry accounts column merely means you must name it an insert the folio. The alternative is to have a column for every single account in the TB.

This as opposed to how your question actually came across, which was a reference to a specific ledger account named 'Sundry Expenses'.

[Simimano]

This is definitely course related, I am doing an advanced accounting course, I am just looking for better explanations..as the ones that are provided with the study material are insufficient, Though that is just my opinion, I suppose some people want to complete it faster than others and don't need so much reading material, I'd like more clarity though as I need to understand before I can move on to the next topic.

CLIVE-TRIANGLE; The question that I first presented is exactly how it is. I hate to say this again but please clarify your second paragraph. I was looking for Sundry accounts broken down, yes.

[Elijah]

Clive-Triangle explained it quite well, it's just terminology, don't confuse sundry accounts when used in the CRJ with sundry expenses, you could very well use "Other Accounts" in the CRJ , this is just a limitation of the usage of english language, much like the words assumption and presumption, they not clearly defined in usage.

Main thing is to remember the following:

In this instance, sundry accounts means ALL accounts other than Debtors. This is just terminology.

CRJ mostly records receipts from debtors, whereas the sundry accounts column merely means you must name it an insert the folio.

[Simimano]

Thanks a lot for the continuous help, I appreciate it!

It is quite simple, My mistake is taking things and turning it into a real complex matter..

This is all that was in The CPJ:



But I will get the hang of it, Its a matter of being realistic once you have the basic knowledge of something.