Accountancy

[rishasen]

What are all the rules and guidelines for accounting for doctors and barristers. the treatment of accounts, preparation of statements and journal entries?

[-Zorro-]

Journal Entries are adjustments to the accounts. Anything thaat is not in the Prime Books of Entry (Cashbook, Purchase Daybook, Sales Daybook)

So if you want to bring in Hire Purchase Interest, Depreciation etc which or move misposted items you use a journal entry.

You Debit one Account and credit another or others...both sides oog=f the entry must equal each other.

Ive not really done doctors or barrasters accounts much. With Doctors you have speacial disclosures of stats....ie the quotas for pescriptions etc...meeting NHS targets etc i think.

I dont think barrasters have special rules. They have Income and expenses basically. Work in Progress is probably the only issue...with new rules meaning they have to value WIP at sales value to include profit on work unbilled at year end.