• Identify different forms of payment and how to ensure their validity

• Describe the effect different forms of payment have on an organisation’s bank balance and explain when funds banked are cleared and available for use

• Update the cash book and prepare a bank reconciliation

and answer questions relating to these areas

• Understand the reasons for reconciling the receivables and payables ledger control accounts with the receivables and payables ledgers

• Identify discrepancies between:

  • The receivables ledger control accounts and the individual customer accounts

  • The payables ledger control accounts and the individual supplier accounts

• Identify the reasons for these discrepancies

and answer assessment style questions relating to these areas

By the end of this session, you will be able to:

• Understand the purpose of a journal as a book of prime entry

• record payroll transactions into the journal

• Record entries for payroll transactions into their corresponding ledgers

and answer assessment style questions relating to these areas

By the end of this session, you will be able to:

• Identify which errors are detected by the trial balance, and which are not

  
  

• Understand how the journal works and use the journal to make corrections

• Understand how the suspense account works, create a suspense account and produce journals to clear the suspense account

and answer assessment style questions relating to these areas

Since creating it, I have found it helpful for revision on the subject; so thought to provide it for anyone else who may find it useful.

Merry Christmas all!

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  • Produce journals for opening entries of a new business

  
  

  • Recalculate the balance of a general ledger following journal entries

  
  

  • Complete and balance a trial balance from adjusted and unadjusted balances

and answer assessment style questions relating to these areas

Areas to revise further are:

Writing off irrecoverable debts .

Recognising correct occasions to use journal entries .

Correction of errors in the journal .

Reconciling control accounts .