Control accounts the account which represents a particular sub ledger, sales ledger and purchases ledger control accounts.
At the end of an accounting period the accounts are balanced off and a trial balance prepared to check the accuracy of the book keeping entries. If a trial balance fails to balance this usually indicates that an error or errors may have been made and needs to be identified. As the business expands the accounting requirements increase which may lead to more errors occurring which are very difficult to find.
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
Control Accounts
Cambridge O Level
Cambridge IGCSE
Accounting
7110
7707
Control Accounts all the theories, past paper questions , model papers short notes
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
Control Accounts
Cambridge O Level
Cambridge IGCSE
Accounting
7110
7707
Control Accounts all the theories, past paper questions , model papers short notes
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
Ledger in financial accounting (11th commerce)Yamini Kahaliya
This presentation is on ledger which is the topic of financial accounting. it contents details about following points. There are:-
1. Meaning of ledger
2. Need & Importance of ledger
3. Advantage of Ledger
4. Difference b/w Journal & ledger
5. Format of ledger
6. Rules of posting
7. Illustrations
8. Exercise
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
Cambridge O level
National O Level
Edexcel O Level
7707
Prime Entry books
Books of Original Entry
Accounting
Introduction to Accounting
Accounting process
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
Ledger in financial accounting (11th commerce)Yamini Kahaliya
This presentation is on ledger which is the topic of financial accounting. it contents details about following points. There are:-
1. Meaning of ledger
2. Need & Importance of ledger
3. Advantage of Ledger
4. Difference b/w Journal & ledger
5. Format of ledger
6. Rules of posting
7. Illustrations
8. Exercise
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
Cambridge O level
National O Level
Edexcel O Level
7707
Prime Entry books
Books of Original Entry
Accounting
Introduction to Accounting
Accounting process
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
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Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.
This slide is all about accounting. such as
accounting cycle,Business, Proprietor,Capital, Drawings, Purchase, Purchases returns,Sales,Sales returns,Trade discount,Cash discount,Commission,Expense,Debtor (Account Receivable),Creditor,Assets,Liabilities,Stock (Inventory),Equity,Types of equity,Definition of Accounting,Types of equity,Financial Accounting,Cost Accounting,Management Accounting,Functions of Accounting
this slide is all about accounting such as It includes any activity undertaken for the purpose of earning profit e.g:
Banking business
An insurance business
A merchandise business etc
The amount with which the trader starts his business or the amount which is actually invested in the business at any given time is known as capital. This is the owners financial interest or holding in the business and is represents by the value of net assets.
Goods purchased are called purchases. When the goods are purchased for cash they are called cash purchases but if they are purchased for which payment will have to be made at some future date it is known as credit purchases.
It is a rebate or allowance from the scheduled price granted by the seller to the buyer.
Trade discount is usually granted in the following circumstances:
When selling to a fellow trader
When the buyer is an old customer
When sales are made in bulk.
As a custom of trade.
It is deduction or allowance allowed by the creditor to a debtor. If a person pays his debt before the due date of payment the receipt may grant him an allowance for doing so. This allowance is known as cash discount.Accounting cycle
make entries in the relevant ledger accounts to record
the:
–– merger of two or more sole traders’ businesses to
form a partnership
–– merger of a sole trader’s business with an existing
partnership to form an enlarged partnership
–– acquisition of a sole trader’s business or partnership
by a limited company
• prepare income statements and statements of financial
position for the newly formed business following the
merger, for example the limited company acquiring the
partnership
• evaluate and discuss the advantages and disadvantages
of the proposed merger.
Advantages or reasons behind the business purchase(acquisition) and merger : Synergy, Vertical integration etc
Purchase consideration
Goodwill
Net Assets
Standard Costing
Candidates should understand the application of a system of standard costing to an organisation.
Candidates should be able to:
• calculate the following variances:
– direct material price and usage
– direct labour rate and efficiency
– fixed overhead expenditure, capacity, efficiency and volume
– sales price and volume
• reconcile standard cost to actual cost
• reconcile standard profit to actual profit
• explain the causes of the variances and their relationship to each other
• discuss how standard costing can be used as aid to improve the performance of a business
• discuss the advantages and disadvantages of a standard costing system.
Investment Appraisal: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Budget : The financial plan for a short period of time: Individual Budgets : Purchases Budget: Production Budget: Sales Budget: Labour Budget: Trade Receivables Budget: Trade Payables Budget: Inventory Budget: Master Budgets: Cash Budget: Budgeted Income Statement : Budgeted Statement of Financial Position: Evaluation of Budgets ( Advantages and Disadvantages of Budget): recognize the effect of limiting factors on the preparation of budgets: prepare a flexed budget statement: entify and explain the causes of differences between actual and flexed budgeted data
• make business decisions and recommendations using supporting data
• discuss the behavioural aspects of budgeting
Standard Costing: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Activity Based Costing:
The latest costing method in this centaury;
Cost Drivers; Cost Pool; Cost Driver Rates ; All the ABC Cambridge A Level Past paper questions ; ABC Model questions
Introduction.
Discuss the role of the auditor
Discuss the auditor’s basis of opinion
Identify the records that require to be audited
Explain the connection between shareholders, directors and auditors
Understand what is meant by the term ‘true and fair view’
Discuss the role of directors.
Stewardship
Extra readings
Past paper questions.
Model questions.
Summary
Correction of accounting errors for a Level or level under National , Edexcel and Cambridge Syllabuses
Situations where errors take place:
Two types of errors , Errors which are not revealed by the trial balance and errors which are revealed by the trial balance, errors of omission , commission , principle, original entry , compensating and complete reversal , suspense account , past papers
Activity-based Costing
Cambridge A2
MA
Paper 03
Activity based costing: defined by CIMA
Cost drivers
Cost driver rate
Cost pools
Stages in using an Activity-Based Costing System
Advantages of Activity-Based Costing System
Dis-advantages/Limitations of Activity-Based Costing System
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2. Control Accounts
* Introduction
* Advantages of Control Accounts
* Sales Ledger Control Account
* Purchases Ledger Control Account
* Balances on Both Sides of a Control Account
* Contra entries in Control Accounts
* Summary
Sanjaya Jayasundara Accounting
3. Introduction
At the end of an accounting period the accounts are balanced off and a trial
balance prepared to check the accuracy of the book keeping entries. If a trial
balance fails to balance this usually indicates that an error or errors may have
been made and needs to be identified. As the business expands the
accounting requirements increase which may lead to more errors occurring
which are very difficult to find.
To help alleviate the problem of identifying errors more easily, what is
required is a type of mini trial balance for the sales and purchase ledgers and
this is met by a control account. The two main control accounts are as follows.
* Sales ledger control account – an account which summarizes the
customer accounts (debtors) in the Sales Ledger.
* Purchases ledger control account – an account which summarizes
all the supplier accounts (creditors) in the Purchases Ledger.
Sanjaya Jayasundara Accounting
4. Advantages of Control Accounts
• Locating errors when the trial balance fails to balance.
• They are proof of the arithmetical accuracy of the ledgers they control.
• The balances on these accounts are regarded as being equal to the total
debtors and the total creditors, so this information is available
immediately.
• Draft final accounts can be prepared quickly because of the balances
provided by the control accounts.
• They help to reduce fraud as the control accounts are prepared by someone
who has not been involved in making the entries in those particular
ledgers.
• They provide a summary of the transactions affecting the debtors and
creditors for each financial period.
Sanjaya Jayasundara Accounting
5. Sales Ledger Control Account
This is also referred to as a total debtors account. This account resembles the
account of a debtor, but instead of containing transactions concerned with just
one person or business it contains transactions relating to all the debtors.
Sales Ledger Control Account
Sanjaya Jayasundara Accounting
Date Details Folio $ Date Details Folio $
Balance b/d ×× Sales returns ××
Sales ×××× Cash ×××
Bank (dishonoured Cheque) ×× Bank ×××
Bank/Cash (refunds) × Discount allowed ××
Interest charged × Bad debts ××
Balance c/d ××
×××× ××××
Balance b/d
6. Purchases Ledger Control Account
This is also known as a total creditors account. This account resembles the
account of a creditor, but instead of containing transactions concerned with
just one person or business it contains transactions relating to all the creditors.
Purchases ledger Control Account
Sanjaya Jayasundara Accounting
Date Details Folio $ Date Details Folio $
Purchases returns ×× Balance b/d ××
Cash ××× Purchases ××××
Bank ××× Interest charged ×
Discount received × Bank/Cash (refunds) ×
Balance c/d ××
×××× ××××
Balance b/d ××
7. Balances on Both Sides of a Control Account
Occasionally a debtor’s account may show a credit balance. This may occur due to the
following factors:
* an overpayment by the debtor.
* the debtor returning goods after paying the account.
* the debtor paying in advance for the goods.
* cash discount not being deducted before payment was made.
In the sales ledger control account it is usual to keep any credit balance
separate from the debit balance. The control account will, therefore, have two
balances – the usual debit balance representing money owing by debtors, and
the more unusual credit balance representing money owing to debtors.
Sanjaya Jayasundara Accounting
8. In a similar way, a creditor’s account can show a debit balance. This may occur
due to the following factors:
* an overpayment to the creditor.
* returning goods to the creditor after paying the account.
* paying the creditor in advance for the goods.
* cash discount not being deducted before payment was made.
As in the sales ledger control account, the debit balance and the credit
balance are shown separately in the purchases ledger control account. The
purchases ledger control account will, therefore, have two balances – the
usual credit balance representing money owing to creditors, and the more
unusual debit balance representing money owing by creditors.
Sanjaya Jayasundara Accounting
9. Contra entries in Control Accounts.
These are also known as inter-ledger transfers or set-offs.
It may happen that a business sells goods to another business and also buys
different goods from that business. This means that there will be two ledger
accounts for that business – one in the sales ledger and the other in the
purchases ledger.
Rather than each business sending the other a cheque to cover the amount
due, they may agree to set one account off against the other. Any remaining
amount will be settled by one business issuing a cheque.
Sanjaya Jayasundara Accounting
10. Summary
• The main purpose of control accounts is to assist in locating errors in the
sales ledger and the purchases ledger.
• A sales ledger control account resembles the account of a debtor but
contains transactions affecting all debtors.
• A purchases ledger control account resembles the account of a creditor but
contains transactions affecting all creditors.
• The information to prepare control accounts is obtained from the books of
prime entry.
• It is possible to have a balance on each side of a control account.
• If a business is both a customer and supplier, a contra entry may be made to
transfer a balance from the sales ledger account to the purchases ledger
account.
Sanjaya Jayasundara Accounting