Bookkeeping and Accounts (City & Guilds Level 2)

At the end of the course candidates should be able to to do the following at Level 2: Ledger Accounting: Post ledger transactions, total and balance accounts, bringing down balances: sales ledger; purchase ledger; general ledger. Control Accounts: Prepare and reconcile control accounts with individual ledger account balances in subsidiary ledgers for: sales ledger control account; purchase ledger control account. Correction of errors: Identify different types of errors in ledger accounts: incorrect double entries, missing entries, numercial inconsistencies, incorrect calculations. Make appropriate adjustments in the Journal and the respective ledger accounts. Create and clear a suspense account where necessary. Accounting for capital expenditure and depreciation: Distinguish between capital and revenue expenditure; Record depreciation using: straight line method, reducing balance method. Prepare accounts for depreciation and provision for depreciation. Year end adjustments: Write off bad debts; Create and increase/reduce the provision for doubtful debts account; Account for accurals and prepayments in ledger accounts; Make appropriate adjustments in the journal; Prepare a trial balance from cash book and ledger balances; Prepare a revised trial balance from one initially drafted incorrectly. Extended trial balance: Complete an extended trial balance making adjustments for end of year: accruals; prepayments; bad debts; doubtful debts; depreciation; closing stock.

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