Final Accounts II
Advancing on final accounts I, you will learn how to extend the trial balance in order to prepare the final accounts of the business. This course is perfect for the more experienced financial or those who already have a clear understanding of the pri
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Advancing on final accounts I, you will learn how to extend the trial balance in order to prepare the final accounts of the business. This course is perfect for the more experienced financial or those who already have a clear understanding of the principles of book-keeping, purchase and sales ledger. Successful completion of this course will enable you to work towards further qualifications.
Aims and Objectives
To learn how to extend the Trial Balance in order to prepare the Final Accounts of business (Profit and Loss account and Balance sheet).
Target Audience
Those who wish to perform the final accounts of a business.
Prerequisites
Students must have basic book-keeping skills. Ideally they should have completed the Basic Book-keeping, Purchase Ledger and Sales Ledger courses and must have completed Final Accounts I.
Course content
- Lesson 1: Adjustments made to the Trial Balance; capital expenditure and revenue expenditure; calculating accruals and prepayments; bad debts; calculating the value of stock.
- Lesson 2: Using the Journal; double entry to be used for the most common year-end adjustments; making Journal entries in order to record adjustments made in the ledger accounts.
- Lesson 3: Extending the Trial Balance to include Journal entries , accruals and prepayments; calculating the profit , or loss of the business.
- Lesson 4: Preparing a P&L account and Balance Sheet; preparing a profit and loss account and balance sheet; calculating the gross profit percentage; calculating the mark up percentage.
- Lesson 5: Closing off the ledger accounts; identifying which balances are transferred to the next accounting period and which are transferred to the Profit and Loss account.
