Accounting Igcse Cie
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The-Purpose-Of-Accounting Igcse Cie3 主题
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Business-Documents Igcse Cie3 主题
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Books-Of-Prime-Entry Igcse Cie2 主题
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Double-Entry-Book-Keeping-With-Ledger-Accounts Igcse Cie8 主题
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The-Double-Entry-System Igcse Cie
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Ledgers Igcse Cie
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Recording-Sale-Transactions Igcse Cie
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Recording-Purchase-Transactions Igcse Cie
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Recording-Other-Transactions Igcse Cie
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Balancing-Accounts Igcse Cie
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Transferring-Balances-To-The-Income-Statement Igcse Cie
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Interpreting-Accounts-And-Their-Balances Igcse Cie
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The-Double-Entry-System Igcse Cie
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The-Cash-And-Petty-Cash-Books Igcse Cie2 主题
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The-Trial-Balance-And-Correction-Of-Errors Igcse Cie4 主题
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Bank-Reconciliation Igcse Cie2 主题
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Control-Accounts Igcse Cie3 主题
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Capital-And-Revenue-Expenditure-And-Receipts Igcse Cie2 主题
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Depreciation-And-Disposal-Of-Non-Current-Assets Igcse Cie3 主题
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Other-Payables-And-Other-Receivables Igcse Cie2 主题
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Irrecoverable-Debts-And-Provision-For-Doubtful-Debts Igcse Cie2 主题
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Valuation-Of-Inventory Igcse Cie2 主题
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Financial-Statements-For-Sole-Traders Igcse Cie8 主题
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Sole-Traders Igcse Cie
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Income-Statement Igcse Cie
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Statement-Of-Financial-Position Igcse Cie
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Adjustments-For-Provision-For-Depreciation Igcse Cie
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Adjustments-For-Provisions-For-Doubtful-Debts Igcse Cie
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Adjustments-For-Accrued-And-Prepaid-Expenses Igcse Cie
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Adjustments-For-Accrued-And-Prepaid-Income Igcse Cie
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Adjustments-To-Financial-Statements Igcse Cie
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Sole-Traders Igcse Cie
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Financial-Statements-For-Partnerships Igcse Cie5 主题
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Financial-Statements-For-Limited-Companies Igcse Cie4 主题
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Financial-Statements-For-Clubs-And-Societies Igcse Cie5 主题
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Financial-Statements-For-Manufacturing-Businesses Igcse Cie3 主题
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Incomplete-Records Igcse Cie4 主题
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Accounting-Ratios Igcse Cie6 主题
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Accounting-Principles-And-Policies Igcse Cie2 主题
Calculating-Values-Using-Control-Accounts Igcse Cie
Exam code:0452 & 0985
Calculating values using control accounts
How can I use a ledger account to find a missing value?
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If you are missing just one value from an account then you can find it
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STEP 1
Draw up the ledger account -
STEP 2
Fill in the known values -
STEP 3
Find the balancing figure for the account-
This is the missing value
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What information can I find using a sales ledger control account?
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You can use a sales ledger control account to find the following information:
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The trade receivables balance at the start of the financial year
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The trade receivables balance at the end of the financial year
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Credit sales
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Credit sales returns
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Receipts from trade receivables during the year
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Discount allowed to trade receivables
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Irrecoverable debts written off
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Examiner Tips and Tricks
Exam questions commonly ask you to find the value of the credit sales.
Credit sales
= payments from credit customers
– opening trade receivables
+ closing trade receivables
+ cash discounts allowed
+ credit sales returns
+ irrecoverable debts written off
+ contra entries
– interested charged to credit customers
What information can I find using a purchases ledger control account?
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You can use a purchases ledger control account to find the following information:
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The trade payables balance at the start of the financial year
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The trade payables balance at the end of the financial year
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Credit purchases
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Credit purchases returns
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Payments to trade payables during the year
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Discount received from trade payables
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Examiner Tips and Tricks
Exam questions commonly ask you to find the value of the credit purchases.
Credit purchases
= payments to credit suppliers
– opening trade payables
+ closing trade payables
+ cash discounts received
+ credit purchases returns
+ contra entries
– interested charged by credit suppliers
What information can I find using a cash book?
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You can use a cash book to find the following information:
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Amounts paid by the business
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Cash purchases
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Expenses
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Payments to trade payables
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Drawings
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Amounts received by the business
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Cash sales
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Income
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Receipts from trade receivables
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Capital introduced
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Examiner Tips and Tricks
Remember sales and purchases can be made on a credit or cash basis.
Total sales = Credit sales + Cash sales
Total purchases = Credit purchases + Cash purchases
Worked Example
Mini is a sole trader who does not keep full accounting records. Mini provided the following information.
|
|
1 January 2023 $ |
31 December 2023 $ |
|
Shop fittings |
9 000 |
9 000 |
|
Inventory |
35 600 |
39 800 |
|
Trade receivables |
19 200 |
18 400 |
|
Bank |
6 000 |
9 600 |
|
Trade payables |
20 800 |
16 000 |
|
Expenses owing |
300 |
420 |
Receipts and payment summary for the year ended 31 December 2023:
|
|
$ |
|
Receipts from trade receivables |
117 500 |
|
Payments to trade payables |
72 600 |
|
Drawings |
33 500 |
|
General expenses |
30 600 |
|
Purchase of shop fittings |
3 000 |
|
Cash sales |
38 000 |
|
Cash purchases |
12 200 |
No cash discount was allowed or received during the year.
Prepare the trading section of the income statement for Mini for the year ended 31 December 2023.
Answer
Find the credit sales by using a sales ledger control account. The credit sales will be the balancing figure.
|
Date |
Details |
$ |
Date |
Details |
$ |
|
2023 Jan 1 |
Balance b/d |
19 200 |
2023 Dec 31 |
Bank (receipts) |
117 500 |
|
Dec 31 |
Sales |
116 700 |
Dec 31 |
Balance c/d |
18 400 |
|
135 900 |
135 900 |
||||
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2024 Jan 1</ |
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