LCCI Accounting First Level 笔记

LCCIFirstLevelRevisionNotesPage1of1LCCIFirstLevelRevisionNotes1.DoubleEntry,Ledger,P/LAccountandB/SCh1TheAccountingEquationCh2TransactionthroughDoubleEntryCh3PurchasesandSalesCh4Expenses:ProfitorLossCh5BalancingAccounts:theTrialBalanceCh6TradingandProfitandLossAccountsCh7TheBalanceSheetCh8Finalaccounts:morefeatures2.CashBookandDayBookCh9TheDivisionoftheLedgerCh10BankFacilitiesCh11CashBook:twocolumnsCh12CashBook:threecolumns–cashdiscountCh13DayBooks:SalesDayBookCh14ReturnsDayBooksCh19PettyCashBook:ImprestSystem3.AdjustmentsBeforeFinalAccountsCh15AccrualsandPrepaymentsCh16DepreciationofFixedAssetsCh17BadDebtsandProvisionforDoubtfulDebtsCh18BankReconciliationStatementsCh20CapitalandRevenueExpenditureCh21TheJournalCh22ErrorsintheAccountsCh23FinalAccountsandAdjustmentsfurtherconsidered4.MiscellaneousCh24ClubandSocietyAccountsLCCIFirstLevelRevisionNotesPage2of2LCCIFirstLevelRevisionNotesCh.1TheAccountingEquationA=L+OEBalanceSheet=atamomentintimeFormatofB/SB/Sat20X3Purchase200Capital500Cash700Loan200Creditor200900900Ch.2TransactionThroughDoubleEntryLedgershouldincludedate,descriptionandamountCh.3PurchasesandSalesPurchase:goodsboughtwiththeintentionofsellingthemPurchaseoncreditA(+)PurchaseoncashSalesforcashA(-)SalesoncreditPurchasereturn(returnoutward)-GoodreturnstosupplierDrCrA(+)L(-)OE(-)A(-)L(+)OE(+)BankMay1Capital5000PurchaseJohn100John(Creditor)Purchase100PurchaseCash100CashPurchase100SalesCash420CashSales420SalesTom420Tom(Debtor)Sales420ReturnsoutwardJohn420John(Creditor)Returnoutward420LCCIFirstLevelRevisionNotesPage3of3Salesreturn(returninward)Ch.4Expenses:profitorlossExpenseDrawings-notreducedirectlyincapitalaccount-drawingisdifferentfromexpenseBeg.Capital+Profit/Loss=EndCapitalCh.5Balancingaccounts:theTrialBalanceBalanceofftheaccountNilbalance=2sidesequal,notenterinTBTrialbalance=TotalDr=TotalCrDrBalanceCrBalanceCashAssetDebtorPurchaseReturninwardExpenseDrawingCapitalLoanCreditorSalesReturnoutwardCh.6TradingandprofitandlossaccountsNetProfit=Sales–COGS–ExpenseGrossProfitCOGS=OpeningStock+Purchase–ClosingStockTradingandP/Laccount=partofdoubleentrysystem,B/SisnotReturnsinwardTom100Tom(Debtor)Returninward420CashWage100WageCash100CashDrawing100DrawingCash100L.SmithSales300300Balb/d200Bank100Bal.C/d200300TrialBalanceofABCat31May20X3CashCapitalDr1670Cr1670LCCIFirstLevelRevisionNotesPage4of4***StockshowninT/Bisbeginningstock,NOTclosingstockBalanceoffTradingandP/LAccountGiven:Step1)TradingAccountStep2)P/LAccountStep3)CapitalAccountCh.7ThebalancesheetA,L,OEareclosedoff(notpartofdoubleentrysystem)=simplylistedinB/SPurchaseSundries3420SalesSundries4860RentPayableSundries500RentReceivableSundries300OfficeExpenseSundries240LightingSundries370AdvertisingSundries410WTrentTradingandP/LAccountfortheyearended31Dec20X7Purchase3420GrossProfitc/d26406060Sales4860Stock12006060GrossProfitb/d2640PurchaseSundries3420P/L3420SalesP/L4860Sundries4860StockP/L1200P/LAccountRent500OfficeExpense240Lighting370Advertising410NetProfit14202940GrossProfitb/d2640RentReceivable3002940DrawingSundries600Capital600CapitalDrawing600Balc/d38204420Balb/d3000NetProfit14204420Balb/d3820LCCIFirstLevelRevisionNotesPage5of5FixedAsset-relativelylonglifeinbusinesse.g.2–3yr,primarypurposeisnottoresell-e.g.land,building,fixture,officeequipment,machine,motorCurrentAsset-tradingactivity-e.g.stock,debtor,cash,bankPresentationsequenceFixedAssetCurrentAssetLandandbuildingsFixtureandfittingMachineryMotorvehicleStockDebtorBankCashLongTermLiability-Payable1yrCurrentLiability-e.g.Creditor,bankoverdraft,short–termbankloanCh.8Finalaccounts:morefeatures(***IMPORTANT***)Carriage=expenseincurredinthedeliveryofgoodCarriageinward-purchasedelivery-normallysuppliermakenoseparatecharge,buthas=paidmoreNetPurchase=Purchase+CarriageInward–PurchaseReturnCarriageoutward-delivertocustomer-chargeasexpenseinP/LaccountNetSales=Sales–ReturnInwardStockCOGS=OpeningStock+Purchase+CarriageInward–PurchaseReturn–ClosingStock***StockappearedinTB=openingstockYearEndProcedure-Sales,purchase,expense,drawing=close-Capital,stock,cash,debtor,creditor,asset=b/dLCCIFirstLevelRevisionNotesPage6of6***P/LAccountandBalanceSheetWTrentTradingandP/LAccountfortheyearended31Dec20X7Beg.Stock1200Purchase6430Carriageinward2306060Less:returnoutward18064807680Less:closingstock2300COGS5380C/dGrossprofit39309310Rentpayable500OfficeExpense390Lighting580Advertisement610Carriageoutward270Netprofit18804230Sales9620Less:returninward3109310Netpurchase9310Grossprofitb/d3930Rentreceivable3004230WTrentB/Sat31Dec20X7FixedassetFurniture600Motor13001900CurrentassetStock1200Debtor630Bank930Cash3027904690CapitalBalb/d3000Add:Netprofit1420Less:drawing6008203820LiabilityCreditor8704690LCCIFirstLevelRevisionNotesPage7of7Ch.9ThedivisionoftheledgerDivisionofLedgerDebtorAccountCreditorAccountCash/ChequeOtherAccountSalesLedgerPurchaseLedgerCashBookGeneralLedger(NominalLedger)e.g.ReturnIn/Out,ExpenseTypeofaccountPersonalAccountImpersonalAccountDebtorsandcreditorsAccountotherthanpeopleSubdivisionofImpersonalAccountRealAccountNomi