O Level Accounting: Foundations (7707)

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Course content

90 lessons

1.1-1.2 · What accounting is for, and the accounting equation

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2.1 · Double entry: the two sides of every transaction

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2.2-2.3 · Books of prime entry: list first, then post

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3.1-3.2 · The trial balance

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3.3 · Bank reconciliation

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3.4 · Sales and purchases ledger control accounts

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Why a control account exists

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The sales ledger control account

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The purchases ledger control account

Reconciling to the list of balances

A credit balance in the sales ledger

Contra entries between the two ledgers

The control account sprint

Sales and purchases ledger control accounts: exam question

Control accounts: quick revision

5.1 · The income statement: working out profit

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5.1 · The statement of financial position

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4.1-4.5 · Year-end adjustments

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3.4 · Sales and purchases ledger control accountsLesson 2 of 9Free preview

The sales ledger control account

Build June's control account line by line: opening balance, credit sales, receipts, discounts, returns, write-offs, a dishonoured cheque and a contra.