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Accounting 0452/21 Oct Nov 2024

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Psat Paper Lesson
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Laura Bellini

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1. Bank Reconciliation & Cash Book Adjustments | Updating Jenny’s Bank Records – Preparing an updated cash book, reconciling discrepancies, and constructing a bank reconciliation statement. 2. Partnership Accounting | Profit Allocation & Capital Accounts – Preparing the profit and loss appropriation account, updating the capital and current accounts, and recording loan interest. 3. Error Correction & Suspense Account | Identifying and Rectifying Accounting Errors – Making journal corrections, completing the suspense account, and assessing the impact of errors on profit. 4. Depreciation & Asset Disposal | Accounting for Vehicle Transactions – Calculating depreciation, maintaining ledger accounts for fixed assets, and evaluating a change in depreciation method. 5. Manufacturing & Financial Reporting | Costing and Income Statement Preparation – Completing the manufacturing account, computing trading profit, and advising on credit control policy improvements.
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