inventory method credit items Transactions to include GST where purchase drawings of appropriate returns on cash and Format for entries in the General credit inventories (in Journal (Refer to Appendix 2). cash receipts one cash payments transaction) drawings of sale of cash inventory for drawings of cash and inventories credit correction of sales returns errors. for cash and credit GST. Financial knowledge Financial reasoning: recording 2.3 The general ledger The need for general ledger accounts Post transactions from the general The purpose of the chart of accounts. journal to the general ledger simple entries – involve transactions requiring one debit entry and one credit entry only entries – involve two entries complex for a single transaction or multiple debit and/or credit entries for a single transaction (Refer to Appendix 3 for General Ledger account templates) Determine the balance of a general ledger account (NB. either the ‘T’ format or columnar format can be used. Refer to Appendix 4 for T-account balancing methods). 2.4 The trial balance Purpose of a trial balance Prepare a trial balance from a list of Errors disclosed and not disclosed account balances. by a trial balance. 2.5 Completing the accounting cycle (explanation and demonstration only)
inventory method Transactions to include GST where appropriate Format for entries in the General Journal (Refer to Appendix 2). credit purchase returns on credit cash receipts cash payments drawings of cash drawings of inventories correction of errors. items drawings of cash and inventories (in one transaction) sale of inventory for cash and credit sales returns for cash and credit GST. Financial knowledge Financial reasoning: recording 2.3 The general ledger The need for general ledger accounts The purpose of the chart of accounts. Post transactions from the general journal to the general ledger simple entries – involve transactions requiring one debit entry and one credit entry only complex entries – involve two entries for a single transaction or multiple debit and/or credit entries for a single transaction (Refer to Appendix 3 for General Ledger account templates) Determine the balance of a general ledger account (NB. either the ‘T’ format or columnar format can be used. Refer to Appendix 4 for T-account balancing methods). 2.4 The trial balance Purpose of a trial balance Errors disclosed and not disclosed by a trial balance. Prepare a trial balance from a list of account balances. 2.5 Completing the accounting cycle (explanation and demonstration only)