Module 11 Flashcards

1
Q

How long are cheques valid for?

A

6 months

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2
Q

What is reconciliation?

A

Adjust numbers if cashbook and bank statement aren’t the same

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3
Q

Balance per cashbook reconciliation

A

Cr bank charges
Cr standing orders
Cr direct debits
Dr interest received

Debit balance if money is in

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4
Q

Balance per bank statement reconciliation

A
  • unpresented cheques
    + outstanding lodgements

Credit balance if money is in bank

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5
Q

P+L layout

A

Income

Revenue
COS
    Opening stock +
    Purchases -
    Closing stock 
Gross profit 
Other income 

Expenses

Rent
Rates
Electric
Deprivation

Net profit

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6
Q

Balance sheet layout

A

Assets
Fixed assets
(Depreciation of fixed asset)

Current assets
Stock (closing from p+l)
Trade debtors 
Bank
Cash
Prepayments 

Liabilities
Current liabilities
Trade creditors
VAT

NET CURRENT ASSETS

Long term liabilities
Loan

Capital 
Opening capital
\+ profit (p+l)
- drawings 
CLOSING CAPITAL
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