Scheme of Work Financial Accounting SS1 3rd term

WKS

CONTENT           

1.

Book—Keeping & Accounting

a. Resumption test

b. Review of the previous work

c. Copying of scheme of work

2.

Adjustments in Profit and Loss Account

1. Bad debt and provision for bad debts

• Distinctions
• Posting of entries into ledger and final account

2. Prepayment and accruals

• Distinction between prepayment and Accruals

3

Balance Sheet

• Assets and liabilities
• Distinction
• Identification of types
• Classification

4.

The Balance Sheet

• Layout
• Preparation

5.

Adjustments in Profit and Loss Account

• Posting entries into ledger and final account
• Provisions for discounts allowable
• Identification
• Journalizing
• Entries into final account

6.

Provisions for depreciation

• Identification
• Journalizing
• Entries into final accounts

7

MID TERM BREAK

8

Sales Ledger Control Account

1. Definitions and uses of control account

2. Terminologies

-  Bad debts

- Discount allowed

- Returns inward

- Cash refund

- Dishonored  Cheque

- Credit Sales

9

Preparation of Sales Ledger Control Account

10.

Purchases Ledger Control Account

- Terminologies

- Credit Purchases

- Return Outward

- Cash/ bank payment to creditor

- Discount received

11.

Preparation of purchases ledger Control Account

12

Revision and Examination

13

Examination and marking