AS Accounting
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Part 4 - Adjustments for financial statements Revision Notes
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1. Depreciation of Non-Current Assets - Syllabus aim is to name and describe the straight line (equal instalment), reducing (diminishing) balance and revaluation methods of depreciation.
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2. Double Entry for Depreciation - Syllabus aim is to prepare ledger accounts and journal entries for the provision of depreciation.
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3. Disposal of Assets - Syllabus aim is to prepare ledger accounts and journal entries to record the sale of non-current assets, including the use of disposal accounts.
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4. Bad Debts - Syllabus aim is to prepare ledger accounts and journal entries to record bad debts written off.
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5. Provision for Doubtful Debts - Syllabus aim is to prepare ledger accounts and journal entries to record the creation of, and adjustments to, a provision for doubtful debts.
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6. Bad Debts Recovered - Syllabus aim is to prepare ledger accounts and journal entries to record bad debts recovered.
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7. Accruals & Prepayments - Syllabus aim is to prepare ledger accounts and journal entries to record accrued and prepaid revenues and expenses.
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8. Stock Valuation and Net Realisable Value - Syllabus aim is to understand the basis of the valuation of inventory at the lower of cost and net realisable value.
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9. Errors Not Affecting the Trial Balance - Syllabus aim is to identify and explain those errors which do not affect the trial balance – commission, compensating, complete reversal, omission, original entry and principle.
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10. Suspense Accounts and Errors - Syllabus aim is to correct errors by means of a journal and suspense account.
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