Reference no: EM13492951

1. Adjusting Entries/General Journal entries

- Identifying all adjustments
- Accrued Expenses/Prepaid Expenses
- Other entries
- Transactions involving cash recorded in the General Journal
- An opening entry is not required

(The list shown is indicative only of the type of adjustments that may be required. It should not be seen as an exhaustive list or an indication of specific things that might be required for the practice set - the practice set may/may not have accrued expenses that require adjustment)

2. Closing Entries

- Income and Expenses closed to P & L Summary
- P& L closed to Capital
- Drawing Closed to Capital
Closing entries are required.

3. Sales Journal/Returns Journal
- Each Entry is complete
- Columns Totalled
- Posting References included

4. Purchases Journal/Returns Journal
- Each Entry is complete
- Columns Totalled
- Posting References included

5. Cash Receipts Journal
- Each Entry is complete
- Columns Totalled
- Posting References included
- Daily Banking Used

6. Cash Payments Journal/Petty Cash Journal
- Each Entry is complete
- Columns Totalled
- Posting References included

The deduction of marks for totalling the journals indicates the importance of the totalling process - a lack of totals renders the process of using specialised journals redundant and students have not understood why the specialised journals must be totalled.

8.General Ledger
- Posting references to Journals
- Closing entries where required
- Consistency with Journals
- Totals must be posted from the specialised journals
- (Individual posting of transactions to the ledger for cash at bank, in particular, will be penalised)
- Accounts must be closed off at the end of the period.
- P/L Summary is completed

9. Subsidiary Ledgers
- Posting references to Journals
(Receivables/Payables)
- Depreciation updated for all years

10. Bank Reconciliation Statement
- Completed and Reconciled with Bank account.
Dr/Cr indicated for cash balances

11.Control Account Reconciliations
- Completed and Reconciled with relevant ledger account. Must be totalled.

12. Trial Balance And Worksheet
- Unadjusted balances match ledger accounts
- All Debits balanced with Credits
- All areas completed

13. Income Statement
- All items correctly classified
- Figures consistent with worksheet

14. Balance Sheet
- All items correctly classified
- Figures consistent with worksheet