Prepare final accounts for sole-traders, partnerships and limited companies in

Refer to the criteria attached in files
Learning Outcomes and Assessment Criteria
Pass Merit Distinction
LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance
P1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger.
P2 Produce a trial balance applying the use of the balance off rule to complete the ledger.
M1 Analyse transactions to show the progression from a previous trial balance to the next one using double entry bookkeeping.
D1 Apply trial balance figures to show which statement of financial accounts they will end up in.
LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards
P3 Prepare final accounts from given trial balance.
P4 Produce final accounts for a range of examples that include sole-traders, partnerships and limited companies.
M2 Make adjustments to balances of sum accounts for example, accruals, depreciation and prepayments before preparing the final accounts.
D2 Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content.
LO3 Perform bank reconciliations to ensure company and bank records are correct
P5 Apply the bank reconciliation process to prepare a number of bank reconciliations.
M3 Apply the reconciliation process demonstrating the use of deposit in transit, outstanding checks and Not Sufficient Funds (NSF) check.
D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets.
Pass Merit Distinction
LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts
P6 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.
M4 Demonstrate understanding of the different types of accounts and how and why they are reconciled.
D4 Produce accurate accounts that have been reconciled applying the appropriate method
Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards

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