ICB Level II Certificate in Manual Bookkeeping
Level II Certificate in Manual Bookkeeping
Your Ideal Schools course will consist of the following:
- All Study Materials provided in a presentation folder
- 1 year tutorial support via phone & email
- Continuous Self Progress tests & Answers
- 6 x tutor marked assignments
- Online report templates to help with assignment completion
- 1 x Past Paper
- 1 x Online Practice Paper
Topics covered within this level are as follows:
Show an understanding of the requirements for making VAT returns; Prepare VAT returns; Explain the balancing figure on the VAT return and its implications for the business.
Explain the imprest system for dealing with petty cash; Enter opening balances and transactions into a petty cash book; Calculate and bring down balances; Restore the imprest; Post the analysed totals to the relevant ledger accounts; Set up a three column cash book and post relevant items including cash discounts involving VAT.
RECONCILE SALES AND PURCHASES LEDGER ACCOUNTS
Explain the need for reconciling the sales and purchases ledger accounts; Explain how discrepancies in the reconciliation can occur; Carry out a reconciliation of the sales and purchase ledger accounts.
CORRECTION OF ERRORS
Correct errors in the accounts, including those involving the Suspense Account.
BANK RECONCILIATION STATEMENTS
Explain the discrepancies between bank statements and the bank columns of cash books; update the cash book; prepare such statements.
TRADING AND PROFIT AND LOSS ACCOUNT FOR A SOLE TRADER
Explain their purpose; Prepare them from ledger accounts, trial balances and list of balances; Derive and explain gross profit (or loss), net profit (or loss) and cost of goods sold; Adjust the trading, profit and loss account for depreciation (straight line and reducing balance methods), prepayments and accruals and bade debts.
BALANCE SHEET FOR A SOLE TRADER
Explain their purpose; Compile them from ledger accounts and a trading profit and loss account; Explain the meaning of capital, debtors and creditors and fixed and current assets.
YEAR END LEDGER ENTRIES
Close off the ledger accounts at the year end making allowances for depreciation, prepayments and accruals.