Summary
Grade 11 IEB - Summary for July exam (p1+p2)
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Full notes for paper 1 and paper 2 - IEB July exam, Recons, Asset Disposal, Partnerships, Analysis, VAT, Internal Control and Ethics.
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Recons andGRADE 11 IEB
Age Analysis
,Debtors Recons
Between Debtors Listund Debtors Control
A
t Debtors Control T
Debtors List Er in
Possible errors
·
mistake in document/journels - > Correct Both
·
Totalling of Journals -
only Debtors Control
mistake in either List
Posting -D or Control
·
·
mistake in Calculation DC or list , must be fixed
Debtors Age Analysis
Sale/Invoice - & in month it happened
payment -
O from oldest debt
Discount allowed -
from oldest debt
Returns(Credit note) -
E from month of most recent purchase
Interest on Overdredebtors - & in month it was charged
, Format :
use method from
current 30 days 60 days Medays Above and tick
of
each amount you
need toenter
Analysis of Debtors Age Analysis
Credit limit : amount debtor is allowed to
spend on his
account - debtor must never one more than this
look Credit terms , debtors
at ensure all are
paying back
amounts on time.
·
see what debtors awe us from the past
What accounts to charge Interest on
Splitting Payments
# amounts are zere-o Split between months
ey
.
18 Days 60 Days we need to G due to a
payment (so we would O from the oldest debt)
3000 10,000 3000
3000
-
-
= O
↳ 6000
a we split the payments
Interest on overdue accounts
taken from our test
current 30 days 60 Days go days · Debt thats been out
than
standing
month
for
-
·
7650 · 6000 more 30
days+ I
Debt thats been out standing
&
· for
60 Days-p 2 months
Bue : 13650
question : Interest 12 % P A-n Debts
.
longer than 30 days
7650 x 12% x it 6000x12% x #
120
= 76 ,
5 =
= 196 , 5
end amount
, Control over debtors
Internal Control
·
policies in place for approval of Credit for potential debtors
Check
·
past Credit records
·
Discounts should be given for early payment
debtors
Debtors Clerk must Send regular statements to to remind them of what
they
·
out owe
Interest
charged overdue accounts
·
on
Creditors Recon
look at two different POV
(Our Por) (thier Pov)
Creditors
L
Ledger ↓
e-p
Creditors Statement
achter ontrol
-
Crediter Control
us
Them
Identify errors and date issues
Internal Control of Creditors
can supplier provide goods on
regular basis
·
Does creditor allow trade allowances
·
Payment period -p to ensure business Can maintain a
good cash flow
Steps to Creditors Recon Statements
1 .
Circle all amounts that don't match
2
. Check dates to ensure all transactions Werent
that included are (missing amounts from last Month)
↳ Check dates Statements are
Received ,
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