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LPC 2021 - BLP Accounts [SUMMARY] £4.39
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Summary

LPC 2021 - BLP Accounts [SUMMARY]

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Complete, concise and easy-to-understand summary of BLP Accounts. Exam taken in 2019. HIgh Distinction obtained for BLP and across all core and elective modules. Notes have been revised post-exam to ensure accuracy.

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  • March 8, 2020
  • 12
  • 2018/2019
  • Summary

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BLP Accounts Workbook - Summary


Year-end adjustments
Match income and expenditure to relevant period

Dual effect When looking at Year-end adjustment
preliminary trial
balance
Depreciation expense account 1. no P&L balance sheet
Mechanism used in (P&L) depreciation
accounts to deal with charge for the calculate the add the depreciation charge
decline in value of fixed since depreciation current year depreciation charge for the year to the
assets and spread the is an expense of for the year and (accumulated) provision for
cost of the asset over
its life the business each 2. the Provision include it in the list depreciation (liability)
year=> its assets for Depreciation of expenses account, reducing the net
straight-line - are falling in value figure is the book value of the asset
reduced balance - The accumulated the depreciation
depreciation charge
each year is expressed
liability account depreciation from charge for the year
as a percentage (x %) of (BS) previous years will appear in the
the reducing balance before charging profit & loss account
(i.e. the net book value accumulates all the depreciation for for the year.
of the asset at the start annual expenses the current year.
of the relevant
accounting period). (effect: reduces the
Cost-PforDepreciation particular asset
account)
Accruals relevant expense 1. the relevant [since expense is include the amount of the
an expense has been account is adjusted expense account artificially lower] accrual as a current liability in
incurred and should be (in an upwards will show the add the amount of the balance sheet.
charged against profit direction) so that it balance on the the accrual/accrued
in the current year but records the correct account before expense to the
for some reason - for
example, the business amount of taking into expense account for
has not received an g&s/benefit used in account the that item in the trial
invoice for the item the accounting accrual; balance. the
period. increased expense
2. there will be no figure will then be
A liability account accruals current transferred to the
is created, as the liability account profit & loss
business has not for the year in the account;
yet paid the list of account
amount accrued balances
and so we cannot
reduce any asset
(e.g. Cash at Bank)




Prepayments relevant expense 1. the relevant [since expense is include the amount of the
Pay expense in current account is reduced expense account artificially higher] prepayment as a current asset
year but should be will show the deduct prepayment

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