Unit 10 Assignment 2 Stanmore College 2024-
25 – Case study
Full Name: Aryan Ahmadzai
Unit 10 – Recording Financial Transactions
Title: Financial control and how to correct the
errors
Introduction
This assignment examines the double entry bookkeeping system,
concentrating on its use with a business. It assesses the documentation of
transactions through ledgers, trial balances final accounts, such as income
statements and statements of financial position. The importance of precision
and consistency in financial records is brought up, as inaccuracies can lead
to misrepresentation of a business's financial health (Atrill and McLaney,
20210. Comprehending these accounting principles is essential not only for
meeting legal obligations, such as those established by HMRC, but also for
guaranteeing business stability and well-informed strategic planning (Wood
and Sangster, 2018).
Accurately prepare control accounts using a given
set of financial transactions for financial control.
(P4)
Enter the following transactions for Patel and Khan Associates in the ‘Sales Ledger’
in the subsidiary ledgers for month ending 31 January 2025. You may use the
templates in this case study You have to balance the individual customer accounts
working out the ‘Balance c/d’ on 31 Jan 2025. Bring down the ‘Balance b/d’ on
01/02/25.
Credit customer £
S Josh
01/01/25 Balance b/d 14,230
06/01/25 Sales 21,560
12/01/25 Bank (receipt from customer) 6,540
12/01/25 Discount allowed 1,265
, 27/01/25 Sales Returns 3,654
31/01/25 Balance c/d 24,331
Credit customer £
L Patrick
01/01/25 Balance b/d 12,356
06/01/25 Sales 31,635
15/01/25 Bank (receipt from customer) 16,468
15/01/25 Discount allowed 2,574
31/01/25 Balance c/d 24,949
Credit customer £
R Tyrique
01/01/25 Balance b/d 6,500
07/01/25 Sales 8,563
09/01/25 Bank (receipt from customer) 4,542
09/01/25 Discount allowed 324
25/01/25 Sales returns 2,547
31/01/25 Balance c/d 7,650
Sales Ledger (Subsidiary Ledger)
Josh
DR CR
Date Details £ Date Details £
1/1/25 Balance b/d 14,230 12/1/25 bank 6,540
6/1/25 sales 21,560 12/1/25 Discount allowed 1,265
27/1/25 Sales returns 3,654
31/1/25 Balance c/d 24,33
1
35,790 35,79
0
1/2/25 Balance b/d 24,331
L Patrick
DR CR
Date Details £ Date Details £
1/1/25 Balance b/d 12,356 15/1/25 bank 16,468
6/1/25 sales 31,635 15/1/25 Discount allowed 2,574
31/1/25 Balance c/d
24,949
25 – Case study
Full Name: Aryan Ahmadzai
Unit 10 – Recording Financial Transactions
Title: Financial control and how to correct the
errors
Introduction
This assignment examines the double entry bookkeeping system,
concentrating on its use with a business. It assesses the documentation of
transactions through ledgers, trial balances final accounts, such as income
statements and statements of financial position. The importance of precision
and consistency in financial records is brought up, as inaccuracies can lead
to misrepresentation of a business's financial health (Atrill and McLaney,
20210. Comprehending these accounting principles is essential not only for
meeting legal obligations, such as those established by HMRC, but also for
guaranteeing business stability and well-informed strategic planning (Wood
and Sangster, 2018).
Accurately prepare control accounts using a given
set of financial transactions for financial control.
(P4)
Enter the following transactions for Patel and Khan Associates in the ‘Sales Ledger’
in the subsidiary ledgers for month ending 31 January 2025. You may use the
templates in this case study You have to balance the individual customer accounts
working out the ‘Balance c/d’ on 31 Jan 2025. Bring down the ‘Balance b/d’ on
01/02/25.
Credit customer £
S Josh
01/01/25 Balance b/d 14,230
06/01/25 Sales 21,560
12/01/25 Bank (receipt from customer) 6,540
12/01/25 Discount allowed 1,265
, 27/01/25 Sales Returns 3,654
31/01/25 Balance c/d 24,331
Credit customer £
L Patrick
01/01/25 Balance b/d 12,356
06/01/25 Sales 31,635
15/01/25 Bank (receipt from customer) 16,468
15/01/25 Discount allowed 2,574
31/01/25 Balance c/d 24,949
Credit customer £
R Tyrique
01/01/25 Balance b/d 6,500
07/01/25 Sales 8,563
09/01/25 Bank (receipt from customer) 4,542
09/01/25 Discount allowed 324
25/01/25 Sales returns 2,547
31/01/25 Balance c/d 7,650
Sales Ledger (Subsidiary Ledger)
Josh
DR CR
Date Details £ Date Details £
1/1/25 Balance b/d 14,230 12/1/25 bank 6,540
6/1/25 sales 21,560 12/1/25 Discount allowed 1,265
27/1/25 Sales returns 3,654
31/1/25 Balance c/d 24,33
1
35,790 35,79
0
1/2/25 Balance b/d 24,331
L Patrick
DR CR
Date Details £ Date Details £
1/1/25 Balance b/d 12,356 15/1/25 bank 16,468
6/1/25 sales 31,635 15/1/25 Discount allowed 2,574
31/1/25 Balance c/d
24,949
