Just what I was after. Getting my head around the DR and CR concept in the very beginning forced the cogs going. Now the DR and CR from the banks perspective has just confused me again…haha…I have to sit there and run it through my head.
I'm in year 11 and thinking of becoming a project manager. I know a-level accounting would be a good route in, but I don't know whether it would be too hard for me. I think I can work out finance and costs, however I'm not the greatest at maths - stuff like algebra, trigonometry, quadratics really gets to me... I'm predicted a 5 for maths. Would you suggest that picking a-level accounting is going to be too hard for me?
Not at all. A 5 in both maths and English language should be sufficient, although colleges vary quite widely on their entry requirements. There won’t be any trig or calculus; occasionally you might need to rearrange a formula to find a missing number but that’s as close as you’ll get to algebra 😅 Good luck with your GCSE’s!
That was helpful thank you i dont know if still posting i just went back to school and am studying online its hard but i subcribed here hope there will be more lessons
I’m glad it was helpful! There are over 100 videos on my channel, with new content uploaded fairly regularly, so hopefully you can find what you’re looking for. Good luck with your studies.
Possibly another discrepancy in the AQA book 1 question bank if you have it, which I’m sure you do? Chapter 8, page 20. It’s a banking reconciliation question. I didn’t get the same bank statement balance in the end as they did, as I read the question differently to how they might have intended. The section where it says ‘the following entries appear in the cash book but do not yet appear on the bank statement’…..well, I posted these entries (1) and (2) to the cash book, as it clearly says, they appear in the cash book. They haven’t put these figures in there answer example on page 140. Im interested in your thoughts on the way the question was worded and if they’re right or I am? 😂 thanks so much. I couldn’t get through this without the advice your giving me!
I think I’ve spotted the confusion. They weren’t clear about the dates she balanced her cash book (was this done before or after those two entries mentioned). The date for the bank statement balance is clear in the first sentence as 27 apr. I think it should have said something like, ‘Jayne’s cash book balance of 27 apr, did not agree with her bank statement balance of the same date.’ There’s no ambiguity then.
If it says they appear in the cash book then you don’t need to enter them again. If they haven’t yet appeared on the bank statement you’ll need to include them in the bank reconciliation. The book is correct.
You add unpresented cheques back to the cash book balance and deduct o/s bankings to match up with the bank statement balance. If you are starting with the bank statement balance you do the opposite to get back to the cash book balance. If any balances are overdrawn put them in brackets so the maths still works. Hope that helps?
Thank you. Very helpful. Your explanations are full and clear.
MOST WELCOME
Just what I was after. Getting my head around the DR and CR concept in the very beginning forced the cogs going. Now the DR and CR from the banks perspective has just confused me again…haha…I have to sit there and run it through my head.
Try not to overthink it! Just remember that a Dr on the bank statement will be a Cr in your cash book.
I'm in year 11 and thinking of becoming a project manager. I know a-level accounting would be a good route in, but I don't know whether it would be too hard for me. I think I can work out finance and costs, however I'm not the greatest at maths - stuff like algebra, trigonometry, quadratics really gets to me... I'm predicted a 5 for maths. Would you suggest that picking a-level accounting is going to be too hard for me?
Not at all. A 5 in both maths and English language should be sufficient, although colleges vary quite widely on their entry requirements. There won’t be any trig or calculus; occasionally you might need to rearrange a formula to find a missing number but that’s as close as you’ll get to algebra 😅 Good luck with your GCSE’s!
Are you doing accounting from September, I'm in the same boat as you I also got a 5
Thanks this was so helpful😭
You’re welcome!
thank you, your explanation is so clear
Glad it was helpful! Thank you for taking the time to comment.
That was helpful thank you i dont know if still posting i just went back to school and am studying online its hard but i subcribed here hope there will be more lessons
I’m glad it was helpful! There are over 100 videos on my channel, with new content uploaded fairly regularly, so hopefully you can find what you’re looking for. Good luck with your studies.
Possibly another discrepancy in the AQA book 1 question bank if you have it, which I’m sure you do? Chapter 8, page 20. It’s a banking reconciliation question. I didn’t get the same bank statement balance in the end as they did, as I read the question differently to how they might have intended. The section where it says ‘the following entries appear in the cash book but do not yet appear on the bank statement’…..well, I posted these entries (1) and (2) to the cash book, as it clearly says, they appear in the cash book. They haven’t put these figures in there answer example on page 140. Im interested in your thoughts on the way the question was worded and if they’re right or I am? 😂 thanks so much. I couldn’t get through this without the advice your giving me!
I think I’ve spotted the confusion. They weren’t clear about the dates she balanced her cash book (was this done before or after those two entries mentioned). The date for the bank statement balance is clear in the first sentence as 27 apr. I think it should have said something like, ‘Jayne’s cash book balance of 27 apr, did not agree with her bank statement balance of the same date.’ There’s no ambiguity then.
If it says they appear in the cash book then you don’t need to enter them again. If they haven’t yet appeared on the bank statement you’ll need to include them in the bank reconciliation. The book is correct.
Iam from India This vedio is helpful to me I had confusion on BRS now iam clear
That’s great news. So glad it helped!
I'm confused at the end.why do you say add unpr.cheques but you actually take them off(minus) and less outs.banking when you add them?😢
You add unpresented cheques back to the cash book balance and deduct o/s bankings to match up with the bank statement balance.
If you are starting with the bank statement balance you do the opposite to get back to the cash book balance.
If any balances are overdrawn put them in brackets so the maths still works.
Hope that helps?
Is accounting A level hard
It’s quite hard. The key is lots of practice. You can’t learn it by just reading a book.
@@aqaaccountingteacher I'm worried about the maths aspect
The maths isn’t difficult - no worse than GCSE. Basic arithmetic, percentages, ratios and some simple rearranging of equations.
@@aqaaccountingteacher ohhh alr, would you happen to know anything about vocational courses such as criminology
Not masses but it’s proving very popular at my college and is equivalent to an a-level. My students really like it and say it’s very interesting.
Do you do private tutoring ?
No, I’m afraid that’s not something I currently offer due to teaching full time 😢
And I’m just wondering, why aren’t bank statements written from the business bank accounts perspective? Why are they written from the POV of the bank?
To make sure their accounts are correct! Money in the bank is an asset in the business’s book but a liability in the bank’s books.
Thank you
You're welcome
I literally don't understand why are you writing the unpresented one and what surprising me u tick both of them😢😢
I don’t understand what you are asking me! 🤷🏼♀️
Tankiwu
❤
Wow 🎉
👌👌👌👌👌