Business summer exam in a few days,struggling to remember the lay-out of the Trading p+l appropriation a/c and balance sheet.Any tips on how to remember it,I have practised loads of them butI can't remember it?
Go through each part individually. Like one day, learn the Trading account layout (Sales and less cost of sales). Another day, learn the profit & loss (added commission and expenses). Then another day learn the loss appropriation (less dividends). Then another day, learn the assets part of the balance sheet etc.
Take it step by step!
Do out a blank layout with examples of everything that could be asked to put in (eg carriage inwards or import duty in the trading a/c, you'll never be asked to put both in so do 1 of those etc) and fill in x's for where figures would go, and then just memorise where things are added or subtracted, it's quite a hard layout to remember but always remember that theres 3 columns for figures and try your best to familiarise yourself with where each figure goes because a lot of figures have similar ones and or are repetitive like say, carriage inwards or import duty is always asked in the trading a/c. So remember where that goes (under purchases and opening stock, add them all up and subtract the closing stock to get gross profit!) It all fits into one giant layout if you understand what I mean? It does take a while to get used to put you just have to remember :(