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IGCSE Accounting Format Cheat Sheet

The document is a cheat sheet for IGCSE Accounting, outlining essential formats for various financial statements including the Income Statement, Statement of Financial Position, Receipts and Payments Account, and others. It provides structured templates for calculating gross profit, net profit, and managing control accounts, as well as methods for depreciation and bank reconciliation. Additionally, it includes guidance on partnership capital accounts and error correction using a suspense account.

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Namupa Nakuumba
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319 views3 pages

IGCSE Accounting Format Cheat Sheet

The document is a cheat sheet for IGCSE Accounting, outlining essential formats for various financial statements including the Income Statement, Statement of Financial Position, Receipts and Payments Account, and others. It provides structured templates for calculating gross profit, net profit, and managing control accounts, as well as methods for depreciation and bank reconciliation. Additionally, it includes guidance on partnership capital accounts and error correction using a suspense account.

Uploaded by

Namupa Nakuumba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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IGCSE Accounting Format Cheat Sheet

1. Income Statement (Trading and Profit & Loss Account)

Trading Account:
Sales
Less: Sales Returns
= Net Sales

Less: Cost of Sales


Opening Inventory
+ Purchases
- Purchase Returns
+ Carriage Inwards
= Cost of Goods Available for Sale
- Closing Inventory
= Cost of Sales

= Gross Profit

Profit & Loss Account:


Gross Profit
+ Other Income (e.g. rent received, commission received)
Less: Expenses (e.g. wages, rent, depreciation, insurance)
= Net Profit

2. Statement of Financial Position (Balance Sheet)

As at [date]

Assets
Non-current Assets:
- Equipment
- Vehicles
- Accumulated Depreciation (subtract)
= Net Book Value

Current Assets:
- Inventory
- Trade Receivables (Debtors)
- Bank
- Cash
= Total Current Assets

Less: Current Liabilities:


- Trade Payables (Creditors)
- Accruals
- Bank Overdraft
= Net Current Assets

= Total Assets Less Current Liabilities


IGCSE Accounting Format Cheat Sheet

Less: Long-term Liabilities (e.g. Loan)


= Net Assets

Financed by:
Capital at Start
+ Net Profit
- Drawings
= Closing Capital

3. Receipts and Payments Account

Receipts:
Subscriptions
Donations
Entrance Fees
Bank Interest

Payments:
Rent
Wages
Electricity
Equipment Purchased

= Closing Balance (Cash/Bank)

4. Income and Expenditure Account

Income:
Subscriptions (adjusted)
Donations (if recurring)
Rent received

Expenditure:
Salaries
Depreciation
Repairs

= Surplus / Deficit

5. Control Accounts

Sales Ledger Control Account (Debtors Control):


Balance b/d (opening)
+ Credit Sales
+ Dishonoured Cheques
- Returns Inwards
- Cash Received
- Discounts Allowed
IGCSE Accounting Format Cheat Sheet

- Bad Debts
= Balance c/d (closing)

Purchases Ledger Control Account (Creditors Control):


Balance b/d (opening)
+ Credit Purchases
- Returns Outwards
- Payments
- Discounts Received
= Balance c/d (closing)

6. Depreciation Calculation

Straight Line Method:


(Cost - Residual Value) / Useful Life

Reducing Balance Method:


Cost (or NBV) × Depreciation Rate (%)

7. Bank Reconciliation Statement

Balance as per Cash Book


+ Unpresented Cheques
- Outstanding Lodgements
= Balance as per Bank Statement

8. Capital Account (For Partnership)

Fixed Capital Method:


Capital Account (fixed)
Current Account:
+ Interest on Capital
+ Share of Profit
- Drawings
- Interest on Drawings
- Salary to Partner

9. Correction of Errors: Suspense Account Format

Dr. | Cr.
----------------------------|-----------------------------
Error 1 |
Error 2 |
Balancing Figure (if needed)|

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