Just wondering if theres anyone else curently starting out with ICB Level 1 ?
I'm about half way through and so far its been going ok (i think). Got a bit stuck early on with the double entry system but seem to have got my head around it now. My next assignment gives me a list of transactions for a month and asks me to record them into the companys accounts. What sort of thing would they be looking for? I can work out the accounts but im not sure how to show them. Would i have different accounts for sales, creditors, debtors etc or should i have a cash book (cash in and cash out).
Feel like i should know what theyre looking for here but dont want to do the wrong thing.
not knowing who you are studying with - I would assume at this level that you are required to open up various 't' accounts and post the transactions (debit / credits) into them but use the cash book as a replacement for the cash/bank 't' account
