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Can you kindly take me through the steps of preparing accounts?
1) collect receipts and payments
2) create a cash book
3) do a bank reconciliation
4)prepare trial balance
5) create an extended trial balance
6)create a financial statement
7)create income statementAll of this is covered in my free lectures – you cannot expect me to type them out here 🙂
However, these are only some of the steps needed, but extended trial balances are not in the syllabus for Paper F3 (and have not been in the syllabus for something like 20 years!).
The income statement is now called the Statement of Profit and Loss, and is one of the financial statements (along with the Statement of Financial Position and the Statement of cash flows).(and you cannot possibly have a question in the exam asking you to go through all of the steps!!)
Again, watch my free lectures – they are a complete free course for F3 and cover everything needed to be able to pass the exam well.
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