What you will experience

You will explore book-keeping and the UK VAT scheme, whilst developing a good understanding of the basic principles of double entry book-keeping through introducing you to the books of original entry. You will then carry out double entry by posting transactions to the ledger accounts for assets, liabilities, income and expenses and use balances from these to prepare a trial balance. The Unit will also help you understand the principles of the UK VAT scheme and how to complete a basic VAT return form. Each of these areas is the subject of a separate outcome:

• Record sole trader business transactions in books of original entry
• Post business transactions to ledger accounts using the principles of double entry book-keeping and prepare a trial balance.
• Complete a VAT return

This Unit is assessed through three separate assessments. In order to complete the unit successfully, you will be required to perform at a satisfactory level in all assessed work.