2026 05 06 PoA F 5 Exam season Session 10 Jan 2026 Set 2

two. All right. yeah. How much is it to do this? 14 14 rates, okay. All right, sorry. where is this thing? here. Should be up and running. All right, nice. Hold on, saw Jan 2026. Yeah. we on question three. question three is on page. Cool. Six. Right. wait. Did get the answer booklet, too? Where's the folder? Is it folder? All right, cool. Ashley Brazil Right. Three. This is what? Question four down here. Okay, cool. These Last week. Wednesday would be 29th, right? Did not do that on the 29th? this is question three. Okay. Let me give all this stuff in class and then we'll start start start. One page, two questions. One two three There we go. All right. Oops. Good. All right. Do you guys want to see me do anything so Give me second. All right, one second. got to I'm going to just fix that real quick. While that's doing that, let's go back across here. Take look at the question. All right, so you want to ask me this question. That's the most important thing to be able to see. All right, so it starts off with couple of little theory parts. little two marks and one mark. So you you don't want to skip anything. So state two source documents which are related to the preparation of the payroll. Right. Okay. payment with daily. No, no, no 12:00 to 1:00 don't know. just 9:00 to 10:30 is our all break. 11:30 to 1:00 all break. 2:00 to 3:30 half an hour. 4:00 to 6:00 half an hour, five 6:00 half eight, and then we done. So, yeah. don't know. Playing them two of all games. don't think that's that makes sense. Right? Mhm. Okay. Mhm. Yeah. Yeah, man. No problem. You do you. All right. So, folks, let's push that up there. hold on. Where's my answer file? All right. So, push that up there. Okay. Right. So, what's going on there? Okay. So, two source documents which are related to preparation of payroll. So, two source documents related to the preparation of the payroll. one sec. yeah. There you go. Okay, cool. So, we know timesheet is one of them. there's clock card, which is another one. All right. So, that's two. Anybody have any others to share? Anybody know of any others? Anybody knew these? So, the timesheet is basically where you record who came in. So, like, for example, here there's when people go when used to work in Fatima, there was log book. So, when you come in, you sign what time you come in, you sign what time you leave. Right? And that way they know that you were there for the whole day. Right? mean, somebody else could sign for you, so it it's on bit of an honor system. Right? So, then that's kind of where clock cards came in. So, you had card that you punched. So, you put it in this kind of machine that had clock on it, and it would stamp the time that you came in, and then stamp the time that that you went out. Right? And if you pull out cards that were left, then of course somebody could punch your card for you. All right? What are the documents? Anybody know of any other documents related to payroll documents? can't think of any off hand. You know what? Let's just pull the textbook. Because today is the 24th, all right? Today is the 24th of February. You know what? I'll put this one and I'll put this one. Yes. The this one is This is my second copy. Is that what the book you used for the kids? All right. Authorized deductions example for students. Cash done. you see you're talking like like TD1s and then Okay, cool. All right. All right. So, Mr. Chandler here like you reminded me of something called internal. They have something called TD1, which is where it's document you fill out and give to your employer that has list of guess they're authorized deductions. So, if you are contributing to an approved pension fund or an approved retirement fund or any other government approved plans, they will they have to factor that in and then take it out, all right? So, you want to approved deductions, right? Cool. All right. Let's just check the text just in case. So, errors errors. Payroll accounting 468. All right. Time card and time sheet. So, have clock cards. So, clock card or time card, time sheets. what else? Do have any others? Gross pay, net pay, methods of functions of payroll, time rates, piece rate. Remember what we were talking about how those things aren't on your on your syllabus mentioned like fixed amount and and piece rate and commission, but they ain't in the text. Mhm. But if you look on the syllabus, they're not there. All right? Yeah, from Google, for sure. Yeah, everyone gets that. Deduction deductions from gross pay. Yeah. So, yeah, so there is there is what you call it? document here in Trinidad. It's called TD1, tax declaration one. think that's the name of it. All right? Okay, cool. All right. let's put this back across here and move on. All right, okay, cool. State one accounting software program that can be used to prepare any payroll. Okay, cool. So, one accounting Sorry, one second. All right. Well, let me see if have any questions across. Yeah. All right. Uh-huh. All right. Yes, am. I'm going to run. Yeah, yeah. Mhm, mhm. All right. Yeah, cool. One accounting software program pro pro program that can be Mhm, be used for preparing pay the payroll. No. All right. Okay, cool. All right. need some more space, do All right. Okay, so that tax question have it here. All right, eight times question, yeah, man. Easy. Mhm. All right, so off the top, mean, QuickBooks is the one go to all the time, but there are whole list of other ones. So, you could ask the almighty Google, accounting software programs for for payroll. All right, software. What did put? Soft wire? Mhm. Deal. don't think software. Zero, right? So, hold on. List of And if it is just actually my to my list. Right. There you go. QuickBooks online payroll, zero, Sage 50. All right, cool. So, copy and paste. All right, so QuickBooks, oops. QuickBooks, QuickBooks online. not oops, QuickBooks, right? Online with payroll. Did remember to call this remote QuickBooks, right? Zero with gusto, zero payroll. Right, Sage 50. Patriot, FreshBooks. Paychex. And Rippling. okay. All right, cool. Upload failed. Why did it upload failed? Sign in. What you talking about? Right. Okay, so yeah. So, for the two little theory bots, that's what we have going on there. All right. If anybody knows any other any other what you call it software programs, please feel free to share. Give us Right, so GD and Jira. Yeah, so when people get in your way, you get out of their way. Right? All right, so yeah. Okay. All right, Google Meet. Just give me quick and thumbs up. If you guys have doubt, please let me know. If you have any questions, problems, queries, no problem, right? Excel and Word. would say Excel, I'm sure about Word. suppose you could use Word if you know how to You have You have functions you could use in Word to help with that stuff, but Word is not really built for that kind of stuff. But, you could use it. All right, I'm going to check and see what else here. All right, child ones up. All right. All right. Yeah, 4126. I'm sure it's all right. Cool. Okay. All right. So, let's get back to the question at hand, shall we? So, can we zoom in little bit more? Yeah. The following information is about John Wren, the security van driver employed by EAG. He has basic working week of 40 hours and is paid at basic rate of $18 per hour. Okay. So, from basic perspective, if he works only 40 hours for the week and he's paid 18 an hour, to find his total gross pay, you multiply the two number of hours by hourly rate. Right, John Wren is paid 1 and 1/2 times the basic rate for any overtime work. So, 1 and 1/2 times is also called time and half. Right, we also know that from regular CSEC math. Okay. So, for the week ended May 3rd, 2025. Hey, so that's just about year ago. Look at that. He worked 60 hours. Right? The weekly tax information for John Wren is as follows. So, pension contribution tax exempt. What does tax exempt mean? It It means you could deduct that from your pay before calculating tax. Right? Personal allowance tax exempt, same thing. So, you would work out your your gross pay, you would subtract 5% for the pension contribution, 1,000 for the personal allowance, and 150 for the national insurance contribution. And after you subtract those, whatever is left, you find 10% of that, and it'll give you the tax. Okay. So, let's get some couple of things highlighted. So, for the weekend then, right? John works 60 hours. Right? He has basic working week of that and he is paid 1 and 1/2 times basic thing for any overtime. Let's put it on an agreement. Right? we want to do part one here, which is calculate John Rance's gross pay for the week. Okay, cool. So, before we jump into it. All right. So, his basic hours is how many? 40. How many did he actually work? 60. So, he totally worked more than 40. How many more than 40? 60. So, how many more than 40? 20. So, 20 hours will be overtime. Now, the 40 hours will be multiplied by the basic rate, 80 per hour. The extra 20, you have to multiply by the overtime rate, which is 1 and 1/2 times the basic rate. What's half of 80? 40. And 80 plus 40 is 120. So, you multiply the extra 20 hours by the overtime rate of 120. And then, of course, you add those two figures together to get the gross pay. Okay, so organize that for me. Wait, why is my camera still sticking? mean, have to I'm not sure what's going on. If this is the cord have to Is this short in the cord? Do we have next one, boy? The next one is USB-C to You have to Where is my gave it to my mom. All right. Is that worth six marks? Alyssa, if they give you six marks or something like that, take it. Right? Take what they give you. All right. Like said, every exam have mix of easy, medium, and not so medium questions as in what other people might call hard. know, sometimes there are things that are little difficult. won't won't won't sugarcoat it, right? Sometimes. But yeah, so basically what would say here is you get like mark for the basic pay by the basic rate equals the basic gross pay. So, that's your three marks there. Or two and half. And then you'll get the number of overtime hours is mark, by the overtime rate the next mark, and then half mark for that calculation. So, that's five. And then when you add them together, you get your final mark. So, yeah. would have probably give 250, to be honest. But you know, and you know, maybe three. But if they want to give you marks, give it easy marks, take it. Don't Don't complain. But yeah. All right. Spreadsheets. Keith. Bob's. Keith Bob's. Yeah. Is it important to write formula? would say no, but mean would would always tell you if you feel more comfortable writing it, go ahead. But if you finish the time, get straight to what it is you have to do. They would always tell you if you write your formula, then the examiner will see that you know what you were going to do. And if you use your own figure, they might still give you marks. Maybe. All right. MS Excel. Yeah. Excel for sure, Adrian. Yeah, use that. Yeah, Excel. Yeah. work numbers. work numbers. you could use that, yeah. Sheets, yeah. Sheets you could use. Whatever say. All right. Lenora Holmes. Yeah. Then we have Yeah, mhm. half it. how to find the the overtime premium, yeah. Have to find the overtime amount. Correct. Yeah, that could be Yes. That's correct. Correct. Like that. What about Aaron Boy? Who Aaron? Good morning. How you doing? Good to see you on. All right. All right. hey, and there's Michael as well. Cool. Cool. Cool. All right. Hey, morning, Michael. How you doing? Good to see you on. That's all right. Birds, you need your rest, you know. Rest is important. If you don't rest, you can't you can't function. So, No worries, yeah. You do you You your thing. You do your thing. Go frighten. Once you get that paper 10 for the exam tomorrow. Right? That's that's the more important thing, right? Don't worry, we not start. We didn't do much, right? We just we did the first two pieces here, the two source documents for the payroll, some accounting software programs, and now we calculating gross pay for John Wren. Right? So, I'm going to put that up on the board actually now, right? So, again, his basic working week is 40 hours at 80 per hour. He gets time and half for overtime, and then in particular week he works 60 hours. Sorry, didn't mean to put it in the same color. Yeah, he works 60 hours, right? So, the gross pay, right? Would be combination of couple things. Right? So, first things first, right? We want to calculate the basic pay. So, the basic pay, right? Is the So, out of the 60, 40 is regular, and the 40 is being multiplied by the 80. So, 40 by 80 is 3,200. So far, so good? Right? And then the Again, he works 60 hours in total. If 40 of those 60 is regular, then the overtime is the difference, which is 20. Right? Sorry, scrolled on the wrong thing here, right? So, 60 minus 40 gives us the 20, and then 1.5. So, the 1.5 is the same as the one and half times the basic rate, and the basic rate is 80, right? So, 20 by 120. Sorry, 20 by 120, is that? Really? Yeah, 20 by 120 is 2,400. So, the gross pay is 5,006. Yes? No? Maybe? Yeah? All right, cool. Google Meet is going to mark it correct. So, those who did it, right? know couple of you just popped in and say we haven't had chance to do it. So, those who were here, let's give them quick genie chat or thumbs up if you're good with that, please and thanks. Right? Yeah, forwards. Yeah, yeah, I'm excellent. Excellent calculator, for sure. yeah, answer that question, sorry. Right? I'll put that out of my head. Okay, cool. Okay, next. So, back here now. Calculate John Wren's income tax payable for the week. Right. Okay. So, the income tax payable Okay, 1 second. did not Well, would have All right, cool. Right. So, the income tax payable. So, again, you have three items here. The pension contribution, the personal allowance, and the national insurance contribution, which are all tax deductible. So, what that means is you have to actually subtract these figures. Now, and in the case of the pension, you have to find you have to calculate it. So, you have to find 5% of 5,006, right? So, whatever that figure is, you have to you're going to add that to the 1,000, the personal allowance, as well as the national insurance contribution. Add those together, subtract that from the 5,006, and then you find 10% of that, right? Because that will be taxable income. Right? So, again, so you're taking your 5,006, you I'm sorry. All right. All right. Morning. Morning, Fozila, Sammy Stack, Chevelle, Nassa, Lee, Genie, Sean, good to see you guys on today. All right, YouTube crew. All right, Sean, right? talking about English. All right, all right, cool. Did not bring water? did not bring water. Why? forgot. All right, so I'll show you the first one. So, you could call it tax exemption, you could call it tax deductible items. deductible allowances They call them different things. All right, and then you and then you have your personal allowance and your national insurance contribution. So, those were given to you, so had to call them plug and play. So, you add them together, get you 1430, think. 1430 from this is 4170, and then you find 10% of that, which is 417. All right, so let's let's maximize this so we could take look and see how the whole thing looks. Wait, let me let me add some borders going around this thing. know you guys like your borders. You see the lines and stuff. Which is fine. Although, in this particular question, don't think they gave you borders. They just gave Well, no. don't think they didn't give you borders. They didn't give you like rows and columns. They just gave you big square to write in some stuff there. Right? So, again, you take your gross pay, and you have three deductions, right? Three allowances, tax-free allowance, and deductible allowance, right? 5% of gross pay, and then your personal allowance and national insurance contribution were all were both given to you. You add all three. You get your subtotal, you subtract it from that, you get your taxable income, and you find 10% of that, which will give you income tax, right? Okay. All right. In class, we will have you give it 4:17. Any questions, problems, or issues? No? All right. Google Meet in order to leave you guys good with that, kindly give me quick Genie chat or thumbs-up. Either one works. Mhm. Yeah. from So, from this part of the gross pay? Yeah. All right. Yeah, no problem. Okay. So, let me pull up the question, people, and let me take out some of the highlights so they don't distract us visually. Right. Let's maximize this, right? got more highlights there. Okay, cool. Right. So, for John Ram, so he in yellow, he's working basic week of 40 hours, and he's paid basic rate of 80 per hour. The green tells us he paid 1 and 1/2 times the basic rate for any overtime work. So, that's the overtime rate, 1 and 1/2 times the basic rate. And for the week ending the 3rd of May, sorry, 2025, he worked 60 hours. So, if his basic week is 40 and he works 60, it means he worked more than his basic. So, there are some overtime hours here. To find out how many overtime hours, you subtract. So, 60 - 20 Sorry, - 40 is 20. All right? Alicia, was that tax exempt? Doesn't say what? If it doesn't say tax exempt, you do yes. No, no, yeah. now understand the question, Alicia. Yeah. Yeah, correct. right, sorry, Aaron. So, yeah, if he worked 40 hours, right? So, the basic pay will be 40 by 80. That will give us your 32. And the extra 20 he worked, he has to be paid at the overtime rate, which is 1 and 1/2 times the 80. So, down here, you see in 60 - 40, which gives us the 20 hours overtime. And then they're saying 1.5, that's your 1 and 1/2, right? The time and 1/2 by the 80, the basic rate. So, 1 and 1.5 by that gives us 120. And 20 by 120 will give us 2400. And when you add those two together, you get the gross pay. You okay with that? All right, cool. So, now, from there, they were asking us about the the tax taxable Sorry, the tax income tax payable. Now, he has these these three items here, right? They they they say tax exempt, which means you don't pay you you you can deduct them. You can take them away from your gross pay before you calculate the tax. Right? So, the 5600 The first thing is your pension contribution. It says tax exempt, right? So, you find 5% of your gross pay. Right? So, 5% of that is 280, right? And your personal allowance is 1000, so you just plug that in. And the national insurance contribution, you also just plug that in, 150, right? You add those up. You sub You You subtotal, you subtract from gross gross pay and you get your taxable income. Taxable income, right? The income that you are going to charge the on on which you find tax. The income tax rate is 10%. So, you find 10% of the 4170 and you get 470. Right, okay. We're up to speed now? Well, it depends on the question, Some questions will give you certain tax deductions or deductible allowances and some will not have those things as deductibles. So, it really is case-by-case basis, right? But, generally speaking, you're supposed to have personal allowance and and national insurance, but sometimes they call it social security, sometimes they call it pension contribution, and sometimes it's not deductible before tax. So, it's it's case-by-case basis. So, it's not set in stone, all right? So, be careful. All right. Yeah, it's it's it's supposed to be, but not every question will have it. Right? So, just like said, take it take it on case-by-case basis and just follow your instructions in the question, right? Okay. All right. Now, the final piece is calculate John Ram's net pay or take-home pay for the week. So, basically, what you're doing, right? You're going to start with your 5006. You're going to take away these things here because you have to take them out and you're going to also minus your income tax. All right? So, long story short, right? kind of have it already. kind of kind of spoiled it here, right? But, what did Yeah. Yeah, so what you do, long story short, so you can just take this away from this, to be honest, right? But, they want they want take-home pay or net pay, which is the pay after all deductions have been deducted. So, you start with your gross pay and you take out all your deductions, right? So, these three things and your income tax of 47. So, let's let's plug that up for me and we'll go from there. All right. Paris Hey, it's the one right. Balance 7920 bank reconciliation. Check my YouTube channel, buddy. It's all there. Let me Let me speak. Be with us virtually. Yeah, will definitely be with us virtually tomorrow, already. You ever see CSEC? Color. Bank records if you if you know we're doing not bad. But that could be said any day. Bank records guaranteed to come. don't feel so sure they're doing. Guarantee nothing guaranteed to come. Came few times recently, so they might skip it, but you never know. You never know. No, no. just just just reading some comments on YouTube here. just just say nothing is guaranteed to come. monster company is coming. The company is came big last year, Keshawn, so don't think it would come back that big, but then again, with this examining body, you never know. It comes every year. No, that's not true. There were there were quite few years where it did not come. If you look back in the day books. Yeah, if you don't remember what to do on there, it it would be hard. Yeah, don't remember what to do it. What is companies? My brother. did the cash book spot at Bank records. Bank recon does nothing comes every year. You can't come to income tax empires. No, that's fundamentally don't know. Go on the channel. Check the Check the playlist. Stay reformed. Stay reformed. Go on the channel, check the playlist. Practice some questions. Shelton, no predictions. Antonio, DM me. Or email or WhatsApp. Right. Are they ready? Okay, see see some writing. Go ahead, take your time. No rush. Yeah. Hey Greg. All right. Hey Greg, morning. Yeah, sorry. was was to let you guys know I'm I'm mean don't have lessons tomorrow like 99% sure because we in we in exam season. So the form five classes taking precedence. So tomorrow is big PUE exam and right after they come in to do maths. if you want to bring Look for 2:45 and come from 4:15, we could maybe accommodate that. As the usual thing, right? Yeah. But yeah, but but this I'm probably having some maths sessions from 4:00 to 6:00 and half six to half eight, but could try and squeeze you in before. All right, but if that changes I'll let you know early because had clash on 99 Monday, today, and yesterday. so tomorrow have some errands to run, so I'll try and get them done, so got to accommodate you, but if anything I'll see you no one to one tomorrow, you know what mean? Let's Let's Let's take look at this one, shall we? Okay, so calculation of net or take home pay. Right? So, start with the 5 6 and basically again the same 281 150 and 470. Now, you add it those up and that's your net pay. Have our next one down here. so basically all did was kind of copied the same calculation above here. And then just subtracted the 470 right here. Right? So, it's just to show you there's no one correct layout or one correct way to do it. They They have there there are multiple ways to show it. okay, hold on one second. The spreadsheet is doing something funny. Right? So, whichever way you prefer is perfectly fine. You could do all the deductions or you could do your tax exempt deductions then do your tax net pay. But whatever whichever way you do, you get the same figure. 3,753. All right. All right. Jacob, Anna, Haley, and Cesario, you okay with 3753? Yeah? All right, cool. Google Meet? Sorry, somebody's calling me. Hello, good morning. in class right now actually. have class all day today until night tonight because the PLO exam is tomorrow. But talk to me real quick. What's up? Yeah. Right here. We We starting new We starting new students the week of the 18th. So, what I'm trying to see is who fits where on on what day and what time. So, if you could WhatsApp me what days and times work for you, could try and fit them in when get chance to look at the schedule. But the week of the 18th is when start new students. It's unlikely there'll be any Saturday classes right now. Highly unlikely. During the week. That's correct. Yeah. Yeah. That's correct. Okay, no problem. You guys have good day. Okay, cool. Right, so of course if anybody has any questions, now is good time to ask, but let's see what else we have to do with this question and state one difference between statutory and non-statutory deduction. Well, mean we should know that, right? Statutory is demanded by law, by statute, right? It's legal requirement. non-statutory is not required by law, but is also called voluntary. It's something somebody opts to do for themselves and on their own behalf. So, let's put that in very quickly. Right, of course the way worded it is not the only way that it can be worded. So, you're very welcome to come up with your own articulation. do encourage that, but of course just, you know, make sure that it is an accepted and correct articulation. Boom. So, stat- So, it says one difference though. statutory deduction is one that is required by law. Right? For example, personal income tax, right? All right. Whereas non-statu- tory deduction is not required by law, but rather is voluntary. for example, contri- -bution to to pension plan. Right, and for two marks think we're good there. Right? We So we basically describe what statutory deduction is and what non-statutory deduction is and we gave an example for each. So think we're more than covered in terms of getting those two marks there. All right. Okay, I'm going to check something real quick. Yeah, yeah, did push that down. So unless delete that, then yeah, it'll be on two bits. That's fine. Okay, in in class people, are we okay with what's on the screen for statutory versus non-statutory? All right, cool. All right. Google Meet, same thing. If you guys Mhm. Right, so in in Trinidad, at the very least, yes. So once you earn above what is it? You can earn 9,000 No, no, 7,500 per month I'm paying no tax. So once you earn above above 90,000 per year, you pay 25% tax on whatever you earn above 90, but you also have your So the 90,000 is your personal allowance and then you have If you pay NIS you very you were just about to mention NIS. So that's national insurance contributions and you are allowed to deduct 70 up to 70% of those contributions, right? From your income to lower your tax liability. and then thereafter you calculate tax. So you So it's it's called Is it withholding tax? think it's called withholding tax. I'd have to double check the name, but basically the employer is responsible therefore for taking those things out and remitting them to the government. So yes. hope that answers what you were asking there. Is that it? All right. Cool. Cool. All right, guys. So, we are on the question four now. So, let me print that out for those in classes. It's It's two-pager here. have something something approximately in partnerships. What is that again? All right. Is the answer book that? No. And this question Hold on. This is question five. Okay, cool. Yeah. More More tick box, boy. would That one Yeah, that one should be multiple choice question, to be honest. don't know why they keep putting them here. Cuz they make the make the exams look fancy. don't know who do you live with then. Not Not American Americans, they usually use multiple choice, yeah. So, yeah, the British mean mean you mean to say British. With the Cambridge. like with the big exams like SATs and thing, yeah. mean if like university exams, you'll have multiple choice for some things, but it particular courses, you will have written papers, yeah. But think somebody Is it the AP exams or some of them are not multiple? I'm not sure, but no, yeah. but yeah, they'll they'll have tables there, too. But I'm not sure if they will One second. Yes. Yes. think so. Okay. All right. Okay. What is the other part? All right. All right. 1 2 4 Are we on so choose the letter for the question. 2 3 4 And probably the answer is And the question Again, so which which sheet is that? Okay. Ladies and gentlemen, So, we're going to see what we can do with it. So, have feeling because of this question and then had colleague cut on run to pick up my son. Okay, so the second part of it is supposed to be partnership like thing. the first part. So, let's take read. JSR is chain of retail hardware outlets outlets, sorry, owned by Jenny Singh. So, JS Jenny Singh. All right. State one duty performed by an accountant. Hold up. Duties Really? All right. One sec. Want to see what the syllabus says about this specifically. Accounting as profession. Da da da da of an accountant. So, these are ethical issues in the field. As system, concepts, conventions, accounting cycle, features of various types of businesses, financial statements, rule impacts, balance sheet. Uh-huh. Construct balance sheets, right? Okay, I'm not seeing that particular and then yeah, well, it wouldn't be here. Or think in any further further section of the syllabus. Yeah, no, it won't. Okay, yeah, so this is not something know offhand. mean, could could probably rush couple of answers to you to be to be honest, right? Okay, let me see if could pull that up little bit and then put this one down. All right, so one duty performed by an accountant. Well, mean, clearly you have some easy ones and some not so easy ones, right? So, state one duty performed by an accountant. Cool. All right, so you know what? Ask the almighty Google. List of duties of an accountant. Share general ledger. Mhm. Yeah, finance. Hold on, let's see. Two more. Maintain accurate up-to-date. So, financial reporting and record keeping, reconciliation and compliance, taxation and payroll, analysis and budgeting, operational support, recording transactions, managing So, maybe we could go with some really easier ones, right? So, hold on, Let's put this down. What is it's preparing financial statements, reconciling bank accounts, handling accounts payable and receivable, payroll, filing taxes. Right? So, What was the one had said before? can't remember that. So, designing and main- -taining bookkeeping system. Right? So, when say designing, mean Oops. Now, if you come into job and they already have system, you don't have to design. You just have to know how to use it and use it effectively, right? So, design and maintain bookkeeping system. Right? And of course, you have to do the bookkeeping. So, you have to record transactions. You have to prepare financial reports. Right? So, you could talk about income statement, balance sheet, cash flow. Right? You do have to administer payroll, which basically means you have to perform the payroll function, right? bank reconciliation reconciliation. Reconciliation. Yeah, cool. Right? Hold on. No. And accounting records. Mhm. Nah. Did somebody wear that? But if you get part of it or something get back. So unfortunately, don't have think have sh- very short one in the car, but they might give you all something to knock off. I'll I'll take look, right? When say short it's like this long. It's not It's not long. I'm I'm sure accuracy of company record, right? That's one. That's Wait. Hold on. Hold on. All right. So that's one. That's two. That's three. That's four. That's five. Say that one more time, sorry. okay. So you know how like you you have to know how to prepare an income statement and balance sheet. cash flow statement or statement of cash flows. Yes, it does track It does summarize the the inflows and outflows of money under three specific headings. But yeah, that that's basically what it does. But it's not something you'll see on CSEC Cape accounts or you do accounts at that higher level. It's not It's not terribly hard. It can be difficult under certain circumstances, but conceptually, it actually is relatively simple. But it can They they often do have little twists and turns. Like anything. Just like all income statements have accruals, prepayments, provision for bad debts, provision for depreciation, that sort of stuff. And extra things you might have to figure out if they include include. So It It It is It is something interesting. But yes, it does track cash flows. Yes. But after the after the factors Payroll. So that's what like what we just did across here, right? With net and all that kind of stuff. So you have to basically know how much you're paying each person. You have to fill out the forms so the payments, the deductions, what you withhold from them for paying stuff like tax and national insurance and anything else anything of the sort and any other payments that they may have to make on behalf of the of the employee. and of course, executing the payments to the employees. And the payments of the statutory things, right? so sorry. payments. Yeah, filing. paying statutory statutory requirements. Like tax. All right. Okay, we have six. Anybody want more than six or cuz they asked for one, right? Yeah. And think any anything here should be fine. Record record day-to-day transactions. Yeah. All right. Of course, you could you could have fancy ways of saying saying that. They probably have other functions which is didn't mention there, other duties, right? Okay, so let's Right. So, now we're talking about Other than the owner and the accountant, state one internal user of JSR's financial information. Right? So, part one. One other internal user of of of JSR's financial information. Sorry, I'm typing kind of off today. Yeah. Okay, so Shazar, you said manager. Right? So, you mean you're clearly going to have manager, employees. Right? shareholders. So, shareholders. Now, think JSR she has chain of hardware retail hardware outlets. So, and it's owned by who? That sounds like sole trader. So, don't think shareholders would be applicable here, but if it was limited company, now shareholders are internal that they are actually at the top of the chain of command. They own the company. Right? but they they did say other than the owner. So, yeah, but then shareholders there probably would not be good idea. Right? So, the manager, the employees. Anything else internal? Internal auditor? Internal auditor. Auditor. All right, the So, the auditor is the person who basically double-checks the financial records and does tests to make sure that the integrity of the accounting system is intact. Right? If anything is off or anything doesn't add up, then they they dig little deeper and see what's going on. Maybe certain practices are not being adhered to. Maybe there is fraud happening and don't know, right? So, the auditor is like the kind of Mhm. Yeah, I'm not so good about it. It's just to see if it was like the army immune system or something like that. But they check. Yeah, so they're kind of like an immune system. Okay, so again, we got one more We got We got three and they asked for one. Right? Of course, if anybody else knows any more internal users, please feel free to let me know. All right. Uh-huh. Arun. Yeah, you can just be financial the accounting cycle. That's fine. The accounting cycle. Yeah. You have written exams something meant that the exam was read off of computer screen and they had book that they would write their answers. Don't worry about what Soof. It's not It's Those Those are not it. All right. state one external user who may have an interest in JSR's financials. So, one external user of JSR's interested in Okay, so who are some external users, citizens? Customers, potential investors, government, competitors. All right, think we have four there. All right, now after that, you have to pick one of those and explain why they would be interested in the financial information. Which one you want to pick? Let's We can pick We can pick two. Let's do potential investors and government. So, think potential investors kind of obvious, right? They want to know, "Hey, is this company profitable and liquid? Right? Does it Does it pay back its share its its its investors? Does it pay them back? First of all, does it give them good return on their investment?" And for the government, well, all they want to know about is tax and if you're trying to dodge tax, right? So, part three. All right, reason for interest in financial information in JSR, right? JSR's by the external user. Okay. So, like said, potential investor. Right? the investors, sorry, investors, right. All right, they would want to know if JSR is profitable and or liquid in order to know if JSR Sorry. And to know gives Yeah. Gives good return on investment. Okay, and of course the government. Right. so, they want to be able to assess if the company is paying adequate taxes or whether it may not be paying enough in tax. Right? So, that's what they concerned about. All right. man. man. Okay, in class people, are you okay with what's on the screen there for why these external users would be interested in the financial information for JSI? Yeah? All right, cool. Google Meet, you know the drill, right? So, R&M financial advisors, Michael, Charlotte, and Zachary. Give them all little genie chatter, thumbs up if you agree with that. Mhm. Yeah, sorry. that's right. wanted coffee. Sorry. Yeah, yeah. So, potential investors, does this company give good return on investment? and they'll analyze the profitability and liquidity. Right? debt service could be our next one, but that would be different. You all know how to actually about debt service at this stage. Right? And the government, yeah, whether this company is paying taxes and they'll analyze the growth of the entity and see how it's happening. remember, you all remember seeing Dark Knight? don't remember that episode or anything before you were born, sorry. Yeah, there was there was company interested in doing business with Wayne Enterprises. That's Batman's business, right? This is Bruce Wayne's legacy. Inheritance, guess you could say. And he agreed with the business with him, but he realized something was wrong with the financials. They were growing like, think 20% like clockwork every year, which is unprecedented, you know? So, took closer look at the books and realized, "Hey, something not right here." So, if you know how to look for things, you'll notice when things are off, right? It's like, for example, if you're like if like if you're responsible for something at home, let's say feeding the dogs, and you go in your back like home by yourself with any back and feed them every with the dogs. And then going in the back and one time Pebbles was having an iguana for breakfast. She just sat there biting off piece and just ripping it off, you know. So was like, that's what happened." And the other time there was What it was? don't know if it was No, it's not the iguana. One of them. One of them look like creatures and they had tropics. So monitor lizard, right? Mhm. don't know what like it. Monitor lizards look like rat, but they have long legs. You know, yeah, yeah. It's kind of resemble it. Bizarre. don't know if it's relation. Mhm. Mhm. that is why Yeah. All right. Cool. Cool. Cool. Yeah, so if you when you when you know how things supposed to look and and then you go on the set, they could sense or realize when something is off. You know, you meet people on your friends, you know. So then somebody who usually talk to you or last time they talk to you, you know, "What happened to you? you so quiet today." You know. All right. Part enter the check mark. Yeah. In the appropriate column to indicate which statement each transaction will impact. An example has been provided for you. Okay. So transaction. Financial statement, income statement, statement of financial position. Okay, so example, paid up insurance expense. Okay. So insurance expense will affect the income statement. All right. Cool. No problem. Right. Installation costs for computer equipment. Okay, so this is kind of like what we did yesterday when we had breakdown of capital versus Sorry, yeah, capital versus revenue expenditure. So capital expenditure versus revenue expenditure, right? And we said capital expenditure is any expenditure to acquire new non-current assets or to significantly improve their value. So for example, if you buy piece of land or buy new motor vehicle or equipment, etc. That's capital expenditure, but don't forget the cost of an asset is not just the purchase price, but any any and all other incidental costs of acquiring the asset and of putting it into operable use. So, for example, delivery. When you order stuff from online, it is not just the price you pay on Amazon or whatever site it is, Teemu or whoever, right? You have to pay shipping. And then when it comes into Trinidad, you have to pay taxes, etc. etc. So, all that is part of the cost of the asset, right? revenue expenditure is any expenditure that is not capital expenditure. So, when you pay for as say, payments to acquire benefits temporary. So, you pay for electricity monthly, so you have it every month. You pay for your Wi-Fi monthly, you pay for water maybe every 2 months or whatever the case is. And then current is every 2 months Trinidad too. Yeah. what else? Salaries, insurance. Right? and things during the course like office expenses, stationary supplies, all those things are revenue expenses, right? Repairs, maintenance, etc., right? Okay. So, the first one, installation cost for computer equipment. So, one might think that that is just revenue expenditure, but here is my question. If you don't install the computer, can you use it? No. So, this So, remember when said in the definition of capital expenditure and the cost of an asset, it's any and all other incidental costs of acquiring the asset, buying it, and of putting it into operable use. Making sure you can use it. So, like for example, if you if you buy like in PriceSmart in there was there was jacuzzi or hot tub. So, you could buy it and bring it home, but can you install it? No. So, you had to pay plumber, right? And how much ever they charge you is not part of the cost of that asset. It's not separate labor. It's not separate installation. It is installation, but of the asset to be able to use it. So, it's part of the cost. So, this one would go is capital expenditure, which goes on the balance sheet, right? So, capital expenditure does not go in its entirety on the income statement. Right? What What expenditure associated with Sorry, not expenditure. What expense And know said expenditure. What expense do we see in the income statement that has to do with non-current assets? Beginning with Depreciation. Right? We write off piece of the asset's value every year in keeping with the matching principle. All right. So, for installation cost, that would go here. Right? Let me get little Do have any? do it. have drawing tools, right? Right. Cost of repairs to motor vehicle. So, basically means any sort of repairs is definitely revenue expenditure, right? Four marks. What's it? JoJo, don't know what we're talking about. JoJo, I'm lost. I'm not sure. Maybe I'm missing something in the comments. don't know. Right. Legal cost incurred for purchasing property. This one is part of the cost of the asset. If you didn't pay, usually lawyers are required to sign documents and to process some of these things for us. So, the legal cost is part of the cost of the asset. Right? So, it's definitely statement of financial position. And rent expense paid for the last 6 months, income statement. Right? Now, to me, don't know. Something about that to me is slightly ambiguous, but sometimes overthink. but yeah, if you pay rent expense for the previous 6 months, once So, so here's the thing, right? The income statement, of course, is for is for period of time. So, if those 6 months fall into the period of time for which you are drawing up an income statement, then yes, they would go there. Right? The last 6 months is usually Yeah, it's usually fair game. All right. It was no worries, yes. But understand the disclaimer. was trying to clarify. didn't see comment from Alyssa about six. don't know, maybe Do have all? What was the sentence for? can answer nothing happening. And let's run through all of them. hold on. seen it here. Is that with six formulas? But you Okay. that's that's pretty far. Okay, no worries. But yeah, you clarified. That's fine. All right. In class people, are you okay with the solution there? All right. Now, what I'm going to kind of have to put it in my thing. Maybe could could copy and paste the whole thing. You know what? I'll I'll fill that in the next time. don't want you all to have to wait on me to do something like that, right? Okay. and then the last piece for this question, which we had to try and finish off within 15 20 minutes, right? Is this piece here. So, Jenny's thing account balances as at 31st December 2024. So, we have sorry. My bad. forgot that was didn't have my highlighter on there. Right. Right. So, equipment, inventory, receivables, bank, and then accounts payable. So, we have four assets and liability, right? Lance Maharaj, vehicles, inventory, receivables, right? And and an overdraft. So, three assets and liability. Jenny is clearly bringing in more than is Lance, right? So, use the form provided on your answer booklet to prepare classified opening statement of financial position in order of permanence for the and partnership. So, sorry. was supposed to Jenny and Lance were sole traders. They agreed to combine all assets and liabilities to form the J&L partnership, chain of retail hardware outlets. Trading began on Jan 1st, 2025. The individual list of account balances lists, sorry, of account balances as at 31st December 2024 were as follows. All right? Right. you know what? No, we could go back to 200. That's fine. Yeah. So, basically, let's take look at the booklet. is it here? This is 4D, right? Yeah, 4D part one. Yeah, okay, cool. So, they give you like triple column. And that's is seven marks. don't think you're going to need all these all these rows, to be honest. You might finish before. All right? Now, they just said to the opening statement of financial position in order of permanence for J&L, right? so, again, they didn't they didn't specifically say working capital. But if you want to show working capital, you can. And then the other thing is they have assets and liabilities. What is the third item or element in the accounting equation? Capital. Do we see capital explicitly? No. So, how do we find capital? Assets minus liabilities, which you will need to do for each partner. Right? And in each case, there's only one liability. All right? So, don't forget to find capital for Jenny and capital for Lance. All right, okay. So, when they say order of permanence, what does that mean? Start with your non-current assets, then go to current assets, right? Now, if you had non-current liabilities, you do that next, but we don't, right? So, we could show the current liabilities after current assets. And of course, we could show working capital. That's perfectly fine, right? So, maybe we should do that just to practice. All right, so I'll give you few minutes. come up with the balance sheet there. So, again, non-current assets first, we have equipment and vehicles from Jenny and large respectively. Then for the current assets, so what you would do they each brought in inventory and receivables. So you you would add those figures, the inventories together to get one figure for it. Add the receivables together to get one figure. Right? I'm trying to study what to do with this bank and this bank overdraft. Because you could use 5,000 from Jenny's bank account to pay off that overdraft, Cuz mean, feel like when the partners bring their assets together and together, you wouldn't need two separate bank accounts. They would just have one partnership bank account. It's not unheard of to have more than one account for business, But don't think that's something you all are necessarily exposed to at this level. Okay. Okay. So leave the choice to you. You could do bank account in the current assets section and bank overdraft in the liability section, or you can net it off and just have one one bank figure for 45,000. Why 45? Because 50 is positive bank balance and five here is negative is an is an overdraft. It's negative balance. So you could again just net it off. 50 minus five is 45 and then we we're left with one liability for car loan. Good. How did miss that part? You have to use all of this code. Okay. Yeah. Yeah. Mhm. Okay, cool. Thank you. See you soon. Bye. Okay, cool. right. Hey Greg. Okay, so think may have mentioned to you that because I'm in exam season, I'm not going to have lessons with them tomorrow. All right, so actual POB exam is tomorrow and then maths is the next exam. So, I'll bring any maths people from 4:00. and I've had class from 9:00 a.m. to 9:00 p.m. the past 3 days. Today is day three. So, tomorrow I'll take little little break. Right? But we should be on for next week. All right? If If anything have to do that changes or whatever. Hey Greg. Yeah, sorry. was to mention that no there's no lessons tomorrow. Yeah, because well we're in exam season, the CSEC exam season. Right? so, told the boys we we may miss one or two sessions, but I'll try to pack told them that because the exams are in like 6 weeks or less. So, Yeah, so tomorrow is no class. Yeah, cuz tomorrow is the POB exam. So, and then maths is the Tuesday after. And I've had class from 9:00 to 9:00, well for 3 days in row. So, I'm trying to tomorrow morning I'll take any morning off and the early afternoon. And then we I'll jam in some maths with them form fives from from Tuesday to Monday cuz the exam is Tuesday. Yeah, but most likely we'll be on for next week. All right, But of course he's free has send me any questions, pictures from class. And could if you have any issues I'll sort them out. Yeah, sorry guys. meant to block this stuff there. Yeah, 440s, yeah. Nah, nah. They have plan. Nah, think they they really solve them at all, nah. They They have in the gym to worry about. But anyhow, or All right. Okay, cool. So, it's and right? and partnership. Mhm. No, no. each partner has their own capital. So, for Jenny you add up all Jenny's assets and minus your one liability and the same for Lance. They all split it equally. No, like 01 John. Yeah, John 1 2025 is he started, right? they give you all three columns to use, right? Okay. Let me zoom out here little bit. Okay, so non- current assets. Uh-huh. Mhm. Right, so for the non-current assets we have equipment and vehicles. So, equipment We doing working capital, right? All right, cool. So, let's put them here. And then vehicles. All right, so we're going to add those two together. Boom, and done. And we have current assets. was in board. Right, so we have inventory. Right, so we have two amounts, 28,000 and 30,000. So, that's 58,000. Right, so we could put that here if you want. If you go in the middle column, it actually doesn't matter. we have accounts receivable, right? 12,000 + 25,000, that's 37,000. Right? we have bank, right? So, with the bank, Yeah, you wouldn't Yeah, you wouldn't have two separate inventories in the balance sheet. You just have one total. And same thing with the receivables. All right, so Yeah, so I'm I'm opted into net the overdraft off with the bank account. and again, if you choose not to do that and to show the overdraft separately, think that could work, but something is telling me this might be the better option. Liabilities, all right, cool. good to go there. Right, so that's our accounts payable, which is all this stock here. I'll leave this as 30,000. Yeah. Right, and then you could add You could subtract the 30 from the 140 and you get 110. All right, so let me just hold on. Yeah. So, net assets financed by capital, dot dot total, right? Okay. So, all this should be good. Right, that's still kind of big. Right, so that's net assets, by the way. Okay. one second. Why not? No, that's that's this is net working capital, sorry. Net working capital, my bad. And then, yeah. Net assets. The net assets will be the sum of the 110 and 140, my bad. Cool. Okay, in class people, how we feeling with the upper section so far? Assets minus liabilities. So far, so good? All right. Google Meet, just give me quick genie try to figure that out. If you have any questions, now would be good time. come on. Yeah, that's perfect. One second, I'll just answer that quickly, okay? I'm Intro, right. One second, Okay, cool. So, very quickly, let's pull this down. Right, so those are the details there. Okay. So, of course, this is financed by capital. Right, so we have the partners' capital. So, is Jen, Jennifer, Jenny, and Lance. So, Jenny and Lance. Right, so you can do the working in little bracket, right? So, I'm just going to leave all the extra zeros for the thousands. I'm pretty sure it cancels. 90 plus plus 12 plus 50 minus 30. Right, 28 and 12 is 40. 40 and 50 is 90. 90 and 90 is 180. 180 minus 30 is 150. And then for Lance, 50 30 and 25. Well, that's right. It was 100 exactly. Nope, that's 10. That's not 100. That's 10. All right, so total capital invested. Notice total capital. Right, yeah. So, that's how we find the capital for each partner. We add up each partner's assets minus the liabilities, right? In each case there. All right. Now, it's 10:30, but want to finish up that last part real quick before run off to get Molly. Thanks. Thank you. And then there's capital. Yeah, now all the assets in both partners and Right. So, what did Aaron, is added the assets for Jenny, 90, the equipment, inventory, receivable and bank and bank, and minus the one liability, see? The 90, 28, 12, 50. just left out the extra zeros. All right? then send it for for what we name, Lance, right? 50 + 30 + 25 - the 5, right? And that's how got the capital figures there. Right? Remember, assets capital equal to assets minus liabilities. Where do access the people? online, suppose. Okay. All right. and there's one more part to the question. will will do that before go fish for fish for money cuz don't want to leave anything undone. We have whole question five to go, which is the cooperative question. With that trial balance that is kind of small one, you all. So, all right. at 31st of December 2025, J&L partnership realized total net profit of 62,000. The partners previously agreed to share profits in proportion to their invested capital. So, in proportion to their invested capital, right? Calculate the return on capital invested for Jenny Singh. Okay. What does it mean in proportion to their invested capital? So, how much capital did Jenny invest? 150. How much capital did Lance invest? 100. The total, therefore, is 250. And what we could do is we could take each partner's capital contribution as percentage of the total capital invested. All right? And then the same thing for what we need Lance. All right, so it's 60 4 just between 3 to 2 split. Right? If you were to put 150 over 100 and cancel down, you'll get 3 over 2, which is 3 to 2 ratio. Right? So, how we would then do this is what was the profit? 62,000. Okay. So, share of profit. Hold on. So, Cal calculation of return on capital invested for Jenny Singh for the year ended 31 December 2025. Okay. So, Jenny's share of profit. Right? So, Jenny got 60% of the 62,000, right? So, her share is 37,200. And we're going to divide that by her invested capital, which is how much? 150. See up here? 150. Cool. Bye. All right. Divide and multiply by 100 and get percentage. Right? So, in this case, it was 24.8, approximately. Nice. Right. So, once again, it says the partners previously agreed to share profits in proportion to their capital invested, right? So, what we did is we took each partner's capital, we added it together to get the total capital invested, and we expressed each individual capital contribution as percentage of the total, right? So, Jenny contributed 60%, Lance 40%, and they're using this as their profit-sharing ratio, which is also 3:2 ratio, right? So, we know that Jenny gets 3/5, Lance gets 2/5. So, when we find 3/5 or 60% of 62,000, we get five sorry, 37,002. And when we divide that by the 150, Jenny's capital contribution, we get 24.8. sleep flash am nobody. All right. Okay, in class, people, are we okay with that? Return on capital invested, sorry. Any questions from them? Anything need to re-explain? Now is good time to ask if necessary. Okay, Google Meet, talk to me. Cool. All right. 221B. Is that reference to Sherlock Holmes' address, 221B Baker Street? Do have any ideas of potential topics that might come to the main paper? are you Sherlock fan? Your favorite Sherlock? like Benedict Cumberbatch and Martin Freeman in BBC Sherlock. We also just watched Young Sherlock on Amazon Prime. And he was He was fine. Stephen was He was decent. He was decent. There's no There's no Robert Downey Jr. or Benedict Cumberbatch, but think his performance is good. Anyhow, predictions? No. Only thing is they brought they brought in limited companies big assets, so they're unlikely to bring it big this year, but that wouldn't stop them. The last part just did, right? It said that the partners previously agreed to share profits in proportion to their capital invested, right? So, we look at the capital each partner invested, we get total. Then we express each of the individual contributions as proportion or percentage of the total capital, and we use that as profit-sharing ratio. So, 60% to 40% or 3:2 ratio, right? So, then we use Jenny's So, they want they want to find the return on capital invested for Jenny. So, to do that, we have to find 60% of the profit. 60% of 62 is 37,200, and we simply divide it by Jenny's invested capital, which is 150. we express it, of course, as percentage, which gives us 24.8. And that's that. All right. Okay, Google Meet does it for now. I'll check you all back. I'm going to aim for 11:30, right? So, I'll see you all in bit. If you want to start the cooperative question, go ahead, but would suggest taking mental break. But again, it's your choice. All right. YouTube. Cooperative. Yeah, that's true, Nikia, right. Thank you. Yeah. All right, yeah. I'll check you all back in about 15 minutes. I'll do it.