Business and technology qualifications, Levels 3-6, in Brussels. Explore qualifications
Portal login
Level 5 Diploma in Tourism and Hospitality Management

Financial Statements for Sole Traders

THM503 · Management Accounting — Week 5 of 16

CourseTHM503
Week5 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Financial Statements for Sole Traders

  1. Extended trial balance preparation
  2. Sole trader income statement for hospitality enterprises
  3. Balance sheet presentation
  4. Year-end closing entries
  5. The INCOME STATEMENT Explained (Profit & Loss / P&L)
  6. How The BALANCE SHEET Works (Statement of Financial Position / SOFP)
  7. Accounting 1: Program #14 - "Intro to Closing Journal Entries"

What you will be able to do

  • 2.2 Prepare financial statements for a sole trader.
  • 2.4 Apply techniques to make adjustments to financial statements.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: prepare financial statements for a sole trader.

Study materials

Videos

  • The INCOME STATEMENT Explained (Profit & Loss / P&L) · YouTube · Accounting Stuff · 11 min · for registered students
  • How The BALANCE SHEET Works (Statement of Financial Position / SOFP) · YouTube · Accounting Stuff · 13 min · for registered students
  • Accounting 1: Program #14 - "Intro to Closing Journal Entries" · YouTube · JCCCvideo · 52 min · for registered students

Further resources

  • Introduction to Financial Accounting, Lyryx 2023-A, ch. 13: Proprietorships and Partnerships · PDF · Other, textbook chapter; pp. 533–552 · for registered students
  • Principles of Accounting Vol. 1, ch. 2.3: Prepare an income statement and balance sheet · PDF · OpenStax, textbook chapter; pp. 71–81 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 4Week 6
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
Course plan
  • Week 1: The Role and Context of Finance and Accounting
  • Week 2: Accounting for Strategic Decision Making
  • Week 3: Nature and Structure of Financial Statements
  • Week 4: Year-End Accounting Adjustments
  • Week 5: Financial Statements for Sole Traders
  • Week 6: Financial Statements for Partnerships
  • Week 7: Financial Ratio Analysis
  • Midterm: Midterm evaluation
  • Week 9: Comparative Historical Performance Evaluation
  • Week 10: Sources of Business Finance
  • Week 11: Budgetary Control, Revenue Management, and Cash Budgeting
  • Week 12: Applying Management Accounting in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
Back to the course
Scroll