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The Tutor and Student worked on accounting concepts, primarily focusing on calculating and recording depreciation using the straight-line method. They practiced updating financial statements, including the income statement and balance sheet, to reflect these adjustments. The next session will cover GST calculations and potentially address income tax form preparation.

The tutor and student reviewed international trade concepts, focusing on absolute and comparative advantage with numerical examples. They also discussed the trade-to-GDP ratio and various trade barriers, concluding with a review of key principles for international trade decisions.

The student and tutor worked through accounting exercises involving the calculation and recording of interest on overdrafts and bank loans. They practiced setting up schedules, applying formulas in Excel to calculate interest, and correctly posting these expenses to the income statement. The tutor also explained how to present overdrawn bank balances as current liabilities.

The tutor and student worked on a practical accounting problem involving the calculation and accounting treatment of overdraft interest. They practiced applying formulas in Excel, specifically using an IF clause to handle conditional calculations. The session also involved integrating these calculations into financial statements like the balance sheet and income statement, with plans for further practice in the next session.

The Tutor and Student reviewed key concepts in international trade, including trade balance, absolute and comparative advantage, and GDP. They discussed historical periods of trade expansion, the role of international organizations like the WTO, and the impact of currency exchange rates on trade. Homework was assigned consisting of practice MCQs to reinforce learning.

The Tutor and Student worked through problems related to consumer theory, cost functions (fixed, variable, MC, ABC, ATC), and monopoly pricing strategies. They practiced calculating derivatives to find minimum cost points and determining optimal output and price in a monopolistic market. The next session will continue with concepts related to the second assignment and review homework on cost and revenue.