logo

Fundamentals of Accounting - Aassignment

   

Added on  2020-10-23

22 Pages4674 Words75 Views
ACCOUNTINGFUNDAMENTAL
Fundamentals of Accounting - Aassignment_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a. Maxim's ledger accounts.........................................................................................................1b) Trial balance as of 30 April....................................................................................................3c) Maxim' financial statement for the month ending 30 April....................................................3TASK 2............................................................................................................................................4Pendo company's ledger..............................................................................................................4TASK 3............................................................................................................................................8a) Mafuta's ledger account..........................................................................................................8b) Mafuta's trial balance at the end of the month .....................................................................11c) Mafuta's financial statement for the month ending 31 January............................................11TASK 4..........................................................................................................................................12Calculation of sole trader..........................................................................................................12TASK 5..........................................................................................................................................17Difference among revenue expenditure and capital expenditure .............................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
Fundamentals of Accounting - Aassignment_2
INTRODUCTIONAccounting is referred as comprehensive and systematic recording of business's financialtransactions. It is also known as process to analyse, reporting and summarizing transactions forover-sighting agencies, tax collection organization and regulators. The financial statements helpin summarizing operations of large organization, cash flows and financial position over specificduration as concise summary of numerous transactions might have entered over period. Thepresent report will give brief discussion by explaining nature, behaviour and objective of costaccounting and its application along with techniques and methods of business transaction. In thesame series, it will be reviewing basic principles of accounting such as application of propersoftware. Furthermore, there will be preparation of financial statements dealing with routing andnon routine transactions and analysing in appropriate manner. Lastly, there is demonstration ofvariation among capital or revenue expenditure with context to International AccountingStandards.TASK 1a. Maxim's ledger accountsDateJournal entryDebit (£)Credit(£)05/AprCash account debit300To capital account30007/AprPurchase account debit200To cash account20008/AprCash account debit250To loan account25015/AprMotor van account debit150To cash account15020/AprCash account debit350To Sales revenue account35028/AprRent account debit50To Cash account5029/AprLoan account debit200To cash account20030/AprDrawing account debit60To cash account60Cash account1
Fundamentals of Accounting - Aassignment_3
DateParticularFigure (£)DateParticularFigure (£)05/04/18To capital30007/04/18By purchase20008/04/18To loan25015/04/18By Motor van15020/04/18To Sales revenue35028/04/18By rent5029/04/18By loan20030/04/18By Drawing6030/04/18By balance cd240Total900Total900Purchase accountDateParticularFigure (£)DateParticularFigure (£)07/04/18To cash20030/04/18By balance cd200Total200Total200Loan accountDateParticularFigure (£)DateParticularFigure (£)29/04/18To cash200048/AprBy cash25030/04/18To balance cd50Total250Total250Motor van accountDateParticularFigure (£)DateParticularFigure (£)15/04/18To cash15030/04/18By balance cd150Total150Total150Capital accountDateParticularFigure (£)DateParticularFigure (£)30/04/18To balance cd30005/04/18By cash300TotalTotalSales revenue accountDateParticularFigure (£)DateParticularFigure (£)30/04/18To balance cd35020/04/18By cash350Total350Total3502
Fundamentals of Accounting - Aassignment_4
Drawing accountDateParticularFigure (£)DateParticularFigure (£)30/04/18To cash6030/04/18By balance cd60Total60Total60Rent accountDateParticularFigure (£)DateParticularFigure (£)28/04/18To cash5030/04/18By balance cd50Total50Total50b) Trial balance as of 30 AprilTrial balance of Maxim at 30 AprilAccount TitleDebitCreditCash account240Purchase account200Loan account50Motor van account150Capital account300Sales revenue account350Drawing account60rent account50Total700700c) Maxim' financial statement for the month ending 30 AprilProfit and Loss for the month ended 30 AprilParticularFigure (£)Sales revenue350Less: COGS100 Gross profit250Less: Rent50Less :Drawings60Operating profit /net profit140Working note3
Fundamentals of Accounting - Aassignment_5
ParticularsFigureopening InventoryNilAdd: Purchase200Less: closing Inventory 100Cost of goods sold100Balance sheet for the month ended 30 AprilAssetsFigureLiabilitiesFigureFixed assetscapital300Motor van150Less : Drawings60Current assetsAdd: net profit 140inventory100380cash240loan250Less : repaid20050Total 490Total430TASK 2Pendo company's ledgerDATEPARTICULARSDEBIT( £)CREDIT (£)1-JanCash account5000To Capital50002-JanMotor Van expenses account600To cash6003-JanPurchase account1300To Cash13004-JanCash account1000To loan100010-JanMotor Van expenses account200To Cash20013-JanCash account300To Sales revenue30020-JanCash account500To Sales revenue50024-Janstorage expenses account150To cash15027-Janloan account350To cash3504
Fundamentals of Accounting - Aassignment_6

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Calculation of sole trader 13 TASK 518 Difference between revenue expenditurturtur
|24
|4749
|429

Ledger Accounts, Trial Balance, Profit and Loss Account and Balance Sheet for the Firm of Mafuta
|32
|4004
|76

Preparation of Ledger Accounts
|23
|4846
|65

Accounting Fundamentals : Assignment
|22
|4619
|199

Accounting Fundamentals Assignment Solution
|23
|4693
|56

Accounting Fundamentals - Assignment
|28
|8352
|320