Accounting Fundamentals - Assignment
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Added on 2020-10-22
Accounting Fundamentals - Assignment
Added on 2020-10-22
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Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4TASK 2............................................................................................................................................7Sergei A/c.......................................................................................................................................10Task 3.............................................................................................................................................11Ledger accounts, trial balance, profit ad loss account and balance sheet for the firm of Mafuta...................................................................................................................................................11Financial statements..................................................................................................................15TASK 4..........................................................................................................................................16Ledger accounts and trial balance of firm of sole trader...........................................................16Ledger accounts, trial balance, profit ad loss account and balance sheet for the firm of Mafuta...................................................................................................................................................19Financial statements..................................................................................................................19TASK 4..........................................................................................................................................19Ledger accounts and trial balance of firm of sole trader...........................................................19TASK 5..........................................................................................................................................21Differentiation between the revenue expenditure and the capital expenditure with referenceinternational accounting standards............................................................................................21CONCLUSION..............................................................................................................................22REFERENCES..............................................................................................................................23Online........................................................................................................................................23Capital and Revenue Expenditure. 2017. [Online]Available through:<https://accounting-simplified.com/financial/fixed-assets/capital-and-revenue-expenditure.html>.............................23ng....................................................................................................................................................23Absorption Costing........................................................................................................................23Absorption Costing........................................................................................................................23
INTRODUCTIONFundamental of accounting refers to basic concept of accounting that provides guidelinesto prepare various financial statements of a business by analysing all the financial statementsand summerzing them (Sloan, 2019). Present statement shows preparation of fundamentalaccounting using basic fundamental accounting concept. It also shows broad difference betweencapital and revenue expenditure on the basis of International Accounting Standards.TASK 1A) Journal entries and journal entries in the books of MaximDateParticularAmount Amount05/04/19Cash a/c Dr.300To capital a/c30007/04/19Purchase a/c Dr.200To cash a/c20008/04/19Cash a/c Dr.250To loan a/c25015/04/19Motor van a/c Dr.150To cash a/c15020/04/19Cash a/c Dr.350To sales a/c35028/04/19Rent a/c Dr.50To cash a/c5029/04/19Loan a/c Dr.200To cash a/c20030/04/19Drawings a/c dr.60To cash a/c60Cash AccountDateParticularAmount DateParticularAmount05/04/19To capital a/c30007/04/19By purchase20008/04/19To Loan A/c25015/04/19By motor van15020/04/19To sales a/c35028/04/19By rent a/c5029/04/19By loan a/c20030/04/19By drawings60By balance c/d190900900Capital A/c4
DateParticularAmount DateParticularAmount30/04/19To Balance c/d30005/04/19By cash A/c300300300Purchase A/cDateParticularAmount DateParticularAmount07/04/19To cash a/c200By balance c/d200200200Loan A/cDateParticularAmount DateParticularAmount29/04/19To cash a/c20004/04/19By cash a/c25030/04/19To balance c/d50250250Sales A/cDateParticularAmount (£)DateParticular 30/04/19To balance c/d35020/04/18By cash A/c350350350Rent A/cDateParticularAmount (£)DateParticular Amount28/04/19To cash A/c5030/04/18By balance c/d505050Drawings A/cDateParticularAmount (£)DateParticular Amount30/04/18To cash 6030/04/18By balance c/d606060Motor Van A/cDateParticularAmount (£)DateParticular Amount15/04/18To cash 15030/04/18By balance c/d1505
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