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Accounting Fundamentals Assignment Solution

   

Added on  2020-10-05

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ACCOUNTINGFUNDAMENTALS
Accounting Fundamentals Assignment Solution_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A) Preparation of journal and ledger accounts for Maxim .........................................................1B) Preparing trial balance for Maxim..........................................................................................3C) Statement for profit and loss and financial position for Maxim.............................................3TASK 2............................................................................................................................................4A) Preparation of ledger account of Pendo..................................................................................4B) Preparation of trial balance of Pendo......................................................................................6C) preparing profit and loss account of Pendo.............................................................................7TASK 3............................................................................................................................................7A) Preparation of ledger accounts for Mafuta.............................................................................7B)Preparing trial balance of Mafuta..........................................................................................11C) Preparation of financial statements for Mafuta.....................................................................11TASK 4..........................................................................................................................................12Papering accounting statements for Ricardo .............................................................................12TASK 5..........................................................................................................................................17Demonstrating difference between revenue expenditure and capital expenditure....................17CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
Accounting Fundamentals Assignment Solution_2
INTRODUCTIONFundamental accounting is a set of concepts that are needed to be taken into account atthe time of preparing financial statements and recording each of the monitory transaction madeby the company (Schaltegger and Burritt, 2017). Present study represents preparation of journaland ledger accounts of different business organisations. Preparation of balance sheet, statementof profit and loss account of various business organisations is shown in the study. Furthermore, italso shows a brief description about difference between revenue expenditures and capitalexpenditure in context to international accounting standards. TASK 1A) Preparation of journal and ledger accounts for Maxim DateJournal entryDebit (£)Credit(£)05/04/19Cash Account Dr300To capital Account30007/04/19Purchase Account Dr200To cash Account20008/04/19Cash Account Dr250To loan Account25015/04/19Motor van Account Dr150To cash Account15020/04/19Cash Account Dr350To sales Account35028/04/19Rent Account Dr50To Cash Account5029/04/19Loan Account Dr200To cash Account20030/04/19Drawing Account Dr60To cash Account60Cash A/cDateParticularAmount(£)DateParticularAmount (£)05/04/19To capitalAccount 30007/04/19By purchaseAccount20008/04/19To loan Account25015/04/19By Motor vanAccount15020/04/19To sales35028/04/19By rent Account501
Accounting Fundamentals Assignment Solution_3
Account29/04/19By loan Account20030/04/19By DrawingAccount6030/04/19By balance c/d240900900Loan A/cDateParticularAmount(£)DateParticularAmount (£)29/04/19To cash Account20008/04/19By cash Account25030/04/19To balance c/d50250250Drawing A/cDateParticularAmount(£)DateParticularAmount (£)30/04/19To cash Account6030/04/19By balance c/d606060Purchase A/cDateParticularAmount(£)DateParticularAmount (£)07/04/19To cash Account20030/04/19By balance c/d200200200Capital A/cDateParticularAmount(£)DateParticularAmount (£)30/04/19To balance c/d30005/04/19By cash account300300300Rent A/cDateParticularAmount(£)DateParticularAmount (£)28/04/18To cash account5030/04/18By balance c/d505050Motor van A/c2
Accounting Fundamentals Assignment Solution_4
DateParticularAmount(£)DateParticularAmount (£)15/04/19To cash Account15030/04/19By balance c/d150150150Sales A/cDateParticularAmount (£)DateParticularAmount (£)30/04/19To balance c/d35020/04/19By cash350350350B) Preparing trial balance for MaximTrial balance of Maxim as on 30 April 2019Account TitleDebitCreditCash Account240Purchase Account200Loan Account50Motor van Account150Capital Account300Sales Account350Drawing Account60rent Account50Total700700C) Statement for profit and loss and financial position for MaximProfit and Loss for the month ended 30 AprilParticularAmount (£)sales350Less: Cost of goods sold 100Gross profit250Less: Rent paid50net profit200Working notesParticularsAmountopening stock0Add: Purchases200Less: closing stock 100Cost of goods sold100Statement of financial position as on 30 AprilAssetsAmountLiabilitiesAmountNon current assetscapital300Motor van150Less : Drawings603
Accounting Fundamentals Assignment Solution_5
Current assetsAdd: net profit 200inventory100380cash240loan250Less : repaid20050Total 490Total490TASK 2A) Preparation of ledger account of PendoJournal account for PendoDATEPARTICULARSDEBIT( £)CREDIT (£)01/01/19Cash Account5000To Capital Account500002/01/19Motor Van expenses Account600To cash Account60003/01/19Purchase Account1300To Cash Account130004/01/19Cash Account1000To loan Account100010/01/19Motor Van expenses Account200To Cash Account20013/01/19Cash Account300To sales Account30020/01/19Cash Account500To sales Account50024/01/19storage expenses Account150To cash Account15027/01/19loan Account350To cash Account35030/01/19Drawing Account175To cash Account175SALES ACCOUNTDATEPARTICULARSAMOUNTDATEPARTICULARSAMOUNTTo balance c/d80013/01/19By CashAccount30020/01/19By cashAccount5008008004
Accounting Fundamentals Assignment Solution_6

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