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Fundamentals Of Financial Accounting Assignment

   

Added on  2021-01-02

15 Pages4500 Words499 Views
ACCOUNTINGFUNDAMENTALS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) Ledgers accounts...............................................................................................................1(b) List of accounts balances at April,30................................................................................2(c) Statement of Profit & loss for the month ended April,30.................................................2TASK 2............................................................................................................................................3(a) Ledger Accounts...............................................................................................................3(b) Trial Balance at 31 January..............................................................................................4(c) Statement of Profit and Loss for the month ended 31 January.........................................4TASK 3............................................................................................................................................5(a) Ledgers accounts...............................................................................................................5(b) Trial Balance at 31 January..............................................................................................7(c) Statement of Profit and Loss for the month ended 31 January.........................................7TASK 4............................................................................................................................................8TASK 5..........................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONAccounting is the language apply by all companies to communicate with management,investors and of the organisation (Bushman and Williams, 2012). Accounting is depending onthe fundamentals equation that are helping to solve complex activities and also defines business'ssuccess and failure. In this report covers various journal entries and accounts has been developedalong with Profit & loss account, Balance sheet and trial balance account. TASK 1(a) Ledgers accountsCash a/cDateParticularAmount (£)DateParticularAmount (£)April,5To Capital a/c300.00April,7By Purchase a/c200.00April,8To Loan a/c250.00April,15By Motor van a/c150.00April,20To Sales a/c350.00April,28By rent a/c50.00April,29By Loan a/c200.00April,30By Drawings a/c60.00By Balance c/d240.00Total900.00Total900.00May,1To Balance b/d240.00Capital a/cDateParticularAmount (£)DateParticularAmount (£)April, 30To balance c/d300.00April,5 By Cash a/c300.00May, 1By Balance c/d300.00Purchase a/cDateParticularAmount (£)DateParticularAmount (£)April,7To Cash a/c200.00April,30By Trading a/c 200.00Loan a/cDateParticularAmount (£)DateParticularAmount (£)April,29To Cash a/c200.00April,8By Cash a/c250.00April,30To balance c/d50.00250.00250.00May, 1By Balance c/d50.00Motor Van a/cDateParticularAmount (£)DateParticularAmount (£)April,15To Cash a/c150.00April,30By Balance c/d150.00May,1To Balance b/d150.00Rent a/c1

DateParticularAmount (£)DateParticularAmount (£)April,28To cash a/c50.00April,30By profit & loss a/c50.00Sales a/cDateParticularAmount (£)DateParticularAmount (£)April,30By Trading a/c350.00April,20To cash a/c350.00Drawings a/cDateParticularAmount (£)DateParticularAmount (£)April, 30To Cash a/c60.00(b) List of accounts balances at April,30ParticularsDebit (£)Credit (£)Cash A/c240.00Capital a/c300.00Purchase a/c 200.00Loan a/c50.00Motor van a/c150.00Rent a/c50.00Sales a/c350.00Drawings a/c60.00Total700.00700.00(c) Statement of Profit & loss for the month ended April,30ParticularsAmount (£)Sales a/c350.00Less – Cost of goods sold100.00Gross Profit 250.00Less – ExpensesRent a/c50.00Net Profit200.00Statement of Financial position as at April, 30Amount (£)Amount (£)Non Current assetsMotor van150.00Current AssetsCash 240.00Closing Stock100.00340.00Total Assets490.00Capital a/c300.00Add – Net Profit200.00Less – Drawings60.00440.00Current LiabilitiesShort term loan50.002

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