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Accounting Fundamentals : Assignment

   

Added on  2020-10-22

22 Pages4619 Words199 Views
Accounting Fundamentals
Accounting Fundamentals : Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3a) Preparation of ledger accounts for accounting transactions of Maxim...................................3b) Trial balance of above entries.................................................................................................5c) Preparation of profit and loss statement of financial position statement of Maxim ..............5TASK 2............................................................................................................................................6a) Preparation of ledger accounts of following transactions of Pendo .......................................6b) Preparation of Trial balance at 31st January of Pendo...........................................................9c) Formation of profit and loss statement and financial position statement of Pendo..............10TASK 3..........................................................................................................................................11a) Preparation of Ledger accounts of Mafuta............................................................................11b) Trial balance at 31st January of Mafuta................................................................................13Profit and loss statement and financial position statement at 31st January of Mafuta.............14TASK 4..........................................................................................................................................15Ledger accounts and recording of transactions.........................................................................15TASK 5..........................................................................................................................................19Demonstrate the difference between revenue and capital expenditure with reference toInternational accounting standard.............................................................................................19CONCLUSION..............................................................................................................................21REFRENCES.................................................................................................................................22
Accounting Fundamentals : Assignment_2
INTRODUCTIONFinancial fundamental emphasise on recording all the financial transaction of businessthat affects the functioning of business (Hilton and Platt, 2013). Financial department record,summarize and finally present the business report for the interested stakeholders of the company.Thus, company follows appropriate accounting standard such as IAS, IFRS and so on to makethe better comparison among various competitors. This report cover topics like practicalapplication of financial transaction, ledger account, trial balance, preparation of profit and lossaccount that depict the actual position of business and demonstrate the difference betweenrevenue and capital expenditure with reference to International accounting standard (Wright,2017).TASK 1a) Preparation of ledger accounts for accounting transactions of MaximDateParticularDebit amountCredit amount05/04/18Cash a/c 300To capital30007/04/18Purchase a/c200To cash a/c20008/04/18Cash a/c250To loan form Tatiana25015/04/18Motor car a/c 150To van a/c15020/04/18Cash a/c 350To sales35028/04/18rent a/c50To cash a/c50
Accounting Fundamentals : Assignment_3
29/04/18Loan a/c 200To cash a/c20030/04/18Drawing a/c 60To cash a/c60Cash a/cDateParticularAmountDate ParticularAmount05/04/18To capital a/c 30007/04/18By purchase 20008/04/18To loan form Tatiana25015/04/18By Motor van15020/04/18To sales35028/04/18By rent 5029/04/18By loan paid20030/04/18by Drawing 6030/04/18By closing balance240900900Capital a/cDateParticularAmountDate ParticularAmount30/04/18To drawing6005/04/18By cash 30030/04/18To closing balance240300300Purchase a/cDateParticularAmountDate ParticularAmount07/04/18To cash20030/04/18By trading a/c200200200Loan a/cDateParticularAmountDate ParticularAmount29/04/18To cash 20008/04/18By cash 25030/04/18To closing balance50250250Motor van
Accounting Fundamentals : Assignment_4
DateParticularAmountDate ParticularAmount15/04/16To cash15030/04/16By closing balance150150150Sales a/cDateParticularAmountDate ParticularAmount30/04/16To Trading a/c35020/04/18By cash350350350Rent a/cDateParticularAmountDate ParticularAmount28/04/18To cash 5020/04/18By P&l ac505050Drawing a/cDateParticularAmountDate ParticularAmount30/04/18To cash a/c6030/04/18By capital a/c606060b) Trial balance of above entriesTrial balanceS.N.Particulars Debit amountCredit amount1Cash 240-2Capital -2403Purchase200-4Loan a/c-505Motor Van150-6Sales-3507Rent 50-Total640640c) Preparation of profit and loss statement of financial position statement of Maxim Trading and P&L a/c Statement
Accounting Fundamentals : Assignment_5
ParticularAmountSales350Less: Cost of sales-100(Purchase-closing stock)Gross profit250Rent paid50Net profit200Financial position statementAssets Non Current assets Motor van150Current assets Cash 240Closing stock100Total assets 490LiabilitiesCapital 240add: profit 200440Loan 50Total liabilities 490TASK 2a) Preparation of ledger accounts of following transactions of Pendo Journal entriesDateParticularsAmount (£)Amount (£)01/01/18Cash a/c 5000To capital a/c5000(Being capital introduced)02/01/18Motor van 600To cash a/c600(Being Motor van acquired)
Accounting Fundamentals : Assignment_6

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