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Fundamentals of Accounting - Assignment

   

Added on  2021-01-03

20 Pages5278 Words115 Views
ACCOUNTINGFUNDAMENTALS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) Ledger accounts................................................................................................................1(b) Trial Balance.....................................................................................................................3(c) Statement of profit & loss and financial position of Maxim.............................................3TASK 2............................................................................................................................................3(a) Journal entries and Ledger accounts of Pendo .................................................................3(b) Trial balance.....................................................................................................................6(c) Statement of profit or loss and a statement of financial position......................................6TASK 3............................................................................................................................................7(a) Ledger accounts................................................................................................................7(b) Trial balance...................................................................................................................10(c) Statement of profit & loss and financial position of Mafuta...........................................10TASK 4..........................................................................................................................................11(a) Journal entries and Ledger accounts...............................................................................11(b) Trial balance .................................................................................................................15TASK 5..........................................................................................................................................16CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19

INTRODUCTIONAccounting fundamentals are those factors who are helping to recording accountingterms in business books. In accounting fundamentals are consist of accounting principles,concepts, dual concepts, going concern, monetary terms etc. Accounting fundamentals aresupported to accounting terminology for solving complex terms (Mitra, 2016). In this reportconsist of nature, behaviour and purpose of cost accounting, for solving practicals applyingtechniques of cost accounting. Basic principles of accounting are solving by appropriate softwareand prepare financial statement with the help of routine and non routine transactions. Afterrecorded these transactions analysis of financial statement. In this report structure from task 1 to task 4 prepare primary accounts such as journalentries for record transactions, ledger accounts, trial balance, statement of profit and loss andstatement of financial position. These accounts shows financial information of every company.In task 5 explain revenue expenditure and capital expenditure and also defined differencebetween both expenditures. All the above 4 task depend on task 5 because it helps to identifyexpenditures. TASK 1Journal entries DateParticularsDebit (£)Credit (£)April, 5 Cash A/c300.00To Capital a/c 300.00April, 7Purchase a/c 200.00To cash a/c200.00April, 8Cash a/c 250.00To Loan from Tatiana 250.00April, 15Motor van a/c150.00To cash a/c150.00April, 20Cash A/c350.00To sales a/c350.00April, 28Rent a/c50.00To cash a/c50.00April, 29Loan a/c200.00To Cash A/c200April, 30Drawings a/c60.00To cash a/c60.00(a) Ledger accountsCash a/c1

DateParticularAmountDate ParticularAmount05/04/18To capital a/c 300.0007/04/18By purchase 200.0008/04/18To loan form Tatiana250.0015/04/18By Motor van150.0020/04/18To sales350.0028/04/18By rent 50.0029/04/18By loan paid200.0030/04/18by Drawing 60.0030/04/18By closing balance240.00900.00900.00Capital a/cDateParticularAmountDate ParticularAmount30/04/18To drawing60.0005/04/18By cash 300.0030/04/18To closing balance240.00300.00300.00Purchase a/cDateParticularAmountDate ParticularAmount07/04/18To cash200.0030/04/18By trading a/c200.00200.00200.00Loan a/cDateParticularAmountDate ParticularAmount29/04/18To cash 200.0008/04/18By cash 250.0030/04/18To closing balance50.00250.00250.00Motor vanDateParticularAmountDate ParticularAmount15/04/16To cash150.0030/04/16By closing balance150.00150.00150.00Sales a/cDateParticularAmountDate ParticularAmount30/04/16To Trading a/c350.0020/04/18By cash350.00350.00350.00Rent a/cDateParticularAmountDate ParticularAmount28/04/18To cash 50.0020/04/18By P&l ac50.0050.0050.00Drawing a/cDateParticularAmountDate ParticularAmount30/04/18To cash a/c60.0030/04/18By capital a/c60.0060.0060.002

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