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Accounting Fundamentals Assignment Solved

   

Added on  2020-10-04

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ACCOUNTINGFUNDAMENTALS
Accounting Fundamentals Assignment Solved_1
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) Ledger Accounts of Maxim for the period of April...............................................................1(b) Trial Balance of Maxim at 30th April.....................................................................................3(c)Financial statements of Maxim for the month ended 30th April.............................................4TASK 2............................................................................................................................................5(a) Ledger Accounts of Pendo for the period of January.............................................................5(b)Trial Balance of Pendo at 30th April........................................................................................7(c)Financial statements of Pendo for the month ended 31st Jan..................................................7TASK 3............................................................................................................................................8Sales A/c -........................................................................................................................................9(b)Trial Balance of Mafuta at 31st Jan.......................................................................................13(c) Financial Statements of Mafuta Ltd. For the year ended 31st Jan........................................13TASK 4..........................................................................................................................................14TASK 5..........................................................................................................................................21(a)Demonstrate your research, differentiate between revenue expenditure and capitalexpenditure................................................................................................................................21with reference to International accounting standards................................................................21CONCLUSION..............................................................................................................................22REFERENCES..............................................................................................................................23
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INTRODUCTIONAccounting is defined as the art and science of identifying, recording, classifying,summarizing the transactions which are of financial nature and interpreting the results thereof.These results are further communicated to the users of financial communication. Accounting isconcerned with evaluating the profit and loss for a stated financial period. The study is based onfundamentals of accounting where the accounting entries are assessed to develop ledgers, closingaccounts, trial balance, income statements and balance sheets(O'Hanlon and Steele, 2000).TASK 1 (a) Ledger Accounts of Maxim for the period of AprilDateJournal EntryDebit Credit5th AprilCash A/c Dr.£300 To Capital A/c£3007th AprilPurchase A/c Dr.£200To Cash A/c£2008th AprilCash A/c Dr.£250To Tatiana's Loan A/c£25015th AprilMotor Van A/c Dr.£150To Cash A/c£15020th AprilCash A/c Dr.£350To Sales A/c£35028th AprilRent A/c Dr.£50To Cash A/c£5029th AprilTatiana's Loan A/c Dr.£200To Cash A/c£20030th AprilDrawings A/c Dr.£60To Cash A/c£60Cash A/c -DateParticularsAmountDateParticularsAmount5th AprilTo Capital A/c£3007th AprilBy Purchase A/c£2008th AprilTo Tatiana'sLoan A/c£25015th AprilBy Motor Van A/c£15020th AprilTo Sales A/c£35028th AprilBy Rent A/c£5029th AprilBy Tatiana's LoanA/c£20030th AprilBy Drawings A/c£6030th AprilBy balance c/d£2401
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Total£900Total£900Capital A/c - DateParticularsAmountDateParticularsAmount (£)30th AprilTo balance c/d£3005th AprilBy Cash A/c£300Total£300Total£300Purchase A/c -DateParticularsAmountDateParticularsAmount7th AprilTo Cash A/c£20030th AprilBy balance c/d£200Total£200Total£200Tatiana's Loan A/c - DateParticularsAmountDateParticularsAmount29th AprilTo Cash A/c£200.008th AprilBy Cash A/c£250.0030th AprilTo balance c/d£50.00Total£250.00Total£250.00Motor Van A/c -DateParticularsAmount DateParticularsAmount15th AprilTo Cash A/c£15030th AprilBy balance c/d£150Total£150Total£150Sales A/c -DateParticularsAmount (£)DateParticularsAmount (£)30th AprilTo balance c/d35020th AprilBy Cash A/c 350Total350Total350Rent A/c - DateParticularsAmount (£)DateParticularsAmount (£)28th AprilTo Cash A/c5030th AprilBy balance c/d50Total£50Total£50Drawings A/c - 2
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DateParticularsAmount (£)DateParticularsAmount (£)30th AprilTo Cash A/c6030th AprilBy balance c/d60Total£60Total£60(b) Trial Balance of Maxim at 30th AprilAccount Debit (£)Credit (£)Cash A/c£240Purchase A/c£200Tatiana's Loan A/c£50Motor Van A/c£150Capital A/c£300Sales A/c£350Drawings A/c£60Rent A/c£50Total£700.00£700.00(c)Financial statements of Maxim for the month ended 30th AprilStatement of Profit & Loss for the month ended 30th April ParticularsAmount Sales£350Less: COGS£100 Gross Profit£250.00Less : Rent£50Less : Drawings£60Operating Profit£140.00Working Note :ParticularsAmount (£)Opening Stock0Add: Purchases200Less: Closing Stock 100Cost of goods sold (COGS)100Statement of financial position for the month ended 30th AprilAssetsAmountLiabilitiesAmount Fixed assetsCapital£300Motor Van£150Less : Drawings£60Current AssetsAdd: Operating Profit £140Inventory£100£380.003
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Cash£240Tatiana's Loan£250Less : Repaid Amount£200£50.00Total £490.00Total£430.00TASK 2(a) Ledger Accounts of Pendo for the period of JanuaryJournal EntriesDateParticularsDebit Credit1st JanCash A/c Dr.£5000To Capital A/c£50002nd JanMotor Van A/c Dr.£600To Cash A/c£6003rd JanPurchase A/c Dr.£1300To Cash A/c£13004th JanCash A/c Dr.£1000To Sergei's Loan A/c£100010th JanMotor Van Expenses A/c Dr.£200To Cash A/c£20013th JanCash A/c Dr.£300To Sales A/c£30020th JanCash A/c Dr.£500To Sales A/c£50024th JanStorage Expenses A/c Dr.£150To Cash A/c£15027th JanSergei's Loan A/c Dr.£350To Cash A/c£35030th JanDrawings A/c Dr.£175To Cash A/c£175Cash A/c -DateParticularsAmount (£)DateParticularsAmount (£) 1st JanTo Capital A/c£50002nd JanBy Motor Van A/c£6004th JanTo Sergei'sLoan A/c£10003rd JanBy Purchases A/c£130013th JanTo Sales A/c£30010th JanBy Motor VanExpenses A/c£20020th JanTo Sales A/c£50024th JanBy StorageExpenses A/c£1504
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