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Accounting Assignment (Solved)

   

Added on  2020-10-04

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ACCOUNTING
Accounting Assignment (Solved)_1

Table of Contents1. NAMING CELL..........................................................................................................................12. NEGATIVE NUMBERS.............................................................................................................13. NEED OF DESIGNING SPREADSHEET WITH SEPARATE DATA ENTRY AREA ANDSEPARATE REPORT AREA.........................................................................................................24. FUNCTIONS IF STATEMENT WITH SPREADSHEET EXAMPLE......................................35. PERIODIC SYSTEMS................................................................................................................46. WORKSHEET AND FINANCIAL REPORTS..........................................................................4A. Handwritten solution..............................................................................................................4B. Spreadsheet designing............................................................................................................6C. Advantages of spreadsheet.....................................................................................................87. APPLICATION OF INVENTORY FLOW ASSUMPTIONS....................................................9Requirement 1: Calculation of ending inventory under different inventory method..................9Requirement 2: Computation of gross profit............................................................................108. BANK RECONCILIATION.....................................................................................................11A. Handwritten solution............................................................................................................11B. Spreadsheet solution.............................................................................................................119. JOURNALISE ACCOUNT RECEIVABLE ENTRIES............................................................1310. TWO DIFFERENT METHODS OF ESTIMATING BAD DEBTS WITH EXAMPLE.......1311. USE OF RECEIVABLES TO EVALUATE FINANCIAL POSITION OF FIRM WITHEXAMPLE.....................................................................................................................................1412. DISHONOUR OF NOTES RECEIVABLE............................................................................1413. WORK INTEGRATED ASSESSMENT................................................................................15REFERENCES..............................................................................................................................202
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1. NAMING CELLThis is done in spreadsheet by giving name to specific cell through box at left of formulabar. Procedure: First the individual need to select the range or cell which need to be named, thanthe person have to go and click formula tab and then the individual need to click define namebutton. At last person need to enter the name for the particular rand or cell and Enter. Current assetsInventory3000Receivables2500Cash2000Non-current assetsPlant and building18000Furniture25000LiabilitiesCurrent liabilitiesPayableBank overdraft5000short-term debt12000Non-current liabilitiesLong-term loan20000Owner's equityShare capital10000Retained earnings2000general reserve1500Total assets505001
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2. NEGATIVE NUMBERSFirst the individual need to go on format cells dialogue box which is given under numbertab.Secondly the individual need to select the number option and then click on the bracketoption in the negative number window (Schneider, Becker & Berg 2017). Further, the accountant always uses negative number in bracket because the red colourlink represents that organisation is losing money. Moreover, sometime if the accountant do notuse colour printers the loses are determined by minus sign. 2Illustration 1: Naming cell, Formula View
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Particulars Amount Building78000Accumulated depreciation(2300.00)Written down value 757003. NEED OF DESIGNING SPREADSHEET WITH SEPARATE DATAENTRY AREA AND SEPARATE REPORT AREAAccountant creates spreadsheet in order to properly record the entire data set in a separatedata entry system and separate report area helps to generate accounting reports analyse businessposition. Spreadsheet helps to maintain proper record of all the accounting information andfacilitate accountant to examine the results. Spreadsheet technique enables accountant to haveclear insight and guide over decision making process (Ramachandran Rackliffe & Ragland2016). Moreover, designing spreadsheet assist the auditor in avoiding time wastage over testingprocedures and designing standard. Designing Spreadsheet with separate data entry area.This system is used to provide a specific layout of overall data of entries by avoidingerrors and mistakes. Recording all the entries in spreadsheet gives accountant an analyticaloverview and solution of all the business operations. Further, it is used by auditor as thedesigning process is reliable, flexible and assists in managing time. Designing Spreadsheet with separate report areaThe system helps the accountant in separating data, presentation and analysis. Theaccounting manager analyses the reporting in spreadsheet as it can be easily refreshed byreplacing raw data into updated data. Beside, the manager can use different combinations offormula to analyse the reported data. Example:4
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Illustration 2: Formula viewIllustration 3: Normal view4. FUNCTIONS IF STATEMENT WITH SPREADSHEET EXAMPLEThis is the most popular function of Excel, accountant uses this to analyse the cell valuewhich are either true or false (Excel Functions, 2017). The ultimate statement of IF term is that “if the value is true than use that, otherwise use some other value”5
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Here, IF function is used to match the trial balance showing that if both the debit andcredit balance perfectly match than indicate “No difference”, otherwise open suspense account.As reflected in the trial balance, there is a difference of 700 therefore, suspense account open bythe same amount using IF function. 6Illustration 4: Normal viewIllustration 5: Formula view
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