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Preparation of Ledger Accounts

   

Added on  2020-10-05

23 Pages4846 Words65 Views
ACCOUNTING
Preparation of Ledger Accounts_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A. Preparation of ledger accounts................................................................................................1B. List of accounts balanced on 30th April...................................................................................4C. Presenting profit and loss statement and balance sheet dates 30th April.................................4TASK 2............................................................................................................................................6A. Preparation of ledger accounts................................................................................................6B. List of accounts balanced on 31st January...............................................................................6C. Presenting profit and loss statement and balance sheet dates 31st January.............................9TASK 3............................................................................................................................................9A. Preparation of ledger accounts................................................................................................9B. List of accounts balanced on 31st January.............................................................................15C. Presenting profit and loss statement and balance sheet dates 31st January...........................15TASK 4..........................................................................................................................................17Preparation of relevant ledgers and trial balance as on 27th June..............................................17TASK 5..........................................................................................................................................23Ascertaining the differences between Capital and revenue expenditures with reference toInternational accounting standards (IAS)..................................................................................23CONCLUSION..............................................................................................................................24REFERENCES..............................................................................................................................25
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INTRODUCTIONAccounting is the technique of gathering the transactional data recorded in the various bookswhich were later summarized in the final accounts and represent the financial health of theorganisation. In the present report, there will be discussion based on various accountingproblems which will be solved in the various final accounts. There will be presentation ofjournal, ledgers and final accounts with reference to its workings.TASK 1A. Preparation of ledger accountsDateJournal entryDebit(£)Credit(£)05/AprCash A/c Dr300To capital A/c30007/AprPurchase A/c Dr200To cash A/c20008/AprCash A/c Dr250To loan A/c25015/AprMotor van A/c Dr150To cash A/c15020/AprCash A/c Dr350To sales A/c35028/AprRent A/c Dr50To Cash A/c5029/AprLoan A/c Dr200To cash A/c20030/AprDrawing A/c Dr60To cash A/c60Cash A/cDateParticularAmount(£)DateParticularAmount (£)05/04/18To capital30007/04/18By purchase20008/04/18To loan25015/04/18By Motor van15020/04/18To sales35028/04/18By rent5029/04/18By loan20030/04/18By Drawing6030/04/18By balance c/d240Total900Total9001
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Motor van A/cDateParticularAmount(£)DateParticularAmount (£)15/04/18To cash15030/04/18By balance c/d150Total150Total150Capital A/cDateParticularAmount(£)DateParticularAmount (£)30/04/18To balance c/d30005/04/18By cash300TotalTotalSales A/cDateParticularAmount (£)DateParticularAmount (£)30/04/18To balance c/d35020/04/18By cash350Total350Total350Purchase A/cDateParticularAmount(£)DateParticularAmount (£)07/04/18To cash20030/04/18By balance c/d200Total200Total200Drawing A/cDateParticularAmountDateParticularAmount (£)2
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(£)30/04/18To cash6030/04/18By balance c/d60Total60Total60Rent A/cDateParticularAmount(£)DateParticularAmount (£)28/04/18To cash5030/04/18By balance c/d50Total50Total50Loan A/cDateParticularAmount(£)DateParticularAmount (£)29/04/18To cash200048/AprBy cash25030/04/18To balance c/d50Total250Total250B. List of accounts balanced on 30th AprilTrial balance (as on 30 April)ParticularsDebit(£)Credit(£)Cash A/c240Purchase A/c200Loan A/c50Motor van A/c150Capital A/c300Sales A/c350Drawing A/c60rent A/c50Total7007003
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C. Presenting profit and loss statement and balance sheet dates 30th AprilIncome statement (as on 30th April)ParticularAmount (£)Net sales revenue350Less: Cost of goods sold100GP250Less: Rent50Less: Drawings60NP140Working noteParticularsAmount(£)Opening inventoriesNilAdd: Purchase200Less: Closing inventories100COGS100Financial Position (As on 30 April)AssetsAmount(£)LiabilitiesAmount(£)FACapital300Motor van150Less: Drawings60CAAdd: net profit 140Inventory100380cash240loan250Less: Repaid20050Total 490Total4304
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