Assignment Front Sheet Learner Name Learner Student I.D. Assessor Name Navroop Sandhu 1017470 Mr. LAM

LAM Date issued Submission Deadline Submission Date 11th October 2021 9th December 2021 Resubmission Deadline (If appropriate) Re: Submission Date (If appropriate) Internal Verifier Name Internal Verification Deadline Qualification Unit number and title Pearson BTEC Level 5 Higher National Diploma in Business Unit 10: Financial Accounting Assignment title Assignment: Double entry book-keeping, Preparation of Final Accounts, Bank Reconciliation, Suspense and Control Accounts Criteria reference To achieve the criteria the evidence must show that the student is able to: Evidence

Assignment front sheet
Learner name Learner Student I.D. Assessor Name
Navroop Sandhu 1017470 Mr. LAM
Date issued Submission Deadline Submission Date
11th October 2021
9th December 2021
Resubmission Deadline (If appropriate) Resubmission Date (If appropriate)
Internal Verifier Name Internal Verification Deadline
Qualification Unit number and title
Pearson BTEC Level 5 Higher National Diploma
in Business Unit 10: Financial Accounting
Assignment
title
Assignment: Double entry book-keeping, Preparation of Final Accounts, Bank
Reconciliation, Suspense and Control Accounts
Criteria
reference To achieve the criteria the evidence must show that the student is able to: Evidence
(Page no.)
LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance
P1 Apply the double entry book-keeping system of debits and credits. Record sales and
purchases transactions in a general ledger. 16
P2 Produce a trial balance applying the use of the balance off rule to complete the ledger. 20-22
M1 Analyse transactions to show the progression from a previous trial balance to the next
one using double entry bookkeeping. 22-23
D1 Apply trial balance figures to show which statement of financial accounts they will end
up in. 16-23
LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with
appropriate principles, conventions and standards.
P3 Prepare final accounts from given trial balance. 24
P4 Produce final accounts for a range of examples that include sole-traders,
partnerships or limited companies 26-27
M2 Make adjustments to balances of sum accounts for example, accruals, depreciation
and prepayments before preparing the final accounts. 25
D2 Compare the essential features of each financial account statement to analyse the
differences between them in terms, purpose, structure and content. 28
LO3 Perform bank reconciliations to ensure company and bank records are correct
P5 Apply the bank reconciliation process to prepare a number of bank reconciliations. 32
M3 Apply the reconciliation process, demonstrating the use of deposit in transit, outstanding
checks and Not Sufficient Funds (NSF) check. 33
D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to
check general accounts and balance sheets.
LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right
accounts
P6 Explain the process taken to reconcile control accounts and clear suspense accounts
using given account examples. 33-34
M4 Demonstrate understanding of the different types of accounts and how and why they
are reconciled.
D4 Produce accurate accounts that have been reconciled applying the appropriate
methods. 34-35

Learner declaration
Plagiarism
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules,
however innocently, may be penalised. It is your responsibility to ensure that you understand correct referencing
practices. As a university level student, you are expected to use appropriate references throughout and keep carefully
detailed notes of all your sources of materials for material you have used in your work, including any material
downloaded from the Internet. Please consult the relevant unit lecturer or your course tutor if you need any further advice.
Student Declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of
plagiarism. I understand that making a false declaration is a form of malpractice.
Student signature: Navroop Sandhu Date:25-11-2021

BTEC Assignment Brief
Qualification Pearson BTEC Level 5 Higher National Diploma in Business
Unit or Component
number and title Unit 10: Financial Accounting
Learning aim(s)
To introduce students to essential financial accounting principles and techniques which will
enable them to record and prepare basic final accounts as well as how to prepare accounts for
sole trader, partnership and limited companies.
Assignment title Assignment: Double entry book-keeping, Preparation of Final Accounts, Bank
Reconciliation, Suspense and Control Accounts
Assessor Mr. Lam
Vocational Scenario
or Context
You have been working in modern CPA firm for 10 years; you are also employed as a senior
accountant. You need to demonstrate different set of accounting skill for small medium
firms, such as sole trader, partnership or limited company. You lead the junior team and
mentoring them to be a professional accountant.
You need to undertake the FOUR activities on applying the double entry book-keeping
system, including the adjusting entries and prepare the final accounts. Besides, you need to
consider which regulations need to apply in preparing financial statements. Also, to identify
the differences between financial report and financial accounting. You are required to
explain certain accounting principles that should be taken into account when preparing
financial statements.
On the other hand, you need to explain what bank reconciliation is and why it is necessary
with detailed explanation of the relevant concepts and process. The preparation of bank
reconciliation statement with simulated data is required. Control and suspense accounts are
another significant areas in accounting, you need to depict the nature of each of them and
analyse who can they support the preparation of financial statements. The preparation of
statement of sales ledger control account and reconciliation with sales ledger balance is
necessary.

Tasks
Your report should cover the followings:
1. Show journal entries and posting to relevant accounts in general ledger.
2. To show the significances of trial balance and its main components.
3. The attributes of quality accounting information and regulations to apply in preparing
financial statements.
4. Preparation of adjusting entries and compiling the financial statements accordingly.
5. Depict the differences between financial report and financial accounting.
6. Illustration of relevant accounting principles in preparing financial statements.
7. Nature of bank reconciliation statement, its main concepts, process of preparation,
preparation with simulated data.
8. Nature of control and suspense account, how they can support the financial accounting.
9. Preparation of sales ledger control account and how it can reconcile with sales ledger
balance.
Submission Format - In accordance with the questions requirement, the assignment must be presented with
clear explanation of relevant accounting concepts and clear demonstration of calculation
in spreadsheet.
- Assignment must be typed using 12-point font. For qualitative question, please make
sure your work is 1 line spaced. An additional line space between paragraphs, or indent
the first line of each paragraph.
- Either Times New Roman or Arial consistently throughout the report, including in tables
and figures.
- In answering any qualitative questions, all assignments are expected to have correct
grammar, punctuation, spelling, and referencing should be shown at the final page of
assignment.
Sources of
information to
support you with this
Assignment
1. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial Accounting:
IFRS (3rd ed.). New Jersey: John Wiley & Sons.
2. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Accounting Principles
(13th ed.). New Jersey: John Wiley & Sons.
3. Wild, J., Shaw, K., & Chiappetta, B. (2018). Fundamental Accounting Principles
(24 th ed.). New York: McGraw-Hill.
4. Wild, J., & Shaw, K. (2018). Financial and Managerial Accounting (8th ed.). New
York: McGraw-Hill.
Other assessment
materials attached to
this Assignment
Brief
Nil
Activities 1

Anna is a sole trader company, she invested $10,000 cash to establish a cleaning
company which is Anna Cleaning Ltd on 1st July 2020, the following transactions were
occurred.
July 1 Invested $10,000 cash in the business
July 1 Purchased used truck for $6,000 and paying $3,000 cash, the balance on account.
July 3 Purchased cleaning supplies inventory for $1,200 on accounts.
July 5 Paid $1,800 cash on one-year insurance, which is a prepayment for
insurance effective on July 1
July14 Billed customers $2800 for cleaning service.
July 18 Paid $1500 cash on amount owned on truck and $500 amount owned on cleaning
supplies
July 20 Paid $1500 cash for the employee salaries.
July 21 Collected $1400 cash from customer billed on July 14.
July 28 Billed customer $2500 for cleaning service.
July 30 Paid gas and oil for the month on truck $200
July 30 Sold cleaning supplies inventory to customers for $3000, at cost $1200
July 31 Withdraw $700 cash for personal use
Instructions
a) Apply the double entry book-keeping system of debits and credits. Show relevant
journals and post to general ledger.
b) As a senior accounting manager, you need to explain to your accounting junior
why trial balance is important to detect error and what the components of trial
balance are.
c) What are the attributes of quality accounting information and regulations that
should considered in financial accounting.
d) Produce a trial balance as at July 31 applying the balance off rule to complete the
ledger.
e) Enter the following adjustments and prepare the adjusted trial balance as at July
31
1. Earned but unbilled revenue at July 31 was $700
2. Depreciation on equipment for the month 31 was $700
3. One-month insurance expired for July.

4. Accrued but unpaid employee salaries were $500.
f) Prepare final accounts from adjusted trial balance.
Activities 2
Modern CPA firm is provided professional accounting service to different types of clients
and business. Modern CPA firm is helping LV fashion company Limited company to
prepare final account for the year 2020. They provided trial balance for the year as
following:
LV Company Ltd.
Trial balance
For the Month Ended 31 December 2020
Dr Cr
Cash $26700
Accounts Receivable 30700
Inventory 44700
Store Supplies 6200
Store Equipment 85000
Accumulate Depreciation –
Store Equipment
18000
Delivery Equipment 48000
Accumulate Depreciation –
Delivery Equipment
6000
Notes Payable 51000
Accounts Payable 48500
LV Capital 110,000
LV Drawings 12000
Sales Revenue 759200
Sales Returns 8800
Cost of Goods Sold 497400
Salaries Expense 140000

Advertising Expense 26400
Utilities Expense 14000
Repair Expense 12100
Delivery Expense 16700
Rent Expense 24000
Balance 992,700 992,700
Adjustment Data:
1. Store supplies on hand total $3500
2. Depreciation is $9000 on the store equipment
3. Depreciation is $6000 on the delivery equipment
4. Interest of $4080 is accrued on notes payable at November 30
5. Merchandise inventory actually on hand is $44,400
6. $30,000 payable is due for payment next year
a) Enter the adjusting entries on trial balance on a worksheet and prepare the adjusted
trial balance for the month ended 31 December 2020.
b) Produce final accounts of LV Company Limited as at 31 December 2020.
c) What are the differences between financial report and financial accounting? When and
why are each prepared?
d) Discuss the different types of financial statement and their coverage.
e) Explain the following accounting principles
1) Consistency

2) Materiality
3) Fully disclosure
Activities 3
Modern CPA Firm’s Accountant needs to prepare comprehensive bank reconciliation to
his clients. Zhang Company’s The cash balance per books for Zhang Company on
September 30, 2020 is $10,740.93. The following checks and receipts were recorded for
the month of October, 2020:
Checks Receipts
No. Amount No. Amount Amount Date
17 $372.96 22 $ 578.84 $843.86 10/ 5
18 $780.62 23 $1,687.50 $941.54 10/21
19 $157.00 24 $ 921.30 $808.58 10/27
20 $587.50 25 $ 246.03 $967.00 10/30
21 $234.15
In addition, the bank statement from HSBC for the month of October is presented below:
Balance Deposits and Credits Checks and Debits Balance
Last Statement No. Total Amount No. Total Amount This
Statement
———————————————————————————————————————
$5,404.84 5 $9,278.36 10 $3,632.19 $11,051.01
————————————————————————————————————————
Checks and other debits Deposits Date Balance
———————————————————————
No. Amount No. Amount No. Amount
———————————————————————————————————————
14 148.29 17 372.96 22 578.84 5,484.38 10/ 1 $9,875.31
18 708.62 24 921.30 843.86 10/ 8 $9,219.03
19 157.00 25 246.03 941.54 10/23 $9,541.58
21 234.15 15.00 SC 808.58 10/29 $10,101.01
250.00 NSF 1,200.00 CM 10/31 $11,051.01
———————————————————————————————————————
Symbols: NSF (Not sufficient funds) SC (Service charge) CM (Credit Memo)
———————————————————————————————————————
Check No. 18 was correctly written for $708.62 for a payment on account. The NSF check was from
S. Iwig, a customer, in settlement of an accounts receivable. An entry had not been made for the
NSF check. The credit memo is for the collection of a note receivable including interest of $60 which
has not been accrued. The bank service charge is $15.00.
Instructions:
a) What is bank reconciliation and why is it required and necessary? Explain the concept
and process in detail. Who would be interested in the outcome of the reconciliation
statement?
b) Identify the book and bank balance variance and apply the bank reconciliation
process to prepare a number of bank reconciliations at October 31.

c) Prepare the book entry after the bank reconciliation statement.

Activities 4
Modern CPA’s Senior Accountant has discovered that the net total of balances in the trial
balance which was extracted from the client company’s sales ledger as on 31st March, 2020
amounted to $7,540 which did not agree with the balance on the sales ledger control
account, $9,120. On checking, the following errors were discovered:
1. The sales day book had been overcast by HK$1,280.
2. A sales invoice had been undercast by HK$100.
3. Goods returns to the company of HK$400 had been recorded in the debtor’s account as
HK$40.
4. The debit balance of a debtor’s account, HK$660, had been omitted from the list of sales
ledger balances.
5. A cash sale amounting to HK$600 had been omitted from the books.
Instructions
a) What are the natures of control account and suspense account and any key difference
between them?
b) How do they support the financial accounting effectively?
c) Why do we need reconciliation for control account and explain its process?
d) Explain the significances of debtors and creditors control account?
e) Draw up the sales ledger control account to correct the errors from above information.
f) Prepare a statement to ascertain the total of the sales ledger balances after correction.

ASSESSMENT RECORD SHEET
Qualification Pearson BTEC Level 5 Higher
National Diploma in Business Learner name
Unit Number and title Unit 10: Financial Accounting Assessor name Mr. Lam
Assignment title Assignment: Double entry book-keeping, Preparation of Final Accounts, Bank
Reconciliation, Suspense and Control Accounts
First Submission
Deadline 25th November 2021 Date submitted
Has an extension to the deadline been approved by the Assessor due to extenuating
circumstances? (If appropriate)
Targeted
criteria To achieve the criteria, the evidence must show that the student is able to: Achieved?
P1 Apply the double entry book-keeping system of debits and credits. Record sales and
purchases transactions in a general ledger.
P2 Produce a trial balance applying the use of the balance off rule to complete the ledger.
P3 Prepare final accounts from given trial balance.
P4 Produce final accounts for a range of examples that include sole-traders, partnerships
or limited companies
P5 Apply the bank reconciliation process to prepare a number of bank reconciliations.
P6 Explain the process taken to reconcile control accounts and clear suspense accounts
using given account examples.
Higher Grade achievements (where applicable)
Grade descriptor
M1 Analyse transactions to show the progression from a previous trial balance to the next
one using double entry bookkeeping.
M2 Make adjustments to balances of sum accounts for example, accruals, depreciation and
prepayments before preparing the final accounts.
M3 Apply the reconciliation process, demonstrating the use of deposit in transit,
outstanding checks and Not Sufficient Funds (NSF) check.
M4 Demonstrate understanding of the different types of accounts and how and why
they are reconciled.
D1 Apply trial balance figures to show which statement of financial accounts they will
end up in
D2 Compare the essential features of each financial account statement to analyse the
differences between them in terms, purpose, structure and content.
D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to
check general accounts and balance sheets.
D4 Produce accurate accounts that have been reconciled applying the appropriate
methods.
Assessor declaration
I certify that the evidence submitted for this assignment is the learner’s own. The
learner has clearly referenced any sources used in the work. I understand that false
declaration is a form of malpractice.
Assessor signature Date
Date of feedback to learner
Learner signature Date
**Any resubmission evidence must be submitted within 15 working days of learners receiving assessment feedback

Resubmission
Deadline Date submitted
Targeted
criteria
Criteria
achieved Assessment comments
General comments
Learner Declaration
I certify that the evidence submitted for this assignment is my own. I have clearly
referenced any sources used in the work. I understand that false declaration is a form of
malpractice.
Learner signature Date
Assessor declaration
I certify that the evidence submitted for this assignment is the learner’s own. The
learner has clearly referenced any sources used in the work. I understand that false
declaration is a form of malpractice.
Assessor signature Date
Date of feedback to learner
**Any resubmission evidence must be submitted within 15 working days of learners receiving assessment feedback

Higher Nationals - Summative Assignment Feedback Form
Student Name/ID
Unit Title Unit 10: Financial Accounting
Assignment Number 1 Assessor Mr. Lam
Submission Deadline 9th December 2021 Date submitted
Re-submission Deadline Date re-submitted
Assessor Feedback:
Grade: Assessor Signature: Date:
Learner Signature: Date:
Resubmission Feedback:
Grade: Assessor Signature: Date:
Learner Signature: Date:
Internal Verifier’s Comments:
Signature & Date:
* Please note that grade decisions are provisional. They are only confirmed once internal and external moderation has
taken place and grades decisions have been agreed at the assessment board.

Pearson BTEC Level 5 Higher National Diploma in Business
Unit 10: Financial accounting
Assignment 1
Assignment Title: Fundamental financial accounting
Student Name: Navroop Sandhu
Class: BA
Assessor Name: Mr. Lam
Date issued: 11-10-2021
Completion date:
Submitted on:
Content
Pearson Education 2016
Higher Education Qualifications
Summative Assignment Feedback
Form

Contents
Assignment front sheet...........................................................................................................................................1
Plagiarism..............................................................................................................................................................3
BTEC Assignment Brief............................................................................................................................................4
Activities 1............................................................................................................................................................17
a) The double entry book-keeping system................................................................................................17
b) Concept of trial balance.........................................................................................................................18
c) financial accounting................................................................................................................................18
d)Trial balance.............................................................................................................................................20
e) Adjustment entry.....................................................................................................................................23
f) Final account............................................................................................................................................24
Activities 2............................................................................................................................................................25
a) Adjusting trial balance...........................................................................................................................25
b) Final account...........................................................................................................................................26
d) The different types of financial statement............................................................................................28
e) accounting principles-............................................................................................................................29
Activities 3............................................................................................................................................................31
a) The concept of bank reconciliation statement...................................................................................31
b) Bank reconciliation statement.............................................................................................................32
c) The book entry after the bank reconciliation....................................................................................33
Activities 4............................................................................................................................................................33
a) Natures of control account and suspense account...............................................................................33
c) Reconciliation for control account......................................................................................................34
d) The role of debtor and creditors accounts..........................................................................................34
e) Sales ledger control account................................................................................................................35
f) A statement to ascertain the total of the sales ledger balance after correction................................35
References List.......................................................................................................................................................36

Activities 1
a) The double entry book-keeping system
Journal
Date Dr. ($) Cr. ($)
Jul-01 Cash 10000
Capital 10000
Jul-01 Truck 6000
Account
payable 3000
cash 3000
Jul-03 Cleaning supplies inventory 1200
Account payable 1200
Jul-05 Prepaid insurance 1800
Cash 1800
Jul-14 Account receivable 2800
Cleaning service 2800
Jul-18 Account payable 2000
Cash 2000
Jul-20 Salaries 1500
Cash 1500
Jul-21 Cash 1400
Account receivable 1400
Jul-28 Account receivable 2500
Cleaning service 2500
Jul-30 Gas and oil expenses 200
Cash 200
Jul-30 Account receivable 3000
Sales revenue 3000
Cost of goods sold 1200
Cleaning supplies inventory 1200
Jul-31 Drawing 700
Cash 700

b) Concept of trial balance
A trial balance is a report that rundowns the balance of all broad record records of an organization at one point on
schedule. The records pondered a trial balance are identified with all significant bookkeeping things, including resources,
liabilities, value, incomes, costs, gains, and misfortunes. It is basically used to distinguish the equilibrium between
charges and credits sections from the exchanges recorded in the overall record at one point on schedule. Notwithstanding
mistake discovery, the preliminary equilibrium is ready to make the fundamental changing sections to the overall record.
It is arranged again after the changing sections are presented on guarantee that the all-out charges and credits are as yet
adjusted. It's anything but an authority budget summary. It is normally utilized inside and isn't disseminated to individuals
outside the organization. (CFI, 2021)
Why preliminary equilibrium is imperative to identify blunder
When there is an irregularity between all out charge adjusts and complete credit adjusts implies there are at least one
blunder in twofold sections and the record balance in the preliminary equilibrium is/aren't right. The last bookkeeping will
wrong, undercast or cloudy of net benefit/deficit in pay proclamation, lop-sidedness in the assertion of monetary position.
A preliminary equilibrium recognize blunder made in the recording of exchanges by checking whether the sums of charge
and credit adjusts removed from record accounts are equivalent, actually look at the arithmetical precision of accounting
passages. (Kenton, 2020)
In any case, preliminary equilibrium may not distinguish all blunders, there are a few limits, not all types of errors can be
called attention to. This implies that it may not 100% right of the records, despite the fact that we have a decent
preliminary equilibrium (Kristin, 2021) . The trial balance might adjust in any event, when the accompanying mix-up has
been made:
1) Not even journalized was an exchange that is totally absent,
2) When some unacceptable number was written in the records of both
3) If a posting was made in the erroneous record, yet in the right sum
4) A passage that was never totally posted in the record
5) Double posting of a passage by mistake
The parts of trial balance
A preliminary equilibrium ought to incorporate a record number, account outline, and the last charge or credit balance in
each record. Moreover, the last date of the bookkeeping time frame for which the report is created ought to be shown.
1) Asset, costs and drawing are charge balance
2) Liabilities, capital and incomes are credit balance
c) financial accounting

The financial account is important for a nation's equilibrium of instalments. The other two sections are the capital record
and the current record. The capital record estimates monetary exchanges that don't influence pay, creation, or investment
funds. Models incorporate worldwide exchanges of penetrating freedoms, brand names, and copyrights. The current
record estimates worldwide exchange of labour and products in addition to net gain and move instalments.
The monetary record is an estimation of increments or diminishes in global responsibility for. The proprietors can be
people, organizations, the public authority, or its national bank. The resources incorporate direct ventures, protections like
stocks and securities, and items like gold and hard money.
The monetary record provides details regarding the adjustment of all out worldwide resources held. You can see whether
the quantity of resources held expanded or diminished. It doesn't let you know how much in all out resources is at present
being held. (AMADEO, 2021)
Considerations of financial accounting
1) The type of possession
Proprietors should figure out which type of association to choose when starting another business. The choice of
it characterizes what bookkeeping procedures to utilize. Distinctive type of proprietorship has diverse
prerequisite on doing monetary bookkeeping. For sole broker and organization, as they are limitless
organization, there are no particular configuration. Notwithstanding, for restricted organizations, the fiscal
summaries ought to be founded on organizations' mandate prerequisite. (Averkamp, 2021)
2) Types of companies
Contrast with unlisted organization, the guideline of recorded organizations on monetary bookkeeping is stricter, they
need to follow a few prerequisites of Securities and Future Commission. Since, recorded organization need to unveil their
monetary data to public, unlisted organization just need to uncover their monetary data to inside partners. In this manner,
while doing a monetary bookkeeping, we are expected to thoughtful with regards to the kind of organizations, recorded
organizations might have more guideline on doing monetary bookkeeping. (Averkamp, 2021)
Regulation of financial accounting
1) Generally acknowledged bookkeeping rule (GAAP) Organizations are liable for introducing data on their incomes,
benefit making exercises, and by and large monetary conditions under sound accounting guidelines (GAAP). The pay
explanation, monetary record and income articulation are required. (Ross, 2021)
2) Accounting principle
Accruals
Gathering bookkeeping is one of two fundamental strategies for keeping your books, and for most organizations, it's the
most reliable way. In this article, Business.org clarifies what gathering bookkeeping means and how it assists you with
keeping your business' financials on target. Most organizations utilize one of two principle bookkeeping strategies to
maintain their books in control the one is gathering bookkeeping and the other is cash bookkeeping. In case you utilize
the accumulation strategy, you record monetary exchanges when they happen, not when cash really leaves or enters your
record. With cash bookkeeping, the inverse is valid: you will not make a diary section for your monetary exchanges until
the money has really been kept in or taken out from a ledger. (McQuarrie, 2020)

In case there are no gathering guideline, the genuine degree of financial activity inside an organization won't really
address the measure of pay, cost, and benefit or misfortune in a year.
Going concern
Going concern is a bookkeeping rule that has the capital needed to keep on working endlessly before evidence
unexpectedly is given. This word frequently applies to the capacity of an organization to create adequate gains to remain
get by on the lookout or departure chapter 11. In monetary reports, a few expenses and resources might be delayed if a
company is viewed as a going concern. At the point when a business is presently not an issue, it should start unveiling
that information on its fiscal reports. If a company is certainly not a proceeding with concern, it implies that it has failed
and exchanged its resources. For instance, since the tech bust in the last part of the 1990s, many spot coms will at this
point don't influence organizations. (KENTON, 2021)
1) Accounting standard
Which is the rule to set up the fiscal reports, as indicated by Hong Kong Accounting Standards (HKAS) given by the
Hong Kong Institute of Certified Public Accountants.
HKFRS characterized norms for distinguishing proof, estimation, show and revelation identifying with exchanges and
occasions that are important in budget reports for general purposes. HKFRS depends on the Financial Statements
Preparation and Presentation System that examines the standards basic the subtleties contained in the Financial
Statements for General Purpose. In for all intents and purposes all conditions, the sensible use of HKFRS, with extra
revelation where appropriate, brings about budget reports which offer an exact and reasonable view. the SME Financial
Reporting Framework (SME-FRF) and Financial Reporting Standard (SME-FRS) gave from them are the monetary report
standard for SME-FRF. (CARLSON, 2019)
d)Trial balance
Cash
Date $ Date $
Jul-21
Account
receivabl
e
1400 Jul-05
Prepaid
insuranc
e
1800
Jul-01 capital 10000 Jul-01 Truck 3000
Jul-18 Account payable 2000
Jul-20 Salaries 1500
Jul-31 Drawing 700
Jul-30
Gas and
oil
expenses
200
Jul-31 Balances c/d 2200
11400 11400
Capital
Date $ Date $

Jul-31 Balances c/d 10000 Jul-01 Cash 10000
Truck
Date $ Date $
Jul-01 Cash 3000 Jul-31 Balances c/d 6000
Jul-01 Account payable 3000
6000 6000
Account payable-truck
Date $ Date $
Jul-18 Cash 1500 Jul-01 Truck 3000
Jul-31 Balances c/d 1500 \
3000 3000
Account payable-cleaning supplies inventory (CSI)
Date $ Date $
Jul-18 Cash 500 Jul-03 Cleaning supplies inventory 1200
Jul-31 Balances c/d 700
1200 1200
Cleaning supplies inventory
Date $ Date $
Jul-03 Account payable-CSI 1200 Jul-30 Cost of goods sold 1200
Prepaid insurance
Date $ Date $
Jul-05 Cash 1800 Jul-31 Balances c/d 1800
cleaning service revenue
Date $ Date $
Jul-31 Balances c/d 5300 Jul-28 Account receivable 2500
Jul-14 Account receivable 2800
5300 5300
Account receivable

Date $ Date $
Jul-28 Cleaning service revenue 2500 Jul-21 Cash 1400
Jul-14 Cleaning service revenue 2800 Jul-31 Balances c/d 6900
Jul-30 Sales revenue 3000 8300
8300
Salaries
Date $ Date $
Jul-20 Cash 1500 Jul-31 Balances c/d 1500
Gas and oil expenses
Date $ Date $
Jul-30 Cash 200 Jul-31 Balances c/d 200
Sales revenue
Date $ Date $
Jul-31 Balances c/d 3000 Jul-30 Account receivable 3000
Cost of goods sold
Date $ Date $
Jul-30 Cleaning supplies inventory 1200 Jul-31 Balances c/d 1200
Drawing
Date $ Date $
Jul-31 Cash 700 Jul-31 Balances c/d 700
Anna Cleaning Ltd
Trial balance as at 31 July 2020
Dr. ($) Cr. ($)
Cash 2200
Capital 10000
Truck 6000
Account payable-truck 1500

Account payable-cleaning supplies inventory 700
Prepaid insurance 1800
Cleaning service revenue 5300
Account receivable 6900
Salaries 1500
Gas and oil expenses 200
Sales revenue 3000
Cost of goods sold 1200
Drawing 700
Balance 20500 20500
e) Adjustment entry
Journal
Date Dr. ($) Cr. ($)
Jul-31 Account receivable 700
Cleaning service revenue 700
Jul-31 Depreciation expenses-truck 700
Accumulated depreciation-truck 700
Jul-31 Insurance expenses 150
Prepaid insurance 150
Jul-31 Salaries expenses 500
Accrued salaries 500
Anna Cleaning Ltd
Trial balance as at 31 July 2020
Unadjusted Adjusting entries Adjudged trial
balance
Dr. ($) Cr. ($) Dr. ($) Cr ($) Dr. ($) Cr. ($)
Cash 2200 2200
Capital 10000 10000
Truck 6000 6000
Account payable-truck 1500 1500
Account payable-cleaning
supplies inventory 700 700
Prepaid insurance 1800 150 1650
Cleaning service revenue 5300 700 6000
Account receivable 6900 700 7600

Salaries 1500 500 2000
Gas and oil expenses 200 200
Sales revenue 3000 3000
Cost of goods sold 1200 1200
Drawing 700 700
20500 20500
Depreciation expenses-truck 700 700
Accumulated depreciation-truck 700 700
Insurance expenses 150 150
Accrued salaries 500 500
Balance 22400 22400
f) Final account
Anna Cleaning Ltd
Income statement as at 31 July 2020
$ $
Revenues
Cleaning service revenues 6000
Sales revenue 3000
Less: cost of goods sold -1200 7800
Expenses
Salaries 2000
Gas and oil expenses 200
Depreciation expenses-truck 700
Insurance expenses 150 3050
Net income 4750
Anna Cleaning Ltd
Balance sheet as at 31 July 2020
Asset $ $
Current asset
Cash 2200
Account receivable 7600
Prepaid insurance 1650

Non-current asset
Truck 6000
Less: accumulated depreciation -700 5300
Total asset 16750
Liabilities and Owner's equity
Current liability
Account payable-truck 1500
Account payable-cleaning supplies inventory 700
Accrued salaries 500 2700
Owner's equity
Net income 4750
Capital 10000
Less: drawing -700 9300
Total Liabilities and owner's equity 16750
Activities 2
a) Adjusting trial balance
Journal
Dr. ($) Cr. ($)
Store supplies expenses 2700
Store supplies 2700
Depreciation expenses-store equipment 9000
Accumulated depreciation-store equipment 9000
Depreciation expenses-delivery equipment 6000
Accumulated depreciation-delivery equipment 6000
Interest expenses 4080
Accrued interest 4080
Cost of goods sold 300
Inventory 300

LV Company Ltd
Trial balance as at 31 December 2020
Unadjusted Adjusting
entries Adjudged trial balance
Dr. ($) Cr. ($) Dr. ($) Cr. ($) Dr. ($) Cr. ($)
Cash 26700 26700
Account receivable 30700 30700
Inventory 44700 300 44400
store supplies 6200 2700 3500
Store equipment 85000 85000
Accumulate depreciation-
store equipment 18000 9000 27000
Delivery equipment 48000 48000
Accumulate depreciation-
delivery equipment 6000 6000 12000
Notes payable 51000 51000
Account payable 48500 48500
LV capital 110000 110000
LV drawing 12000 12000
Sales revenue 759200 759200
Sales Returns 8800 8800
Cost of goods sold 497400 300 497700
Salaries expenses 140000 140000
Advertising expenses 26400 26400
Utilities expenses 14000 14000
Repair expenses 12100 12100
Delivery expenses 16700 16700
Rent expenses 24000 24000
Balance 992700 992700
Store supplies expenses 2700 2700
Depreciation-store
equipment 9000 9000
Depreciation-delivery
equipment 6000 6000
Interest expenses 4080 4080
Accrued interest 4080 4080
1011780 1011780

b) Final account
LV Company Ltd
Income statement as at 31 December 2020
$ $
Revenues
Sales revenue 759200
Less: Sales Returns -8800
Less: Cost of goods sold -497700 252700
Expenses
Salaries expenses 140000
Advertising expenses 26400
Utilities expenses 14000
Repair expenses 12100
Delivery expenses 16700
Rent expenses 24000
Store supplies expenses 2700
Depreciation-store equipment 9000
Depreciation-delivery equipment 6000
Interest expenses 4080 254980
Net loss -2280
LV Company Ltd
Balance sheet as at 31 December 2020
Asset $ $
Current asset
Cash 26700
Account receivable 30700
Inventory 44400
Store supplies 3500 105300
Non-current asset
Store equipment 85000
Accumulate depreciation-store equipment -27000
Delivery equipment 48000
Accumulate depreciation-delivery equipment -12000 94000
Total asset 199300

Liabilities and Owner's equity
Current liability
Notes payable 51000
Account payable 48500
Accrued interest 4080 103580
Owner's equity
Net loss -2280
LV capital 110000
LV drawing -12000 95720
Total Liabilities and Owner's equity 199300
c) Different between monetary report and monetary bookkeeping
monetary report and monetary bookkeeping are distinctive yet related bookkeeping capacities. Monetary
bookkeeping is a bookkeeping division on the monetary exercises of an organization, which are accounted for,
summed up, and showed in a monetary report. A critical qualification to make is that monetary bookkeeping
isn't planned to reveal an organization's worth, yet rather to furnish others with subtleties to decide the
organization's incentive for themselves. To oblige the way that fiscal reports are utilized in various ways by an
assortment of individuals, monetary bookkeeping has rules known as bookkeeping norms and proper
accounting rules (GAAP). (AMADEO, 2021)
Monetary detailing is the reveal to outer partner about monetary outcome and the executives result to show the exhibition
of an organization during a predetermined timeframe. Monetary announcing should be completed in consistence with
sound accounting guidelines (GAAP) for private and public enterprises. While organizations report under the
International Financial Reporting Criteria in most global business sectors (IFRS). These bookkeeping guidelines
incorporate standards and guidelines that should be kept to guarantee that fiscal reports are dependable, reliable and
equivalent. (MURPHY, 2020) The following documents should be included:
1) Balance sheet or statement of financial position
2) Income Statement or Profit and Loss Report
3) Statement of Changes in Equity or Statement of Retained Earnings
4) Cash Flow Statement
d) The different types of financial statement
Financial backers, market experts, and banks utilize fiscal summaries to survey the monetary dependability and income
capability of an organization.
Accounting report
An accounting report shows what as resources, a partnership holds and what it owes as liabilities the measure of cash
contributed by investors recorded under the value of investors is likewise displayed yet to be determined sheet. A

monetary record records the resources, liabilities and value of investors of an organization for a year. A monetary record
shows what a partnership holds as resources, what it owes as liabilities, and the measure of money held by investors
detailed under the value of the investors. What's more, it is available with a situation of asset=liabilities proprietors 'value.
To compute the accounting report, the condition should adjust constantly. (TARVER, 2021)
Income statement
The pay proclamation is one of the kinds of fiscal report which stores all the pay and consumptions of the organization.
As the business does its everyday business, it continues to cause day by day expenses and procuring pay from its business
exercises. This multitude of things are recorded in this assertion. We procure our pay via offering our items and offering
types of assistance to the customer. There can be an assortment of costs which the organization can bring about, some of
which are referenced underneath:
 Pay rates
 Lease
 Phone and Internet
 Water and Electricity
 Charges
 Protection
 Publicizing and Marketing Cost
 Fuel
 Fixed
 Premium Paid and Other Bank Charges. (Thakur, 2021)
Statement of change in equity
The assertion of changes in value is a trade-off between the initial equilibrium and the end equilibrium of the value of
investors. It is a budget report that sums up the exchanges over a bookkeeping period associated with the investor's value.
The contrast between the resources and liabilities would provide you with the development of value starting with one
bookkeeping cycle then onto the next. It is feasible to acquire this data from the assertion of changes in value. This data
will help investors and financial backers settle on taught decisions about their speculations. (BELL, 2021)
Statement of cash flow and notes disclosure
The income explanation shows the amount of money and money counterparts that enter and leave an organization. The
Cash Flow Statement (CFS) ascertains how proficiently an enterprise handles and raises assets to meet its obligation
commitments and cover working expenses. The income articulation is inferred by taking net benefits from the pay
explanation and deducting or adding cash from the tasks of the organization, like money from working exercises,
contributing exercises, financing exercises. (TARVER, 2021)

e) accounting principles-
Bookkeeping standards are the guidelines and norms that organizations should observe when revealing monetary
information. (TUOVILA, 2021)
Consistency principle
The guideline of consistency expresses that equivalent technique is utilized to record same sort of exchanges. In all
bookkeeping periods, on the off chance that you carry out a bookkeeping guideline or interaction, you should follow it
reliably. Change a bookkeeping idea or technique provided that the new form improves recorded monetary execution in
any capacity. If such a change is made, record its outcomes exhaustively and remember this report for the notes going
with the budget summary. This aide the budget reports peruses to make precise examinations between years. (Bragg,
2021)
The advantages of consistency principle
1) When bookkeeping strategies are regularly used to record comparative exchanges and occasions, it gives simplicity of
the board as they come out as comfortable with the following cycles and bookkeeping terms utilized during recording.
2) It assists with limiting an association cost, since just starting preparing costs are caused at the hour of carrying out new
bookkeeping strategies and approaches.
3) When bookkeeping strategies are methodically applied starting with one monetary year then onto the next the
monetary outcomes bring about a structure like that of different monetary periods. This permits partners to generally
effectively assess the monetary aftereffects of the organization.
The disadvantages of consistency principle
1) This precludes administrators from embracing similar standards and speculations and necessities an adjustment of
bookkeeping because of changes in mechanical conditions, however this idea restricts something similar.
2) Critical slip-ups and issues arise as a hypothesis of progression reliant upon a choice of whether improvement creates a
clearer show of records.
3) Just when the current methodology is best thought of and gives a superior bookkeeping show. A great deal of
appraisals and weight on bookkeeping faculty are produced by the justification for the change and the impact on profit to
be accounted for in the fiscal summaries.
Materiality principle
The materiality guideline expresses that a bookkeeping standard can be overlooked if the net effect of doing as such small
affects the budget reports that a client of the assertions would not be deluded. Under sound accounting standards (GAAP),
they don't need to execute the arrangements of a bookkeeping standard in case a thing is insignificant. This definition
doesn't give authoritative direction in distinctive material data from insignificant data, so it is important to practice
judgment in choosing if an exchange is materials.
The advantages of materiality principle

1) It permits purchasers to find out with regards to significant deals. Since the capital of financial backers and investors is
put resources into the business, they reserve the privilege to comprehend the significant issues so they stay certain that
their cash is in safe hands.
2) Giving the setting to deciding the judgment of the inspectors. The inspectors are relied upon to give a report expressing
the budget summary's exact and reasonable picture. Thus, it would be less complex for a reviewer to outline a fair
assessment with the material data.
3) These abatements the requirement for each deal to be accounted for in light of the fact that full exposures are just vital
for the material ones.
The disadvantages of materiality principle
1) Mix-ups in judgment might happen. Since the article can be material for an individual and can be unimportant to
someone else, it very well may be hard to make ends.
2) To decide whether the exchange is material and unimportant, there is additionally a need to utilize specialists and it
very well may be exorbitant for private ventures.
3 Material exchange revelations are regularly extended and tedious.
Fully disclosure principle
Completely divulgence rule requires an association's administration to reveal to leasers, financial backers and whatever
other partner who depends on the monetary reports distributed by the association in its dynamic interaction identified with
the association all suitable and material monetary subtleties, regardless of whether money related or non-money related.
(jan, 2021)This standard verifiably focuses on the exact readiness of budget summaries on time prompting brief expense
forms and smooth help of reviews. It additionally assists with giving a predictable image of the association's monetary
steadiness from lenders, indebted individuals, and different partners. The straightforwardness additionally makes it
simpler for the conventional public to get a handle on the books of records and to put resources into an organization or not
settle on an educated choice. (Kenton, 2021)
The advantages of materially principle
1) Settle on navigation and the comprehension of fiscal summaries more straightforward
2) Offering monetary expressions simple to utilize and analyse
3) It helps the organization simpler to apply for credits
The disadvantages of materially principle
1) the association may be impacted by inside data revealed outside.
2) Contenders can utilize the data and against the organization, which might bring adverse consequences for the business.
Activities 3
a) The concept of bank reconciliation statement
Bank compromise explanation is a report, which is made to the premise of the money equilibrium of an organization's
monetary record. It is made to discover any misrepresentation or any control. While setting up the money balance. Set up

the bank compromise as it is crucial for record the money store travel, exceptional equilibriums, and administration
charges. (B, 2019)
The necessity of bank reconciliation statement
To handle remedies, the compromise proclamation characterizes distinctive between the bank equilibrium and book
balance. Also, ensure that there is a last record balance in your bank explanations that concurs with your inside records.
You want a justification for the divergence if the amounts don't fit. The motivation behind bank compromise explanation
is to really take a look at whether there are blunders of twofold passages, missed sections or computation and so on
(clementina, 2015)
The process of bank reconciliation statement
1) Comparing the deposit
Adjust the stores to those in the bank articulation in the organization reports. Analyse, on the charge side of the bank
section of the cashbook, the amount of each store with the credit side of the bank proclamation and the credit side of the
bank segment with the charge side of the bank articulation. Name the things in the records that show up in both.
2) Adjusting the bank statements
Change in accordance with the amended sum the equilibrium on the bank proclamations. To do this, travel stores should
be added, neglected checks deducted and bank blunders added/deducted.
3) Adjusting the cash account
Changing the money balance in the business account is the following move. By adding revenue or deducting month to
month charges and overdraft expenses, change the money adjusts in the business account. To do this, partnerships need to
consider bank charges, NSF checks and bookkeeping botches.
4) Comparing the balances
The changed sums ought to be something similar in the wake of changing the equilibriums as per the bank and as
indicated by the books. You should rehash the compromise cycle in case they are as yet not reasonable. At the point when
the equilibriums are indistinguishable, associations need to plan diary passages for the equilibrium per-book changes.
(Kagan, 2020)
People interest in the outcome of bank reconciliation statement
The bank compromise explanation remedies the diverse between bank proclamation and money at ledger. What's more,
the changed assertion in required for the accompanying monetary cycle. A bank compromise articulation ought to be
made to show every one of the progressions to cash adjusts for every month subsequent to recording the diary passages
for the organization's book changes. Reviewers utilize this assertion to lead the last year inspecting. (Kagan, 2020)
b) Bank reconciliation statement
Bank
Date of receipts $ Check no. $
Balance b/d 10740.9 17 372.96

Oct-05 843.86 18 780.62
Oct-21 941.54 19 157
Oct-27 808.58 20 587.5
Oct-30 967 21 234.15
22 578.84
23 1687.5
24 921.3
25 246.03
Balance c/d 8736.01
14301.9 14301.9
Modern CPA
Bank reconciliation at October 31
$ $
Cash balance per bank statement 11051
Add: Deposits in transit 967
Less: Outstanding check
No.20 1687.5
No.22 587.5 2275
9743.01
Adjusted cash balance per bank
Cash balance per books 8736.01
Add: Credit memo 1200
Mis-record on check no.18 72 1272
Less: Service charge 15
NSF check 250 265
Adjusted cash balance per books 9743.01
c) The book entry after the bank reconciliation
Journal
Dr. ($) Cr. ($)
bank 1200

credit memo 1200
bank 72
check payable 72
Service charge 15
bank 15
NSF check 250
bank 250
Activities 4
a) Natures of control account and suspense account
Trade receivable ledger control account
A record which outlines the client accounts(debtors) in the receivable record. The control account was expected to show
the rundown figures of the exchange in question. It is utilized to record synopsis exchanges identifying with money due is
the record receivable control record or deals record control account. Whenever, the equilibrium on the records receivable
control account addresses the sum exceptional and owed to the organization for credit buys by clients.
Trade payable ledger control account
A record which outlines all the provider accounts(creditors) in the receivable record. The control account was planned to
show the synopsis figures of the exchange in question.
Suspense account
The account is balanced off and trial balance prepared at the end of an accounting period to verify the quality of
the bookkeeping entries. If a trial balance fails to balance, this typically means that an error may have been
made and must be found. In turn, we should identify the unbalanced figure as suspense accounts that made the
trial balance as temporarily balanced, and we have to investigate the suspense account reasons behind of such
differences. We should clear the difference ultimately. (Bloomenthal, 2020)
b) How control and suspense account support the financial management effectively
Control account
An assortment of auxiliary records is summed up by a control account. It is utilized by significant associations to limit the
outline postings in the overall record. Rather in a different auxiliary record, organizations archive all the exchange
information. Such activities imply that to get account data, there is no compelling reason to accommodate and separate
individual records since the organization will allude to the equilibrium of the control account. The control account help
recognizing mistake and lower the danger of misrepresentation since staff are keep up with the control account
autonomously. The control account additionally eliminates the overall record with awkward information (LUTWIDGE,
2019)
Suspense account

When we preparing a trial balance, suspense account is helpful. When there is imbalance of balance sheet. We
can keep the different in suspense account temporarily until we correct the imbalance. A suspense account can
also be used when it is the transaction is initially registered. The payment will be transferred out from the
suspense account and into the proper account until the payment confusion has been settled. (TEAM, 2015)
c) Reconciliation for control account
We want compromise for control account in light of the fact that, for the two loan bosses and borrowers, a control account
exists and is utilized to guarantee that there are no mix-ups in the records. Consistently, the buying record control record
ought to be accommodated to guarantee that it addresses a similar equilibrium simultaneously as the Aged Creditor
report, which shows your providers the singular adjusts that are exceptional. This ought to be inspected in case there is a
differentiation. (KENTON, 2021)
The process of reconciliation for control account
1) Right the business record control account, changing the cloudy or undercast passages, like deals day book or
deals receipt. Also, compute the new equilibrium c/d of the record.
2) Structure an assertion of deals record balance. Changing the passages like wrong record of return internal and deals
receipt. Also, compute the equilibrium after amendment.
3) look at the equilibrium c/d work out in sync 1 with the equilibrium after rectification in sync 2, they ought to be same.
d) The role of debtor and creditors accounts
Under the bookkeeping framework, debt holders assume an essential part to characterize the records payable segment. A
debt holder is alluded to as a backer and once in a while a borrower in various circumstances. The circumstance
unmistakably characterizes the jobs of borrowers with the goal that business can comprehend their activities. With the
bookkeeping programming, bookkeepers monitor the indebted individuals from the debt holder's record and track every
one of the resources which has taken by the debt holders from providers. In essential terms of business, the borrower is a
customer for the provider/bank/seller who needs his/her administration as products, cash for maintaining the entire
running business. Without banks and account holders, a business can't run. In case an association never turns into an
account holder or never turns into a bank so they can't get immense accomplishment due to fuseness in the business.
(BiziTracker, 2021)
The Creditors Account is a record where all exchanges are enlisted with the lender from whom we acquire labour and
products. To remind the organization repay on schedule to keep away from punishment. Notwithstanding, a leaser
account just records a solitary payable. It likewise significant in shaping an exchange payable control record for
organization to synopses all payable record account. (CHEN, 2020)
e) Sales ledger control account
sales ledger control account
Date $ Date $
Mar-01 balance b/d 9120 Mar-31 sales day book 1280
Mar-31 cash book 100 Mar-31 balance c/d 7940
9220 9220
f) A statement to ascertain the total of the sales ledger balance after correction.

statement of sales ledger balance as at 31 December 2020
$
balance before correction 7540
Add: account receivable 660
sales invoice 100
Less: return inward -360
balance after correction 7940
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