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(solved) Assignment on Accounting

   

Added on  2020-09-17

20 Pages3422 Words48 Views
Accounting

Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................11. Journal accounts.................................................................................................................12. Posting in ledger accounts..................................................................................................53. Bank reconciliation statement..........................................................................................104. Trial balance.....................................................................................................................105. Income statements and balance sheet...............................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17

INTRODUCTIONAccounting is the concept under which various process are performed so that all theinformation which is relevant to business can be recorded in most appropriate manner (Brighamand Ehrhardt, 2013). In this different accounts are prepared such as firstly journal is made inwhich entries are made after that positing is done in ledgers. Then trial balance is made in whichall the adjustments are considered which will be further used to prepare income statement andbalance sheet (Healy and Palepu, 2012). All of this will be explained in below provided report.TASK 1. Journal accountsIn this all the transactions that are taking place in business together with opening andclosing balances will be recorded and same is provided below.General Journal of PITT ST FURNITUREDate Particulars Debit Credit 01/05/17Cash at bank A/c Dr.Accounts receivable account Dr.Vehicle A/c Dr.Computer A/c Dr.Drawings A/c Dr.Purchases A/c Dr.Insurance on Purchases A/c Dr.Insurance on Vehicles A/c Dr.Interest A/c Dr.Vehicle registration A/c Dr.Rates A/c Dr.Rent A/c Dr.Office supplies A/c Dr.Motor vehicle expenses A/c Dr.Wages A/c Dr.To Accounts PayableTo Loan from Easy Money Ltd.1185025000600005000800037000300200240060013007500450750425012000576001

To Capital To Sales4000055000Petty cash bookDate Particulars Debit Credit 05/05/17Duster expense A/c Dr.To Petty cash151513/05/17Signage Expense A/c Dr.To Petty cash 5050Total 6565Cash receipt JournalDebits Credits Date Particulars Cash at bankAccounts receivablesales03/05/17Cash at bank A/cTo Sales 100001000007/05/17Cash at bank A/cTo Accountsreceivable2500025000Total 350002500010000Cash payment JournalsDebit Credit Date ParticularsAccountspayablesPettycashDrawings RentInsuranceonpurchases InsuranceonvehiclesWages Cash at bank01/05/17Petty cashA/cTo Cash atbank1001002

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