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Assignment on Finance - Jill

Added on - 05 Oct 2020

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Finance
Table of ContentsINTRODUCTION......................................................................................................................3PART A......................................................................................................................................3a. Writing double entry and recording transactions in T accounts.........................................3b. Ledgers a/c.........................................................................................................................4c. Preparing trial balance........................................................................................................8d. Income statement...............................................................................................................9e. Drafting statement of financial position...........................................................................10PART B....................................................................................................................................111. Computation of ratio analysis..........................................................................................112. Commenting on the financial performance and position of Jill.......................................12CONCLUSION........................................................................................................................13REFERENCES.........................................................................................................................14
INTRODUCTIONFinancial accounting field of finance lays emphasis on recording transactionassociated with the concerned period. The main behind recording monetary information is toget idea about overall performance and position. In this regard, profitability statement ishighly significant which furnishes information about income generated over expenses.Further, balance sheet provides deeper insight about assets, liabilities and shareholder’sequity. The present report is based on the case scenario of Jill which presents company’stransaction for the month ended on September.PART Aa. Writing double entry and recording transactions in T accountsJournal entries in the book of Jill for the month ended on 30thSeptember 2018DateParticularsDebit (in£)Credit (in£)1 / 09Cash a/c Dr.Bank a/c Dr.To capital a/c800300038002 /09Purchases a/c DrTo Ron or creditors a/c9009003 /09Computer a/c DrTo bank a/c8008005 /09Bank a/c DrTo sales a/c5005006 /09Purchases a/c DrTo cash a/c40040010 /09Rent a/c DrTo bank a/c30030012 /09Stationery a/c DrTo cash a/c10010018 /09Creditors or Ron a/c DrTo purchase return a/c10010021 /09Bank a/c DrTo rent received a/c10010023 / 09Debtors or Bill a/c DrTo sales a/c40040023 / 09Cash a/c DrTo sales a/c1500150024 / 09Car a/c DrTo bank a/c90090030 / 09Wages a/c Dr400
To cash a/c40030 / 09Drawing a/c DrTo cash a/c550550b. Ledgers a/cCash a/cDebit side Credit sideDateParticularsAmount (in£)DateParticularsAmount (in£)1 / 09To capital a/c8006 /09By Purchasesa/c40012 /09Stationery a/c10023 / 09To sales a/c150030 / 09By Wages a/c40030 / 09By Drawinga/c55030 / 09By balance c/d950Total23002400Bank a/cDebit side Credit sideDateParticularsAmount (in£)DateParticularsAmount (in£)1 / 09To capital a/c30003 /09By Computera/c8005 / 09To sales a/c50010 /09By Rent a/c30021 /09To rentreceived a/c10024 / 09By Car a/c90030 / 09By balance c/d1600Total36003600Capital a/6Debit side Credit side
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