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Assignment on Financial Accounting (PDF)

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Added on  2020-10-22

Assignment on Financial Accounting (PDF)

   Added on 2020-10-22

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FINANCIALACCOUNTINGProject 1
Assignment on Financial Accounting (PDF)_1
Table of ContentsINTRODUCTION...........................................................................................................................1PROJECT 1 .....................................................................................................................................1P1 Preparation of Journal and Ledger accounts..........................................................................1P2: Formulation of trail balance..................................................................................................6P3: Preparation of Income statement and balance sheet.............................................................7P4: Preparation of final accounts for sole trader and limited companies....................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
Assignment on Financial Accounting (PDF)_2
INTRODUCTIONFinancial accounting is the core concept of an organisation as it involves recording ofevery transactions. In this report, various accounts are prepared which are important to reflect atrue picture of an organisation such as journal entries, ledger accounts, trial balance, profit andloss account and balance sheet. Every transaction which is recorded has few evidences such asreceipts and vouchers which help in creating a base for financial accounts. This project report isproviding valuable information about various stages of financial analyses.PROJECT 1 P1 Preparation of Journal and Ledger accountsJournal entries is a logging system of accountancy which record each and everytransaction related to cash and credit. Every transaction which is logged in journal entries areeither debited or credited and the total of these two sides must be equal. Transactions which arerecorded in journal are further sorted in ledger accounts according to the nature. These accountscan be cash account, account receivables account, inventory account and many more (Edwards,2013). Preparation of these accounts and journal entries are collectively known as book keeping.Recording and transacting is necessary for every organisation whether small, medium or largeorganisation. These books records all financial transactions on regular basis to avoid any chaosand unmanaged data. Main aim of recording these transactions is to serve organisation, so thatthey can further prepare final accounts which are necessary to reflect true and fair picture of thebusiness (Weil, 2013).1
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General Ledger accounts2
Assignment on Financial Accounting (PDF)_4

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