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Business Financial Accounting Accounts

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Added on  2021-02-20

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Analysis of set of transactions by preparing T accounts Journal Date Particulars Db Cr 02-Jan Bank 740 To J Jennings 740 (Being Cheque received from Debtor) 03-Jan Purchases A/C 1040 To G Frazer 1040 (Being goods brought on credit) 04-Jan Office Equipment 560 To bank 560 (Bring office equipment bought by paying cheque) 05-Jan A hussain 930 To sales 930 (Bring goods sold on credit) 08-Jan G Frazer 880 To

Business Financial Accounting Accounts

   Added on 2021-02-20

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BUSINESS FINANCEACCOUNTS
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Table of ContentsINTRODUCTION.................................................................................................................................4TASK....................................................................................................................................................41. Analysis of set of transactions by preparing T accounts................................................................42.1 Preparation of trading and P&L account and balance sheet.........................................................82.2 Evaluation of final accounts of LMC plc.....................................................................................93.1 Ratio Analysis...........................................................................................................................12CONCLUSION...................................................................................................................................15REFERENCES....................................................................................................................................16
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INTRODUCTIONFinancial accounting is that branch of accounting which is concerned with thecollecting, recording, summarising, analysing, interpreting and reporting the financialinformation of an organisation (Macve, 2015). The present project report is about analysis ofset of transactions of a sole trader which will include preparing journal entries, ledgers, trialbalance. It will also cover the evaluation of business’s final accounts in which trading profitand loss account and balance sheet will be prepared and lastly, there will be a ratio analysis ofthe concerned business.TASK1. Analysis of set of transactions by preparing T accountsJournal entriesJournal DateParticularsDbCr02-JanBank 740To J Jennings740(Being Cheque received from Debtor)03-JanPurchases A/C 1040To G Frazer1040(Being goods brought on credit)04-JanOffice Equipment560To bank560(Bring office equipment bought by paying cheque)05-JanA hussain 930To sales930(Bring goods sold on credit)08-JanG Frazer880To bank880(Bring amount paid)11-JanSales return37To A Hussain37
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