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Business Management- PDF

Added on - 09 Dec 2020

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Business Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Journal, posting of the journal in ledger, extracting trial balance from the journal andmaking the financial statements that is profit and loss account and the balance sheet...............1TASK 2............................................................................................................................................4P2 Journal, posting of the journal in ledger, extracting trial balance from the ledger andmaking the financial statements that is profit and loss account and the balance sheet...............4TASK 3............................................................................................................................................7P3 Journal, posting of the journal in ledger, extracting trial balance from the ledger accountsand making the financial statements that is profit and loss account and the balance sheet........7TASK 4..........................................................................................................................................11P4 Journal, posting of the journal in ledger, extracting trial balance from the ledger accounts...................................................................................................................................................11TASK 5..........................................................................................................................................13P5 Difference between the capital expenditure and revenue expenditure................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONAccounting refers to the recording of the financial transaction along with storing, sorting,retrieving, summarising and presenting the result in different types of financial reports like profitand loss account and balance sheet. The report will deals with some practical aspects ofaccounting. These aspects are like recording the transaction in journals. Posting them in ledgerand then making trial balance out of the ledger accounts (Booth, 2018). And at last preparing thefinancial statements which is profit and loss account and balance sheet with the help oh trialbalance. The report will also discuss the differences between the two types of expenditure whichare capital expenditure and revenue expenditure.TASK 1P1 Journal, posting of the journal in ledger, extracting trial balance from the journal and makingthe financial statements that is profit and loss account and the balance sheetIn the books of _______JournalDATEPARTICULARSDEBITCREDIT05/04/19Cash A/CTo capital A/C30030007/04/19Purchase A/C200
To cash A/C20008/04/19Cash A/CTo loan A/C25025015/04/19Motor van A/CTo cash A/C150!5020/04/19Cash A/CTo sales A/C35035028/04/19Rent paidTo cash A/C505029/04/19Loan A/CTo cash A/C20020030/04/19Drawing A/CTo cash A/C6060TOTAL15601560LEDGER A/C'sCASH A/CDATEPARTICULARAMOUNTDATEPARTICULARAMOUNT05/04/19to capital A/C30007/04/19By purchase A/C20008/04/19to loan A/C25015/04/19by motor van15020/04/19to sales A/C35028/04/19by rent paid A/C5029/04/19by loan paid20030/04/19by drawings6030/04/19by bal b/d240TOTAL900900Capital a/cDATEPARTICULARAMOUNTDATEPARTICULARAMOUNT05/04/19by cash A/C30030/04/19to bal b/d300TOTAL300300Purchase a/cDATEPARTICULARAMOUNTDATEPARTICULARAMOUNT07/04/19to cash A/C20030/04/19by bal b/d200
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