Financial Accounting Assignment (Solved)
Added on 2020-10-05
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Financial Accounting Part 1
TABLE OF CONTENTSTable of Contents.............................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Double entry bookkeeping system...................................................................................1P2: Trail balance preparation..................................................................................................7TASK 2............................................................................................................................................8P3: Preparation of financial reports........................................................................................8P4: Preparation of financial statements for sole trader and limited companies.....................9CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONFinance is one aspects for every business in order to manage and control their dailyfinancial transactions in effective manner. The main aim of financial managers is to manage allfunds and investments so that chances of getting more valuable outcomes can be increase.Financial accounting is one of the important process that deals with entire summary, analysis andreporting of several statements as per the mentioned period of time. This project aims inproviding specific information about use of double entry bookkeeping system while preparingtrail balance of the company. Apart from this, formulation of final account is also being analysethrough adjusting accrual information, depreciation and repayment details. At last, different finalaccounts those are prepared through taken use of various types of organisational statementsaccordingly (Knežević, Stanković and Tepavac, 2012).TASK 1P1: Double entry bookkeeping system Nowadays, it has been found that most of the accounting firms or financial institutionuses various types of accounting transactions that are done within an accounting period of time.The manager is having wide range of roles that would results in organising various informationin proper manner into their respective format. There are various types of systems which will betaken into account for the accountant while analyse financial position of the company. Out ofwhich Double entry system is the one that every business data will consists of with two effects.Like for examples, in case a company borrows funds from their bank, the companies total cashaccount will enhance and their liability account loan get increase drastically. It is an effectiveaccounting term that stated that every business transaction is having dual impacts on either sideof the statements. In case of Double entry system, the value of capital that always transferred from onereports to another as per the requirement of the company. Accountant and financial manager canuse all credit and debit value in order to analyse, whether the capital is being transferred fromparties account books as per the mentioned time (Amoako, 2013). It has been mentioned thatorganisation would have plenty of ways that can have multiple effects on the entire financialreports of the company. In the complete system of bookkeeping which is having two aspectsfrom every transaction that are made within the period of time. In order to evaluate several1
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