Financial Accounting: Types of Transactions, Principles, and Financial Reports

This document provides an introduction to financial accounting, discussing the stages of financial accounting and the preparation of financial statements. It also covers different types of business transactions, fundamental principles of accounting, and the difference between financial reports and financial statements. The document includes examples of journal entries and ledger accounts, as well as a trial balance.

Financial accounting

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Scenario 1.........................................................................................................................................3
Question 1...................................................................................................................................3
Question 2...................................................................................................................................4
Question 3...................................................................................................................................8
Question 4.................................................................................................................................10
Question 5.................................................................................................................................11
Scenario 2.......................................................................................................................................12
Question1..................................................................................................................................12
Question 2.................................................................................................................................13
Question 3.................................................................................................................................14
Question 4.................................................................................................................................15
Question 5.................................................................................................................................17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
Financial accounting is that branch of accounting which records all the transaction of the
company which are financial in nature and post them in ledger in order to summarize them and
prepare the financial statements like profit and loss account and balance sheet (Schroeder, Clark
and Cathey, 2019). The current report will discuss the different stages of financial accounting
through which the financial transaction has to go. Like in the report first some transaction will be
recorded with the help of journal entries and then these will be posted in the ledger accounts and
trial balance will be made from it. Further the difference between the financial statement and
reports will be outlined and principles of accounting as well. After that with the help of the given
trial balance the profit and loss and balance sheet will be prepared. Further the bank
reconciliation statement will be prepared and in the end some journal entries for the rectification
of some errors will be done.
Scenario 1
Question 1.
Different types of business transaction
In accounting, there are mainly two types of business transaction which are discussed
below.
Cash transactions and credit transactions
A transaction in which cash is involved that is either it is paid or received at the time
when the transaction took place is called cash transaction. For example, goods purchased for $50
and paid the amount immediately (Weygandt, Kimmel and Kieso, 2019). In credit transaction,
the cash is received or paid in the future date after the transaction occurs. For instance, the goods
are purchased worth $2000 for which payment will be made after 2 weeks even though goods
have been possessed. It is considered as credit transaction as the payment has not been made in
cash immediately.
Internal and external transactions
Internal transaction are those transactions which does not involve exchange of values
among the parties but it can be measured in financial terms and have an impact over the financial
position of the business. For example, recording depreciation, realizing the loss caused because
by fire and so forth. External transactions are those transactions in which business exchanges
values with the outsiders (Birt and et.al, 2020). These are those transactions which are usually

performed by the businesses on daily basis. It includes transactions like purchased goods from
the suppliers, goods sold to customers, payment made for purchase of fixed assets, payment for
utility expenses salary payment etc. Normally, majority of the business transactions are external.
Single entry book keeping
It is the accounting system which is used for keeping track of the business finances.
There is only one entry is recorded per transaction and most of the entries are related to either
incoming or outgoing of funds (Andreica, 2016). The transactions are recorded in the cash book.
It records the transactions like taxable income, tax deductible expenses and cash.
Double entry book keeping
Under this system, every business transaction is recorded in minimum two accounts. It
requires that for all transactions, the debit and the credit amount equals. For example, if the
company sells a product then revenue account will increase and cash account also increases by
the same amount.
Trial balance and its importance
Trial balance is the sheet in which all the balances of the ledger are compiled into debit
and credit. It is prepared under double entry book keeping. It is prepared at a particular date.
Trial balance is important as it helps in checking the arithmetical accuracy which helps in
identifying whether all the transactions has been posted or not (Franklin, Graybeal and Cooper,
2018). It also provides assistance in preparing financial statements as balances of all the ledger
accounts are used. Trial balance is used in doing comparative analysis and preparing the audit
reports as well.
Question 2.
1. Journal entries
Date Particulars Debit Credit
01/06/20 Bank 65000
To Capital 65000
02/06/20 Purchases 8000
To Creditors 8000
07/06/20 Cash 4000

To Sales 4000
08/06/20 Creditors 4000
To Bank 4000
14/06/20 Insurance 75
To Bank 75
15/06/20 Debtors 12000
To Sales 12000
16/06/20 Purchases 10000
To Creditors 10000
18/06/20 Computer Equipment 3000
To Cash 3000
20/06/20 Rent 150
To Bank 150
21/06/20 Cash 10000
To Sales 10000
25/06/20 Petty Cash 100
To Bank 100
30/06/20 Stationary 30
To Petty Cash 30
2. LEDGER ACCOUNTS

Account Name Bank A/c No. 1
Date Particulars Amount Date Particulars Amount
01/06/20 To Capital 65000 08/06/20 Creditors 4000
14/06/20 Insurance 75
20/06/20 Rent 150
25/06/20 Petty Cash 100
30/06/20 Bal c/d 60675
65000 65000
Account Name Cash A/c No. 2
Date Particulars Amount Date Particulars Amount
07/06/20 To Sales 4000 18/06/20 Computer Equipment 3000
21/06/20 To Sales 10000
30/06/20 Bal c/d 11000
14000 14000
Account Name Petty Cash A/c No. 3
Date Particulars Amount Date Particulars Amount
25/06/20 To Bank 100 30/06/20 Stationary 30
30/06/20 Bal c/d 70
100 100
Account Name Purchases A/c No. 4
Date Particulars Amount Date Particulars Amount
02/06/20 To Creditors 8000

16/06/20 To Creditors 10000 30/06/20 Bal c/d 18000
18000 18000
Account Name Sales A/c No. 5
Date Particulars Amount Date Particulars Amount
07/06/20 Cash 4000
15/06/20 Debtors 12000
30/06/20 Bal c/d 26000 21/06/20 Cash 10000
26000 26000
Account Name Creditors A/c No. 6
Date Particulars Amount Date Particulars Amount
08/06/20 To Bank 4000 02/06/20 Purchases 8000
16/06/20 Purchases 10000
30/06/20 bal c/d 14000
18000 18000
Account Name Debtors A/c No. 7
Date Particulars Amount Date Particulars Amount
15/06/20 To Sales 12000
30/06/20 Bal c/d 12000
12000 12000

Account Name
Computer
Equipment A/c No. 8
Date Particulars Amount Date Particulars Amount
18/06/20 To Cash 3000
30/06/20 Bal c/d 3000
3000 3000
Account Name Rent A/c No. 9
Date Particulars Amount Date Particulars Amount
20/06/20 To Bank 150
30/06/20 Bal c/d 150
150 150
Account Name Stationary A/c No. 10
Date Particulars Amount Date Particulars Amount
30/06/20 To Petty Cash 30
30/06/20 Bal c/d 30
30 30
Account Name Insurance A/c No. 11
Date Particulars Amount Date Particulars Amount
14/06/20 To Bank 75
30/06/20 Bal c/d 75
75 75
Account Name Capital A/c No. 12

Account
Date Particulars Amount Date Particulars Amount
01/06/20 Bank 65000
30/06/20 Bal c/d 65000
65000 65000
3.The trial balance
Trial Balance
Ac no Particulars Debit Credit
1 Bank 60675
2 Cash 11000
3 Petty Cash 70
4 Purchases 18000
5 Sales 26000
6 Creditors 14000
7 Debtors 12000
8 Computer Equipment 3000
9 Rent 150
10 Stationary 30
11 Insurance 75
12 Capital Account 65000
Total 105000 105000
Question 3.
Evaluating the difference between financial report and financial statement
Financial reporting mainly comprises of records which is useful in tracking the business
funds (Abernathy and et.al., 2019). It is one of the prominent measure which helps in managing
the fuds within the business. These financial reports are useful in carrying out business valuation,

predicting the future cash flows and also carrying out investment planning. Financial reports has
been used which helps in providing information to the managemnt for better decision making.
On the contrary, financial statements are considered to be as the product of financial reports.
Financial statements are considered to be more formal (Financial Reporting Vs. Financial
Statements, 2017). Financial statements of the company has been used because it hellps in
communicating the financial health of the organization to outside entities. Financial statements
are perpared for the every accounting period.
PARTICULARS FINANCIAL REPORT FINANCIAL STATEMENT
Meaning Financila report is considered
to be as the large collective
document which is useful in
summarizing the financial
income nad expenditure over
the set period.
Financial statements are
considered to be as the short
documents which helps in
examining the overall finnacila
health of the company for a
particular period.
Purpose One of the key significant
purpose of the financial
reporting is to give the
management in- depth
complete analysis of the
business performance (Ali,
Razzaque, and Ahmed, 2018).
One of the key purpose of the
financial statements is to
effectively provide finacial
position and changes within
the particular period for better
decision making.
Types There are various types of
financial reports which
includes financial notes,
governmnet records, external
statements, quaterly and
annual records.
There are various types of
financial statements which
includes balance sheet, cash
flow statement, income
statements and shareholder's
equity statements.
Preperation Financial report is used by the Financial statements of the
company are prepared on the

regular basis at an equal
intervals.
Financila reports play one of the key significant role in which helps in transmitting key
relevant information outise and inside of the company. It helps in providing the complete net
worth of the company by examining the expenses and spending. Financial statements are
prepared effectively for the specific accounting period (Agustiningsih, Murni and Putri, 2017).
This way it helps the management in properly taking decision by effectively managing the funds
of the company. It is useful in managing the dund flows and cash flows of the company.
Question 4.
Examining key fundamental principles of accounting
Accounting principles are considered to be as the guidelines and rules with which the
company must comply at the tiem of reporting financial data. It is crucial because it helps in
establishing consistency in order to view the financial reports and financial statements in an
accurate and efficient manner.
1. Economic entity assumptions
The business is considered to be as a seperate legal entity and all the necessary trasactions of the
business are seperate from that of the owner of the business.
2. Monetary unit assumptions
The company must usually focus on recording all the financial transactions within the same
currency. All the transactions and economic events must be effectively recorded within the
accounts of the business which can be easily measured and expressed in the monetary value of
the specific currency.
3. Cost Principle
This is one of the significant principle which helps one to initially record liability and asset of the
company at the original acquisition cost (Abernathy and et.al., 2019). This principle of
acciunting is useful in recording the transactions.
4. Full disclousre principle
All the relevant set of information which is crucial for the shareholder's of the company must be
disclosed within the notes accompanying financial statements.
5. Going concern principle

This is a relevant accounting principle which tends to assume that, company will continue to
carry out the operations of the business for a relatively long period of time (Karaawy and Baaj,
2018). It states that, company will not liquidate in a foreseeable future.
6. Matching principles
This is a relevant accounting principle which states that, the company must comply with the
accrual basis of accounting. However, the matching principle tends to demonstrate that, the
expenses and revenues of the company must significantly match for the specific period.
7. Revenue recognition principle
This principle tends to demonstrate that, the revenues of the company are recognized within the
profita and loss statement in the specific period when the revenues have been earned and realized
(Zeff, 2016).
8. Materiality
This principle demonstartes that, the organization might violate the principles of accounting so
that the financial statements are not misleading. The management of the company must
significantly focus on miantianing professional accounting practices which is considered to be
very crucial for the significant growth of the organization.
9. Conservatism
This is one of the key signifiacnt principle which is useful in recognizing the liabilities and
expenses when there seems to be unceratiny related with the outcomes (Rutherford, 2016). On
contrary, the revenues and assets of the company are recognized when they are received,
Question 5.
Profitability statement of carol andrew
for the year ended 2017
Particulars Amount Amount Amount
Sales 124000
(125000-1000)
COGS 82000
Opening stock 9500
Purchases 73500
(75000-1500)

-Closing stock -1000
Gross Profits 42000
interest received 1000
Rent received 4850
Less: Unearned rent -490 4360 5360
Operating Expenses
Wages & Salaries 13200
Rent and Rates 1500
add: Outstanding business rates 340 1840
Postage 900
Depreciation on motor van 5000
Insurance 7500
Less: prepaid insurance 411 7089
Bad debts 1200
less: 650 550 28579
Net Profit 18781
BALANCE SHEET
Amount Amount Amount
ASSETS
Current assets :
Bank 10594
cash 340
Debtors 12500
add: bad debts 650
Less: provision for bad and doubtful debts 934 12216
Closing stock 1000
Prepaid insurance 411
Total current assets 24561
Motor van at Cost 25000

Less: Accumulated depreciation 5400
Less: depreciation 5000 14600
Loan given @ 10% 100000
Total fixed assets 114600
Total assets 139161
LIABILITIES
Current liabilities
Creditors 3900
Business rates outstanding 340
Unearned rent 490
Total current liabilities 4730
Owners’ equity
Capital 120800
Less: drawing -5150
Add : net profit 18781
Total Shareholders’ equity 134431
Total Equity & Liabilities 139161
Scenario 2
Question1.
Bank reconciliation statement and its requirement and necessity
This is a document which aims at matching the cash balance of the business with the
statement being provided by the bank. All the transaction of the business is done with either cash
or bank cheque. So all the transaction is same in the cash account of the company and the bank
statement provided by the bank. If both these are same then it means that there is no problem in
the cash and bank balance of the company and no fraud or mistake has taken place in the
business transaction. This statement is required to be made as this will assist the company in
checking out the deviation among the cash balance in the business and the balance in the bank
account.

The aim of the bank reconciliation statement is to check the fact that all the transaction in
the cash account of business and the bank balance are same or not if not then corrective action
need to be taken. Thus, the balance of both these account in achieved with help of comparing the
list of issued checks and deposit on the statement with that of the cash balance in the account of
company. Then if any transaction will be left then they are added and both the balance are
matched to equal (Sunarya, Nurhaeni and Haris, 2017).
This bank reconciliation statement is necessary for the company to prepare it as this will
help the company in detecting the fraud and any transaction left to be recorded. Thus, this will
assist the company in managing all the transaction of the company which have been left behind
and record it again. This statement is prepared on periodical basis in order to check the
transaction related to bank with the cash book maintained within the business (de Menezes Neto
and Aguiar, 2019). This is done in order to check the deviation is any in both the account and if
there are any deviation present then the company takes some of the corrective action to
overcome those deviations.
Question 2.
Control accounts and its role in financial management
A control account is a general ledger that sum up the balances of all the subsidiary
accounts. It can hold hundreds and thousands of accounts and its sub accounts. Involving all the
accounts in general ledger makes work complicated therefore control account is being used
(Sabcheva, 2018). There are different types of control accounts such as debtor's control account,
creditors control account, stock control account etc. Control account acts as a double check in
respect to the accuracy. It is very essential that the balance of control account should always
match with the sum of balances of all the individual accounts.
Role of control accounts
 The control account helps in providing summary of all the transactions which are
recorded in the different subsidiary ledgers. This is very useful for management for
formulating policies.
 The major purpose of control account is to check the accuracy of the ledger to which it is
related. Since, the entries made in the control account is same as the entries made in the
ledger to which it relates. This helps in proving that the ledger is accurate and all the
transactions have been entered in the ledger on the correct side.

 It provides an internal control check where the separate bookkeeping duties. The
personnel responsible for posting entries to accounts will enable check on the different
person whose task is to post-entries to the sales and purchase accounts.
 It provides assistance in determining the location of errors when the posting is done daily
or weekly or monthly basis. If the staff fails to record a payment or an invoice in an
account or makes a mistake in a transaction then it will become a formidable task to
identify the error.
 Control accounts facilitates prompt preparation of the financial statements at the end of
the specific period.
 It is used as the basis for reconciliation of cost and financial accounts.
Question 3.
Suspense account and reasons for drafting it
Suspense account is the considered as the general ledger account in which the transaction
amounts are recorded for a short time. This account is utilized as the appropriate general ledger
account is difficult to identify when the transaction was recorded. For example, accountant of an
organization failed to record one amount not having a designated account, so in order to
complete the task the accountant recorded the amount in a mystery account called the suspense
account (Ofori-Atta, Bruce-Twum, and Appiah-Gyamerah, 2017). When the transaction and the
account is clarified, the amount is moved from the suspense account to it actual account. It can
also been used to hold the information about the discrepancies as more and more data is being
gathered. In small businesses, suspense account is being cleared out on a daily basis. To make it
clear the suspense account must have a zero balance.
The major reasons for opening the suspense account ares are state below.
 It used when the trial balance is prepared but the debit and the credit side does not match.
Thus, to match them suspense account is opened. As trial balance is the basis for
preparing the financial statements.
 Another reason is there are times when the entry of transaction into one account is known
but the other account is not clear, therefore, that account is opened until account
clarification is received.
 When the fixed assets have been purchased but did not receive as the payment is not
made. In such situation, suspense account is being opened till the time amount is being

fully paid off and after making the final payment and possessing the asset the suspense
account is being closed and a new account separate asset account is opened.
 It helps in judging the nature of errors as the suspense account helps the accountant to
identify the errors as the balance helps the accountant to determine the possible account
head which might be having the changes of getting the error.
Question 4.
(a)
Bank reconciliation statement for the month of February
Particulars Amount Total amount
Balance as per cash book 1760
add: Direct transfers 1070
Add: Withdrawal 105
add: cheques not presented 270
Add: Dividend collected by bank 325
less: Bank charges 25
less: Insurance Expenses 170
Less: bill paid 56
less: cheques received but not recorded 186
Balance as per bank statement (Cr.) 3093
(b) Understanding the accounting terms
Direct debit and Standing order
The direct debit is an instruction given to the bank for transferring the funds to the
another account on a recurring basis. Direct debits is useful where regular payment is being made
to the parties like as in case of payment of credit card bills or lease rentals etc. This helps the
organization from the hazzles of issuing cheques every month (Choudhry, 2018). For example,
company pays rent of $1000 through direct debit but the company has not recorded the rent paid
in the books and its cash balance shows a balance of $19000. In this case, since the bank has
debited the amount so the company is also required to make an entry in its books in which rent
expenses is debited and bank is credited by the amount $1000.

On the other hand, standing orders can only be made of specific amount at a specific
dates and in contrast to it direct debits can be used for creating at varying dates and amounts. It is
similar to direct debit but the only difference is that payment and date cannot be varied under
standing order. This is useful when regular and fixed amount of payment is to be made to certain
parties. It involves payment for mortgage rent and loan installments. For instance, the company
made a standing order to transfer an amount of $5000 as security charges but the company fails
to record in it account in that case, an entry will be made of security charges payable debit and
bank account credited by $5000.
Bank charges and dishonor cheque
Bank charges is the fee which is being charged by the financial institutions. A bank
charge is levied because of many reasons such as maintaining the minimum balance, issuing
insufficient amount of cheque, exceeding the overdraft limit of the account, monthly service fees
foreign transactions, inactivity in an account and so forth. It is a major source of income for the
banks. Business organizations record it as expenses in it monthly bank reconciliation (Bank
Charges. 2020). All these charges are charged directly to the customers account which leads to
reduction in the bank balance. These charges are recorded by business when bank provide bank
statement.
The dishonored cheque refers to the cheque which is presented for payment but the
drawer is having insufficient funds in his or her account for making the payment and which will
be returned back. This is mainly the situation when the bank refuses to make the payment of the
cheques. When the cheque dishonors, the drawee bank issues a cheque return memo along with
the reason of dishonor. The dishonored cheque can be reissued within the time of 3 months of the
date specified on the cheque after meeting with the requirements. Reasons for cheque dishonor
are — insufficient balance in the account, mismatch of signature, wrong account number or
wrong amount, overwriting, name of the payee is not there and any other alterations.
Question 5.
Journal entries for rectification of errors

Right
entry Debit Credit
Wrong
entry Debit Credit
Rectified
entry Debit Credit
Purchase
A/c Dr. £2,000.00
Purchase
A/c Dr. £2,000.00
To Musa
A/c £2,000.00
Entry
omitted
To Musa
A/c £2,000.00
Van A/c
Dr. £670.00
Van A/c
Dr. £670.00
Cash A/c
Dr. £1,340.00
To bank
a/c £670.00
To Cash
A/c £1,340.00
To Bank
a/c £670.00
G Tahir
A/c Dr. £650.00
Not
entered in
G Tahir
A/c
G Tahir
A/c Dr. £650.00
To Sales
A/c £650.00
To sales
A/c £650.00
To
Suspense
A/c £650.00
Electricity
bill A/c
Dr. £790.00
Suspense
A/c Dr. £790.00
Electricit
y bill A/c
Dr. £790.00
To cash
A/c £790.00
To Cash
A/c £790.00
To
Suspense
A/c £790.00
Motor
vehicle
Expense
A/c Dr. £500.00
Motor
Vehicle
A/c Dr. £500.00
Motor
vehicle
Expense
A/c Dr. £500.00

To cash
A/c £500.00
To Cash
A/c £500.00
To Motor
Vehicle
A/c £500.00
Sales
Balance £1,030.00
Sales
Balance £1,300.00
Sales A/c
Dr. £270.00
To
Suspense
A/c £270.00
L
Samantha
A/c Dr. £190.00
Discount
Allowed
A/c Dr. £190.00
L
Samantha
A/c Dr. £190.00
To
Discount
Received
A/c £190.00
To L
Samantha
A/c £190.00
Suspense
A/c Dr. £190.00
To
Discount
received
A/c £190.00
To
Discount
Allowed
A/c £190.00
Bank A/c
Dr. £384.00
Sales A/c
Dr. £384.00
Bank A/c
Dr. £384.00
To D
Jones A/c £384.00
To
suspense
A/c £384.00
To sales
A/c £384.00

CONCLUSION
From the conducted study it has been concluded that, there are various fundamental
principles of accounting which are economic entity assumption, materiality, conservatism,
matching principles, revenue recognition, going concern principle and full disclosure principle.
There are range of business transactions like cash and credit transaction, single and double entry
book keeping, internal and external transactions. A control account is a general ledger that sum
up the balances of all the subsidiary accounts. Trial balance is the sheet in which all the balances
of the ledger are compiled into debit and credit. Bank reconciliation statement is to check the fact
that all the transaction in the cash account of business and the bank balance are same or not. It
has been concluded that, Suspense account is the general ledger account in which the transaction
amounts are recorded for a short time. Bank charges is the fee which is being charged by the
financial institutions.

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