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Financial Accounting Analysis PDF

   

Added on  2020-10-22

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Financial Accounting

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Question 1 Producing final accounts of the Bamber Sharpe for the year ended 31 April 2018.1Question 2 Producing final accounts for Saunders Worsley Ltd for the year ended 30 August2018........................................................................................................................................3Question 3 Bank reconciliation statement and relevant terms...............................................6Question 4 Discussing how control and suspense account are reconciled.............................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................7

INTRODUCTIONFinancial accounting is the branch which deals with accounting records in effectualmanner. Present report deals with preparation of final accounts of Bamber Sharpe and SaundersWorsley Ltd which are sole trader and organization respectively. Moreover, bank reconciliationstatement are prepared with terms related to it. Furthermore, control and suspense accounts arediscussed on how they are reconciled. Hence, financials are vital in assessing performance ofbusiness in effectual manner. Question 1 Producing final accounts of the Bamber Sharpe for the year ended 31 April 2018Income statement for the year ended 31 April 2018ParticularsAmountRevenue140000Less: Cost of Goods Sold (COGS)80000Gross profit60000Operating expensesSundry expenses3600Add: Prepaid rent44008000Wages44000Wages Outstanding6400Gas payment800Heat and light expenses8000Depreciation on fixtures and fittings4800Total operating expenses72000Operating incomeEBT-12000Add: DepreciationTaxNet loss-12000Balance sheet as at 30 August 2017Amount Current assetsTrade receivables160001

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