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Financial Accounting Assignment Report

   

Added on  2020-07-23

20 Pages5085 Words52 Views
Financial Accounting

Table of ContentsINTRODUCTION...........................................................................................................................4Client 1.............................................................................................................................................4(a) Books of prime entries ..........................................................................................................4(b) Ledger posting.......................................................................................................................7Trial balance..............................................................................................................................13Client 2...........................................................................................................................................14(a) Profit and loss statement for Peter piper..............................................................................14(b) Financial Position Statements..............................................................................................14Client 3...........................................................................................................................................15(a) Profit and loss statement of Raintree Ltd. For the year ended 30th September 2017.........15(b) Statement of financial statement of Braintree Ltd...............................................................15(c) Accounting concepts............................................................................................................16(c) Purpose of depreciation.......................................................................................................16Client 4 ........................................................................................................................................17(a) Purpose of bank reconciliation statement............................................................................17(b) Factors affect the balance of bank statement and cash account..........................................17Client 5...........................................................................................................................................17(a) sales ledger control account and purchase ledger control account......................................17(b) Importance of Ledger control account................................................................................18Client 6...........................................................................................................................................18(a) Meaning of suspense accountant.........................................................................................18(b) Trial balance........................................................................................................................18(c) Journal entries regarding suspense account.........................................................................19(d) Difference between suspense and clearing accounts ..........................................................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20

INTRODUCTIONFinancial accounting is one of the important parts of accounting system. All transactionsand records are kept in the form of sections, formats and schedules under the same (Chen and et.al., 2011). Financial accounting provides a path to track the records and information in a propermanner. Financial accounting is a concept which is made up of multiple rules and principlesaround which information and records are maintained. This report defines the implementation ofbook keeping method in general accounting. Financial records and accounts are prepared incertain formats as double entry systems, ledger and trail balance(Weil, Schipper and Francis,2013 ). Bank reconciliation statements, control and suspense accounts are prepared subject tocase requirement. Client 1(a) Books of prime entries Journal entries (Figures in £)DateParticularL/FDebitCredit01/05/162/05/20163/05/2016Storage a/cTo Bank a/c (Being storage paid)Purchase a/cTo S. HoodTo D. MainTo W. ToneTo R. Foot(Being purchase made)J. Wilson a/cT. Cole a/cF. Syme a/cJ. Allen a/cP. White a/c40060801120164020809102420400145020609601610

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