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Financial Accounting Conga - Assignment

   

Added on  2020-10-05

16 Pages3857 Words81 Views
FinanceEconomics
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Introduction toFinancial Accounting
Financial Accounting Conga - Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11) Accounting records & financial statements for Conga............................................................12) Prudence concept and accruals (matching) concept..............................................................103) Value Added Tax ..................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
Financial Accounting Conga - Assignment_2

INTRODUCTIONFor an organisation it is important to make financial accounts in each financial year. It isthe process of recording, summarizing & reporting the financial transactions of the businesswhich are related to a specific period of time. It involves income statement, cash flow, financialposition of accounts and financial statements. To better understand this concept Conga has beenselected which is a sole trader toy retailer of UK. In this report, there are following topics arecovered such as: to prepare the accounting records & financial statements, trail balance conceptsof prudence and accruals & its applications in the company. Apart from this it also discuss aboutthe Value Added Tax to the sales. MAIN BODY1) Accounting records & financial statements for CongaAccounting records are beneficial to record the financial records in the books of accountsof company. An accountant is responsible to manage the accounts and record the activities. ForConga, it is necessary to prepare the financial statements over a specific period of time. Itprovides the financial information in context to the corporation. Financial statements are thereports which are made by management of firm. It includes income statements, balance sheet,cash flow & statement of owner's equity (Sunder, 2016). Outsiders such as: customers,shareholders, creditors, investors get information from the financial statements and takeimportant decisions associated to the investment. It is require to be prepare in structured mannerfor the purpose to provide true and fair information related to the financial position ofcorporation. As the financial statements of Conga, provide the appropriate information about thewealth and current position of organisation. On the basis of this management can take importantdecisions for the future expansion of business so that it can maximize its market share andincrease the profits. So it is necessary for the corporation to prepare accounting records andfinancial statements (Wang, 2014).Income statement: It shows the financial results of a firm related to a specific period oftime. This statement shows the income which is generated by the organisation from its business.It is also known as statement of earning and basically 3 financial statements used to assess acorporation performance which involves cash flow statement, balance sheet and income1
Financial Accounting Conga - Assignment_3

statement. Conga use this statement to record expenditure and income, which is earned byorganisation, related to a specific period. Balance sheet: This specific statement shows the financial position of organisation thatstates liabilities, owner's equity, and assets over a particular period. It is helpful to analyse the networth of Conga. Trial balance: In this statement the balance of all ledgers are compiled into credit &debit column totals are equal.It can be prepare periodically, normally at the end of the reportingperiod. The main purpose is to sure that entries in bookkeeping system are mathematicallyappropriate (Shi and Goo, 2014).Journal entries in the books of CongaS.NO.PARTICULARSDEBITCREDIT1Purchase a/c900To Roman account9002Purchase a/c2200To Dean account22003Purchase a/c1000To Seth account10004Purchase a/c7200To Nick account72005Purchase a/c2700To Ziegler account27006Rent a/c2300Cash account23007Electricity a/c2000Cash account20008Wages a/c3600Cash account36009Roman a/c2000To Return outwards a/c200010Dean a/c3200To Return outwards a/c320011Accounts payable a/c2200To cash account220012Accounts payable a/c9002
Financial Accounting Conga - Assignment_4

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