Financial Accounting: Preparation of Final Accounts and Financial Statements

This report focuses on the preparation of final accounts and financial statements in financial accounting. It covers topics such as the double entry system, trial balance, and analysis of different statements. The report also discusses the importance of financial reports in assessing the financial performance of a company.

Financial Accounting

INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
Task 1.1........................................................................................................................................2
Task 1.2........................................................................................................................................3
Task 1.3......................................................................................................................................15
TASK 2..........................................................................................................................................16
TASK 2.1...................................................................................................................................16
TASK 2.2...................................................................................................................................19
TASK 2.3...................................................................................................................................20
TASK 2.4...................................................................................................................................22
TASK 3..........................................................................................................................................23
TASK 3.1...................................................................................................................................23
TASK 3.2...................................................................................................................................24
TASK 3.3...................................................................................................................................25
TASK 3.4...................................................................................................................................25
TASK 4..........................................................................................................................................27
TASK 4.1...................................................................................................................................27
TASK 4.2...................................................................................................................................28
TASK 4.3...................................................................................................................................28
TASK 4.4...................................................................................................................................30
CONCLUSION..............................................................................................................................32
REFERENCES..............................................................................................................................33

INTRODUCTION
Financial accounting refers to the specialized branch of an accounting which keeps track
of an entity’s financial transaction. By using standardized guidelines, transactions are been
summarized, recorded and is presented in the financial statement like balance sheet and income
statement. In other words it is the practice of framing the final reports which the company uses
for showing their respective financial performance and the position to the users outside an
enterprise that includes creditors, customers, suppliers and investors. The present report is based
on preparation of the final accounts with recording of the business transactions and it’s posting to
the ledger accounts. Furthermore, ratios are computed which helps in assessing the financial
performance of the company in an effective and efficient manner. Moreover, bank reconciliation
and suspense accounts would be presented that would help in analyzing any type of errors if
present.
TASK 1
Task 1.1
Trial Balance of Catherine Horton as on 31st March 2020.
Trial Balance at 31/3/2020
Account Debit Credit
Premises 340000
Van 51250
Fixtures 8100
Inventory 63900
P Mullen 1400
F Lane 3100
Cash at bank 62400
Cash in Hand 5600
S. Hood 2150

J. Brown 4600
Capital Account 529000
Total 535750 535750
Task 1.2
Application of double entry system for recording the transactions
Journal Entries
Date Particulars Debit Credit
01/04/20 Storage Expense 400
To Bank 400
02/04/20 Purchases 5000
To S. Hood 1400
To D. Main 2000
To R. Foot 1600
03/04/20 T. Cole 1650
F. Syme 2000
J. Allen 900
F. Lane 750
To Sales 5300
04/04/20 Motor Expenses 470

To Cash 470
07/04/20 Drawings 1500
To Cash 1500
09/04/20 T. Cole 650
J. Allen 1300
To Sales 1950
14/04/20 Van 28500
To Abel Motors 28500
16/04/20 Bank Ac 6500
To P. Mullen 1400
To F. Lane 3100
To F. Syme 2000
22/04/20 Purchases 1800
To D. Main 1800
24/04/20 S. Hood 2150
J. Brown 4600
R. Foot 1400
To Bank 8150

27/04/20 Salaries 4800
To Bank 4800
30/04/20 Business Rates 1320
To Bank 1320
31/4/20 Abel Motors 28500
To Bank 28500
Total 94190 94190
Ledger Balances
Bank a/c
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 62400 01/04/20 Storage 400
16/04/20 P. Mullen 1400 24/04/20 S. Hood 2150
16/04/20 F. Lane 3100 24/04/20 J. Brown 4600
16/04/20 F. Syme 2000 24/04/20 R. Foot 1400
27/04/20 Salaries 4800
30/04/20 Business Rates 1320
30/04/20 Abel Motors 28500

30/04/20 By Bal c/d 25730
68900 68900
Cash a/c
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 5600 04/04/20 Motor Expenses 470
07/04/20 Drawings 1500
30/04/20 By Bal c/d 3630
5600 5600
Van A/c
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 51250
14/04/20 To Abel Motors 28500
30/04/20 By Bal c/d 79750
79750 79750
Fixtures
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 8100

30/04/20 By Bal c/d 8100
8100 8100
Capital a/c
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 529000
30/04/20 By Bal c/d 529000
529000 529000
Purchase a/c
Date Particulars DR(£) Date Particulars CR(£)
02/04/20 To S. Hood 1400
To D Main 2000
To R. Foot 1600
To D. Main 1800
30/04/20 By Bal c/d 6800
6800 6800
P. Mullen
Date Particulars DR(£) Date Particulars CR(£)

01/04/20 To bal b/d 1400 16/04/20 To bank 1400
30/04/20 By Bal c/d 0
1400 1400
Sales a/c
Date Particulars DR(£) Date Particulars CR(£)
03/04/20 T. Cole 1650
03/04/20 F. Syme 2000
03/04/20 J. Allen 900
03/04/20 F. Lane 750
09/04/20 T. Cole 650
30/04/20 To bal c/d 7250 09/04/20 J. Allen 1300
7250 7250
F. Lane
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 3100 16/04/20 Bank 3100
30/04/20 By Bal c/d 0

3100 3100
S. Hood
Date Particulars DR(£) Date Particulars CR(£)
24/04/20 To bank 2150 01/04/20 Bal b/d 2150
02/04/20 Purchases 1400
30/04/20 To bal c/d 1400
3550 3550
J. Brown
Date Particulars DR(£) Date Particulars CR(£)
24/04/20 To bank 4600 01/04/20 Bal b/d 4600
4600 4600
D. Main
Date Particulars DR(£) Date Particulars CR(£)
02/04/20 To Purchases 2000
30/04/20 By Bal c/d 2000
2000 2000

R. Foot
Date Particulars DR(£) Date Particulars CR(£)
24/04/20 To Bank 1400 02/04/20 Purchases 1600
30/04/20 To Bal c/d 200
1600 1600
Storage
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bank 400
30/04/20 By Bal c/d 400
400 400
Salaries
Date Particulars DR(£) Date Particulars CR(£)
27/04/20 To bank 4800
30/04/20 By Bal c/d 4800
4800 4800
Motor Expenses
Date Particulars DR(£) Date Particulars CR(£)

04/04/20 To Cash 470
30/04/20 By Bal c/d 470
470 470
Business Rates
Date Particulars DR(£) Date Particulars CR(£)
30/04/20 To Bank 1320
30/04/20 By Bal c/d 1320
1320 1320
T, Cole
Date Particulars DR(£) Date Particulars CR(£)
03/04/20 To Sales 1650
09/04/20 To Sales 650
30/04/20 By Bal c/d 2300
2300 2300
J. Allen
Date Particulars DR(£) Date Particulars CR(£)
03/04/20 To Sales 900

09/04/20 To Sales 1300
30/04/20 By Bal c/d 2200
2200 2200
F. Syme
Date Particulars DR(£) Date Particulars CR(£)
03/04/20 To Sales 2000 16/04/20 To bank 2000
2000 2000
Drawings
Date Particulars DR(£) Date Particulars CR(£)
07/04/20 To Cash 1500
30/04/20 By Bal c/d 1500
1500 1500
Abel Motors
Date Particulars DR(£) Date Particulars CR(£)
30/04/20 To Bank 28500 14/04/20 Van 28500
28500 28500

Premises
Date Particulars DR(£) Date Particulars CR(£)
30/04/20 To bal b/d 340000
30/04/20 By Bal c/d 340000
340000 340000
Trial Balance as on 30th April 2020.
Trial balance as at 31/4/2020
Accounts Debit Credit
Premises 340000
Van 79750
Fixtures 8100
Inventory 63900
Cash at Bank 25730
Cash in hand 3630
Receivables
D. Main 2000
T. Cole 2300
J. Allen 2200
Payables
S. Hood 1400
R. Foot 200

Purchases 6800
Sales 7250
Storage 400
Business Rates 1320
Motor Expenses 470
Salaries 4800
Drawings 1500
Capital 529000
Suspense account 5050
Total 542900 542900
Assessment of the transactions for the purpose of showing progressions in the trial balance
The transactions are been recorded based on the double entry system of book-keeping
which means that each and every transaction has its debit as well credit aspect. The main purpose
of showing the progression in trial balance ensures that each transaction made into an
enterprise’s ledger accounts and is balanced in a proper way.
Task 1.3
Applying trial balance figures for showing the respective financial statements
Trial balance as at 31/4/2020
Accounts Debit Credit
Financial
Statements
Premises 340000 Balance Sheet
Van 79750 Balance Sheet
Fixtures 8100 Balance Sheet
Inventory 63900 Balance Sheet

Cash at Bank 25730 Balance Sheet
Cash in hand 3630 Balance Sheet
Receivables Balance Sheet
D. Main 2000
T. Cole 2300
J. Allen 2200
Payables Balance Sheet
S. Hood 1400
R. Foot 200
Purchases 6800 Income Statement
Sales 7250 Income Statement
Storage 400 Income Statement
Business Rates 1320 Income Statement
Motor Expenses 470 Income Statement
Salaries 4800 Income Statement
Drawings 1500 Balance Sheet
Capital 529000 Balance Sheet
Suspense account 5050 Balance Sheet
Total 542900 542900
TASK 2
TASK 2.1
Describing final reports or statements by way of analyzing difference between all the
statements
The information represented on final reports of an entity is counted as the foundation of
the corporate accounting. This type of data is been viewed by management, lenders, and the

investors in order to assess financial state of the company. The data founded in balance sheet,
income statement and cash flow is been used for computing the financial ratios which facilitates
deeper insights regarding financial performance & position of an organization and also the
potential issues which might required to be addressed. The income statement, cash flow
statement and balance sheet offers a unique detail with an information that is seen as
interconnected.
Balance sheet- This report is called as statement of the financial position, it provides
information regarding the assets and the liabilities of the company. It is categorized into three
segments that are assets, equity and liabilities on the particular date. A comprehensive
assessment of balance sheet could offer view of the company’s net worth. An analyst has viewed
subtracting assets from the liabilities as equity and book value of the company. Analyst looked at
the total capital of an entity that assesses equities & liabilities together (Do and Tran, 2017). In
asset proportion of balance sheet, long term assets and the short term assets. Several ratios are
been used for gauging an efficiency of an enterprise balance sheet. Common types of ratios that
are used for evaluating or analyzing balance sheet are quick ratio, receivable turnover, debt-
equity ratio and asset turnover.
Income statement- It is the report which provides details in relation to revenue that the
company earns and the expenses incurred within its operating activities. Overall, this statement
provides more and more granular details on operating activities of an entity. This statement
shows direct, capital and indirect expenses that a company incurs. Starting with the direct, top
line reported a level of the revenue that firm earned over the time period. Thereafter, it includes
expenses relating to the earnings that is revenue (Guay, Samuels and Taylor, 2016). The direct
expenses are been grouped into the COGS that represents the direct type of wholesale costs.
Then the COGS is been reduced from the revenue in order to assess the gross profit of the
company. Thereafter, the gross profit is assessed in comparison with the total sales for
determining gross profit margin of an entity. An indirect expense is also sated as an important
part of an income statement and it forms as the second category and reflects all the indirect costs
attached with activities that are generating revenue. Such cost involves salaries, administrative
expenses, research & development, amortization and the depreciation. These indirect expenses
are subtracted from the gross profit for the purpose of identifying an income of an enterprise.

The final classification in the statement is capital expenses and includes extraordinary items,
taxes and interest. The reduction of such items leads to bottom line of the net income and the
sum total of the earnings that company had achieved.
Cash flow statement- It means the statement that views an overall liquidity by way of
showing cash transaction related activities. It reports the information about cash inflows and the
outflows over an accounting period along with the summation of total cash available. It is
classified into 3 that include financing, operating and an investing activity. It highlights net
increase and the decrease in the total cash. The operating activity portion is tied with income
statement which shows that the cash generated from the net earnings on the top line. It involves
amortization, depreciation & operating write-offs like uncollected type of the accounts
receivable. The other proportions of statement that are investing and the financing are seen as
closely tied with capital planning for an enterprise that is interconnected with equity and the
liabilities on balance sheet (Drake, Hales and Rees, 2019). Moreover, investing activities mainly
emphasize on the assets and reflects the purchases of assets and the gains from invested assets.
The financing activity focus on the capital structure by showing proceeds from the debt and the
stock issuance along with cash payments for an obligation like dividends & interest.
Difference
Basis Income statement Balance sheet Cash Flow statement
Meaning It is indicated as the part
of the final report that is
been used for showing
revenues, losses and
expenses for the specific
accounting year.
It is the statement that
depicts the assets which
is owned by company.
It means the statement
which is a part of the
final report that is been
used for reflecting
inflow and outflow for
specific accounting
period.

Objective The main objective of
income statement is to
assess owner’s equity
and the profitability.
The purpose for
formulating this report
is to disclose financial
position of an entity
(Lakis and
Masiulevičius, 2017).
However, the main
purpose of this report is
to assess solvency and
the liquidity of the
business.
Preparation It is prepared based on
records and the ledger
accounts.
This statement is been
prepared by taking into
account the profits and
loss statement.
This statement is
prepared based on P&L
account and the balance
sheet.
Basis This statement is
prepared on the accrual
basis.
It is framed on cash
basis.
This report is framed on
cash basis.
TASK 2.2
Statement of Profit or Loss in accordance with the International Accounting Standards for
Italian Wines for year ended 31 March 2020.
Income Statement on the March 2020
Particulars Amount Amount
Continuing Operations
Revenue from operations 198000
Cost of good sold 100000
Gross Profits 98000
Distribution Cost 14000
Administrative Cost 24500

Salaries and Wages (2000+5500) 7500
Impairment
Property 6000
Motor Vehicle 1000 53000
Operating Profit 45000
Finance Cost 1500
Share of Net profits of joint ventures &
associates 0 1500
Profit Before Income Tax 43500
Income Tax Expense 9000
Net Income for Year 34500
Earning per share 0.345
TASK 2.3
Statement of Financial Position in accordance with the International Accounting Standards
for Italian Wines for year ended 31 March 2020.
Statement of Financial Position as at 31st December 2013

ASSETS
Non-current assets
Property, plant & equipment 300000
Accumulated Depreciation 9000 291000
Motor Vehicle 10800
Accumulated Depreciation 1800 9000
Intangible assets 0
300000
Current assets
Inventories 14000
Trade receivables 24000
Cash and cash equivalents 22500
60500
TOTAL ASSETS 360500
EQUITY AND LIABILITIES
Equity
Share capital 100000
Retained earnings
(78500-
1000)[phone]
Securities Premiums 50000
Revaluation reserve 50000
Total equity 312000

Non-current liabilities
10% Loan Redeemable 2025 15000
Current liabilities
Trade and other payables 21000
Salaries and Wages outstanding 2000
Interest on loan outstanding 1500
Current Tax payable 9000
Total current liabilities 33500
Total liabilities 48500
TOTAL EQUITY AND LIABILITIES 360500
TASK 2.4
Calculation of Ratios
RATIO ANALYSIS
Employed Capital 327000
Net operating profit 45000
Return on capital employed 13.76%
Net operating profit/Employed Capital
Cost of Sales 100000
Sales 198000
Gross Margin 49.49%

Total Sales – COGS/Total Sales
Net profit Margin 34500
Sales 198000
Net profit margin ratio 17.42%
Net Income/ Net Sales
Receivables 24000
Revenue 198000
Receivable days 44
Receivable /Revenues * 365
Debt 15000
Equity 312000
Debt equity ratio 4.81%
TASK 3
TASK 3.1
Explaining statement of Bank reconciliation and it need
It is the document that shows summary of the business and banking activity which
reconciles an enterprise bank balance with that of its financial records. It is very important to
prepared BRS because it ensures an accuracy of balances showed by cash and pass book (Kahn
and Baum, 2020). It facilitates check on the accuracy of entries that are made in both the books.
Moreover, it enables in detecting and rectifying the errors committed in books.
Describing the way in which it is been achieved

BRS is prepared on the specific date for reconciling the bank balance as per the cash
book and the bank balance as per the pass book or the bank statement by reflecting the reasons
for differences in between two (Kim and Im, 2017). The two main rules are followed for framing
BRS that includes rule of addition & subtraction and Debit- credit method.
Parties interested in BRS
Banks and its customers are the two main parties who are interested in formulation of
bank reconciliation as it helps them in assessing the deviation if any present between pass book
and the cash book (Minnis and Sutherland, 2017).
TASK 3.2
Updating the cash book for showing corrected balance
CASH BOOK
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 To bal b/d 5000
02/04/20 Green 5500 02/04/20 Rent – Miller 5000
05/04/20 Spencer Ltd 2500 08/04/20
Interest on
Debenture 2500
09/04/20 Cash 1500 15/04/20 PC World 6000
14/04/20 Capital – Jack 5000 20/04/20 Electricity 1800
20/04/20
Insurance
Claim 15000 21/04/20
Loan
Repayment 9200
25/04/20 Cash 8000 23/04/20 Legal Fees 4100
28/04/20 North Wings 5000 29/04/20 Salary :
30/04/20 Legal Fees 100 Amber 2000
Oshun 2500
Baker 2800

30/04/20 Bank Charges 100
30/04/20
Green (Cheque
Dishonoured ) 5500
30/04/20 Bal c/d 6100
47600 47600
TASK 3.3
Preparation of Bank Reconciliation Statements for Texas Traders as on 30th April.
Bank Reconciliation Statement
Particulars Amount
Balance as per cash book 6100
Add :
Cheques issued not cleared
Amber 2000
Baker 2800 4800
Less :
Direct debit for gas 250
Cheques deposited not cleared 5000 5250
Balance as per bank book 5650

TASK 3.4
a. Deposit in transit
It is the money which has been receives by firm and is recorded in the accounting system
of company. The deposit had already been sent to bank but needs to be posted & processed to
bank account. In context of financial accounting, such funds are stated or showed in cash balance
of company on day when the deposit has been received. However, it might take several days on
part of bank for processing deposit and posting it into bank balance (Ward and Lowe, 2017). It is
the term used for categorizing such cash entry and keeping track on the timing differences which
may cause difficulty in reconciliation of an entity’s cash balances on its final reports to monthly
bank related statements. A transit items is seen as any kind of check or the draft which is issued
by institution other than bank where it needs to be deposited (McInnis, Yu, Y. and Yust, 2018).
The transit items are been separated from an internal transactions including checks which were
written by the bank’s own customers. The transit items are been submitted to bank account of
drawee either by way of direct presentation or through local clearing house.
b. Outstanding cheque
It is issued by an enterprise and is recorded in its ledger accounts, but cheque has not
been cleared by the bank account on which it has been drawn. It means that bank balance would
be greater than an entity’s true amount of the cash. In other words, it is the cheque which is
written by someone but not been deposited or cashed by payee. The payor is an enterprise who
writes the cheque, whereas, payee is person or an institution to whom it has been written (Gabric,
2018). It also refers to the cheque that had been presented to bank but still remains in bank’s
cheque clearing cycle. It is represented as the liability for a payor and he must be sure for
keeping sufficient funds in account for covering an amount of outstanding cheque until it has
been cashed, that in turn take weeks and sometimes months.
c. Insufficient funds at the time of applying reconciliation process
Not sufficient funds is counted as the reconciling items on the bank reconciliation as if an
individual deposit cheque, he must assume that it had been cleared bank, while a not sufficient
funds has not yet cleared he bank and thereby reducing on hand balance of cash. It is the

condition where bank does not have honors the cheque, because checking account on which it
had been drawn does not contain enough funds. This term could also be applied to a situation
where individual attempted for making purchase with the debit card and there are not enough
funds in underlying bank account in paying for transaction. The recipient of the cheque which is
been classified as the NSF might be charged with a processing fee by bank at which it had
deposited the cheque. An entity which issues NSF cheque is always charged with sufficient fees
by bank where its checking account is been located (Kahn and Baum, 2020). On the other side, if
bank had an overdraft agreement with someone who had written a cheque which would be
counted as not sufficient funds, the bank could elect for honoring a cheque and then charging
overdraft fee to an individual.
TASK 4
TASK 4.1
Total Debtors Balances
Journal Entries
Suspense account 9000
To Customer 9000
Customer 250
To Delivery payment 250
Sales Day Book 1600
To Suspense 1600
Debtor Control Account 6800
To Suspense 6800

Sales ledger control account 8200
To Purchases ledger control
account 8200
TASK 4.2
Statements of Reconciliation of Sales with the balances in the Debtors Control Account
Debtors Control account
Date Particulars DR(£) Date Particulars CR(£)
01/04/20 Balance b/d 276800
30/04/20
Debtors
(SDB) 9000
Bank 6800 Sales 1600
30/04/20
By balance
b/d 273000
283600 283600
Reconciliation statement
Reconciliation of Sales Ledger with Debtor Control Account
Balances of sales 176800
Adjustment of errors 3800
Revised Total agreeing with control account 173000

TASK 4.3
Redrafting Trial Balance creating a suspense account
Trial Balance
Accounts Debit Credit
Capital 6000
Sales 25300
Salaries 3500
Purchases 12500
Discount Received 250
Discount allowed 700
Computer 3000
Returns Inward 300
Rent & Rates 900
Stock 4000
Bank Overdraft 1600
General Expenses 1500
Fittings 2500
Provision of Bad debts 200
Accumulated deprecation 250
Debtors 2500
Creditors 1500
Suspense account 3700
Total 35100 35100
Redrafting Trial Balance creating a suspense account
Trial Balance

Accounts Debit Credit
Capital 6000
Sales 25300
Salaries 3500
Purchases 12500
Discount Received 250
Discount allowed 700
Computer 3000
Returns Inward 300
Rent & Rates 900
Stock 4000
Bank Overdraft 1600
General Expenses 1500
Fittings 2500
Provision of Bad debts 200
Accumulated deprecation 250
Debtors 2500
Creditors 1500
Suspense account 3700
Total 35100 35100
TASK 4.4
Rectification Journal Entries and accounts prepared for reconciliation.
Journal Entries
Particulars Debit Credit

Discount allowed 200
To Suspense 200
James 1500
To Suspense 1500
John Steels 1000
To Suspense 1000
Capital 1000
To Suspense 1000
Suspense account has been created for the reconciliation of errors and omissions
Suspense account
Date Particulars DR(£) Date Particulars CR(£)
30/04/20
Discount
allowed 200
30/04/20
Difference in
books 3700 30/04/20 James 1500
30/04/20 John Steels 1000
30/04/20 Capital Account 1000
3700 3700

CONCLUSION
From the above report it has been summarized that preparation of the final report is very
crucial for the company as it helps in viewing the financial position and the performance of an
enterprise in an effective and efficient manner. It helps in making comparative analysis of the
company’s performance over the years by making use of ratio analysis tool. Bank reconciliation
statement helps in checking the errors if any present in cash book or the pass book. The result
evaluated shows the financial state of the company in terms of its net worth, income, expenses
and liabilities.

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