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Preparing financial position of Raintree Ltd16

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Added on  2020-01-07

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This report is on "financial performance measures". This report is all about recording all kinds of business transactions with the help of manual accounting skills of accountants or electronically generation of output using the software. This financial performance measures report also stresses considering facts and figures related to an entity in beating all the competitors by showing its financial performance with the help of financial statements of Raintree Ltd. This report explaining the accounting concept of consistency and prudence and illustrating two widely used methods of depreciation along with their appropriateness.

Preparing financial position of Raintree Ltd16

   Added on 2020-01-07

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Maria Elisabeta Udila
Preparing financial position of Raintree Ltd16_1
FINANCIAL ACCOUNTINGPRINCIPLES
Preparing financial position of Raintree Ltd16_2
Table of ContentsINTRODUCTION...........................................................................................................................1CLIENT 1........................................................................................................................................1a) Prime Book entry....................................................................................................................1TASK 1............................................................................................................................................11. Drawing journal entries and calculation of owners capital ...................................................1A. Preparing the books of Prime Entry .....................................................................................1b) Complete double entry recording...........................................................................................3Draw trial balance.....................................................................................................................13TASK 2..........................................................................................................................................13a. Preparing statement of profit and loss ..................................................................................13b. Preparation of balance sheet .................................................................................................14TASK 3..........................................................................................................................................15a. Framing profit and loss a/c for Raintree Ltd. .......................................................................15b. Statement of financial position of Rain tree Ltd ..................................................................16c. Explaining the accounting concept of consistency and prudence ........................................17d. Illustrating two widely used methods of depreciation along with their appropriateness......18CLIENT 4......................................................................................................................................18a. Explaining the purpose of preparing bank reconciliation statement....................................18b. Assessing the reasons due to which bank records vary from cash book...............................18c.................................................................................................................................................19Bank reconciliation statements as at 1 December 2016............................................................19Prepare updated cash book........................................................................................................20Bank reconciliation statements as at 31st December................................................................20CLIENT 5......................................................................................................................................21A) prepare and balance books of Henderson for May 2016.....................................................21Sales ledger control account......................................................................................................21Purchase ledger control account................................................................................................22b) Explain the term control account and needs to prepare control account..............................22TASK 6..........................................................................................................................................23a. Describing suspense account along with its main features...................................................23
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b. Drafting a trial balance by using control account as balancing figure .................................23c.................................................................................................................................................23d. Differentiating suspense and clearing account......................................................................24CONCLUSION..............................................................................................................................24REFERENCES..............................................................................................................................25
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INTRODUCTIONFinancial accounting emphasises on considering all kinds of information recorded in anentity which will affect an entity's overall financial performance within a particular time period.This report is all about recording all kinds of business transactions with the help of manualaccounting skills of accountant or electronically generation of output using software. This reportalso stresses on considering facts and figures related to an entity in beating all the competitors byshowing its financial performance with the help of financial statements.CLIENT 1a) Prime Book entryTASK 11. Drawing journal entries and calculation of owners capital A. Preparing the books of Prime Entry Journal Entry in the books of Alex for the month of May 2016S.No.ParticularsJournalFolioDebitCredit1.Storage expenses a/c Dr.To bank a/c 4004002.Purchase a/c Dr.To S. Hood a/c To D. Main a/c To W. Tone a/c To R. Foot a/c 60801450206096016103.J Wilson a/c Dr. T. Cole a/c Dr.F. Syme a/c Dr. J. Allen a/c Dr.P. White a/c Dr.F. Lane a/c Dr.To sales a/c 112016402080910242077089404.Motor car expenses a/c Dr.To cash a/c 4704707.Drawing a/c Dr.To cash a/c 150015009.T. Cole a/c Dr.J. Fox a/c Dr.68013101
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To sales a/c 11.Sales return a/c Dr. To J. Wilson To F. Syme a/c 68027041014Van a/c Dr.To Abel Motors Ltd 285002850016(a). Bank a/c Dr. Discount allowed a/c Dr. To P Mullen (b) Bank a/c Dr. Discount allowed a/c Dr. To F. Lane (c)Bank a/c Dr. Discount allowed a/c Dr. To J. Wilson (d)Bank a/c Dr. Discount allowed a/c Dr. To F. Syme1330702945155807.542.51586.583.514003100850167019R. Foot a/c Dr.To purchase return a/c 505022Purchase a/c Dr. To L. Mole a/c To W. Wright a/c 37401830191024a.S. wood a/c Dr.To Bank a/c To Discount receive a/c b.J. Brown a/c Dr.To Bank a/c To Discount receive a/c c.R. Foot a/c Dr.To Bank a/c To Discount receive a/c 36004600140032403604140460140126027Salaries a/c Dr. To bank a/c 4800480030Business rates a/c Dr To bank a/c 1320132031Abel motors Ltd. a/c Dr. To bank a/c 20500205002
Preparing financial position of Raintree Ltd16_6

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