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Financial Accounting Project

   

Added on  2020-10-23

10 Pages2071 Words369 Views
FINANCIAL ACCOUNTINGPROJECT 1
Financial Accounting Project_1
Table of ContentsINTRODUCTION...........................................................................................................................1PROJECT 1......................................................................................................................................1TASK 1............................................................................................................................................1P1: Apply the double entry book keeping system and record journal entries and prepare ledger................................................................................................................................................1P2: Preparation of trial Balance with the application of ledger accounts...............................3TASK 2............................................................................................................................................4P3: Preparation of profit and loss accounts and balance sheet by using the trial balance .....4P4: Produce financial accounts For sole traders and limited companies................................5CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................8
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INTRODUCTIONFinancial accounting is a process that is related with the preparation of financialstatements of the company such as balance sheet, profit and loss account , cash flow statementetc. so that the managers of the company can take decisions regarding the company. The mainpurpose of financial accounting is to provide the stakeholders with the necessary informationregarding the financial position of the company. PROJECT 1TASK 1P1: Apply the double entry book keeping system and record journal entries and prepare ledgerDateParticularsDebitCredit1 June, 2016Bank account65000To capital account650002 June, 2016Purchases account8000To trade payable account80007 June, 2016Cash account4000To Sales account40008 June, 2018Trade payable account4000To Bank account400014 June, 2018Prepaid Insurance account75To Bank account7515 June, 2018Trade receivable account12000To Sales account1200016 June, 2018Purchases account10000To trade payable account1000018 June, 2018Equipment account3000To Cash account300020 June,2018Prepaid Rent account150To Bank account15021 June, 2018Cash account10000To Sales account1000025 June, 2018Cash in hand account100To Bank account10030 June, 2018Stationary account30To cash in hand account30Total1163551163551
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