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Financial Accounting- Assignment Sample

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Added on  2020-11-12

Financial Accounting- Assignment Sample

   Added on 2020-11-12

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Financial Accounting
Financial Accounting- Assignment Sample_1
TABLE OF CONTENTSPROJECT 2......................................................................................................................................3QUESTION 1...................................................................................................................................3Bank Reconciliation statement....................................................................................................3a...................................................................................................................................................3QUESTION 2...................................................................................................................................4REFERENCES................................................................................................................................6
Financial Accounting- Assignment Sample_2
PROJECT 2INTRODUCTIONFinancial accounting rules and principles help in tracking or evaluating monetary transactions ofa business. In the recent times, companies undertake specific guidelines for preparing, presentingand publishing final accounts at the end of an accounting year. In this, report will provide deeperinsight about the manner in which bank reconciliation statement helps in assessing the reasonsdue to which differences take place in the balances of pass and cash book. Besides this, reportalso exhibits the significance of suspense account in the context of trial balance preparation. QUESTION 1Bank Reconciliation statement- It has been defined as the summary of banking and business activities that makes up the entity's book of bank account with the financial records. This statement mainly focuses on the deposits, withdrawals and various other activities that impacts a bank account for a specific period. It is one of the very useful financial tool used to control the thwart fraud. BRS ensures the payments which has been processed and the collection of cash which has been deposited in bank. It is useful in identifying the difference between the bank balance and the balance of book in order to make the necessary adjustments and corrections. An organisation's cash balance at bank and cash at hand according to the proper accounting record do not match. Therefore, BRS is formed in order to make a proper match of both the balances.Adjusting balance per books- The balance of the cash account in the financial records of a firmrequires the proper adjusting. A bank may charge fees for opening the account. Basically the bank withdraws the fees automatically from the bank account. When, preparing BRS the deductions from the account must be accounted in order to prepare a journal entry. Particulars Figures (in£)Figures (in £)Balance as per cash book (Dr)1760add:
Financial Accounting- Assignment Sample_3

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