Financial Accounting Question and Answers - Assignment

Added on - 18 Feb 2021

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Financial Accounting
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. The journal entries for each transaction.................................................................................32. The ledger account.................................................................................................................43. Trial balance............................................................................................................................6TASK 2............................................................................................................................................71. Profit and loss account...........................................................................................................7TASK 3............................................................................................................................................81. Bank reconciliation account....................................................................................................82. Explanation of different term..................................................................................................9TASK 4............................................................................................................................................91. Journals entries.......................................................................................................................92. Rectify suspense a/c..............................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONFinancial accounting refers to track the record of the financial transactions with differenttechniques like trial balance, profit and loss account, balance sheet, bank reconciliation statementetc. It helps the organization to evaluate the performance of the company and get the properknowledge about the financial position like the cash balance, assets, liabilities and the net profit.The report highlights the journal entries, ledger account and the trial balance. It explain thetrading, profit and loss account and the balance sheet of the particular year.TASK 11. The journal entries for each transactionDateParticularsL.F.DebitCredit01/06/16Cash A/C Dr.To Muhammad Capital A/C650006500002/06/16Purchase A/C Dr.To Creditors A/C8000800007/06/16Cash A/ac Dr.To Sales A/C4000400008/06/16Creditors A/C Dr.To Bank/ Cheque A/C4000400014/06/16Insurance A/C Dr.To Bank / Cheque A/C757515/06/16Debtor A/C Dr.To Sales A/C120001200016/06/16Purchase A/C Dr.To Creditors A/C100001000018/06/16Computer Equipment A/C Dr.To Cash A/C3000300020/06/16Rent A/C Dr.150150
To Bank /Cheque A/C21/06/16Cash A/C Dr.To Sales A/C100001000025/06/16Petty Cash A/C Dr.To Bank A/C10010030/06/16Stationary A/C Dr.To Petty Cash A/C3030Total1163551163552. The ledger accountCash AccountDateParticularsJ.FAmountDateparticularsJ.F.Amount01/06/1607/06/1621/06/16To MuhammadCapital A/CTo Sales A/CTo Sales A/C65000400010000Balance c/d790007900079000Purchase AccountDateParticularJ.FAmountDateParticularsJ.FAmount2/06/1616/06/16To Creditors A/CTo Creditors A/C800010000Balance c/d180001800018000Creditors AccountDateParticularJ.FAmountDateParticularsJ.FAmount8/16/16To Bank/Cheque A/CBalance b/d40001400002/06/1616/06/16Purchase A/Cpurchase A/C8000100001800018000
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