Financial Reporting: Statements, Accounting Records, and Analysis

Financial Reporting

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
TASK 1:.......................................................................................................................................3
Financial Statements for the sole proprietorship with adjustments-............................................3
Financial Statements for XYZ plc -.............................................................................................6
Cash flow Statement for the year ended 31st March, 2022 for Alpha ltd Co...............................9
TASK 2:.......................................................................................................................................9
Accounting records with justified recommendations on process improvements for an
organisation..................................................................................................................................9
TASK 3: Purpose of preparing financial statements and analyse the use of accounting ratios
and evaluation of need to identify and correct errors in financial statements of company.......10
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Financial reporting is a common technique in accounting that uses financial statements to reveal
a company's financial data and performance over a certain time, typically on a quarterly or
annual basis. Having accurate information about the company's financial situation is crucial for
managers to make wise business decisions. In the report, there are three different tasks performed
regarding financial statements in context with different types of companies such as sole
proprietorship, partnership and specific limited company (Abbas and Saad, 2022). In the Task 1,
financial statements of different types of companies with adjustments are prepared, In Task 2,
accounting records as well as justified recommendations are evaluated for process improvements
for a specific organisation and in Task 3, an essay that is covering purpose of preparing financial
statements for sole traders and partnership firms and needs for identifying and omitting errors
before preparing financial statements of companies are evaluated. And also, usefulness of
accounting ratios while analysing accounting records are described.
TASK
TASK 1:
Financial Statements for the sole proprietorship with adjustments-
Trading a/c for the ABC company for the year ended 31st March, 2022
Profit annd loss a/c for the year ended 31st March, 2022

Balance sheet as on 31st March, 2022