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HNBS 310 Financial Accounting

Added on - 08 Dec 2020

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HNBS 310 Financial accounting(1&2)
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3PROJECT 1......................................................................................................................................3Financial accounting...................................................................................................................3QUESTION 1...................................................................................................................................31. Presenting Journal entries of each transaction........................................................................3Journal entries.............................................................................................................................3Ledger Account...........................................................................................................................4Trial Balance...............................................................................................................................7QUESTION 2...................................................................................................................................8Profit and Loss statement...........................................................................................................8Statement of Assets and Liability...............................................................................................9PROJECT 2....................................................................................................................................10QUESTION 1.................................................................................................................................10Bank Reconciliation Statement................................................................................................10QUESTION 2.................................................................................................................................10Rectification statement..............................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONFinancial accounting is very important aspect for every organisation as it differs frommanagement accounting but had great hold on top management. The present report is givingbrief discussion about various business transactions with use of double entry book keeping andmust be able to extracting trial balance.PROJECT 1Financial accountingFinancial accounting is referred as system where financial information of any business isgathered, presented, analysed and accumulated in standard formats. It is replicated as one of themost specialized branch of accounting which is tracing financial transaction of organization byapplicability of standardized guidelines. It helps in utilizing accounting principles which areestablished properly. The organisations which issues there financial statement on regularschedule. In the same series it can be justified that every organization who has objective ofmaximising its value for its stakeholders (Beatty and Liao, 2014). The reports of financialaccounting gives benchmark for identifying role and level of efficiency in context ofmanagement and Board. The main objective is to give information which is required for takingeconomic decision making process in sound manner.QUESTION 11. Presenting Journal entries of each transaction.Journal entriesThe application of journal entry is to record various transactions related to business intheir specific accounting records. It could be traced in general ledger but usually in subsidiaryledger which is bounded and briefed into general ledger. For creating financial statements forspecific business it is used. The objective for this book of account is to record every transactionof business at minimum two places which is also replicated as double entry accounting. It is notused for tracing common transactions such as billings and invoices because of availability ofdifferent software because it creates accounting record automatically (Khan, 2015).DateParticularsDebitCredit
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