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Introduction to Accounting : Assignment

   

Added on  2021-01-02

12 Pages2678 Words61 Views

INTRODUCTIONAccounting is the process of recording business transfection, analysing & interpretationand prepare all the information in presentable for which can be understood by others. Accountingwill be done by individual, small or large organization and other firms (Aidis, Estrin andMickiewicz, 2012). Purpose of this accounting is to provide accurate or actual information whichfurther provide the business information regarding their actual financial position of the company.This report include the various topics such as journal, ledger posting, trial balance, profit & lossaccount and balance sheet. Along with this, it include the various adjustment entries whichprovide efficiency in order to provide correct financial position. 1. Journal Entry of Adjusted TransactionJournalising Adjustment EntriesParticularsDebit SideCredit SideDebit ($)Credit ($)Interest AccDr.19120To Interest Payable AccCr.19120Supplies Expense Accounts Dr.Dr.1432.5To Supplies Accounts Cr.1432.5Prepaid Insurance Accounts Dr.764To Cash Accounts Cr. 764Insurance AccountsDr.764To Prepaid Insurance AccountsCr.764Depreciation AccountsDr.8000To Office Furniture AccountsCr.80001

Depreciation AccountsDr.18000To Office Equipment A/cCr.18000Depreciation A/CDr.28000To Store Equipment AccountsCr.28000Depreciation A/CDr.38000To Auto-mobile AccCr.38000Unearned Revenue Acc Dr.11950To Revenue AccCr.119502. Post Journal entriesTrial Balance As At 30th June 2016Account No.Particulars DrCr101Cash at Bank91390.00105Accounts Receivable30460.00115Supplies1910.00120Prepaid Insurance3820.00135Office Furniture47800.00137Acc. Depreciation. - Furniture8000.00140Office Equipment95600.00141Acc. Depreciation - Equipment18000.00145Store Equipment143400.00146Acc. Depreciation - Equipment28000.00170Automobile191200.002

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