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Introduction to Financial Accounting Solved Assignment

   

Added on  2021-02-20

15 Pages3821 Words52 Views
FinanceEconomics
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INTRODUCTION TOFINANCIALACCOUNTING
Introduction to Financial Accounting Solved Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................11. Accounting records and financial statements for Corr............................................................1Trial Balance:..............................................................................................................................82. Reporting of assets is useful....................................................................................................93. Causes of difference in cash accounts and profit..................................................................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12
Introduction to Financial Accounting Solved Assignment_2

INTRODUCTIONIn accounting term, the method that is used by companies to collect, record and calculaterevenue, expenses and receivables is known as financial accounting (Bushman, 2014). It mainlyincludes the formulation of effective financial documents which are used by stakeholders,suppliers, employees, customer, business owner to make valuable decision. In this report Corr,sole trader company is selected that help to better understand the concept of financial accounting.In companies accounting personnels prepares financial statements which includes P&L Account,balance sheet and trial balance which are ultimately used by management for managerial andfinancial decision-making. The whole process of financial accounting begins with journal entriesand books and leaders which end with fictionalisation of balance sheet. In this report accounting records and financial statements for Corr are being prepared,reporting of assets is useful for making decision and Causes of holding cash is elaborated. QUESTION 11. Accounting records and financial statements for Corr.:Journal entries: Following are key accounting entries for September month's transaction inbooks of Corr, as follows:Sales on creditS. No. Particulars DebitCredit1Mr Otis a/c Dr.To Sales a/c 15000150002Mr Jack a/c Dr.To Sales a/c 35000350003Mr Joe a/c Dr.To Sales a/c 50000500004Mr Sean a/c Dr.To Sales a/c10000100005Mr Kawin a/c Dr.To Sales a/c2500025000Sales on cash S. No. Particulars DebitCredit1
Introduction to Financial Accounting Solved Assignment_3

1Cash a/c Dr.To Sales a/c 50000500002Cash a/c Dr.To Sales a/c 35000350003Cash a/c Dr.To Sales a/c 4500045000Returns inwardS. No. Particulars DebitCredit1Sales Return a/c Dr.To Mr Kawin a/c800080002Sales Return a/c Dr.To Mr Joe a/c 1500015000Receipts from trade receivablesS. No. Particulars DebitCredit1Cash a/c Dr.To Trade Receivables a/c 15000150002Cash a/c Dr.To Trade Receivables a/c 1000010000Purchases on creditS. No. Particulars DebitCredit1Purchase a/c Dr.To Alex Ronald a/c30000300002Purchase a/c Dr.To Adam a/c10000100003Purchase a/c Dr.To Michael a/c25000250004 Purchase a/c Dr.To William a/c32000320005Purchase a/c Dr.To Nick a/c4000040000Expenses paid for in cashS. No. Particulars DebitCredit2
Introduction to Financial Accounting Solved Assignment_4

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