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Introduction to financial accounting Assignment :Conga

   

Added on  2021-01-02

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Finance
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Introduction to FinancialAccounting.
Introduction to financial accounting Assignment :Conga_1

Table of ContentsINTRODUCTION...........................................................................................................................3Overview about company................................................................................................................31. Prepare the accounting records and financial statements for a sole trader toy retailerbusiness........................................................................................................................................32. Explain the prudence concept and accruals (matching) concept...........................................143. Explain how VAT would be recorded in Conga’s accounting records and reports..............15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
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INTRODUCTIONIn present business case the concept of financial accounting and management accountinghave helped the internal manager to make meaningful decision in order to increase the overallefficiency of organisation (Banerjee, 2012). Financial accounting is a one of the specialised partof accounting that support manager to maintain and hold a systematic record of overall businessfirm financial transactions. It provide management of an organisation to follow specificguidelines and specific manner to record, summaries and present financial data in annualaccounts and reports. Some of common statements are income statements and balance sheet. Inthis reports, Conga, has been selected its is a small sole trader toy retailer business.In this report, various accounting records and financial statements for sole traderbusiness, prudence and accruals concepts are determined to produce annual reports are discussed.Apart this importance of value added tax and their application to accounting records and reportsof Conga has been selected. Overview about company.Conga, is one of the small sole trader Toy manufacture company, that use to maintainaccounting reports for the first 11 months. Sole trader is a in an individual entrepreneurship thatis a kind of business firm which is owned and managed by an single person and there is no legaldifferences between owner and the business firm. It is very important for these kind oforganisation to prepare final account so that actual performance can be analysed and meaningfuldecision are made in order to overcome any kind of difference. Trading P&L aid to determineactual losses and profit for a specific time periods and detail balance sheet is useful to extractinformation related to current status of company. 1. Prepare the accounting records and financial statements for a sole trader toy retailer business.Journal entries: In accounting term, journal entries are defined as the logging ofdifferent happening in an accounting journals that displays a total of company debit and creditbalances (Bevis, 2013.). It is responsibility of internal reporting department to make sure thatbalance of both debit side must be equal to credit side. Internal accountant of Conga use tomaintain records by passing number of journals entries for December 2018: Credit and cash entries:5 purchases on credit entries:
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S.NO.PARTICULARSDEBITCREDIT1Purchase a/c20000To Petter woods a/c200002Purchase a/c15000To John a/c150003Purchase a/c10000To Coco a/c100004Purchase a/c40000To Daniel a/c400005Purchase a/c50500To Donald a/c505003 Expenses paid for in cashS.NO.PARTICULARSDEBITCREDIT1Rent a/c5000Cash a/c50002Electricity a/c3000Cash a/c30003Wages a/c51000Cash a/c51000At least 2 returns outwardS.NO.PARTICULARSDEBITCREDIT1Daniel a/c12000To Return outwards a/c120002Donald a/c10000
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