Introduction to Financial Accounting

INTRODUCTION TO
FINANCIAL
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
QUESTION 1..............................................................................................................................3
QUESTION 2..............................................................................................................................8
QUESTION 3..............................................................................................................................8
CONCLUSION................................................................................................................................8

INTRODUCTION
MAIN BODY
QUESTION 1
Journal Entries in the book of Epic are enumerated below:
Particulars Amount (in £) Amount (in £)
Rent a/c Dr
To cash
10120
10120
Bank a/c Dr
To loan a/c
15000
15000
Equipment a/c Dr
To Cash a/c
15000
15000
Wages a/c Dr
To cash
3000
3000
Wages a/c Dr
To outstanding wages
a/c
1200
1200
Prepaid rent a/c Dr
To Rent a/c
800
800
Depreciation a/c Dr
To Equipment a/c
12000
12000
Ledgers of Epic ‘
Sales day book
Date Customer Invoice No. Amount
Opening balance 289400
01-Sep Rita plc 1 1000