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Introduction to Financial Accounting Assignment - Conga

   

Added on  2020-11-12

17 Pages3971 Words224 Views
INTRODUCTIONTO FINANCIALACCOUNTING

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Accounting records & financial statements for Conga...........................................................12. Explain the Prudence and accrual (matching) Concept........................................................123. Explain how VAT would be recorded in Conga’s accounting records and reports..............14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONToday, in business world financial accounting and management accounting both areimportant for survive any business (Bevis, 2013). It can help to manager for manager internalbooks of accounting and help to managers for decision making process and provide overallefficiency of a company. Financial accounting is essential for business which can support tomaintain and hold systematic record of overall business firm financial transaction. It helps tomanagement to prepare financial report according to guideline in specific manner to record,summarise and present annual report and accounts. There are including reports such as incomestatement, cash flow and balance sheet. In this report, Conga has been selected it is a small soletrader toy retailer business. In this report records several transaction for sole trader business,understand concept of prudence and matching concept. Apart this importance of value added taxand their application to accounting records and reports of Conga has been selected. MAIN BODY1. Accounting records & financial statements for CongaJournal Entries – In the term of accounting journal entries are defined as the logging ofdifferent happening in an accounting journals that displays a total of company debit and creditbalances (Bushman, 2014) . S. No. Particulars DebitCredit1Purchase a/cTo Alex Ronald a/c30000300002Purchase a/cTo Adam a/c10000100003Purchase a/c To Michael a/c25000250004 Purchase a/cTo William a/c32000320005Purchase a/cTo Nick a/c40000400003 Expenses paid in cash 1

S. No. Particulars DebitCredit1RentTo Cash a/c500050002Salary a/cTo Cash a/c50000500003Electricity expenses a/cTo Cash a/c30003000At least 2 Return Outwards S. No. Particulars DebitCredit1Michael a/c To Purchase Return a/c500050002William a/cTo Purchase Return a/c1500015000At least 2 payments to trade payables S. No. Particulars DebitCredit1Bills Payable a/cTo Cash a/c 15000150002Bills Payable a/c To Cash a/c 2000020000At least 5 sales on credit and 3 sales for cash S. No. Particulars DebitCredit1Mr Otis a/cTo Sales a/c 15000150002Mr Jack a/c To Sales a/c 35000350003Mr Joe a/c To Sales a/c 50000500004Mr Sean a/cTo Sales a/c10000100002

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