Process Financial Transactions and Extract Interim Reports

Process Financial
Transactions
and
Extract Interim Reports

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Assessment Task 1 Cover Sheet......................................................................................................3
Assessment Task 2: Petty cash and cash receipts............................................................................9

INTRODUCTION
Accounting is wider field which involve recording of financial transactions and preparation
of financial statements and related reports. This report consists of two tasks, the first task is
related to preparation of financial statements like balance sheet, profit and loss and trial balance,
while second in second task petty cash book is prepared along with journal ledger. Both these
tasks are based upon given case scenario of Andrew.
MAIN BODY
Assessment Task 1 Cover Sheet
Provided Information
Cheque account $19,783
Furniture and fittings $14,200
Motor vehicles $7,520
Office equipment & computers $4,750
Plant & equipment $4,050
Inventory $127,540
Andrew’s Slabs’ liabilities
Accounts payable $14,200
Capital $45,000
Retained earnings $22,469
May month transactions:
May
02-May Purchase (Bank) 10000
06-May Sales 12000
15-May Utility Bills Paid 4500
16-May Credit Purchase 15700
17-May Other business expenses 3500
20-May Purchases 10000
28-May Sales 40000
Reconciliation of all
transactions with Bank
Statements
For May month
01-May Opening Balance 19783 19783
02-May Purchase 12000 7783
06-May Sales 12000 19783