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Solved Assignment on Financial Accounting

   

Added on  2021-02-20

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FinancialAccounting
Solved Assignment on Financial Accounting_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK ..............................................................................................................................................3Question 1....................................................................................................................................3Question 2....................................................................................................................................4Question 3....................................................................................................................................5Question 4....................................................................................................................................6Question 5....................................................................................................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
Solved Assignment on Financial Accounting_2

INTRODUCTION Financial accounting relates to the systematic compilation of operations related to therecording and tracking of a business entity's various financial and accounting operations (Ball,2013). The study report includes a comparison and contrast between economic positionstatements or balance sheet and revenue statements, various elements of the bank reconciliationdeclaration, and how control and suspense accounts are reconciled. This study also involvespractical presentation of sole trader and corporate 's income statements and balance sheets. TASK Question 1.Income Statement for the year ended 31st April 2019ParticularsAmountParticularsAmountTo Opening Inventory160000By Sales1400000To Purchase840000By Closing Inventory100000To Wages440000Add: Outstanding20000460000To Gross Profit4000015000001500000To Heat and Light80000By Gross Profit40000Add: Outstanding gas payment800072000To Sundry Expenses170000Less: Prepaid Rent44000126000To Depreciation96000To Net Profit-254000Total40000Total4000Balance Sheet as on 31st April,2019LiabilitiesAssetsCapital960000Furniture and Fittings480000Less: Drawings110000Less: Depreciation96000384000Net Profit-254000596000Trade Receivables160000Bank Overdraft80000Inventory100000Outstanding Wages20000Prepaid Rent44000Outstanding Gas payment8000Other Current Assets16000Total704000Total704000
Solved Assignment on Financial Accounting_3

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