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Financial Statements Assignment

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Added on  2020-10-05

Financial Statements Assignment

   Added on 2020-10-05

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The Accounting records and Financialstatements1
Financial Statements Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................11-prepare the accounting records and financial statement for Conga, a sole trader toy retailerbusiness-......................................................................................................................................1....................................................................................................................................................12- Prudent concept and Accrual concept ..................................................................................173- In future the government might require VAT on sales then VAT would be recorded inConga accounting and report....................................................................................................18CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
Financial Statements Assignment_2
INTRODUCTIONFinancial Accounting is the process of identify , analysis and recording and summarised allfinancial transactions are summarised in financial statement it includes income statement ,balance sheet , cash flow statement and equity shareholder statement. Generally acceptableaccounting principle is standard framework for financial accounting. Financial statementrepresent financial position of the company and helps to compare with other company that usefulfor internal and external stake holders (Williams and Dobelman, 2017).Present report based on Conga company which is UK base company and having retail businessof toys. This report will include accounting records and financial statement like trail balance, incomestatement and balance sheet of Conga company. It also includes prudent concept and accrualconcept of financial accounting which adapt while preparing financial statement Further itprescribes that value added tax is mandatory for all company so Conga company also recordvalue added tax in accounting reports.1-prepare the accounting records and financial statement for Conga, a sole trader toy retailerbusiness-Journal entriess.no.ParticularsDebitCredit1Credit purchase account Dr.2000To trade payable20002Credit purchase account Dr.400To trade payable4003Credit purchase account Dr.300To trade payable3004Credit purchase account Dr.200To trade payable2005Credit purchase account Dr.500To trade payable5006Expenses account Dr.200To cash2001
Financial Statements Assignment_3
7Expenses account Dr.200To cash2008Expenses account Dr.400To cash4009Trade receivables account Dr.150To return outwards15010Trade receivables account Dr.150To return outwards15011Cash account Dr.100To trade payables10012Cash account Dr.200To trade payables20013Trade receivable account Dr.300To credit sales30014Trade receivable account Dr.400To credit sales40015Trade receivable account Dr.500To credit sales50016Trade receivable account Dr.400To credit sales40017Trade receivable account Dr.250To credit sales25018Cash account Dr.150To sales15019Cash account Dr.150To sales15020Cash account Dr.250To sales2502
Financial Statements Assignment_4
21Sales return account Dr.100To trade payables10022Sales return account Dr.100To trade payables10023Allowance for doubtful accounts Dr..1100to accounts receivables1100(3% of accounts receivables are allowance fordoubtful debts)24Allowance for doubtful account Dr..6200to accounts receivables620025Cash account Dr.2000Discount account Dr.2000to accounts receivables400026Trade payable account Dr.3000To cash account2000To discount receivable account100027Electricity expenses account Dr.3000To cash300028Rent expenses account Dr..5000To cash500029Cash account Dr.45000To capital4500030Loan account Dr.40000Interest account Dr.20000To bank account6000031Wages account Dr.4000To accrued wages4000Total1387001387003
Financial Statements Assignment_5
Conga Sales Day Book December 2018DateCustomerInvoiceAmountdrcrNo.30-Nov-18sales39039031-Dec-18cash15031-Dec-18cash15031-Dec-18cash25031-Dec-18accountsreceivables30031-Dec-18accountsreceivables40031-Dec-18accountsreceivables50031-Dec-18accountsreceivables40031-Dec-18accountsreceivables250Total392790Conga Sales Returns Day Book December 2018DateCustomerInvoiceAmountNo.drcr30-Nov-18Return inwards620031-Dec-18trade payables10031-Dec-18trade payables100Total64004
Financial Statements Assignment_6

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