Financial Accounting

FINANCIAL ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Trial balance.....................................................................................................................3
1.2 Preparing ledgers and new trial balance...........................................................................4
1.3 Journal entries...................................................................................................................8
TASK 2..........................................................................................................................................10
2.1 Describing statements that contains financial information...........................................10
2.2.........................................................................................................................................12
2.3.........................................................................................................................................13
2.4.........................................................................................................................................14
TASK 3..........................................................................................................................................15
3.1 Bank reconciliation and its need in the business............................................................15
3.2 Cash Book to show the corrected balance......................................................................15
3.3 Bank reconciliation Statement........................................................................................16
3.4 Demonstrating the use of different items while preparing bank reconciliation statements
..............................................................................................................................................17
TASK 4..........................................................................................................................................17
4.3.........................................................................................................................................17
4.4 Rectification entries........................................................................................................18
REFERENCES..............................................................................................................................20

INTRODUCTION
Financial accounting is defined as the systematic process of recording, summarizing and
reporting the transactions of financial nature of a firm or firm for an period of accounting. The
present project report will show the recording of transaction by using double entry book keeping,
preparation of trial balance. Further, the report will show the type of information which is
presented by the way of different statement. An understanding of bank reconciliation will also be
highlighted in this project.
TASK 1
1.1 Trial balance
Statement of Trial balance as on 31st December 2018

1.2 Preparing ledgers and new trial balance