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Introduction

Financial accounting principles refers to various guidelines and rules which are necessary for business organisation in order to report its financial data. Financial accounting process includes recording of financial transactions, posing them in different ledgers, summarizing, preparation of financial position statements and reporting of financial performance to various stakeholders. These all activities involved in financial accounting process are governed by financial accounting principles (Edwards, J. R., 2013). In UK common set of accounting principles is UK GAAP(Generally Accepted Accounting Principles). Financial accounting provides groundwork for decision making functions of business organisation. This report exhibits financial accounting and its purposes, internal and external stakeholders, importance of control accounts and main purpose of preparation of bank reconciliation statement.

Business Report

1. Financial Accounting and its Purposes:

Financial accounting is unique field of accounting that includes a systematic process of recording, classifying, summarizing and reporting of financial transaction resulting from various functions of business organisation during a particular period. These financial transaction are classified systematically in order to prepare final accounts such as balance sheet, profit and loss account, profit and loss account or income statement, cash flow statements, change in equity statement and other relevant statements, that are used by business organisations to assess actual financial performance and position (Fourie, 2015). Reporting under financial reporting process assist business organisations to present true picture about financial performance and position before shareholders, government, employees, landers and creditors etc. In financial accounting accounts are prepared by entities as per accounting principles, assumptions and different guidelines, It is governed and administrated by intentional and local guidelines and standards.

Purpose of financial accounting:

Following points are describing key purpose of financial accounting, as follows:

  • Main purpose of financial accounting is reporting of actual position and performance to internal and external users of financial data and information.
  • Activities in financial reporting is framed in a systematic way to provide smoothness in accounting operations.
  • Financial accounting ensures compliance of rules and regulation relating to relevant statute.
  • Activities involved in Financial accounting, acts in conformity of various assumptions, accounting policies, concepts, principles and other significant fundamentals.
  • Strategy formulating and implementation processes in business organisations are purely depends upon results of financial accounting.
  • It provides a decision making framework for investors, shareholders, owners, lenders and creditors, governing body etc.
  • It provides an assurance that accounting policies and procedures adopted by business organisation are uniformly followed.

2. Internal and External Stakeholders:

Stakeholders refers to individuals, persons, body of individuals or organization that has substantial interest or concern in an business organization. Stakeholders are highly influenced by actions of organization, goals or objectives and policies adopted by business organisation. Stakeholders are classified by their nature and concern in two parts: Internal stakeholders and external stakeholders. Large scale organisations have direct or indirect influences of different stakeholder (Hale, 2012). Key stakeholders in business organisation are shareholders, creditors, government directors, employees, owners, suppliers, unions, and the community. Internal stakeholders are those individuals, persons, group or organisation who can influence or are influenced by an business organisation such as directors, owners, employees and management. External stakeholders incudes individuals, persons,groups, body of individuals or organizations outside of business organisation like customers, suppliers, creditors, government or regulatory body, society etc.

Major Internal Stakeholders and their interest in large business organisation:

Following are the major internal stakeholders of a large business organisation:

  1. Employees: Employees are prime internal stakeholders because employees have monetary interests in form of salary, bonus and incentive in the organization. Employees in an entity play a major role in formulation of strategy and other vital operations of organisation. A large business organization considers employee opinions, their concerns, and values in formulating of strategy, objectives, mission and any long term visions of business organisation.
  2. Owners or Shareholders: Owners or shareholders as the case may be are individuals or group of individuals holding major shares of company. Owners or shareholders having substantial interest in forms of monetary investment and shares held by them in business organisation . Decisions of owners or shareholders can affect organisation in various ways. Owners are responsible for key decisions related to both internal and external stakeholders (Hall, 2012).

Key External Stakeholders and their interest in large business organisation:

  1. Customers: Customers are significant external stakeholder in large business organisation, Customers affects demands and marketing strategy of business organisation. Customers have interest in business organisation in form of quality, brand status, price sensitiveness and popularity. Main purpose of a business organisation is to fulfil the demands of customers while providing maximum customer satisfaction.
  2. Suppliers: Suppliers can influence organisations supply and demand perceptiveness. Suppliers are tries to receive their payments within scheduled times and having interest in liquidity position of business organisation (Jönsson, 2013).
  3. Regulators: Every organisation is governed by their relevant regulator as per their business structure. Regulators are external stakeholder and always tries to monitor compliance of issued regulations and formalities. Regulators having interest in business organisation in form of assurance of constant compliance of existing and potential regulation.
  4. Government: Governments collects various taxes on business organisations, therefore have firm stake in profitability and success of business organisation. Government also ensures compliance of various laws and regulations and provides a framework for organisation's sustainable growth.

Client 1

(a) Journal Entry in the books of Alexandra Study:

See Appendix

(b). Ledgers:

(c). Trail Balance in the books of Alexandra Study:

Trial Balance for the month of January

Particulars

Debit

Credit

Premises

240000

 

Van

51250

 

Fixtures

8100

 

Inventory

23900

 

Receivables:

 

 

P Mullen

3000

 

F Lane

3980

 

J Wilson

80

 

T Cole

2330

 

F Syme

20

 

J Allen

1020

 

P. White

2520

 

J Fox

1310

 

 

 

 

Cash At Bank

52680

 

Cash In Hand

20200

 

 

 

 

Payables:

 

 

S. Hood

 

10000

J. Brown

 

12000

W Tone

my 

960

R Foot

 

160

L Mole

 

1830

W. Wright

 

1910

D Main

 

2060

 

 

 

Storage Cost

450

 

Purchase

9820

 

Sales

 

11460

Motor Expenses

470

 

Sales Return

680

 

Purchase Return

 

50

Salaries

4800

 

Business Rates

1320

 

Capital

 

387500

 

 

 

Total

427930

427930

 

Client 2

(a) Profit and loss account of Munteanu Limited

Consolidated Income Statement for the years ended December 31, 2018

 

 

EUR

Sales

 

135000

Other income

 

-

Total Revenue

 

135000

 

 

 

Cost of sales

 

59500

Change in inventory

 

5000

 

 

 

Total cost of sales

 

64500

 

 

 

Gross profit on sales

 

70500

Distribution cost

 

32000

Administrative costs                

 

32000

Depreciation

 

3400

Finance cost

 

1500

 

 

 

Income before income taxes

 

1600

 

 

-

Income before income taxes

 

1600

 (b) Balance Sheet of Munteanu Limited 

Consolidated Balance Sheets for the years ended December 31, 2018

Assets

 

 

Amount in EUR

Land

 

 

20000

Building

 

40000

 

Less: Accumulated Depreciation

 

10000

 

 

 

30000

 

Depreciation for the year

 

600

29400

Plant and machinery

 

60000

 

Less: Depreciation

 

20000

 

 

 

40000

 

Depreciation for the year

 

8000

32000

Total non-current assets

 

 

81400

 

 

 

 

Inventories

 

 

20000

Prepaid Rent

 

 

3000

Accounts receivable

 

 

26000

Total current assets

 

 

49000

 

 

 

 

Total assets

 

 

130400

Equity and liabilities

 

 

 

Share capital

 

 

40000

Share premium

 

 

20000

Retained Earnings including current year profit

 

 

23600

Equity

 

 

83600

Current and other tax liabilities

 

 

4800

Accrued salaries

 

 

2000

Bank Overdraft

 

 

18000

Accounts payable

 

 

22000

Total current liabilities

 

 

46800

Total  equity and liabilities

 

 

130400

(c) Accounting Concepts: Consistency and Prudence:

Accounting convention and concepts :

Accounting concept states the assumptions or insights which are based on financial statements of any enterprises. An accounting convention is a common practices that is used as guideline during business transaction (Peterson, S.J., 2005). Concept provides a different structure and internal logic to accounting process. To maintain uniformity and consistency there is need to prepare and keeping records of certain principles and rules have been followed-

Consistency: According to this convention accounting policies should be same or equal. The concepts, practices rules and principles which is being used in accounting should be observed and examined. It contains any organisation should includes transactions on daily basis and be treated same day and year to year.

Prudence: This is an accounting tool that assures assets and incomes are not overestimated and expenses and liabilities are not underestimates (White, Sondh, and Fried, 2000).

(d) Purpose of Depreciation and its Methods:

Depreciation: This states reducing value of an assets after a certain period, due to wear and tear of tangible assets. The main purpose of depreciation is to match the cost of fixed assets and to the revenues generated by using the fixed assets. Depreciation can be calculated by straight line method and written down value method.

Straight line method: This is used to recognise the carrying value of a fixed tangible assets during its useful life. The total amount of depreciation over the years useful life of assets would be less out of the full amount of assets any assumed salvage value (Khan and Mayes, 2009).

Written down value method: This is an accounting reducing method that reduces the value of an assets by a fixed percentage every year. Its values are reduced year to year and helps to define the minimum value foe which it would be sold.

(e) Evaluation of difference between financial statements prepared by sole traders and limited companies:

Financial statements are the final reports of any organisation that includes financial activities and position of a business, entity or other person. It also contains a balance sheet or statement records of a company's assets, owner's equity and liabilities at a given time.

For sole trader: financial statements are maintained by the sole proprietor or trader at small size of company. It includes financial position of a sole trader that is shown by the holding amount of assets and the amount of owner's capital. In this type of business audit is not compulsory.

For limited company: These are prepared by the wider size of company which is controlled by the government or other stakeholders. There is internal and external audit is needed by the organisation that helps to provide tax benefits (Saunders, Cornett and McGraw, 2006).

Client 3

1. Purpose of preparation of Bank Reconciliation Statement:

Bank reconciliation statement is prepared by business organisation to reconcile the balance of bank account as prepared in cash book with amount shown in bank statements. Bank-reconciliation statements may be prepared on monthly, quarterly or annually however organisation should prepare bank-reconciliation statements on monthly basis in order to avoid any complexity or inconsistency in accounts (Libby, Bloomfield and Nelson, 2002).

2. Areas where bank records vary from personal records

Difference between bank balance as per cash book and bank balance in bank statements arises due to bank charges charged by banks, direct deposit of any amount by any party, cheque issued but not presented and due to other charges charged by bank without ant further information.

3. Imprest:

Imprest is type of financial accounting system and most popular imprest system is petty cash system. Under imprest system of petty cash a fixed amount is reserved by organisation to meet their day to day expenses.

4. Bank-reconciliation statements of Burcu Ltd, for September 2018:

Bank Reconciliation Statement

 

Particulars

Amount

Bank Balance as per pass book

398

Add: Items having effects of higher balance in cash book

 

Bank charges not recorded in cash book

36

Adjustment for direct debit rates

105

 

 

Less: Items having effects of lower balance in cash book

 

Payments to:

 

C David

122

S Leeming

116

C Lyons

87

 

 

 

 

Bank balance as per cash book

214

 
Client 4

In the books of Henderson for January, 2018

(a) Sales Ledger Control and Purchase Ledger Control Account:

  1. i)Purchase Ledger Control A/c

Purchase Ledger Control A/c

Particulars

Amount (£)

Particulars

Amount (£)

Discount Received

850

Balance b/d

11360

Purchase Return

3110

Credit Purchase

126500

Bank/ Cash (Payment to suppliers)

91010

Bank/ Cash (Refund from supplier)

500

Set-off (Transfer from sales ledger)

640

 

 

Balance c/d

42750

 

 

Total

138360

Total

138360

 

 

Balance b/d

42750

(ii) Sales Ledger Control A/c

Sales Ledger Control A/c

Particulars

Amount (£)

Particulars

Amount (£)

Balance b/d

12600

Sales Return

4320

Credit Sales

152350

Bad Debts

1600

 

 

Discount Allowed

1060

 

 

Bank/ Cash (Receipt from credit customers)

120610

 

 

Set-off (Transfer to purchase ledger)

640

 

 

Balance c/d

36720

Total 

164950

Total

164950

Balance b/d

36720

 

 

(b) Control account

Control Account: /strong>Control account is the summary of a general ledger account. Is is used by large enterprises, since their dealing volume is very advanced. Its main purpose is to maintain general ledger clean and fair that helps to show correct balance in any organisation. It is also used o record the balances on a number of subsidiary accounts and to provide a cross verification on them. Following important points are covered to make understand hill which is discussed as below-

  • It helps to provide a cross check for ensuring that all expenses are recorded or not through control accounts.
  • It assures about preparing periodical and monthly financial statements.
  • It is important to identify errors in the subsidiary ledgers that gives benefit to any organisation (Edwards, 2013).

Client 5

(a) Suspense account and its features:

Suspense account is a temporary or memorandum account prepared by business organizations to identify any error like commission, omission or other principle or arithmetical errors. Suspense account is opened by business entities to match the trial balance or financial statement at year end for short period.

Main features of suspense account:

  • Suspense accounts helps to find out any error or omission in final accounts.
  • By using suspense account its is very easy to allocate one sided error.
  • In case of any arithmetical error in trial balance suspense accounts provide quick access to such error (Holthausen and Watts, 2001).
  • It assists in finalization of accounts within scheduled time.

(b) Preparation of Trial Balance:

Trial Balance

 

Debit

Credit

Purchases Account

7000

 

Sales Account

 

11000

Rent paid Account

2500

 

Cash in bank (Dr)

8400

 

Travel expenses Account

1600

 

Receivables Account

3200

 

Payables Account

 

3500

Opening inventory Account

2200

 

Capital Account

 

7100

Suspense- Control Account

 

3300

 

 

 

 

2,4900

2,490


(c) Journal entries in order to show necessary corrections for eliminating suspense account balance:

 JOURNAL ENTRIES

                                                                                                                                             (in £)

Particulars

Dr.

Cr.

Simon A/c .................................................................................Dr

       To Smith A/c

(being sale was debited to smith instead of Simon)

2200

                        

2200                 

Jones  A/c.................................................................................Dr

        To Suspense A/c

(being sale of £420 not entered in Jones account, now entered)

4200

 

4200

Suspense A/c …..................................................................... Dr

        To White A/c

(being purchase of £750 not entered in White account, now entered)

7500

 

7500

 

Dr.                                                    Suspense Account                                                   Cr.

Particulars

Amount

Particulars

Amount

To White A/c

7500

By Balance b/d

3300

 

 

By Jones A/c

4200

Total

7500

Total

7500

Conclusion

From above report it has been concluded that an organisation's all activities are directly or indirectly inked with accounting principle, policies, concepts and fundamentals. Almost all functions of accounts and financial transactions are covered under financial accounting. Financial accounting provides a framework for reporting and decision making. Reporting is main purpose of financial accounting and it assists in assessment of actual position and performance of entity.

References

Books and Journal:

  • Edwards, J. R., 2013. A History of Financial Accounting (RLE Accounting). Routledge.
  • Fourie, M. L., and et. al., 2015. Municipal finance and accounting. Van Schaik Publishers.
  • Hale, T. N., Hale, T. and Held, D. eds., 2012. Handbook of transnational governance. Polity.
  • Hall, J. A., 2012. Accounting information systems. Cengage Learning.
  • Jönsson, S., 2013. Accounting and business economics traditions in Sweden: A pragmatic view. In Accounting and Business Economics (pp. 203-219). Routledge.
  • Mullinova, S., 2016. Use of the principles of IFRS (IAS) 39" Financial instruments: recognition and assessment" for bank financial accounting. Modern European Researches. (1). pp.60-64.
  • Bushman, R.M. and Smith, A.J., 2001. Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3). pp.237-333.
  • Holthausen, R.W. and Watts, R.L., 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics. 31(1-3). pp.3-75.
  • Libby, R., Bloomfield, R. and Nelson, M.W., 2002. Experimental research in financial accounting. Accounting, Organizations and Society. 27(8). pp.775-810.
  • Edwards, J.R., 2013. A History of Financial Accounting (RLE Accounting). Routledge.
  • Khan, A. and Mayes, S., 2009. Transition to accrual accounting. International Monetary Fund.
  • Saunders, A., Cornett, M.M. and McGraw, P.A., 2006. Financial institutions management: A risk management approach (Vol. 8). New York: McGraw-Hill/Irwin.
  • White, G.L., Sondh, A.C. and Fried, D., 2005. Analysis of Financial Statement. Analysis.
  • Peterson, S.J., 2005. Construction accounting and financial management (p. 556). New Jersey: Pearson Prentice Hall.

APPENDIX

Journal Entries:

Date

Particulars

Debit

Credit

01/01/18

Premises A/c                Dr.                          

240000

 

 

Motor Van A/c            Dr.

51250

 

 

fixtures A/c                  Dr.

8100

 

 

Inventory A/c              Dr.

23900

 

 

P Mollen A/c               Dr.

4400

 

 

F Lane A/c                  Dr.

6100

 

 

Bank A/c                      Dr.

68400

 

 

Cash A/c                      Dr.

15600

 

 

           To S Hood A/c

 

12150

 

           To J. Brown A/c

 

16600

 

           To Capital A/c (B/f)

 

389000

 

(Being Owner's Capital is calculated )

 

 

 

 

 

 

 

The David Study's opening capital as at 1st  January, 2018 is £ 389000.

 

 

 

 

 

 

 

 

 

 

Date

Particulars

Debit

Credit

01/01/18

Storage cost A/c            Dr.

450

 

 

           To bank A/c

 

450

 

(Being storage cost is paid)

 

 

 

 

 

 

02/01/18

Purchases A/c                 Dr.

6080

 

 

           To S Hamid A/c

 

1450

 

           To D Main A/c

 

2060

 

           To W Tag A/c

 

960

 

           To R Foot A/c

 

1610

 

(Being goods purchases from various parties on credit)

 

 

 

 

 

 

03/01/18

J Wilson A/c                     Dr.

1200

 

 

T Cole A/c                        Dr.  

1650

 

 

F Seema A/c                     Dr.

2100

 

 

J Allen A/c                       Dr.

1020

 

 

P White A/c                     Dr.

2520

 

 

F Lane A/c                       Dr.

980

 

 

            To Sales A/c

 

9470

 

(Being goods sold to various parties on credit)

 

 

 

 

 

 

04/01/18

Motor Expenses A/c           Dr.

470

 

 

            To Cash A/c

 

670

 

(Being motor expense is paid)

 

 

 

 

 

 

07/01/18

Capital A/c                     Dr.

1500

 

 

            To Cash A/c

 

1500

 

(Being cash withdrawal by owner himself)

 

 

 

 

 

 

09/01/18

T Cole A/c                    Dr.  

680

 

 

J fox A/c                        Dr.

1310

 

 

           To Sales A/c

 

1990

 

(Being goods purchase on credit with various parties)

 

 

 

 

 

 

11/01/18

Sale Return A/c             Dr.

680

 

 

           To J Wilson A/c

 

270

 

           To F Syme A/c

 

410

 

(Being goods is returned back by the parties

 

 

 

 

 

 

16/01/18

Bank A/c                             Dr.

7020

 

 

           To P Mole A/c

 

1400

 

           To F Lane A/c

 

3100

 

           To J Wilson A/c

 

850

 

           To F Seema A/c

 

1670

 

(Being Payment received from parties )

 

 

 

 

 

 

19/01/18

R Foot A/c                       Dr.

50

 

 

           To Purchases Return A/c

 

50

 

(Being Goods is returned to creditor)

 

 

 

 

 

 

22/01/18

Purchases A/c                 Dr.

3740

 

 

            To L Mole A/c

 

1830

 

            To W Wright A/c

 

1910

 

(Being goods purchased on credit)

 

 

 

 

 

 

24/01/18

S Hamid A/c                  Dr.

3600

 

 

J Brown A/c               Dr.

4600

 

 

R Foot A/c                  Dr.

1400

 

 

            To Bank A/c

 

9600

 

(Being payment is made to the creditors)

 

 

 

 

 

 

27/01/18

Salaries A/c                     Dr.

4800

 

 

            To Bank A/c

 

4800

 

(Being salaries are paid through cheque)

 

 

 

 

 

 

30/01/18

Business Rates A/c            Dr.

1320

 

 

            To Bank A/c

 

1320

 

(Being business rates are paid through cheque)

 

 

Ledgers:

Storage Cost A/c 

Date

Particulars

Amount

Date

Particulars

Amount

01/07/19

To Bank A/c

450

31/07/19

By Profit & Loss A/c

450

Total

450

Total

450

 

 

 

 

 

 

Sales A/c

Date

Particulars

Amount

Date

Particulars

Amount

31/01/19

To Trading and P&L A/c

11460

03/01/19

By  J Wilson A/c               

1200

 

 

 

 

By T. Cole A/c                   

1650

 

 

 

 

By F. Syme A/c                  

2100

 

 

 

 

By J .Allen A/c                   

1020

 

 

 

 

By P .White A/c                  

2520

 

 

 

 

By F .Lane A/c

980

 

 

 

09/01/19

By T .Cole A/c                    

680

 

 

 

 

 By J fox A/c                       

1310

Total

11460

Total

11460

 

 

 

 

 

 

 S Hood  A/c

Date

Particulars

Amount

Date

Particulars

Amount

24/01/19

To Bank A/c

3600

01/01/19

By Opening Balance (B/f)

12150

 

 

 

02/01/19

By purchases A/c

1450

31/01/19

To Closing Balance C/d

10000

 

 

 

Total

13600

Total

13600

 

 

 

 

 

 

W Tone A/c

Date

Particulars

Amount

Date

Particulars

Amount

31/01/19

To Closing Balance C/d

960

02/01/19

By purchases A/c

960

Total

960

Total

960

 

 

 

 

 

 

J Wilson A/c

Date

Particulars

Amount

Date

Particulars

Amount

03/01/19

To Sales A/c

1200

11/01/19

By Sales Return A/c

270

 

 

 

16/01/19

By Bank A/c

850

 

 

 

 

 

 

 

 

 

31/01/19

By Closing Balance c/d

80

Total

1200

Total

1200

 

 

 

 

 

 

F Syme A/c

Date

Particulars

Amount

Date

Particulars

Amount

03/01/18

To Sales A/c

2100

11/01/19

By Sales Return A/c

410

 

 

 

16/01/19

By Bank A/c

1670

 

 

 

 

 

 

 

 

 

31/01/19

By Closing Balance c/d

20

Total

2100

Total

2100

 

 

 

 

 

 

P White A/c

Date

Particulars

Amount

Date

Particulars

Amount

03/01/19

To Sales A/c

2520

31/01/19

By Closing Balance c/d

2520

Total

2520

Total

2520

 

 

 

 

 

 

P Mullen A/c

Date

Particulars

Amount

Date

Particulars

Amount

01/01/19

To Opening Balance (B/f)

4400

16/01/19

By Bank A/c

1600

 

 

 

 

 

 

 

 

 

31/01/19

By Closing Balance c/d

2800

Total

4400

Total

4400

 

 

 

 

 

 

Capital A/c

Date

Particulars

Amount

Date

Particulars

Amount

07/01/18

To Cash A/c

1500

01/01/18

By Opening Balance b/f

389000

31/01/18

To Closing Balance C/d

387500

 

 

 

Total

389000

Total

389000

 

 

 

 

 

 

J Allen A/c

Date

Particulars

Amount

Date

Particulars

Amount

09/01/18

To Sales A/c

1310

31/01/18

By Closing Balance c/d

1310

Total

1310

Total

1310

 

 

 

 

 

 

Motor Van  A/c

Date

Particulars

Amount

Date

Particulars

Amount

01/01/19

To Opening Balance (B/f)

51250

31/01/19

By Closing Balance c/d

51250

Total

51250

Total

51250

 

 

 

 

 

 

Salaries A/c

Date

Particulars

Amount

Date

Particulars

Amount

27/01/19

To Bank A/c

4800

31/01/19

By Trading and P&L A/c

4800

Total

4800

Total

4800

 

 

 

 

 

 

Motor Expenses A/c

Date

Particulars

Amount

Date

Particulars

Amount

04/01/19

To Cash A/c

70

31/01/19

By Trading and P&L A/c

470

Total

470

Total

470

 

Purchases A/c

Date

Particulars

Amount

Date

Particulars

Amount

02/01/19

To S Hood A/c

1450

31/01/19

By Trading and P&L A/c

9820

 

To D Main A/c

2060

 

 

 

 

To W Tone A/c

960

 

 

 

 

To R Foot A/c

1610

 

 

 

22/01/19

To L Mole A/c

1830

 

 

 

 

To W Wright A/c

1910

 

 

 

Total

9820

Total

9820

 

 

 

 

 

 

Bank A/c

Date

Particulars

Amount

Date

Particulars

Amount

01/01/19

To Opening Balance (B/f)

68400

01/01/19

By Storage cost A/c           

450

16/01/19

To P Mullen A/c

1400

24/01/19

By S Hood A/c                 

3600

 

To F Lane A/c

3100

 

By J Brown A/c             

4600

 

To J Wilson A/c

850

 

By R Foot A/c                 

1400

 

To F Syme A/c

1670

27/01/19

By Salaries A/c

4800

 

 

 

30/01/19

By Business Rates A/c

1320

 

 

 

31/01/19

By Closing Balance C/d

59250

Total

75420

Total

75420

 

 

 

 

 

 

           D Main A/c

Date

Particulars

Amount

Date

Particulars

Amount

31/01/19

To Closing Balance A/c

2060

02/01/19

By purchases A/c

2060

Total

2060

Total

2060

 

 

 

 

 

 

By Purchases Return A/c 

Date

Particulars

Amount

Date

Particulars

Amount

31/01/18

To Trading and P&L A/c

50

19/01/18

By R foot A/c

50

 

 

50

 

 

50

 R Foot A/c

Date

Particulars

Amount

Date

Particulars

Amount

19/01/18

To  Purchase Return A/c

50

02/01/19

By purchases A/c

1610

24/01/19

To Bank A/c                 

1400

 

 

 

31/01/19

By Closing Balance C/d

160

 

 

 

Total

1450

Total

1610

 

 

 

 

 

 

T Cole A/c

Date

Particulars

Amount

Date

Particulars

Amount

03/01/19

To Sales A/c

1650

31/01/19

By Closing Balance C/d

2330

09/01/19

To Sales A/c

680

 

 

 

Total

2330

Total

2330

 

 

 

 

 

 

J Allen A/c

Date

Particulars

Amount

Date

Particulars

Amount

03/01/19

To Sales A/c

1020

31/01/19

By Closing Balance C/d

1020

Total

1020

Total

1020

 

 

 

 

 

 

F Lane A/c

Date

Particulars

Amount

Date

Particulars

Amount

01/01/18

To Opening Balance (B/f)

6100

16/01/19

By Bank A/c

3100

03/01/18

To Sales A/c

980

31/01/18

To Closing Balance C/d

3980

 

 

 

 

 

 

Total

7080

Total

7080

 

 

 

 

 

 

Cash A/c

Date

Particulars

Amount

Date

Particulars

Amount

01/01/19

To Opening Balance (B/f)

15600

04/01/18

By Motor Expenses A/c

470

 

 

 

07/01/19

By Capital A/c

1500

 

 

 

31/01/19

By Closing Balance C/d

13630

Total

15600

Total

15600

 

 

 

 

 

 

Sales Return A/c

Date

Particulars

Amount

Date

Particulars

Amount

11/01/19

To J Wilson A/c

270

31/01/19

By Trading and P&L A/c

680

 

To F Syme A/c  

410

 

 

 

Total

680

Total

680

 

 

 

 

 

 

L Mole A/c

Date

Particulars

Amount

Date

Particulars

Amount

31/01/19

To Closing Balance C/d

1830

22/01/19

By Purchases A/c                

1830

Total

1830

Total

1830

 

 

 

 

W Wright A/c

Date

Particulars

Amount

Date

Particulars

Amount

31/01/19

To Closing Balance C/d

1910

22/01/19

By Purchases A/c                

1910

Total

1910

Total

1910

 

 

 

 

 

 

J Brown A/c

Date

Particulars

Amount

Date

Particulars

Amount

 

 

 

01/01/19

By Opening Balance b/f

16600

24/01/19

To Bank A/c

4600

31/01/19

By Closing Balance C/d

 

31/01/19

To Closing Balance C/d

12000

 

 

 

Total

16600

Total

16600

 

 

 

 

 

 

Business Rates A/c

Date

Particulars

Amount

Date

Particulars

Amount

30/01/19

To Bank A/c

1320

31/01/19

By Trading and P&L A/c

1320

Total

1320

Total

1320

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