Finance assignment & Accounting Assignment

 

After the lessons of learning the structure and process of preparing balance sheet and trading and profit and loss account. You are now required to prepare the

 

l          Balance sheet and,

l          Trading and profit and loss account based on the following information.

 

Account $
Capital

8300

Fixtures and Fittings

1200

Plant and Machinery

1200

Purchases

15000

Returns Inwards

300

Carriage Outwards

450

Returns Outwards

140

Carriage Inwards

80

Premises

3300

Salaries

1460

Sales

21600

Discounts Received

350

Discounts Allowed

760

Insurance and Rates

270

Rent Received

520

Bank overdraft

576

Cash in Hand

100

Drawing

600

Debtors

8840

Creditors

2724

General expense

650

 

It is recommend to prepare a trial balance in order to identify whether each of the accounts are on the credit or debit side. It is also recommended to identify whether each of the accounts should be on Trading account, Profit and Loss account, or Balance sheet.

 

 

 

 

 

 

Requirement:

The balance sheet and the trading and profit and loss account must be typed with formal formatting and can be submitted by spreadsheet or word format.

A title page is required.

 

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