A/508/0496 Financial Accounting Assignment.

Financial Accounting Assignment -

Unit Learning Outcomes -

1. Record business transactions using double entry book keeping, and be able to extract a trial balance.

2. Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards.

3. Perform bank reconciliations to ensure company and bank records are correct.

4. Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts.

TASKS -

Task 1: Record business transactions using double entry book-keeping, and be able to extract a trial balance.

Scenario 1 - Catherine Horton is trading as a sole trader. You are required to record the accounting information and the business transactions in her book using double-entry principles in the books of Catherine.

At 31stof December 2018, the following balances were provided:

Task 1.1: You are required to prepare a trial balance at 31st December 2018 and calculate the Owner`s Capital at 31st December 2018 using the balancing figure.

Task 1.2: Continuing from information provided in the Trial Balance, you should record the following business transactions for January 2019 given below in Catherine`s books:

i. Apply the double entry system recording the transactions in the accounts within the relevant ledgers.

ii. Use the balance off rule to close each account and produce the trial balance at 31st January 2019 to check the arithmetical accuracy of the double entry system.