Assignment Task:

SYNOPSIS:

Accounting records are the day-to-day records of all financial transactions and other relevant financial information concerning a business. Financial statements are summaries of accounting records to satisfy the relevant financial information needs of stakeholders of a business. The owner(s) of business is (are) the main stakeholder(s) in business but there are a number of other stakeholders. In accounting terms, the business is a separate entity from its owner(s) even if the business is owned by a sole trader with unlimited liability for the debts of the business. In accounting terms, the business is a separate entity from its owner(s) even if the business is owned by a sole trader with unlimited liability for the debts of the business.

INTRODUCTION:

After graduating from CICT, you intend to set up your own business.  For a start, since you are the sole owner of the business, you contributed cash and other non-current assets as the capital of the business. In order to add more fund to the business, you also plan to borrow. 

You are required to:

  1. Create transactions for the business for one month which are supported by a source of documents.
  2. Record the transactions in the appropriate journals.
  3. Posting of transactions to the relevant ledger.
  4. Prepare a trial balance at the end of the month.
  5. Prepare the financial statements at the end of the month.

 

CONTENT OF THE REPORT
The report should contain the followings:

  • Background of the business (include the name of the business, address or location, activity of the business etc.)
  • Transactions supported by related documents
  • Journals including cash receipt journal and cash payment journal
  • Ledgers
  • Trial Balance
  • Financial Statements which comprises of Statement of Comprehensive Income and Statement of Financial Position.

 


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  • Uploaded By : Alex Cerry
  • Posted on : February 10th, 2019

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