Assignment Task:

ANSWER ALL QUESTIONS

QUESTION 1:
Una Macken has provided you with a trial balance and has asked you to prepare the year-end financial statements.

You have been provided with the following trial balance.

Una Macken the trial balance. the year end financial statements. P Lapping

REQUIREMENT

Prepare the VAT account for P Lappin for the year ended 31 December 2018 and state if P Lappin owes VAT or is due a VAT refund at 31 December 2018.

Part (b)
Write a brief note on TWO of the following:
• Going concerned
• Consistency
• Matching/Accruals 10 marks Total 30 marks

QUESTION 3
The information provided below has been extracted from the books of account of Parsnip and Carrot Limited for the year ended 31 December 2018.

account of Parsnip

Other Information: A cheque to the amount of €4,000 received from a customer and included in the figure above of receipts from customers was returned by the bank as there were insufficient funds.
 
REQUIREMENT You are required to prepare: Part (a) 

(1) The Sales Ledger (Receivables) Control Account for the year ended 31 December 2018 for Parsnip and Carrot Limited. The opening balance brought down at 1 January 2018 should be clearly shown.
 
(2) The Purchases (Payables) Control Account for the year ended 31 December 2018 for Parsnip and Carrot Limited. The opening balance brought down at 1 January 2018 should be clearly shown.

Part (b) 
Briefly discuss ALL of the qualitative characteristics below of financial statements.
Relevance 
Reliability 
Comparability
Understandability


This Financial Accounting Assignment has been solved by our Financial Accounting Experts at UniLearnO. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.

  • Uploaded By : Alex Cerry
  • Posted on : April 07th, 2019
  • Downloads : 355

Whatsapp Tap to ChatGet instant assistance