Financial Accounting and Reporting essay sample

Haven't found the essay you need?

We can write it for you. On time. 100% original.

Order Now
Text Preview
Name:University:Course:Tutor:Date:Financial Accounting and ReportingQuestion 1Workings (Account Adjustments)Trade Payables A/CDr Amount Cr Amount Bal b/d 11,700.00 Bal b/f 11,200.00 Material Purchase 500.00    11,700.00   11,700.00 bal c/f 11,700.00 Cash A/CDr Amount Cr Amount Bal b/f 11,700.00 Purchase 500.00 Sales 240.00 Wages 260.00  Bal c/f 11,180.00   11,940.00   11,940.00 Bal c/f 11,180.00 PurchasesDr Amount Dr Amount Bal bdf 12,400.00 Bal b/f 13,400.00 Cash 500.00  Credit 500.00     13,400.00   13,400.00 Bal b/d 13,400.00 Sales A/CDr Amount Cr Amount Bal b/f 15,640.00 Bal b/f 14,600.00 cash 240.00 Credit 800.00    15,640.00   15,640.00 Bal b/d 15,640.00 ReceivablesDr Amount Cr Amount Bal B/f 12,000.00  Sales 800.00  Bal b/d 12,800.00    12,800.00   12,800.00 Bal b/f 12,800.00 ABC Trial BalanceABCTrial BalanceMarch 31, 20x7  Unadjusted Adjusted Item Dr ($) Cr ($) Dr ($) Cr ($) Bank Loan 12,000.00 12,000.00 Cash 11,700.00   11,180.00  Capital 13,000.00 13,000.00 Rent 1,880.00   1,880.00  Trade payables 11,200.00 11,700.00 Purchases 12,400.00   13,400.00  Sales 14,600.00 15,600.00 Sundry Payables 1,620.00   1,620.00 Receivables 12,000.00   12,800.00  Bank loan on Interest 1,400.00   1,400.00 1,400.00 Other Expenses 11,020.00   12,380.00  Vehicles 2,020.00   2,020.00  Wages  260.00  Equity 3,240.00        Total 54,040.00 54,040.00 55,320.00 55,320.00      ABC Profit and Loss AccountABCProfit and Loss AccountMarch 31 20x7AmountSales   15,600.00   Cost of sales 12,400.00   Gross Profit 3,200.00   Expenses Rent 1,880.00  Wages 260.00  Bank loan interest 1,400.00  Other Expenses 11,020.00 14,560.00   Profit/Loss (11,360.00)              Question 2: Consolidated Financial StatementsHow information needs of different user groups varyFinancial information obtained from reports is used by a wide number of stakeholders in all business industries. Users of financial information are divided into external and …
Download Full Essay Show full preview

Disclaimer

Samples available at the Examples Assignment Lab are for inspiration and learning purposes only. Do not submit any sample as your own piece of work. Every essay belongs to students, who hold the copyright for the content of those essays. Please, mind that the samples were submitted to the Turnitin and may show plagiarism in case of the secondary submission. Examples Assignment Lab does not bear any responsibility for the unauthorized submission of the samples.