Category | Assignment | Subject | Accounting |
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University | Module Title | BTEC Level 5 HNC-D 10 Financial Accounting |
Assessment Title | Report |
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This unit introduces essential financial accounting principles and techniques that will enable you to record and prepare basic financial accounts. You will learn how to prepare accounts for sole traders, partnerships, and limited companies. This knowledge will help you contribute effectively to the accountancy function of an organization or prepare accounts for your own business.
LO1: Record business transactions using double entry bookkeeping and extract a trial balance.
LO2: Prepare final accounts for sole traders, partnerships, and limited companies.
LO3: Perform bank reconciliations to ensure company and bank records are correct.
LO4: Reconcile control accounts and shift transactions from suspense accounts to the correct accounts.
Scenario: As an accountant, you have been tasked with preparing an information booklet for junior trainee accountants. You will also prepare accounts to demonstrate accounting techniques to the trainees.
The booklet should include:
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Order Non Plagiarized AssignmentABC is a new business that started on 1 July. The business paid £3,000 into the business bank account. Answer the following:
a. What is the dual effect of this transaction?
b. What is the accounting equation after this transaction?
XYZ business started on 1 January by paying £40,000 into a business bank account. The business then made several transactions. Answer the following:
a. What are the two effects of each of these transactions?
b. What would the accounting equation look like after each of these transactions?
XYZ business spent £2,000 on purchases of goods for cash. The bank balance goes down by £2,000, but the business has other assets like inventory. Answer the following:
d. What is the accounting equation after these transactions?
e. The business took £600 of cash for personal use, how does this affect capital?
XYZ business made the following transactions in January. Answer the tasks below:
Task 1: Identify how the debit and credit entries for each transaction are determined.
Task 2: Detail the transactions into the relevant ledger accounts.
Task 3: Create a trial balance based on the transactions provided.
For Case Study 4, use the provided figures to prepare XYZ business’s trial balance as at 31 December.
Account | Debit (£) | Credit (£) |
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Sales | – | 47,140 |
Purchases | 26,500 | – |
Receivables | 7,640 | – |
Payables | – | 4,320 |
Expenses | 9,430 | – |
The demonstration of accounting should include the following tasks:
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