1. ABC company is a newly established company, and will soon start its operations, and hence begin financial transactions. Using the attached list below of financial record accounts names for company ABC company, kindly develop a chart of accounts of this company, which can be used to start recording its financial records, indicating main categories of the accounts.

Business Accounts Names for ABC Company

Company Bank Account

Cash Account

Accounts Receivable

Exchange on Foreign Receivables

Inventory

Equipment & Furnitures

Depreciation of Equipment

Revenue Collected in Advance

Accounts Payable

Exchange on Foreign Payables

Sales Tax Payable

Income Tax Payable

Other Tax Payables

Loan from Directors (Owner's Capital Account)

Retained Earnings

Salary & Allowances

Other Revenues

Sales

Cash Discounts

Cost of goods sold

Stationaries

Office Supplies

Courier

Telephone & Internet expenses

Postage

Banking Charges

Meals and Entertainment

Traveling

Registration fee and Licenses

Administration Account

Courses and Training

Dues and Memberships

Magazines and Books

Promo and Gifts

Marketing expenses

Rent on Building

Electricity

Insurance

Water utility

Property Taxes

Security Services

Other Expenses

Bad Debts

Interest charges on Loan

2. Use the below provided financial information, to create the balance sheet of company ABC.

S/N	List of accounts for Company ABC at the end of year X	Amounts
1	Accounts payable for goods	132,000
2	Accounts payable for services	40,000
3	Accounts receivable	10,000
4	Advances to suppliers	12,000
5	Cash in hand	84,150
6	Cash in Bank account	500,000
7	Company building Constructions done	120,000
8	Expenses paid in advance	5,500
9	Inventory Stock	400
10	Income for the year	308,750
11	Interest payable	3,000
12	Land owned by the company	140,000
13	Salary paid in advance	3,000
14	Short-term debt	150,000
15	VAT payable	5,000
16	Shareholders Equity	236300
	Prepare the Balance sheet statement for company ABC at the end of year X