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create FINANCIAL STATEMENT ( RM ) FOR Threads & Co . CLOTHING STORE.. INSTRUCTION As an accounting student, you should be able to identify, processing
create FINANCIAL STATEMENT RM FOR Threads & Co CLOTHING STORE..
INSTRUCTION
As an accounting student, you should be able to identify, processing and communicate the financial information to the users. In every accounting cycle, financial statements are the final accounting process in delivering the information to the users, especially the external users.
This is a group assignment consisting of SIX students in each group. You are required to create a company and prepare the financial statements that meet the following requirements:
a At least expenses activities
b At least indirect revenues
c At least discount received
d At least discount given
e At least accrued transactions
f At least prepaid transactions
g At least fixed assets
h At least current assets
i At least noncurrent liabilities
j At least current liabilities
k At least accumulated depreciations straight line method, reducing balance method
l At least return inward and outward
In order to complete the financial statements, you may add transactions that are necessary in producing profit or loss and completing the statements Eg: Sales, Purchase, Equity
Required:
Create the company background Eg: Brief history, business activity, organization
Prepare the following based on your companys transactions:
i Journal entries, iiLedger
iii. Trial balance
iv Statement of comprehensive income
v Statement of financial position
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