please check it for me if it's correct and help to complete the assignments and try to solve it like how to solve in tables and clearly , thankyou
This is a Calculation Assignment, not a Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in the August 2020 Transaction then Analyze it be showing the impact of these transactions on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on this transaction. Assume your own Transaction Given and Coverall The business Cycle Transaction Structure for these Transactions. Cover the 6 steps in the Business Cycle. PLEASE DO COVER ALL THE 6 STEPS CORRECTLY as they are all related and I will Upvote for you Check for the first three step and help me to solve the next 3 steps FOR THE SECOND ASSIGNMENT HE ASK TO RIGHT STEP NUMBER 7 I KNOW IT SHOULD BE JOURNALIZE THE TRANSACTION BUT HE ASK TO WRITE THE STEP 7 FIRST ASSIGNMENT (1) Step 1 - Analyze Business Transactions (Accounting Cycle) You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! Date Transaction Amount Analyze Liability increase i.e. Capital and Current Asset Increase le. Bank Balance 01-08-2020 Share Capital Introduce 500,000 AED Fixed Asset Increases and Bank Balance Decrease i.e. one asset increase and one decrease 03-08-2020 Machinery Purchase 150,000 AED 04-08-2020 Goods Purchase by Cheque 84,000 AED Stock increase other side bank balance decrease 06-08-2020 Advertisement 3,500 AED Expenses booked and paid by bank 16-08-2020 Goods Purchase on From Vendor on credit 120,000 AED Stock increase other side Liability increase 16-08-2020 Sales Made in Cash 35,000 AED Stock decrease and cash balance increase 16-08-2020 Sales Made on Credit 90,000 AED Stock decrease and Debtor balance increase 25-08-2020 100,000 AED Liability and Bank both decrease Payment to Vendor for purchase Cash Recovered from Customer 25-08-2020 80,000 AED Debtor decrease and cash balance increase one Current Asset setoff another 31-08-2020 Sales Made in Cash 25,000 AED Stock decrease and cash balance increase 31-08-2020 Sales Made on Credit 70,000 AED Stock decrease and Debtor balance increase 31-08-2020 Rent 8,500 AED Provisional entry for rent, Liability increase Provisional entry for Salary, Liability increase and expensed booked 31-08-2020 Salary for 3 workers 30,000 AED Provisional entry for Electricity, Liability increase and expensed booked 31-08-2020 Electricity 1,500 AED Provisional entry for Telephone exp, Liability increase and expensed booked 31-08-2020 Telephone 500 AED Machinery A/c (net of Dep) 150,000 AED Current Asset Account Receivable Bank account 80,000 AED 302,500 AED Total 532,500 AED THIRD ASSIGNMENT (3) Step 2 Accounting Cycle - Journalize Business Transactions You are requested to journalize the assumed transactions for your chosen business during the month of August 2020! BANK A/C Date Particulars Amount 01-08-2020 Capital Sales Sales 16-08-2020 31-08-2020 Amount Date 500,000 AED 03-08-19 35,000 AED 06-08-19 25,000 AED 04-08-19 80,000 AED 25-08-19 Particulars Machinery Advertisement Purchase 150,000 AED 3,500 AED 84,000 AED 100,000 AED 302,500 AED 640,000 AED 25-08-2020 Debtor Creditor Balance C/D 640,000 AED DEBTORS Date Particulars Sales Amount 90,000 AED Date 25-08- 2020 Particulars Bank Amount 80,000 AED 16-08-2020 31-08-2020 Sales 70,000 AED Balance C/d 80,000 AED 160,000 AED 160,000 AED MCHINERY A/C Date Date Amount Particulars TO Bank Amount 150,000 AED 03-08-2020 Particulars Depreciation Balance C/d 150,000 AED 150,000 AED 150,000 AED CREDITORS Date Date Amount Particulars Bank Amount 80,000 AED Particulars Purchase 25-08-2020 16-08- 2020 100,000 AED 31-08-2020 Balance C/d 20,000 AED 100,000 AED 100,000 AED SALARY A/C Date Particulars Amount Date 31-08-2020 Particulars TO Provision for Salary Amount 30,000 AED SALES A/C Date Particulars Amount Date Particulars Amount 35,000 AED 16-08-2020 BANK 16-08-2020 Debtor 90,000 AED 31-08-2020 BANK 25,000 AED SALARY A/C Date Amount Date Particulars Amount Particulars TO Provision for Salary 31-08-2020 30,000 AED SALES A/C Date Particulars Amount Date 16-08-2020 16-08-2020 Particulars BANK Debtor BANK Amount 35,000 AED 90,000 AED 25,000 AED 31-08-2020 31-08-2020 Debtor 70,000 AED 220,000 AED RENT A/C Date Particulars Amount Date 31-08-2020 Particulars TO Provision for Rent Amount 8,500 AED ADVERTISEMENT EXP Date Amount Date Particulars Amount Particulars To Bank 06-08-2020 3,500 AED Date Particulars Amount Particulars To Provision for Telephone Exp Amount 500 AED TELEPHONE EXPENSE A/C Date 31-08-2020 Purchase Date 04-08-2020 16-08-2020 Date Particulars Amount Particulars Bank Creditor Amount 60,000 AED 100,000 AED 160,000 AED ELECRICITY EXPENSE A/C Date Amount Date Particulars Amount Particulars To Provision for Electricity Exp 31-08-2020 1,500 AED FOURTH ASSIGNMENT (4) Step 3 Accounting Cycle - Post Business Transactions Based on the work in step 2 of the accounting cycle (Journalize the transactions], You are requested to Post the assumed ransactions for your chosen business during the month of August 2020! FIFTH ASSIGNMENT (5) Step 4 Accounting Cycle - Prepare Trial Balance Based on the work in step 3 of the accounting cycle (Post Business Transactions], You are requested to prepare the trial balance for your chosen business during the month of August 2020! SIXTH ASSIGNMENT (6) Step 7 Accounting Cycle - Prepare Financial Statements Based on the work in step 4 of the accounting cycle (Prepare Trial Balance), You are requested to prepare the financial statements for your chosen business during the month of August 2020! This is a Calculation Assignment, not a Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in the August 2020 Transaction then Analyze it be showing the impact of these transactions on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on this transaction. Assume your own Transaction Given and Coverall The business Cycle Transaction Structure for these Transactions. Cover the 6 steps in the Business Cycle. PLEASE DO COVER ALL THE 6 STEPS CORRECTLY as they are all related and I will Upvote for you Check for the first three step and help me to solve the next 3 steps FOR THE SECOND ASSIGNMENT HE ASK TO RIGHT STEP NUMBER 7 I KNOW IT SHOULD BE JOURNALIZE THE TRANSACTION BUT HE ASK TO WRITE THE STEP 7 FIRST ASSIGNMENT (1) Step 1 - Analyze Business Transactions (Accounting Cycle) You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! Date Transaction Amount Analyze Liability increase i.e. Capital and Current Asset Increase le. Bank Balance 01-08-2020 Share Capital Introduce 500,000 AED Fixed Asset Increases and Bank Balance Decrease i.e. one asset increase and one decrease 03-08-2020 Machinery Purchase 150,000 AED 04-08-2020 Goods Purchase by Cheque 84,000 AED Stock increase other side bank balance decrease 06-08-2020 Advertisement 3,500 AED Expenses booked and paid by bank 16-08-2020 Goods Purchase on From Vendor on credit 120,000 AED Stock increase other side Liability increase 16-08-2020 Sales Made in Cash 35,000 AED Stock decrease and cash balance increase 16-08-2020 Sales Made on Credit 90,000 AED Stock decrease and Debtor balance increase 25-08-2020 100,000 AED Liability and Bank both decrease Payment to Vendor for purchase Cash Recovered from Customer 25-08-2020 80,000 AED Debtor decrease and cash balance increase one Current Asset setoff another 31-08-2020 Sales Made in Cash 25,000 AED Stock decrease and cash balance increase 31-08-2020 Sales Made on Credit 70,000 AED Stock decrease and Debtor balance increase 31-08-2020 Rent 8,500 AED Provisional entry for rent, Liability increase Provisional entry for Salary, Liability increase and expensed booked 31-08-2020 Salary for 3 workers 30,000 AED Provisional entry for Electricity, Liability increase and expensed booked 31-08-2020 Electricity 1,500 AED Provisional entry for Telephone exp, Liability increase and expensed booked 31-08-2020 Telephone 500 AED Machinery A/c (net of Dep) 150,000 AED Current Asset Account Receivable Bank account 80,000 AED 302,500 AED Total 532,500 AED THIRD ASSIGNMENT (3) Step 2 Accounting Cycle - Journalize Business Transactions You are requested to journalize the assumed transactions for your chosen business during the month of August 2020! BANK A/C Date Particulars Amount 01-08-2020 Capital Sales Sales 16-08-2020 31-08-2020 Amount Date 500,000 AED 03-08-19 35,000 AED 06-08-19 25,000 AED 04-08-19 80,000 AED 25-08-19 Particulars Machinery Advertisement Purchase 150,000 AED 3,500 AED 84,000 AED 100,000 AED 302,500 AED 640,000 AED 25-08-2020 Debtor Creditor Balance C/D 640,000 AED DEBTORS Date Particulars Sales Amount 90,000 AED Date 25-08- 2020 Particulars Bank Amount 80,000 AED 16-08-2020 31-08-2020 Sales 70,000 AED Balance C/d 80,000 AED 160,000 AED 160,000 AED MCHINERY A/C Date Date Amount Particulars TO Bank Amount 150,000 AED 03-08-2020 Particulars Depreciation Balance C/d 150,000 AED 150,000 AED 150,000 AED CREDITORS Date Date Amount Particulars Bank Amount 80,000 AED Particulars Purchase 25-08-2020 16-08- 2020 100,000 AED 31-08-2020 Balance C/d 20,000 AED 100,000 AED 100,000 AED SALARY A/C Date Particulars Amount Date 31-08-2020 Particulars TO Provision for Salary Amount 30,000 AED SALES A/C Date Particulars Amount Date Particulars Amount 35,000 AED 16-08-2020 BANK 16-08-2020 Debtor 90,000 AED 31-08-2020 BANK 25,000 AED SALARY A/C Date Amount Date Particulars Amount Particulars TO Provision for Salary 31-08-2020 30,000 AED SALES A/C Date Particulars Amount Date 16-08-2020 16-08-2020 Particulars BANK Debtor BANK Amount 35,000 AED 90,000 AED 25,000 AED 31-08-2020 31-08-2020 Debtor 70,000 AED 220,000 AED RENT A/C Date Particulars Amount Date 31-08-2020 Particulars TO Provision for Rent Amount 8,500 AED ADVERTISEMENT EXP Date Amount Date Particulars Amount Particulars To Bank 06-08-2020 3,500 AED Date Particulars Amount Particulars To Provision for Telephone Exp Amount 500 AED TELEPHONE EXPENSE A/C Date 31-08-2020 Purchase Date 04-08-2020 16-08-2020 Date Particulars Amount Particulars Bank Creditor Amount 60,000 AED 100,000 AED 160,000 AED ELECRICITY EXPENSE A/C Date Amount Date Particulars Amount Particulars To Provision for Electricity Exp 31-08-2020 1,500 AED FOURTH ASSIGNMENT (4) Step 3 Accounting Cycle - Post Business Transactions Based on the work in step 2 of the accounting cycle (Journalize the transactions], You are requested to Post the assumed ransactions for your chosen business during the month of August 2020! FIFTH ASSIGNMENT (5) Step 4 Accounting Cycle - Prepare Trial Balance Based on the work in step 3 of the accounting cycle (Post Business Transactions], You are requested to prepare the trial balance for your chosen business during the month of August 2020! SIXTH ASSIGNMENT (6) Step 7 Accounting Cycle - Prepare Financial Statements Based on the work in step 4 of the accounting cycle (Prepare Trial Balance), You are requested to prepare the financial statements for your chosen business during the month of August 2020
