PROJECT GUIDELINES Decide on a product and a business . You started a new company last year and it completed a year of business You are now in the first month of the next year (you will need an opening trial balance to start from) Pass at least 30 Journal entries for transactions for the first month Based on these, prepare Ledgers, Trial Balance and Financial Statements Transactions that MUST be included Payment of last years dividend Purchase of at least 3 fixed assets (land, machinery and vehicle) There is a fire at one of the of the machineries at the end of month 1. The building is impa and requires adjustment. Show calculations and effect. Assume that the land you have purchased is under revaluation model. Management has decided to follow revaluation model and to internally revalue land every month. At the en the first month there is a revaluation surplus on this land. Sale and purchase of stock (at least 5 transactions each) Opt either FIFO/AVCO and either Periodic/Perpetual method of inventory valuation and prepare stock ledger card in addition to the journal entries. You have at least 2 distinct products. Perform NRV test on the closing stock and clearly show working. Pass entries for all expenses necessary for running that business as well as any potential income other than revenue Closing inventories and closing receivables (you must sell some of the goods on credit) The company is buying on credit, closing trade payables should be there You must have cash on hand The company is 50% equit and and 500 dal financed