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this is my exam plz do it neatly and all parts please its my humble request.i will give u best feedback. thanks The accounting or
this is my exam plz do it neatly and all parts please its my humble request.i will give u best feedback.thanks
The accounting or book-keeping system is the process that provides all the information for the final accounts of a business. It is essential that accounting records are clear, concise and accurate. Every day, millions of financial transactions take place. From the sole trader to the multi-national corporation each individual transaction that occurs has to be recorded and often in many different ways for many different purposes. These tasks will be undertaken within a business by the Finance Department. The main and perhaps most significant responsibility of the finance department is the organisation of the financial and accounting affairs of a business including the preparation and presentation of appropriate accounts, and the provision of financial information for managers. You have acquired an apprenticeship at an Accountancy Firm and your manager has set you a number of tasks to help improve your knowledge of what you will be doing in the upcoming months. Following data is available to you. Commenced trading as a wholesale stationer on 1 May 2020 with a capital of $5,000 with which he opened a bank account for his business. During May the following transactions took place. May 1 Bought shop fittings and fixtures for cash from Folder Fitments for $2,000 May 2 Purchased goods on credit from Staple $650 May 4 Sold goods on credit to Clip $700 May 9 Purchased goods on credit from Green $300 May 11 Sold goods on credit to Hill $580 May 13 Cash sales paid intact into bank $200 May 16 Received cheque from Clip in settlement of his account May 17 Purchased goods on credit from Kaye $800 May 18 Sold goods on credit to Nailor $360 May 19 Sent cheque to Staple in settlement of his account May 20 Paid rent by cheque $200 May 21 Paid delivery expenses by cheque $50 May 24 Received from Hill $200 on account May 30 Drew cheques for personal expenses $200 and assistant's wages $320 May 31 Settled the account of Green Task 1: Your manager has asked you to write a detailed assessment of the importance of keeping accurate financial records. You will be provided with some financial data from one of the firm's clients. You are required to: draw up books of original entry and make entries from this given set of complex transactions, including purchases sales returns cash and bank transactions. o o o o o o o o You are reminded that complex financial transactions are those that include sales and purchase returns discount allowed and received depreciation entries and bad debts. You should then draw up double entry accounts from a set of transactions provided to you for the same client and from these, extract the trial balanceStep by Step Solution
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