offer
offer

Get Upto

55% OFF

-Coupon Code-

NEW25

offer
offer

Use Our Seasonal Offers!

Claim Now

4500+ Experts Writer

After finishing my masters in Biomedical Science, I started guiding students in their academic papers related to this subject. Over time, I have been able to recognise the problems faced by the students and have successfully guided on topics such as Neuro-muscular stimulator, i-Ball movement detector, Snore alarm electronic device, Braille watch, Pulse oximeter, Human skin color sensor, Role of biomedical in hospital, Artificial kidney, Safeguard for the blind, Neuropathic foot exerciser, and others as well. Students can seek my guidance for completing their dissertations, coursework, essays, theses, reports and presentations on the topics related to this subject. Connect with me now to secure top grades!

Tania Christian

Tania Christian

Orders in Progress - 43

Orders Finished - 1455

Hire Now

I am a full-time academic writer with master's degree in History from the University of Melbourne. I write extensively on various topics and disciplines related to this field. I am frequently asked to write on a variety of academic documents on this subject topics such as Auxiliary Sciences of History, Modern Southeast Asia, Pirates and their Enemies, Rebels and Revolutionaries, The First Centuries of Islam, The French Revolution, The Holocaust & Genocide, Total War: World War II, Town and Country in China and the West, Venice and Cultures of Consumption, A History of Sexualities, A History of Violence, and many others. I can proficiently write in almost every citation and referencing style required by the scholars studying in any Australian University. Hire me now for your assignment work.

Raymond Jones

Raymond Jones

Orders in Progress - 34

Orders Finished - 1454

Hire Now

" I'm a highly qualified academic writer holding Ph.D. credentials in Chemistry from the University of Adelaide and have been offering term papers, assignments, presentations, case studies, reports, dissertations, theses, research papers, etc., to the university and college students. I have worked in several disciplines and topics of Chemistry till now, and some of them are Organic Chemistry, Analytical Chemistry, Physical Chemistry, Bio Chemistry, Environmental Chemistry, Synthetic Chemistry and Catalysis, Organocatalysis, Photocatalysis, C"H Activation, C"C Coupling, Bio- and Medicinal Chemistry, Drug Delivery, Vesicles, etc. If any topic related to this field of science is making you stressful, then hire me today!"

Kenneth Jackson

Kenneth Jackson

Orders in Progress - 23

Orders Finished - 2455

Hire Now

During my tenure at Global Assignment Help Australia, I have successfully helped the Australian students to overcome the assignment-related issues that they face in Event Management. My work experience expands across more than six years during which I have covered topics on Business, Cultural Studies, Education, Events Management, HRM, Management, Manufacturing, Marketing, Risk Management, Sociology, and several others as well. If you are looking for a guidance in this subject, then you can consult me right away!

Julia Marshall

Julia Marshall

Orders in Progress - 44

Orders Finished - 2354

Hire Now

Affordable Prices

Top Grades at Cheap Rates!

    Prices Starts From
    USD 7.19
    Offer Discount 25 % Off
    USD7.19

    Get upto 51% OFF on Your First Order !

    Prices Starts From

    USD 7.19

    Amazing Features We Offer

    24*7 Help Service

    100% Satisfaction

    No Privacy Infringement

    Super-fast Services

    Subject Experts

    Professional Documents

    A/508/0496 | Financial Accounting | Proper Guidelines and Procedures

    University: UNIVERSITY CENTRE COLCHESTER

    • Unit No: 10
    • Level: High school
    • Pages: 37 / Words 9360
    • Paper Type: Assignment
    • Course Code: A/508/0496
    • Downloads: 2066
    Question :

    This assessment will provide certain questions which are like:

    • What are the differences between financial position statement and income statement.
    • What are the methods for reconciliation of suspense and control accounts.
    Answer :

    INTRODUCTION

    Financial Accounting is a branch which is used to put a complete track about the transactions of a company. Under this, proper guidelines and procedures are used to prepare the final accounts of the organization. The transactions are recorded in a perfect sequence so that companies can know that what are the expenses, income and position of the company at the end of the year. The main aim of financial accounting is to summarize everything related to financial transactions going in the business so that it can be useful for taking important decision by all the stakeholders. Financial statements have to be compulsorily disclosed by the companies whose stocks are listed on stock exchange (ScottO'Brien, 2013). In this report, income statement and balance sheet will be prepared for both sole proprietorship and limited company and then a glimpse on the differences between both income statement and balance sheet will be discussed. The report will also include an example of bank reconciliation and the reconciliation of control and suspense accounts.

    FINAL ACCOUNTS OF GREG PALMER

    Statement of P&L A/c of Greg Palmer

    Dr.

     

     

    Cr.

     

    Particulars

    Amount (£)

    Particulars

    Amount (£)

     

    To Opening Stock

    190000

    By Sales

    1301500

     

    To Purchases

    960000

    By Closing Stock

    120000

     

    To Wages

    330000

    By Gross Loss

    58500

     

     

     

     

     

     

     

    1480000

     

    1480000

     

     

     

     

     

     

     

     

     

     

     

    To Gross Loss

    58500

    By Net Loss

    388000

     

    To Outstanding Wages

    30000

     

     

     

    To Sundry Expenses

    165000

     

     

     

    Prepaid rent

    -35000

     

     

     

    Outstanding Gas Payment

    7500

     

     

     

    To Heat & Light

    92000

     

     

     

    To Depreciation: Furniture & Fittings -                  

    70000

     

     

     

     

     

     

     

     

     

    388000

     

    388000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     Balance Sheet for Greg Palmer as on..

    Liabilities

    Amount (£)

    Assets

     

    Amount (£)

     

     

     

     

     

    Capital

    960500

    Account Receivables

     

    120000

    Net Loss

    -388000

    Prepaid Rent

     

    35000

    Drawings

    -105000

    Closing Stock

     

    120000

    Bank Overdraft

    50000

    Fixtures and fittings

    350000

     

    Outstanding Gas Payment

    7500

    - Depreciation

    -70000

    280000

    Outstanding Wages

    30000

     

     

     

     

     

     

     

     

    555000

     

     

    555000

    FINAL ACCOUNTS OF KENNY PATON LTD.

    Statement of P&L A/c of Kenny Paton Ltd.

    Dr.

     

     

    Cr.

     

    Particulars

    Amount (£)

    Particulars

    Amount (£)

     

    To Opening Stock

    86000

    By Sales

    2068000

     

    To Purchases

    1054000

    By Closing Stock

    78000

     

    To Gross Profit

    1006000

     

     

     

     

     

     

     

     

     

    2146000

     

    2146000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    To Distribution Costs

    367000

    By Gross Profit

    1006000

     

    To Administration Costs

    287000

     

     

     

    To Outstanding Interest

    14274

     

     

     

    To Outstanding Dividend

    152000

     

     

     

    To Depreciation:

     

     

     

     

    On Plant & Machinery

    119700

     

     

     

    On Office Equipment

    26400

     

     

     

    To Outstanding Corporation Tax

    30000

     

     

     

    To Net Profit

    9626

     

     

     

     

    1006000

     

    1006000

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance Sheet for Kenny Paton as on..

    Liabilities

    Amount (£)

    Assets

     

    Amount (£)

     

     

     

     

     

    £1 ordinary shares fully paid

    1520000

    Account Receivables

     

    619000

    Net Profit

    9626

    Bank

     

    45000

    Dividend declared

    152000

    Closing Stock

     

    78000

    Bank Loan

    549000

    Premises

     

    1345000

    Outstanding Interest

    14274

    Plant & Equipment

    798000

     

    Trade Payables

    640000

    - Depreciation

    119700

    678300

    Outstanding Corporation Tax

    30000

    Office Equipment

    176000

     

     

     

    -Depreciation

    26400

    149600

     

    2914900

     

     

    2914900

     DIFFERENCES BETWEEN AN INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION

    Basis

    Income Statement

    Balance Sheet

    Meaning

    It is also called profit and loss account and it include all the expenses and revenues that are indirect in nature for that particular period.

    This is the final statement prepared which includes liabilities or capital and assets of the organization to reveal the position at the end of the financial year. 

    Motive of Preparation

    This account is made to find out the net loss or net profit of the company which has occurred during the period (Edwards, 2013).

    This statement is made to reveal the true position of the organization and to find out that actually where the business is standing.

    Kind of Accounts Incorporated

    It only consist single account i.e. Nominal

    It has two kinds of accounts included i.e. Personal and Real

    Order and dependency

    It is made before the balance sheet and hence it is not independent of balance sheet.

    It is made after the profit and loss account is made and hence it is dependent on income statement as the figures of net loss or net profit is taken from there (Warren and Jones, 2018).

    Balance

    If there is a balance amount on debit side, then it is Net Loss and if there is a balance on credit side, then it is Net Profit.

    Both liabilities and assets side should come equal as it shows the accuracy of the final

    Amazing Discount

    UPTO55% OFF

    Subscribe now for More Exciting Offers + Freebies

    Download Full Sample

    Cite This Work

    To export references to this Sample, select the desired referencing style below:

    Students sometimes cannot express their inability to work on assignments and wonder, "Who will do my assignment?" To help them understand the complexities of writing, we are providing "samples" on various subjects. Also, we have experienced assignment writers who can provide the best and affordable assignment writing services, essay writing services, dissertation writing services, and so on. Thus, don't wait any longer! Place your order now to take advantage of discounted deals and offers.

    Limited Time Offer

    Exclusive Library Membership + FREE Wallet Balance