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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: 2428

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.	Â	Â	Cr.	Â
Particulars	Amount (Â£)	Particulars	Amount (Â£)	Â
To Opening Stock	190000	By Sales	1301500	Â
To Purchases	960000	By Closing Stock	120000	Â
To Wages	330000	By Gross Loss	58500	Â
Â	Â	Â	Â	Â
Â	1480000	Â	1480000	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
To Gross Loss	58500	By Net Loss	388000	Â
To Outstanding Wages	30000	Â	Â	Â
To Sundry Expenses	165000	Â	Â	Â
Prepaid rent	-35000	Â	Â	Â
Outstanding Gas Payment	7500	Â	Â	Â
To Heat & Light	92000	Â	Â	Â
To Depreciation: Furniture & Fittings -Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â	70000	Â	Â	Â
Â	Â	Â	Â	Â
Â	388000	Â	388000	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
Â Balance Sheet for Greg Palmer as on..
Liabilities	Amount (Â£)	Assets	Â	Amount (Â£)
Â	Â	Â	Â	Â
Capital	960500	Account Receivables	Â	120000
Net Loss	-388000	Prepaid Rent	Â	35000
Drawings	-105000	Closing Stock	Â	120000
Bank Overdraft	50000	Fixtures and fittings	350000	Â
Outstanding Gas Payment	7500	- Depreciation	-70000	280000
Outstanding Wages	30000	Â	Â	Â
Â	Â	Â		Â
Â	555000	Â	Â	555000

FINAL ACCOUNTS OF KENNY PATON LTD.

Statement of P&L A/c of Kenny Paton Ltd.
Dr.	Â	Â	Cr.	Â
Particulars	Amount (Â£)	Particulars	Amount (Â£)	Â
To Opening Stock	86000	By Sales	2068000	Â
To Purchases	1054000	By Closing Stock	78000	Â
To Gross Profit	1006000	Â	Â	Â
Â	Â	Â	Â	Â
Â	2146000	Â	2146000	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
To Distribution Costs	367000	By Gross Profit	1006000	Â
To Administration Costs	287000	Â	Â	Â
To Outstanding Interest	14274	Â	Â	Â
To Outstanding Dividend	152000	Â	Â	Â
To Depreciation:	Â	Â	Â	Â
On Plant & Machinery	119700	Â	Â	Â
On Office Equipment	26400	Â	Â	Â
To Outstanding Corporation Tax	30000	Â	Â	Â
To Net Profit	9626	Â	Â	Â
Â	1006000	Â	1006000	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
Â	Â	Â	Â	Â
Balance Sheet for Kenny Paton as on..
Liabilities	Amount (Â£)	Assets	Â	Amount (Â£)
Â	Â	Â	Â	Â
Â£1 ordinary shares fully paid	1520000	Account Receivables	Â	619000
Net Profit	9626	Bank	Â	45000
Dividend declared	152000	Closing Stock	Â	78000
Bank Loan	549000	Premises	Â	1345000
Outstanding Interest	14274	Plant & Equipment	798000	Â
Trade Payables	640000	- Depreciation	119700	678300
Outstanding Corporation Tax	30000	Office Equipment	176000	Â
Â	Â	-Depreciation	26400	149600
Â	2914900	Â	Â	2914900

Â 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.Â
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

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

INTRODUCTION

FINAL ACCOUNTS OF GREG PALMER

FINAL ACCOUNTS OF KENNY PATON LTD.

Â DIFFERENCES BETWEEN AN INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION

Cite This Work

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