Financial Accounting Assignment
Task 1: Enter the above transactions in the appropriate subsidiary book/book of original entry and then post the transactions to the relevant ledgers. Ensure that you use all the relevant books. The opening entries should be shown in the General Journal for the period.
Task 2: Prepare the Trial Balance as at January 31, 2018.
Task 3: On a Stock/Store Ledger, determine the value of the closing stock using the:
• LIFO method of stock valuation for the Computer Store
• FIFO method of stock valuation for the Clothing Store.
• AVCO method of stock valuation for the Small Appliances and Household Items Store.
NB. You are only required that applies to your business, not all three (3).
Task 4: Prepare the Financial Statements for the period ending January 31, 2018.
Task 5: (1) Update the Cashbook for January 2018 and balance it off.
(2) Draw up a Bank Reconciliation Statement as at January 31, 2018; reconciling the corrected cash book balance with the bank statement
Task 6: Enter the above transactions in the appropriate subsidiary book/book of original entry and then post the transactions to the relevant ledgers. Ensure that you use all the relevant books. The opening entries should be shown in the General Journal for the period.
Task 7: Extract a trial balance as at February 28, 2018.
Task 8: Prepare the Financial Statements for the period ending February 28, 2018. The following additional information must be considered when preparing the financial statements:
1. Closing Stock as per the stock valuation method used as per Task 3 above.
2. Depreciate non-current assets as follows:
a. Fixtures & fittings - 15% on the straight line basis.
b. Delivery van - 20% on the reducing balance basis
c. Machinery - 20% on the reducing balance basis.
d. Computer desk - 25% on the straight-line basis.
e. Land is not depreciated.
3. The following expenses were outstanding at the end of February 2018:
a. Water rates $3,500
b. Telephone $1,750
c. Electricity $2,590
4. The following expenses were paid in advance:
a. Machine Maintenance $1,500
b. Cleaning expense $500
5. $1,800 of the amount owed by M. Jackson is to be written off as bad debt.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Project-Assignment.rar