Accounting Assignment

Questions: an) Understand the language of money related bookkeeping and budgetary announcing. b) Explain the reason, substance, group and handy utilizations of the accompanying budget summaries, the Profit and Loss Statement, the Balance Sheet, and the connection between these fiscal summaries. c) Understand the bookkeeping cycle and the business procedure of bookkeeping data frameworks and their moral ramifications. Participate in the assessment, improvement or execution of electronic bookkeeping data frameworks. Answers: Pay Statement for the month finished on 31 October, 2012 points of interest Sum (in $) Deals 4000 2,13,213.00 Less: Cost of products sold 5010 (1,63,380.00) All out Income 49,833.00 Costs Intrigue cost 5020 46,000.00 Cost on pay rates 5040 22,500.00 Costs Sundry 5060 11,660.00 Cost on Advertising 5070 750.00 Cost on Insurance 5080 800.00 Cost on Rent 5090 5,000.00 Cost on Bad obligations 5100 5,496.00 Cost on Inventory depreciation 5110 4,800.00 cost on Depreciation of structures 5120 2,917.00 cost on Depreciation of engine vehicle 5130 375.00 Complete Expenses 1,00,298.00 Total deficit (50,465.00) Accounting report as on 31 October, 2012 Specifics Sum (in $) Resources Current resources Money 1010 88,323.00 Records receivable 1020 1,20,510.00 suspicious obligations recompense 1030 (5,666.00) 1,14,844.00 Stock 1040 2,00,740.00 Prepaid protection 1050 11,200.00 lease Prepaid 1060 45,000.00 Publicizing Prepaid 1070 1,250.00 Non-current resources Structures 1100 14,00,000.00 Structures - Accumulated devaluation 1105 (1,77,917.00) 12,22,083.00 Engine vehicle 1200 45,000.00 - engine vehicle - Accumulated devaluation 1205 (9,375.00) 35,625.00 Absolute resources 17,19,065.00 Liabilities Offer Capital 3010 12,79,200.00 Held profit 3020 (50,465.00) Non Current liabilities Bank Loan 2100 2,76,000.00 Current liabilities Records payable 2010 1,25,670.00 Intrigue payable 2020 46,000.00 Annual expense payable 2030 - Pay rates payable 2040 22,500.00 Arrangement for worker privileges 2050 8,500.00 Gathered costs 2060 11,660.00 Absolute Liabilities 17,19,065.00