Reference no: EM133133095
GAC4008 Financial Accounting - Gulf College
Learning outcome 1: Demonstrate and explain the uses of key accounting systems and the recording of accounting event;
Learning outcome 2: Explain the various types of institution and prepare basic accounting statements for each.
Assessment Task
This assignment requires you to prepare a 1200 - word report on the basics of bookkeeping and the accounting process with appropriate examples. It should contain the following important points.
I. Introduction (200 words)
a. Explain the key features of Partnership companies.
b. Discuss the difference between Partnership companies and limited liability companies.
II. Discussion (800 words)
a. Provide an Accounting Equation calculation based on the following transactions:
i. A company commenced business with cash. (1 transaction)
ii. Opened a bank account with a deposit. (1 transaction)
iii. The company purchases goods for credit. (1 transaction)
iv. The company sold goods in cash and gained profit. (1 transaction)
v. The business withdraws cash for personal use. (1 transaction)
vi. Use the Accounting Equation table to show the effect of the above transactions on the assets, liabilities and capital and also show the company's Balance sheet.
b. A business commenced on 1 January 2022, with OMR 19,000 in cash. Provide examples of further financial transactions for Jan 2022.
i. Performance of sales by cash and credit (2 transactions)
ii. Goods purchased for cash and credit (2 transactions)
iii. Collection of other income by cheque (2 transactions)
iv. Payment of expenses by cheque (1 transaction)
v. Paid cash to creditors (1 transaction)
vi. Received cash from debtors (1 transaction)
c. From the financial transactions in the task (b), prepare the Pro-forma templates for the following:
i. Journal entries for the above transactions.
ii. Post them to the appropriate ledger accounts
iii. Prepare Trial balance from the ledger balances
III. Recommendation ( 200 words)
a. Discuss the advantages and disadvantages of limited liability companies.
References
• Use at least 5 sources preferably refereed accounting journals and books or e-books.
Attachment:- Financial Accounting.rar
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