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Prepare a trial balance after end of month adjustments

Assignment Help Financial Accounting
Reference no: EM13851579

Part A: manual recording

1. Record the opening balances as at 1 March 2015 in the appropriate accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers.

2. Record the transactions in the appropriate general or special journal for March 2015. Record and post all transactions from journals to the general ledger in accordance with accounting procedures.

3. Prepare schedules of accounts receivable, accounts payable and inventory as at 31 March 2015 and reconcile these with the control accounts in the general ledger.

4. Record end of month adjustments in the general journal and post these to the general ledger.

5. Prepare a Trial Balance after end of month adjustments as at 31 March 2015.

6. Prepare closing entries for March 2015

7. Prepare an Income Statement for March 2015 and a Balance Sheet as at 31 March 2015.

8. Prepare a Trial Balance after closing entries for March 2015 Pro-forma journals, ledgers, worksheets and reports are available in the assessment folder and must be used to submit part A.

Part B Computerised accounts using MYOB

1. Set up a data file for Surf haven and process the transactions for March 2015.

2. The Easy Setup Assistant can be used for the initial setup process to:

- Prepare the Chart of Accounts

- Enter the opening balances in the general ledger

- Setup customer and supplier cards and enter opening balances in the specialist modules

- Record transactions and end of month adjustments for February 2015

The Command Centre can be used to create inventory items and enter opening balances

3. Record the transactions for March 2015 using the Sales, Purchases, Banking, Accounts and Inventory modules.

4. Record end of month adjustments.

Note: End of period processing procedure must not be undertaken.

Attachment:- Surfhaven.rar

Reference no: EM13851579

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