Report for the accounting simulation project

Assignment Help Accounting Basics

Reference no: EM133806648

INTRODUCTION TO FINANCIAL ACCOUNTING

In this group project, the students are expected to work collaboratively with each other in a team to complete the accounting simulation project. At the end of this group project, every team is expected to submit a written report for the accounting simulation project. Every student should demonstrate a teamwork skill which is defined as a set of behaviors, that can be learnt, which provide the individual with the capability of working towards team goals whilst maintaining own integrity.

INSTRUCTIONS:

Form a team with a maximum of 4 members. Every team is expected to plan before start and every teammate is expected to contribute and manage any conflict arises accordingly. Need Immediate Assignment Help? Click Here to Get Assistance!
Set up a sole proprietorship business selling goods/products to customers locally
(name your business and your product).
Submit a written report with the following information:
Business background by including (not limited to) name of the business, place of business, business activities, capital contribution, financial year end.
Business transactions for the first month of your business. Clearly state the month of the business transactions. The business transactions created are between your business and supplier, and between your business and customers. The business transactions should include:

1 cash and 1 non-cash capital contributions 1 credit purchase of non-current asset
3 credit purchases 1 cash purchase of non-current asset
1 cash purchase 1 cash drawing
3 credit sales 1 goods drawing
1 cash sale 1 non-current liability
2 purchases returns 2 expenses
2 sale returns 2 incomes
Journalize the business transactions in the appropriate journals (sales journal, purchase journal, return inwards journal, return outwards journal, cash receipts journal, cash payments journal, and general journal).
Prepare the appropriate ledgers accounts (General ledgers, purchase ledgers and sale ledgers).
Prepare a Trial Balance as at the end of the month.

Reference no: EM133806648

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