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I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking place between 1 april 2013 to 30 june 2013(accounting period is 3 months). It should include 40 transactions in following manner : capital 1(71 lacs only cash) rupees(cash), purchase of assets 3 , procuring a bank loan 1 , purchase of goods 6 (cash 3, credit 3) ,sale of goods 6 (cash 3, credit 3) ,incomes and expenses 10 , payment to creditors 2(with discount 1 , without discount 1), receipts from debtors 2 (with discount 1 , without discount 1) , purchase return 2 ,sales return 2, bad debts 1 ,drawings 2 (cash 1 , goods 1) , charity 1 , free sample 1. Totol -40 transactions (only). I need this 40 transactions which should be simple as i have to prepare journal, ledger,vouchers,trial balance and final accounts from this
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
Q. Example of accumulated depreciation account? The accumulated depreciation account doesn't represent cash that is being set aside to change the worn out asset. The un-depreci
Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
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