A/508/0496 | Financial Accounting | Proper Guidelines and Procedures

Learning outcomes

LO2 -  You need to prepare the final accounts for the sole trader and limited partnership and limited companies. You have to use the appropriate principles, conventions, and standards. All the financial statements need to be prepared in a vertical running balance sheet.

LO3 – make bank reconciliation statements in order to ensure company and bank records.

LO4 -  Reconcile control accounts and shift recorded transactions

Assessment

Question 1 – you need to prepare the final accounts from the trail balance where the figured are given below.

Question 2- You need to prepare the final accounts for the limited company

Question 3- You are required to analyse the comparison between the income statement and statement of financial position.

Question 4- Develop one bank conciliation including the process of bank conciliation. Explain how this helps in rectifying the general accounts and balance sheet.

Question 5- Discuss in detail that how control accounts and suspense accounts are reconciled.