Why Are Financial Statements Important for Business - Accounting Assignment Help

Assignment Task

Question 1
Journalize the following transactions and post them to ledger. From the following transactions of Phoenix Inc for Oct ,2016.
(i)Journalize the below transactions
(ii)Post the Journal entries in to ledger accounts
Date Transactions
2016 Oct 1 Niel started business with cash $ 800,000
Oct 2 purchased goods worth $ 3000
Oct 15 Sold goods for $ 25000
Oct 18 Purchased stationeries $4000
Oct 23 Purchased furniture for $ 24,000
Oct 25 Paid electricity charges with cash $3000
Oct 26 Paid Salary $18000
Oct 28 Paid rent $500
“Bookkeeping is synonymous to accounting” Analyze this statement. (500 words)

 

Question 2
Prepare income statement and balance sheet of Indus Corp as on 31st Dec,2016.

• Particulars Amount ($ ‘000)
• Sales 37,436
• Cash 4,895
• Cost of goods sold 26,980
• Accounts Payable 7,156
• Accounts Receivable 5,714
• Selling, general, and administrative expense 3,624
• Inventories 8,517
• Research and Development expense 1,982
• Plant and Equipment 7,154
• Interest expense 450
• Long term liability 20105
• Land 981
• Income tax expense 1,100

Question 3

• ABC Industries is in the Business of manufacturing agro equipment. Prepare the cash budget for the quarter April to June, based upon the following data and additional information.
• Month Sales Purchases Wages Selling Overheads Office Overheads Mfg.Overheads
• January 60,000 36,000 9,000 4,000 2,000 4,000
• February 62,000 38,000 8,000 5,000 1,500 3,000
• March 64,000 33,000 10,000 4,500 2,500 4,500
• April 58,000 35,000 8,500 3,500 2,000 3,500
• May 56,000 39,000 9,000 4,500 1,000 4,000
• June 60,000 34,000 8,000 4,500 1,500 3,000
   

Additional Information :

• The Cash balance at 1 April is $ 800000.
• Sales: 40?sh sales and 60% is collected in the month following sales.
• Purchases are all on credit and are paid after 2 months.
• A plot of land was purchased in December (Previous year) and $ 87,000 is payable in April.
• Wages are paid two month in arrear and all overheads are settled after a month they are incurred.
• ABC Industries is due to repay a loan of $ 16,000 in May.
• A dividend of $ 80,000 is expected to be received in May.
   

This Accounting Assignment has been solved by our Accounting Experts at My Uni Papers. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
    

Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.