TASK 1: CREATE A BUSINESS (STARTS IN JANUARY 2020)Must be a trading businessDescribe your business:Product – Choose only 1 product (What and why)Name of business and location (Where and why)List of managersList of assets (at least 2; state the cost and depreciation policy)TASK 2: TRANSACTIONS FOR DECEMBER 2020Create business transactions and include the following:2 cash purchase transactions (1 with trade discounts)• 2 credit purchase transactions2 cash sale transactions (1 with trade discounts)2 credit sale transactions2 payments from credit customers (1 with cash discounts)2 payments to credit supplier (1 with cash discounts)1 other income (no accruals or prepayments)4 expenses (no accruals or prepayments)Prepare the journal entries and post it to the ledgersTASK 3: PREPARE FINANCIAL STATEMENTS• Create your own balancesCalculate depreciation for the year• Estimate allowance for impairment of trade receivables (Why?)Prepare the statement of profit or lossPrepare the statement of financial position

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TASK 1: CREATE A BUSINESS (STARTS IN JANUARY 2020) Must be a trading business Describe your business: Product – Choose only 1 product (What and why) Name of business and location (Where and why) List of managers List of assets (at least 2; state the cost and depreciation policy) TASK 2: TRANSACTIONS FOR DECEMBER 2020 Create business transactions and include the following: • 2 cash purchase transactions (1 with trade discounts) • 2 credit purchase transactions 2 cash sale transactions (1 with trade discounts)

TASK 1: CREATE A BUSINESS (STARTS IN JANUARY 2020) Must be a trading business Describe your business: Product – Choose only 1 product (What and why) Name of business and location (Where and why) List of managers List of assets (at least 2; state the cost and depreciation policy) TASK 2: TRANSACTIONS FOR DECEMBER 2020 Create business transactions and include the following: • 2 cash purchase transactions (1 with trade discounts) • 2 credit purchase transactions 2 cash sale transactions (1 with trade discounts)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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