Team will select one business of service nature and will develop corporation Equity Structure. following are to be prepared while working on project .
       A ) In Word document. ( prepare automatic table of content)
        1. Prepare a summary to introduce your service based business you are newly starting.(no brand names to be used)
       2. Write atleast 60 transactions statement for general entries for one accounting period on monthly basis .(to be prepared by each member)
         3. List "Chart of accounts" used in business throughout the accounting period
B ) In Excel.
         4. Recorded 60 transactions in Journal general through out the year. (with proper format)
         5. Post to appropriate Ledger accounts. (with proper format)
         6. Prepare Trail balance. (with proper format)
         7. Prepare adjusting entries on monthly basis (find general entries that require adjustments and prepare them.
these entries are excluded from 60 above transactions). and also update trail balance on monthly basis.
          8. Prepare all financial statement on the last month of your accounting period. (with proper format).
          9. Prepare closing entries and update Trail balance after closing entries.

NOTE : FOLLOW THE FORM OF BUSINESS AND NATURE OF BUSINESS IDENTIFIED

Note: * use word document and excel for your project report and upload both on deadline.
           * prepare adjusting entries on monthly basis
           * Data is to be developed for 1 accounting period i.e. 1 July 2020 to 30 June 2021.
             * make trail balance with dates as you update them (can be more than 12 trail balances in this accounting period including adjusted trail balance, after-closing trail balance)

Answer rating: 100% (QA)

A Word Document 1 Introduction Summary Provide a brief overview of the servicebased business without revealing its brand name Mention the nature of th... View the full answer