1) You recently got an internship and for your first task, you have been asked to...

  

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1) You recently got an internship and for your first task, you have been asked to respond to a client's email. Your client Makeni & Sons have sent in the below information relating to their business activities in the past month: Capital of £40,000 was introduced by Makeni & Sons. £37,500 was paid into the bank and £2,500 was kept as cash in hand Goods were purchased for £6,000 and paid by cheque Makeni & Sons purchases goods worth £1,000 on credit from Timothy Briggs & Co 1 July 6 July 7 July 7 July 9 July 14 July Office equipment were purchased for £20,000 by cheque 18 July Makeni & Sons paid for a Makeup Artistry Course costing £1,000 from the business bank account Mooney returns goods worth £100 20 July 20 July Timothy Briggs & Co offered Makeni & Sons a 5% cash discount if payment is made within 7 days Makeni & Sons returns goods which he had originally bought for £160 by cheque 23 July 26 July Makeni & Sons withdraws £1,800 cash from the bank 26 July Makeni & Sons pays Timothy Briggs & Co account by cheque. Sales of £8,000 were made to Mooney on credit Rent was paid at the cost of £1,400 by cheque Required: 1) Write to Makeni & Sons, explaining the following: • whether the accounting information that were provided by Makeni & Sons are useful and the reasons for suggesting that . [15marks] the accounting assumptions and the regulatory body that provide guidance in the development of the accounting principles. [35 marks] 2) Advice Makeni & Sons drawing on knowledge from the duality concept. Your advice should centre on what the business owns using your T-account balances. [50 marks] 1) You recently got an internship and for your first task, you have been asked to respond to a client's email. Your client Makeni & Sons have sent in the below information relating to their business activities in the past month: Capital of £40,000 was introduced by Makeni & Sons. £37,500 was paid into the bank and £2,500 was kept as cash in hand Goods were purchased for £6,000 and paid by cheque Makeni & Sons purchases goods worth £1,000 on credit from Timothy Briggs & Co 1 July 6 July 7 July 7 July 9 July 14 July Office equipment were purchased for £20,000 by cheque 18 July Makeni & Sons paid for a Makeup Artistry Course costing £1,000 from the business bank account Mooney returns goods worth £100 20 July 20 July Timothy Briggs & Co offered Makeni & Sons a 5% cash discount if payment is made within 7 days Makeni & Sons returns goods which he had originally bought for £160 by cheque 23 July 26 July Makeni & Sons withdraws £1,800 cash from the bank 26 July Makeni & Sons pays Timothy Briggs & Co account by cheque. Sales of £8,000 were made to Mooney on credit Rent was paid at the cost of £1,400 by cheque Required: 1) Write to Makeni & Sons, explaining the following: • whether the accounting information that were provided by Makeni & Sons are useful and the reasons for suggesting that . [15marks] the accounting assumptions and the regulatory body that provide guidance in the development of the accounting principles. [35 marks] 2) Advice Makeni & Sons drawing on knowledge from the duality concept. Your advice should centre on what the business owns using your T-account balances. [50 marks]

Answer rating: 100% (QA)

Answer Dear Makeni Sons Thank you for providing us with the details of your business activities in the past month Based on the information provided we can confirm that the accounting information is us... View the full answer