Principles of Accounting Project Details Choose business of your own choice with a minimum investment of...

Transcribed Image Text:

Principles of Accounting Project Details Choose business of your own choice with a minimum investment of Rs. 2 million. You have to prepare accounting cycle of I month with minimum of 10 general transactions. Steps you have to cover are: general joumal, the ledger (T-accounts). Next step is the preparation of trial balance. After that you have to prepare financial statements which include: Income statement, Statement of retained earnings and Balance sheet. Closing entries/closing of accounts, after closing trial balance lastly, in the end you have to write down one page conclusion. Contents to be covered 1. Introduction (business) 2. General Journal 3. The Ledger 4. Trial Balance 5. Financial Statements (Income statement, statement of Retained carnings and Balance sheet). Also write down (financial statement) analysis. 6. Closing entries 7. After elosing Trial Balance 8. Conclusion Guidelines • Project should be hand written (Neat and clean). • Copied project will be graded F. • Late submission will result in deduction of marks. • Submission date: On or before 26 December 2020. • Mode of submission will be LMS. In case if server is not responding you all have to mail it to me directly. Principles of Accounting Project Details Choose business of your own choice with a minimum investment of Rs. 2 million. You have to prepare accounting cycle of I month with minimum of 10 general transactions. Steps you have to cover are: general joumal, the ledger (T-accounts). Next step is the preparation of trial balance. After that you have to prepare financial statements which include: Income statement, Statement of retained earnings and Balance sheet. Closing entries/closing of accounts, after closing trial balance lastly, in the end you have to write down one page conclusion. Contents to be covered 1. Introduction (business) 2. General Journal 3. The Ledger 4. Trial Balance 5. Financial Statements (Income statement, statement of Retained carnings and Balance sheet). Also write down (financial statement) analysis. 6. Closing entries 7. After elosing Trial Balance 8. Conclusion Guidelines • Project should be hand written (Neat and clean). • Copied project will be graded F. • Late submission will result in deduction of marks. • Submission date: On or before 26 December 2020. • Mode of submission will be LMS. In case if server is not responding you all have to mail it to me directly.

Answer rating: 100% (QA)

A JOURNAL ENTRIES 2 DATE PARTICULARS DEBIT Credit Calcula... View the full answer