• Task 2: learning outcome 2

In this task your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business.

.

• Instructions: In this task you have to:

1. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners equity statement, and balance sheet for the Period ended July 31^st. using the trial balance that you have produced in problem 2/ task1.

2. Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:

• On the 20^th of October 2019, the business purchased supplies for 8000 cash. On 31^st of December, 2019 the business found out that the supplies still on hand were 4000 only.
• The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.
• On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31^st of December 2019.
• The employees are paid salaries on the 27^th of each month. Prepare the adjusting entry of 4500 of the employees salaries that are not yet paid on the 31^st of December, 2019.

3. Use the given adjusted trial balance for ABC, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31^st.

Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content.

7 Task 2 - Financial accounting1 - Word (Product Activation Failed) VIEW FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW Sign in X Cut EELT Copy Times New Rs - 12 AA AA- A. BIU XX A.my === AaBbCcl AaBbcer AaBbCcl Aabba AaBbccc AaB AabhCoD AaBbcc AaBbaca AaBboca Normal 1 list Para... No Spar... Heading 1 Heading ? Title Subtitle Subtle Fm Fmphasis Intense F... Paste # Find - Replace Select Editing * Format Painter Clipboard Font Paragraph Stylos Adjusted Trial Balance of the ABC, LLC for the Period ended 31 of December Account Title Dr. Cr. Cash 110000 Accounts Receivable 15000 4000 Supplies Prepaid Insurance 10000 Equipment 17000 2000 9000 2000 Accumulated depreciation - Equipment Uneamed Service Revenue Taxes Payable Salaries payable Share Capital Retained Earnings Dividends 2500 110000 25000 22000 Service Revenue 39500 1500 4500 Insurance expenses Salaries Expense Depreciation Expense Supplies expenses Total 2000 4000 190000 190000 Activate Windows Gulu Sellings to activate Windows General Journal PAGE 2 OF 4 632 WORDS ENGLISH (UNTED KINGDOM + 100% O EL | Ae Ps w AO ENG 7:52 PM 1/6/2021 7 Task 2 - Financial accounting1 - Word (Product Activation Failed) VIEW FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW Sign in X cut Copy * Format Painter Clipboard Times New Re- - A A A E EEM 21 BIU XX ARY | t Normal Tlist Para... No Spar Heading 1 Heading 2 Title Subtitle Subtle Fm Fmphasis Intense F... # Find - Replace Select- Paste Font Paragraph Styles Editing Transaction Date Account Title Debit Credit 1 Dec 31 2 31 3 31 4 31 Activate Windows Gulu Sellings to activate Windows Income Statement PAGE 2054 376 OF 22 WORDS ENGLISH (UNTED KINGDOM + 100% O | Ae PS w] ENG (15 PM 1/7/2021 7 Task 2 - Financial accounting1 - Word (Product Activation Failed) VIEW FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW Sign in Times New R- - A A A E EEM 21 BIU XX Any | , X cut Copy * Format Painter Clipboard # Find - Replace Select- Paste Normal Tlist Para... No Spar Heading 1 Heading 2 Title Subtitle Subtle Fm Fmphasis Intense F... Font Paragraph Styles Editing Income Statement Service Revenues -Insurance expenses -Salaries Expense -Depreciation Expense -Supplies expenses Activate Windows Gulu Sellings to activate Windows PAGE 3 OF 4 376 OF U2 WORDS ENGLISH (UNTED KINGDOM + 100% O | Ae PS w AOC 40 ENG 616 PM 1/7/2021 7 Task 2 - Financial accounting1 - Word (Product Activation Failed) VIEW FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW Sign in X Cut Copy * Format Painter Clipboard Times New Re - A A A E EEM 21 BIU XX Any | t Normal Tlist Para... No Spar Heading 1 Heading ? Title Subtitle Subtle Fm Fmphasis Intense F... # Find - Replace Select- Paste Font Paragraph Styles Editing RE Statement Balance sheet Assets Liabilities Current Assets Equity Activate Windows Gulu Sellings to activate Windows Total Assets Total PAGE 404 316 CF 622 WORDS ENGLISH (UNTED KINGDOM + 100% O | Ae PS w] A'da ENG 616 PM 1/7/2021