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Part 1
(a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping.
(b) How does profit fit into the accounting equation?
(c) What is the purpose of double entry bookkeeping?
Part 2
Alex Bisset started in business on 1 July 2011. His trial balance as at 30 June 2012 was as follows:
Alex Bisset trial balance as at 30 June 2012
DR CR
£ £
Opening capital 10,000
Capital contributed during the year 6,000
Drawings 3,000
Bank loan 5,000
Non-current assets 20,000
Receivables control 7,250
Cash 4,500
Payables control 6,750
Sales 50,000
Purchases 35,000
Other expenses 8,000
77,750 77,750
Calculate profit earned during the period using both the balance sheet approach and the income statement approach to income determination.
Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
1000 words
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
base-case NPV
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
identify the income statement account
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