AFT1043 - Fundamental of Accounting - Complete Set of Accounting Records - Accounting Assignment Help

Assignment Task

Imagine that you and your partners own a business. You are required to produce a complete set of accounting records. Visualize the transactions that might occur in order to run a business within two months. Please consult your lecturer to determine a specific industry for your business. (For L3, choose manufacturing business)

The number of transactions must meet the minimum requirements as follow:

Revenue - 3 to 5 transactions

Expenses - 7 to 10 transactions

Assets and depreciations – 5 to 7 transactions

Liability - 5 to 7 transactions

REQUIREMENT:

1. Briefly share the background of your business

2. List all the transactions as required above.

3. Following accounting format, produce all the listed accounting documents.

a) Journals

b) Ledgers

c) Trial balance

d) Income Statement

e) Balance Sheet 4. Conclude the report by sharing the potential of your business based on its financial performance.

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