Statement of financial position

plagiarism free 1500 words 5-8 references all in harvard style Question 1: The following is a summary of the transactions that took place in ADEEB Ltd during October 2020: TRK Ltd. his birthday. Required a) Record the above transactions in a set of journal entries. (20 marks) b) Open ledger accounts for Cash Insurance and Sales and calculate their final balances at the end of the period. (10 marks) c) Discuss Five types of common errors appearing in the trial balance. You must use relevant academic literature in your answer. (10 marks) Question 2 a) Discuss the following accounting concepts: going-concern conservatism and the matching concept giving examples of how they may be applied in the financial reports. You must use relevant academic literature in your answer. (10 marks) b) Discuss three differences between the Income Statement and the Balance Sheet (statement of financial position). You must use relevant academic literature in your answer. (10 marks) c) ADB Ltd has the following trial balance as at 31st December 2020 ££ Sales Motor Vehicles Accumulated Depreciation for Motor Vehicles Opening Stock (as of 1st Jan. 2020) Salaries expense Accounts Receivables Fees received Cash Purchases Notes Payables Rent Expenses Utilities Expense Machines Accumulated Depreciation for Machines Share Capital The following information is also available: – 90000 15000 20000 75000 40000 50000 10000 25000 60000 385000 150000 45000 45000 40000 30000 75000 385000 (1) Closing stock at the 31st December 2020 is £10000 (2) Included in Utilities expense costs of £12000 which are paid for the year ended on 30th June 2021. (3) Late rent of £10000 is due and has not been paid or included in the rent expense yet. (4) Depreciation follows straight line method 20% for Motor Vehicles and 10% for Machines. Required Showing full workings you are required to: – Prepare an Income Statement and a Balance Sheet for ADB Ltd as at 31st December 2020. check the file below for more in Requirements: 1500 | .doc file October 1st ADEEB started a new business with £50000 cash. October 3rd bought equipment at a cost of £15000 on credit from LMS Ltd. October 4th paid £5000 monthly rent. October 6th bought inventory using £12000 cash. October 9th sold stock of £14000 for cash and sold goods of £6000 on credit to October 12th collected the £6000 cash from TRK Ltd. October 14th paid £3000 monthly insurance. October 16th ADEEB took £500 cash from the business to buy a gift for his son on October 28th paid £1000 monthly bills. October 29th paid £15000 to LMS Ltd.

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