Attention all the students studying the ACCT1008 unit. The accounting assignment help providers at My Assignment Services know that you have ACCT1008 assignment part B answer to write. When you have the assignment, you must be also looking for guidance. That is why we have this blog to explain to you how to write the answers to the questions involved.
- This question talks about a business called The Heavenly Scent.
- Run by Rose Lief, it sells aromatherapy essential oils.
- Also runs aromatherapy courses
- Sells bamboo diffusers
- The business is successful and the owner hired a graduate accountant for record keeping.
What you have to do in this ACCT1008 assignment part B answer?
On the basis of the trial balance sheet provided in the question, you need to prepare the balance day adjusting journals. In the accounting profession, there are a lot of instances when the accountants have to prepare the balance day adjustment entries. These entries allocate the income and expenditures of the business.
The ACCT1008 assignment part B answer will use the details of the income and expenses from the question. Divide them into the categories of addition to the balance sheet or subtraction to the balance sheet.
The details for the balance day adjustments are –
These are further justifications from the balance sheet so that you are confused and have to think more about how to use them in ACCT1008 assignment part B answer.
The first thing that comes to the mind by reading the word financial statement is that you need to either prepare a balance sheet or to analyse the balance sheets.
Looking at the question carefully, you can see that –
A parent company called Paddy Lock
The subsidiary is Latest Locks
Below is the trial adjusted balance sheet to be used in ACCT1008 assignment part B answer. That means the sheet is already adjusted for the balance day. You simply need to prepare the financial statements as per the question asks you to.
The first one says to prepare the financial statement for a fully classified income statement. This means that you need to prepare the income statement that shows various sources of revenue of the business, the expenses incurred and the profits that the business earned. As the name suggests, these all these entries have to be totals of the various revenue and expense classifications as defined in the balance sheet for ACCT1008 assignment part B answer.
The letter to Ms Lief will include a date and the address of the receiver (Ms Lief) as specified in the question file. To write this business letter, you need to take a search stroll through the internet and search for the templates that you can use for the business email. Remember that your ACCT1008 assignment part B answer template must be suitable for the type of letter you are writing.
The letter will be a detailed document in itself. Hence, you need to divide the letter into various sections using headings. For example, you can give a heading of Requirements of Client and talk about all that Ms Lief has asked you for in that section. Do not simply repeat the question in your ACCT1008 assignment part B answer. Explain a bit about these requirements so that the solutions can be delivered covering all the points.
This question has a detailed balance sheet given and you have to prepare the statement of cash using pro forma. For an accounting student, pro forma is when the earnings of the organisation do not include unusual and nonrecurring transactions. The may be declining investment values, restructuring costs, etc.
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