An asset Register of Property

Question:

The following tasks you just make up figures they just require practical use

Demonstrate the following task:

Task 1

Prepare an asset register by:

.using fixed asset transactions to prepare an asset register of property, plant, and equipment

.determining the appropriate depreciation method for the assets and using calculations to update the asset register

Maintaining the asset register by:

.adding a new asset to the asset register

.calculating the depreciation on the assets in an asset register

.demonstrate the following task:

Task 2

Record general journal entries for balance day adjustments by:

.recording depreciation of non-current assets

.disposing of fixed assets

.adjusting expense and revenue accounts for prepayments and accruals

.recording bad and doubtful debts in general journal

.reconciling accounts and correct inaccuracies in journals

Prepare final general ledger accounts by:

.making balance day adjustments in general journal using information from general journal

.posting revenue and expense account balances to general ledger

.preparing general ledger accounts to reflect gross and net profits for reporting period

Task 3.a

Prepare revenue statement to reflect operating profit.

Task 3.b

Prepare balance sheet to reflect financial position.

Task 3.c

Demonstrate the following task:

Task 3.c

Identify and correct erors that affect end of period financial reports.

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