Learning Aims
A: Undertake the accurate recording of financial transactions using the double entry accounting system
B: Carry out bank reconciliation as a function of accurate financial control
C: Construct control accounts for debtors and creditors for accurate financial control
D: Examine the correction of errors in accounting records for financial control
Vocational Scenario or Context
You have recently been appointed as a Senior Accountant at Earnest & Dustin, a reputable professional accountancy firm known for its expertise in financial advisory and accounting services. With your extensive experience and comprehensive knowledge of accounting principles, you are tasked with evaluating various accounting issues presented by our diverse range of clients. Your role entails not only addressing these concerns but also providing clear, concise explanations of the underlying accounting mechanisms and procedures involved.
As a trusted advisor, clients will rely on your expertise to navigate complex financial scenarios, ensure compliance with regulatory standards, and make informed decisions to optimize their financial performance. Your analytical skills, attention to detail, and ability to communicate intricate accounting concepts in a straightforward manner will be paramount in providing the highest level of service to our valued clientele
From reconciling financial statements to advising on tax implications, your responsibilities will encompass a wide spectrum of accounting tasks. Each client engagement will present unique challenges and opportunities, requiring a tailored approach to address their specific needs.
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In this assignment, you will encounter three distinct client scenarios, each with its own set of accounting issues. Your task is to thoroughly analyze these situations, elucidate the relevant accounting mechanisms, and recommend appropriate courses of action. Your ability to navigate these complexities will not only demonstrate your proficiency as a seasoned accountant but also reinforce Earnest & Dustin’s commitment to delivering exceptional financial solutions.
Remember, your role extends beyond number crunching; it encompasses being a trusted partner, providing insightful guidance, and ensuring the financial well-being of our clients. Your dedication and expertise will play a pivotal role in upholding our firm’s reputation for excellence in the field of professional accountancy.
Task 1
Dunkin & McGregor is one of your major Client and is engaged in organic products manufacturing and selling Initially the company accounting function was handled by one of their engineers, due to which their recent bank loan applications has been rejected as their accounting records was not in conformity with generally accepted accounting principles and standards. They have approached your firm for preparation of proper accounting record including Journal, Ledger and Trail Balance. The transactions for the month of August 2023 has been given in Annexure 1. From the information given in Annexure 1 you are required to produce
- Journal forthe Month of August 2023
- Ledgers of all these accounts for August 2023
- Trial balance forthe month of August 2023.
The company has further asked for your assistance by submitting the recent audit objection reports by their auditor for the errors found in their accounting record as given in Annexure -B. You are requested by the client to rectify these errors along with a brief description of the error.
These accounting record and statement should be accompanied with a letter to the company management, explaining to them the basis on which the accounts are prepared including duality, accrual, matching and objectivity concepts. Moreover, the depreciation concept and bad debts needs to be explained In furtherance to this you are required to explain the nature of the errors pointed out by the auditors in the annexure B, the accounting mechanism behind rectification and the reason necessitating these rectifications
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