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Accounting Assignment 1 Part B

1. The document outlines steps for conducting an activity to understand business transactions and prepare a balance sheet. 2. It involves identifying a business, transactions that impact assets, liabilities and equity, and analyzing their effect on the accounting equation. 3. Steps include listing 10 transactions, calculating ending assets, liabilities and equity, defining a balance sheet, and preparing one based on the transactions.

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Pacific
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Download as PDF, TXT or read online on Scribd
66 views

Accounting Assignment 1 Part B

1. The document outlines steps for conducting an activity to understand business transactions and prepare a balance sheet. 2. It involves identifying a business, transactions that impact assets, liabilities and equity, and analyzing their effect on the accounting equation. 3. Steps include listing 10 transactions, calculating ending assets, liabilities and equity, defining a balance sheet, and preparing one based on the transactions.

Uploaded by

Pacific
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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S.

No Activity

Identify / Start a business – Trading / Service /


1
Manufacturing

Select/Decide the forms of ownership of the business


2
organization
Interact with your / any company accountants to know
3
business Transactions

4 Read a text to know assets, liabilities and equity

Analyze the relationship between assets, liabilities and


5
equity
Identify TEN different possible transactions in the
6
business described by you in point 1
Analyze the impact/effect of each such transactions on the
7
accounting equation one after another
Measure the assets, liabilities and equity of the business at
8
the end of 10th transaction
9 Browse/search for the meaning of balance sheet
Prepare a balance sheet of your business on your own
10 based on the 10 transactions identified in point 6 or point
8
THE REPORT OF THE ACTIVITY TO BE SUBMITTED IN A PDF FILE
Required to be done

Describe the business activity in brief

Name the business organization

Describe the meaning of business transaction in two lines

Write THREE examples for assets, liabilities and equity

Write down all Accounting equations

List out those Ten transactions identified


Write down the new accounting equations with all possible
details for each transaction one after another
List down all the items available in the business at the end
separately under assets, liabilities and equity
Describe the meaning of balance sheet in one sentence on
your own words

Display the balance sheet so prepared

TIVITY TO BE SUBMITTED IN A PDF FILE


Answer
A Global Supply Chain Management Company established in the year 2019 who provide engineering support
and manufacturing solution for critical applications with high dimensional accuracies and mechanical efficiency
to meet the customer demands.

Accredited precision machined parts manufacturer and service provider in the field of global supply chain
management. The primary vision of the founders, which continues to this day, is to manufacture machined
parts to the highest standards and services so as to be of fabulous motivator to their clients

ANASUYA ENGINEERING Services pvt ltd


A business transaction is an event involving an interchange of goods, money or services between two or more
parties which plays an important role in deciding the financial condition of an organisation.
1. Assets are tangible and intangible objects of value that the organisation owns.
For ex- Land, Building, Equipments, accounts receivable, Machinery, cash in bank
2.Liabilities are the debts/ obligations that the company owes to others
For ex - bank loans, mortgages, unpaid bills,accounts payable
3-Equity is the amount of capital invested or owned by the owner of a company
For ex- Capital contribution, Retained earnings, sales, purchases,Income tax
Assets = Liabilities+ Equity
Liabilities = Assets - Equity
Equity = Assets - Liabilities

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