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  • Accounting Cycle Task

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    The accounting cycle has 5 stages: 1) transactions are recorded, 2) journal entries are made, 3) ledger accounts are maintained, 4) a trial balance is prepared, and 5) final accounts including trading account, profit and loss account, and balance sheet are prepared. The stages involve recording business transactions, making debit and credit journal entries, maintaining ledger accounts with debit and credit amounts, preparing a trial balance to check the equality of debits and credits, and finally preparing the key financial statements.

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    Indian railway

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    Accounting Cycle task

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    The accounting cycle has 5 stages: 1) transactions are recorded, 2) journal entries are made, 3) ledger accounts are maintained, 4) a trial balance is prepared, and 5) final accounts including trading account, profit and loss account, and balance sheet are prepared. The stages involve recording business transactions, making debit and credit journal entries, maintaining ledger accounts with debit and credit amounts, preparing a trial balance to check the equality of debits and credits, and finally preparing the key financial statements.

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    © All Rights Reserved
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    6 views4 pages

    Accounting Cycle Task

    Uploaded by

    jeya chandran
    The accounting cycle has 5 stages: 1) transactions are recorded, 2) journal entries are made, 3) ledger accounts are maintained, 4) a trial balance is prepared, and 5) final accounts including trading account, profit and loss account, and balance sheet are prepared. The stages involve recording business transactions, making debit and credit journal entries, maintaining ledger accounts with debit and credit amounts, preparing a trial balance to check the equality of debits and credits, and finally preparing the key financial statements.

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    © All Rights Reserved
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    of 4

    Accounting Cycle (From Transactions to Final Accounts)

    Five Stages

    1. Transactions
    2. Journal Entries
    3. Ledger
    4. Trial Balance
    5. Final Accounts

    1. Transactions in XYZ Ltd.

    • Started Business with Rs. 100


    • Credit Purchases from Krishna – Rs. 80 (80 units)
    • Cash Sales - Rs. 90 (60 units)
    • Factory Rent – Rs. 5
    • Office expenses – Rs. 5
    • Machinery purchased – Rs. 10
    • Repairs to Machinery – Rs. 1

    Adjustments: Closing Stock – Rs. 20

    2. Journal Entries

    Date Particulars LF Dr Cr
    3. Ledger

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c
    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    _________ A/c

    Dr Cr
    Date Particulars JF Amount Date Particulars JF Amount

    4. Trial Balance

    Trial Balance

    SN Particulars LF Dr Cr
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    Total 180 180
    5. Final Accounts

    Trading A/c of XYZ ltd for the year ending______

    Dr Cr
    SN Particulars Amount SN Particulars Amount

    Profit & Loss A/c of ABC Ltd for the year ending____

    Dr Cr
    SN Particulars Amount SN Particulars Amount

    Balance Sheet of XYZ ltd as on 31st March _____

    Liabilities Assets
    SN Particulars Amount SN Particulars Amount

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