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ACC INDIVIDUAL ASSIGNMENT FORM MC CLASS
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Suppose you are starting a new business in merchandise industry - Daria Beauty. Based on transaction analysis, prepare General Journal for the first month of operating. Produce Income statement and Balance sheet in good form.
Name: Phạ m Lan Anh Subject: ACC
Roll number: HS Class: MKT
13 October, 2021
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I. Introduction
TABLE OF CONTENTS
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0 3 II. Contents
0 9 III. Conclusions
1 0 IV: References
Items and Services of Daria Beauty
Daria Beauty specializes in providing services for all beauty subjects, especially famous artists in Vietnam.
Nail Care Nail Decoration
Body Massage Nail Polish
Decoration Items
II. Contents
After several months of planning, Anh Daria started a nail salon business called Daria Beauty. The following events occurred during the first month of business:
Trial balance is an accounting spreadsheet in which the balances of all ledgers are aggregated into equal totals of debit and credit account columns. From the Transaction Analysis, it is easy to complete the trial balance through the transactions that have been summed up in the last row. From that, we can see Daria Beauty's trial balance at the end of June, both debit and credit have a total account column of VND 671,400,000. After that, the next steps can be completed and the company account can be tracked for a month.
Balance Sheet refers to a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. In short, a balance sheet is a financial statement that provides an overview of what a company owns and owes, as well as the amount invested by its shareholders. The balance sheet can be used with other significant financial statements to conduct fundamental analysis or calculate financial ratios. After completing the Income Statement, the next step is to complete the Balance Sheet. In the first month of operation of Daria Beauty, the total assets of the company including cash, furniture, and equipment are VND 361,400,000. It is completely equal to total liabilities and equity equivalent to VND 20,000,000 and VND 341,400,000.
III. Conclusions
After three analysis tables as the trial balance, income statement and balance sheet analyzed transactions that took place from June 1 to the end of June of Daria Beauty. From the Income Statement table, the company has Net Income of 241,400,000 VND, showing that the company has been profitable since the first month of operation. This is one thing that starts the success of any startup. This is understandable because the head of the company, Ms. Anh Daria, already has a name in the nail-artist market when she has a lot of experience and has worked with many famous artists in Vietnam.
It leads to absolute trust for interested customers and truly satisfied products. Also in the same month, the value of Mr. Daria's assets increased from VND 250,000,000 to VND 341,400, after deducting the withdrawal transaction made on 30 June. After one month of operation of Daria Beauty, the total assets of the company is 361,400,000 VND. The company's operation in the first month went quite smoothly when it had stable revenue to maintain the next round of capital for the following month.
I N D I V I D U A L
A S S I G N M E N T
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This assignment is for university course reporting only, is not intended for actual business use. The copyright is in the References at the end of the report.
