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Accounting Task

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rjay.ortega06
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34 views

Accounting Task

Uploaded by

rjay.ortega06
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Accounting Operations Manager

Accounting Task

Task 1 - 45 Minutes
Using the information provided, please create a trial balance for the company GG-000-000
Limited as at the year-end 31 December 2022.

Please ensure you show all your workings to how you arrived at the final trial balance.

Task 2 - 15 Minutes
Please prepare an email to the client requesting any additional information you need or any
questions you may have.

Information:
Company GG-000-000 Limited was incorporated on the 1 January 2022, at which time it
opened a business account. The company has two shareholders/directors each holding 50
shares at £1 per share.

The company was set up for the purpose of buying and letting out a residential property in the
UK. In the year-ended 31 December 2022, a property has been purchased and let out to a
tenant. They receive the rental income monthly direct from the tenant.

- Shareholder/director 1 - Paul Smith


- Shareholder/director 2 - Jenny Smith

- Property purchase completed on 25 September 2022, purchase price £250,000


- Additional purchase costs of:
- Legal fees £3,500
- SDLT £7,500

- Any assets are to be depreciated on a 3-year straight-line basis.


Company Business Account
Account Name: GG-000-000 Limited

Date Reference In Out Balance Categorisation


01 January 2022 Accounted Opened £1,000.00 £1,000.00 Directors loan
16 January 2022 GetGround £175.00 £825.00 Subscription
16 January 2022 GetGround £22.80 £802.20 Subscription
17 February 2022 GetGround £22.80 £779.40 Subscription
18 March 2022 GetGround £22.80 £756.60 Subscription
19 March 2022 Paul £20,000.00 £20,756.60 Directors loan
19 March 2022 Jenny £20,000.00 £40,756.60 Directors loan
21 March 2022 FootAnstey £25,000.00 £15,756.60 Property purchase funds
17 April 2022 GetGround £22.80 £15,733.80 Subscription
10 May 2022 Currys £1,653.00 £14,080.80 Expenses - Equipement
17 May 2022 GetGround £22.80 £14,058.00 Subscription
17 June 2022 GetGround £22.80 £14,035.20 Subscription
18 July 2022 GetGround £22.80 £14,012.40 Subscription
18 August 2022 GetGround £22.80 £13,989.60 Subscription
18 September 2022 GetGround £22.80 £13,966.80 Subscription
19 September 2022 FootAnstey £1,600.00 £12,366.80 Property purchase funds
19 September 2022 Paul £223,000.00 £235,366.80 Directors loan
20 September 2022 FootAnstey £25,000.00 £210,366.80 Property purchase funds
25 September 2022 FootAnstey £209,400.00 £966.80 Property purchase funds
1 October 2022 MyBuilder £425.00 £541.80 Expenses - Repairs/maintenance
2 October 2022 Currys £260.00 £281.80 Expenses - Equipement
10 October 2022 Greenco £149.00 £132.80 Expenses - Letting fees
31 October 2022 1 Palace Road £354.84 £487.64 Income - rent
17 November 2022 GetGround £22.80 £464.84 Subscription
30 November 2022 1 Palace Road £550.00 £1,014.84 Income - rent
17 December 2022 GetGround £22.80 £992.04 Subscription
31 December 2022 1 Palace Road £550.00 £1,542.04 Income - rent
Clients notes
Funds to open the business account put in by Jenny
Company formation fee
Monthly GetGround subscription
Monthly GetGround subscription
Monthly GetGround subscription

Deposit payment to solicitors for the property


Monthly GetGround subscription
New laptop
Monthly GetGround subscription
Monthly GetGround subscription
Monthly GetGround subscription
Monthly GetGround subscription
Monthly GetGround subscription
Legal fees

Payment to solicitors for the property


Final payment for the property
General repairs around the property
Replacement washing machine
Payment to agent to find a tenant
First month rental income
Monthly GetGround subscription
Rent
Monthly GetGround subscription
Rent
Transactions paid using personal shareholder funds.

Date Reference Amount £ Categorisation Clients notes Who


10 May 2022 Esso £37.88 Expense - Travel Petrol for car to visit property Jenny
25 September 2022 Esso £77.62 Expense - Travel Petrol for car to collect keys for the property Jenny
27 September 2022 Happy House £46.00 Expense - CleaningCleaners Jenny
01 October 2023 Direct Line £283.00 Expense Insurance Paul
20 October 2022 MyBuilder £399.00 Expense Issue with the electrics Jenny

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