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Financial Reporting and Analysis Assignment MMS 03 Financial Statement 20230301 Parab
Financial Reporting and Analysis Assignment MMS 03 Financial Statement 20230301 Parab
Finalising
Transactions
Balkrishna Parab
ACMA, FCS, PhD
Introduction
Financial statements are prepared and presented for external users by many entities
around the world. These statements portray the financial effects of transactions and
other events by grouping them into broad classes according to their economic
characteristics. These broad classes are termed the elements of financial statements.
General purpose financial statements are those intended to meet the needs of users
who are not in a position to demand report tailored to meet their specific information
needs. General purpose financial statements include: (a) the balance sheet; and (b) the
income statement (also called as the profit and loss account).
The balance sheet includes elements directly related to the measurement of financial
position and includes assets, liabilities, and equity. The income statement is related to
the measurement of performance and includes income and expenses.
Objectives of the Assignment
The objective of this assignment is to enable the student to prepare a profit and loss
account and a balance sheet from a trial balance and additional information.
Tasks
Each student is assigned a company.
Submission Requirement
The student should solve the assignment in his/ her own hand, scan the solution, and
attached the scanned copy of the assignment to this link:
https://docs.google.com/forms/d/e/1FAIpQLSd4rvXgzwIZP9QP9AbPa_DqW9rPk6r
Hwbh4aYNDFDOPLynoQg/viewform?usp=sf_link