Unit 10: Financial Accounting and Financial Reporting

Task #1
Managers need monetary explanation so as to settle on choices furthermore to see the money related position of the organization.
Suppliers need money related articulations to evaluate the credit value of a business.
Clients need money related articulations to evaluate whether a supplier has the assets to guarantee they get an unfaltering supply of merchandise later on.
Representatives need money related proclamations keeping in mind the end goal to survey organization's productivity.
Proprietors need budgetary proclamations to dissect the variability and gainfulness of their venture.
Government needs money related explanations to know how the economy is performing.
Potential financial specialists need money related explanations to have potential benefits furthermore have the security of their interest in the organization.
Banks need money related explanations to know whether they would be reimbursed or not.
Shareholders need money related proclamations to think about the organization's operations are making benefits or not.
Contenders need money related proclamations to contrast their execution and opponent organizations.
Overall population need budgetary proclamations to check whether the organization consequences for the economy, environment and nearby group.
Loan bosses need budgetary proclamations for deciding the credit value of the association.

Task #2
Profit and loss account for the year 30 September 2007

Balance sheet as at 30september 2007
Details | $ | $ |
Fixed assets | | |
Premises | 92,000 | |
Motor vehicle | 13,400 | |
Fixture and fittings | 1900 | |
Total fixed asset | | 107,300 |
| | |
Current assets | | |
Debtors | 42,560 | |
Cash at bank | 5,106 | |
Stock | 44,780 | |
Total current assets | | 92,446 |
| | |
Current liability | | |
Creditors | | (31,600) |
Total | | 121,303 |
Financed by | | |
capital | 68,843 | |
Net profit | 121,303 | |
Less drawing | (22000) | |
Total | |...