Posted: February 16th, 2022

Energy and Mass Transfers: Balance Sheet Approach

 

Part A

Answer 1

For a company to look into the aspects of profitability, market research provides the most suitable concepts (Hirdinis, 2019). It gives a company a chance together information about its potential customers within the local area. With the help of the collection of data, it provides the same with a competitive advantage over its competitors. These strategies adopted by the company play a crucial role in this regard. The company must come up with a strategic plan for its structure and its methods for its growth. It becomes essential to collaborate with other business organizations and provide finances to the other companies. The company e has to come up with a strategic plan to identify the number of capital users who would have to launch their business ventures. If the companies do not have the number of funds required, the company in question has to raise funds or borrow money. There are a number of options that the company can look for while obtaining the finances that the business may require. For David to become a single trader, he must send notifications to HMRC to pay the income tax with great conscience. The file tax returns for every year also need to be showcased. David has to prove that he has been self-employed to become eligible for tax-free daycare. It becomes essential on the part of David to keep a close eye on the revenues and costs of the company. 

One of the most critical decisions that David must make is locating your company. Irrespective of the idea of opening an online or traditional form of business, it is the decisions that he makes on behalf of the company that would have a severe impact on the revenues and taxes incurred by the same. With the earnings come legal responsibilities that he must take upon himself. There are license obligations that might appear, which would have an effect on the overall functioning of the same. Moreover, naming the company or the brand is another aspect requiring greater attention. The company members would like to call their brand that resembles the type of business or the characteristics of David. David needs to ensure that the name that they come up with is not used by any other brand, especially in their potential markets. From the time that David comes up with the business brand, he has to make sure that it becomes official, and the company must protect its image. If the company decides to come up with a separate name for their brand of products, it is the federal authorities should be informed about the same. It would never be possible for David to use tags such as Limited, LLP, or owned, at the end of the company’s name. David shouldn’t use any controversial statements or expressions that may associate with the government. 

Answer 2

This Stock Exchange is considered the headquarter when it comes to the most significant and innovative corporations around the world (Taylor, 2021). It comes to the London Stock Exchange; it makes use of the regulations and requirements proposed by the same and the government practices into its consideration to look for excellence among the various companies around the world. The companies and the investors find special appeals to multiple marketplaces around the world based on multiple aspects. When it comes to the business is that associates themselves with the luxury segment of the market, they become members of the FCA’s Official Version. They comply with the highest regulations and norms and the requirements for governance. It is the committee of policy reviews and the governing body, along with the department of finance, that play a crucial role in the process of decision making. These sectors look for companies with a higher operating income and have been looking to become premium publicly in the near future. The President, along with the Deputy Executive Governor, takes active participation in the process of calculation of the frequency. 

The governments are considered to be the only institutions that have the authority to come up with their very own currencies. The monetary and fiscal aspects of a policy are well within their capabilities. It is because of the very same reason that the marketplaces are greatly affected by the pricing policies and the regulations adopted by the governing bodies. The fundamental role of the government of a country comes in the form of its involvement in the financial markets that helps to determine the general framework of business within a country. Policies adopted by the government are a result of democratic accountability and transparency. It proves that there exists a need to move from the greatest to the most robust methods of governance. 

Part B

Answer 1

On the 2nd of September, 2021, a transaction was made between Bad Debts and P Muller, which accounted for the debit amount of 105, with the credit amount being the same. It was a great way of keeping a record of the accounts of transactions. The money was received by Bank. 

It was on the 5th of September, 202 that the transaction was entered into the journal books of F Polk between Syme Ltd. and Fixtures. The amount to be debited and credited stood at 150 each. When the debited and credited amounts remain the same, such a transaction is said to stay in balance with each other. It was the amount withdrawn from the Bank. 

The journal entry book comes with the third entry between that of Cash Account Dr Bad Debts and M Abel on the 10th of September in 202. The debit on the part of Cash Account and Bad Debts were 180 and 130 respectively, whereas 311 was the total credit. 

The 18th of September saw the most excellent debit and credit to be entered into the journal books. The amount stood at 1800 each. The parties involved in the same were Machinery Account Dr and Brown Ltd. The transactions were later rolled into a general ledger. 

Brown Account DR, Cash, and the Bank were involved in a transaction being made on the 18th of September in 2021. 600 was debited, whereas the amount credited was 100 and 500 each. Such information comes in handy when it comes to creating financial statements during the reporting period. A payment was made with the amount received. 

On the 26th of September, 2021, a transaction of 600 was made between Brown Account Dr. and Bank. The exact amount was debited and credited for both parties. Under such circumstances, it is always the two parties that are impacted by such transactions. 

The last transaction of the month came in the form of an Insurance Account and Drawing Account on the 28th of the month in 2021. The amount debited was 60 and 70, respectively, and the credited amount was 130. It is under such circumstances that the transaction does not remain in balance, hence, calls for a financial statement to be generated. 

Answer 2

On the 2nd of August, 2021, a transaction was made between Bank A/c Dr and Santander Bank Loan A/c, where a sum of 12400 was debited, and the same amount was credited (Mauldin, 2018). 

The 3rd of August, 2021 marked the date where 2800 was debited from the account of Cash A/c and credited to the Bank. 

It was the 4th of August that saw one of the most significant transactions of the month. Van A/c credited an amount of 6200 to Bank, for which the same amount was debited from its account.

On the very next day, that is the 5th of August, 2021, 3400 was debited on the part of Fixtures A/c and credited to Sharp Office Ltd. The amount transacted was 3400 on each piece. 

On the very same day, a sum of 1000 was debited from the account of Sharp Office Ltd. A/c Dr and credited to that of Bank.

On the 8th of the month, it saw the most significant amount to be transacted between two parties, consisting of Van A/c Dr and Toyota Company. The amount stood at 8700 debited and credited, respectively. 

Fixtures A/c Dr made transactions with that of Cash, for a sum involving 110 to be debited and the same amount to be credited to Cash. It occurred on the 15th of August in 2021. 

The eighth transaction of the month came on the 19th of August, involving the parties Toyota Co. A/c and Bank. 8700 was debited on the part of Toyota Co. and credited to Bank. The entire Being payment was made with it. 

On the 25th of August, 2021, recorded a transaction of 430, which was debited from Bank A/c Dr and credited to Cash. The money was deposited in the Bank. 

The final transaction of the month came on the 28th of August, 2021. It was the tenth transaction of the month, and a sum of 750 was debited from Fixtures A/c Dr and credited to Bank. Being fixtures were purchased with it. 

 

 

 

There has always been a need for the trial balance sheet. It is often regarded as a bookkeeping worksheet, which helps to get an insight into the total debit and credits. It is proof of the balance numbers. From the perspective of a company, must exist a balance sheet, the credits are equal to that of the debits. It is after the end of a financial year that the company must prepare its trial balance sheet to maintain a balance periodically (Benallou, 2018). The actual purpose of a company to generate its trial balance sheet is to determine that the entries are mathematically correct. The entire process of maintaining the trial balance sheet reflects on the accuracy with which the entries have been made in the journals. It can act as a great tool that would help to calculate the overall balance and identify whether the values are equal or not. It can also comment on whether the debits and the credits have been included in the business transactions of the company. But on a number of occasions, there have been mistakes made during the process of accounting. 

Answer 3

The income statement is also referred to as profit and loss accounts. Many have termed it as a profit and loss statement. There are various other names that have been given to the income statement. Such a statement is considered to be a financial statement of an organization that provides clear identification of the expenses and revenues collected by the organization within a particular frame of time. It is a clear reflection of the ways in which the revenues collected by the organization at transformed into net income. Net income is also referred to as the net profit. It is the outcome after the payments, and the expenses are drawn on behalf of the organization. The actual motive of an income statement is to showcase the profit and loss made by the organization to the managers and the investors. 

Looking at the income statement that highlights the profit and loss for B Moore, since the year 2013, the company experienced significant gains till the year 2016. The numbers have always been on the higher side. In 2017, there was a considerable dip in the figure. But regain picked up pace from 2018, and in 2019 the company accounted for the highest figures. Due to the outbreak of the pandemic, the income statements have fallen to their lowest. But with restrictions being lifted after the traumatic year, things are expected to be better. Hence the income statements are also likely to go up during the year 2021. 

References

Benalla, A., 2018. Energy and Mass Transfers: Balance Sheet Approach and Basic Concepts. John Wiley & Sons.

Hardiness, M., 2019. Capital structure and firm size on firm value moderated by profitability.

Mauldin, M.D., 2018. My Journal Entries About Seshukwa.

Taylor, J., 2021. Inside and outside the London Stock Exchange: stockbrokers and speculation in late-Victorian Britain. Enterprise & Society, 22(3), pp.842-877.

 

 

 

 

 

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