Sage 50 acounts uk/ accounting & finance. Revision.
Email from Manager, Smith Chartered Accountants
From: Client Accounting & Reporting Manager – Smith & Co. LLP
To: Finance Intern – Smith & Co. LLP
Subject: Set-up and Financial Report Preparation for HSC Trading Group LTD.
Date: March 2018
We have an existing client, HSC Trading Group Ltd, who has been trading for a number of years now. The most recent record of transactions have just been sent to me by the Managing Director, Mr Silver, and we are to prepare their accounts for the trading period, 12 months to 31st March 2018.
Attached is a statement of opening position with additional notes, schedules of the trading period, including major customers, vendors, with quantities of products bought and sold, unit prices of products bought and sold, together with other schedules showing gross sales and purchase values.
As our firm is now using the SAGE accounting software, I would appreciate your input to do the following:
1) Set-up the company in Sage Accounting 5 Marks
2) Extract the Sales Nominal Ledger for All Products 10 Marks
3) Extract the Trial Balance for the period. 10 Marks
4) Extract the Trading, Profit or Loss Account (P &L) 30 Marks
5) Extract the Statement of Financial Position (BS) 30 Marks
6) Examine and discuss the “Risks” in the use of Electronic
accounting systems providing relevant references. 10 Marks