Essays on Preliminary Trial Balance for Barbarossa Holdings Limited Assignment

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The paper "Preliminary Trial Balance for Barbarossa Holdings Limited" is a perfect example of a finance and accounting assignment. Notes to the accounts are the series of additional information that is referred to as the main body of the financial statements. Councils & Caffarey (2008) assert that they give more fine points of the numbers in the financial statements; the financial statements are not complete without notes to the accounts. Clarke & Slavin (2010) adds that they detail and also comment on the information and data provided in the financial statements, they reflect the accounting principles that a firm has employed in preparing the financial statements.

As such, they have a significant influence on users' and readers' judgment of the accounts and the financial statements, (Team 2008). The purpose of notes to the accounts is to supply a full understanding of specific terms and a firm’ s financial state. They serve as explanations of how the financial statements have been prepared, the basis of preparation, the accounting policies used, presentation, and condition of the financial statements as a whole. Question 2 Items that comprise ‘ other comprehensive income’ are foreign exchange translation difference, the effective portion of changes in fair value of cash flow hedges, and change in the value of equity reserves, (Eccles & Holt 2005).

The relationship that these ‘ other comprehensive income’ has to ‘ total comprehensive income’ is that they increase the total comprehensive income. They increase the amounts distributable and available as returns. PART B Question 1 Journal entries to support the directors’ resolutions on dividends and transfers to reserves Date       30th June 2013 Dividends paid 10,000     Cash   10,000   To record payment of cash dividends     30th June 2013 Retained earnings 10,000     Plant maintenance reserve   10,000   To record the transfer of 10,000 from retained earnings to plant maintenance reserve         Question 2 Preliminary Trial Balance for Barbarossa Holdings Limited.

References

Clarke, F, & Slavin, L, 2010, Full Set of Practice Accounts, How to Manage Your GP Practice, 129-142.

Councils, L, & Caffarey, S, 2008, Guidance regarding submission of audited accounts (Section 37), Training (inc Volunteers), 4, 4-000.

Eccles, T, & Holt, A, 2005, financial statements and corporate accounts: the conceptual framework, Property Management, 23(5), 374-387.

Petroons, J, Hanan, C, Bailey, A, Gupta, D, Mellyn, L, Saal, M, & Mondschein, C, 2007, U.S, Patent No. 7,206,768, Washington, DC: U.S, Patent and Trademark Office.

Team, W, 2008, Statement of accounts.

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