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May 08, 2023
    • Discuss THREE (3) accounting concepts to ensure the hotel’s financial statements are informative and reliable.
    • Accounting conventions are procedures and principles that are not legally binding but are generally accepted by accounting bodies.
      Evaluate any THREE (3) accounting conventions to the accounting department that will standardize the financial reporting process.
    • Trial Balance helps in the preparation of the financial statements. Prepare a Trial Balance as of 31 December 2021 for Great Stay Lodging.

    Particulars $

    Prepaid expenses 2,730
    Hotel equipment 65,500
    Furniture and fittings 40,600
    Motor vehicles 39,500
    Wages and salaries 24,630
    Stock as of 1/1/2021 27,450
    Purchases 71,780
    Sales 118,320
    Insurance 2,350
    Debtors 39,970
    Creditors 11,670
    Bank overdraft 4,640
    A loan from William Ltd of 25,000
    General expense 1,920
    Drawings 4,900
    Capital 164,120
    Carriage inwards 2,940
    Discount allowed 1,110
    Discount received 1,090
    Accrued expenses 540

    • Based on the transactions recorded in the Trial balance, provide THREE (3) examples of how the hotel records its transactions using the accounting information system.
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