Memo for Vittoria Style

In this task we have completed a number of thing for Vittoria Style, including double entries for the transactions given to us. We have also created the necessary T accounts, created and used a trial balance at the end of the period to create the financial statements (Statement of Profit or Loss Statement of Changes in Equity and Statement of Financial Position).

Furthermore all these task have all been done in Excel. In addition, creating and deciding the double entries caused us a lot of problems because a simple mistake in the Dr or Cr could cause the whole journal to be wrong. Whilst looking at the transaction we noticed a few mistakes on the debit side which caused a significant difference for the trial balance. We were currently doing the profit and loss section so we had to go back correct the mistake and start from scratch as we got confused with the change of debt and credit.

In addition, we also faced another problem as the end of the trail balance was not reasonable so we had to look back on the trial balance and found for capital there was money for the debit section which wasn’t supposed to be there. This was found as we looked through the client’s transaction sheet. These problems aroused due to us not double checking entries before putting them on Excel. This could have saved us a lot of time and less confusion. We solved them by allowing each other to look back onto the specific entries we made for the journal, which in turn allowed us to produce the necessary documents for this task at the best of our ability.