31-01-2013, 12:36 PM
KENSUN LTD
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INTRODUCTION
KenSun Ltd is a recently established State Corporation to co-ordinate research and development of solar energy in the Republic of Kenya. The Corporation is wholly owned by the Government of Kenya with funding from donors.
KenSun has a management structure with various departments among them, the Finance Department headed by the Finance Manager. Some Departments generate revenue through sales and services whereas others are purely service oriented.
The Finance Department has not had a proper accounting system a result of limited skills and knowledge on the officer who has been handling transactions. The officer has only been able to prepare Payment Vouchers and cheques with very limited details; regular management accounts, cash books, reconciliations and Financial statements have not been prepared to-date.
Assume you have recently been employed as the Accountant reporting to the Finance Manager and your are required to set-up a simple accounting system which can utilize some of the Microsoft Office (MS office) products to enable the department to start generating the missing reports.
Required
You are required to write a brief (in form of a memo) to the Finance Manager highlighting to outline the steps will take to generate the following reports;
1. The Trial Balance and General Ledger.
2. The Cash book
3. Budget reports – outline the formats by column
4. The P & L and Balance sheet