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Accounting is the best practice that records each and every financial transaction that is required to be considered in determining the financial health or financial profitability of a business entity. The law firms are also a form of business entity which provides legal services to other entities in exchange of operating revenues. Hence, recording the financial transactions are equally important for law firms as well. Without recording the accounting transactions, the business profitability of a business entity cannot be determined. Further, recording the accounting transactions is a government requirement. The government uses the accounting records for various compliance purposes. LAW6001 assessment answers the government may differ in many cases in determination of the direct taxes of a business entity. Then the government use the accounting records maintained by a business entity to determine the actual amount of tax that is required to be paid by the business entity. Being an entity operating in the legal world, should maintain and compensate each and every aspect of government requirements.
From the accounting records that get maintained in a business entity, the various financial statements get prepared. These financial statements include the profit and loss statement which provides the net operating results that a business entity achieve in an accounting period. The other financial statements are statement of financial position and cash flow statement. The statement of financial position or the balance sheet of an entity shows the financial health of a business entity on a given date generally the balance shows the net position of a business entity on the closing date of the accounting year. The balance sheet shows the net assets held by a business entity on the closing date of the accounting year, the net liabilities to be paid by the entity in future LAW6001 assignments of operation and where the net assets are higher than the net liabilities, the equity holder’s funds are considered to be positive.
In an opposite scenario, where the net assets are lower than the net liabilities to be paid by the entity, the entity is considered as a loss-making entity. The cash flow statement reconciles the accrual profit shown in the profit and loss statement of the entity and the actual cash profits that get realized in cash by the year end by the business entity. cash flow statement is generally divided among three major heads namely, the operating activities, investing activities and financial activities. The operating activities shows the actual cash that realized by the entity from its regular business operations. The investing activities shows the net amount that get invested or realized from the long-term assets held by the business entity. Finally, the financing activities shows the amount that get acquired or repaid by the entity for its loan activities in the given period. The cash flow statement required to be maintained by a business entity as the entities in recording its business transactions uses the accrual method of accounting.
Under the accrual method of accounting, the expenses or incomes get accounted in the books of a business entity as per the occurrence of these expenses or incomes ignoring the actual payment of expenses in cash or actual receipt of cash for the revenues. LAW6001 solutions the same provide the actual operating results or financial health of an organization. Though, the same is unable to determine the actual cash results of the entity. Similarly, to show the actual operating results of law firms, the law firm also requires to maintain its accounting records as per the accrual method of accounting and also require to prepare a cash flow statement which provides the cash operating results of the entity. The other details of the profit and loss statement, cash flow statement and statement of financial position are:
Profit and loss statement - The service company income statement is very basic. The service entity profit and loss statement only include the basic details for Revenues which are the legal service charges that get provided by the law firm in a given period. Expenses are the general operating resource utilization amount and the operating income or loss is the difference between the legal service charges and operating expenses. Where the revenues exceed the expenses the law firm will show operating income and in an opposite where the expenses will increase the revenues the law firm will show loss.
Balance sheet – By identifying the accounting period end date and after identifying the value of assets and amount require to settle the liabilities the balance sheet of the statement of financial position of a law firm can be drafted. The difference between the assets and liabilities will be the net wealth of the owners of the law firm. In an opposite situation where the identified assets will be lower than the identified liabilities of the law firm, the net wealth of the owners of the law firm is considered to be negative.
Cash flow statement – In accordance to the general accounting principles the law firms would require to prepare their accounting records as per the accrual method of accounting and would require to prepare the cash flow statement as well. Similar to the cash flow statements of other business entities, the cash flow statement of the law firm would also require to shown under three different heads namely the operating activities showing the actual cash operating results of the law firm, investing activities showing the actual investment realization or use of cash and financing activities which should cover the borrowing terms of the law firm.
The LAW6001 task answers basic flow of accounting in the law firm should start from the preparation of accounting journal entries, then the ledger accounts under various heads should be prepared and the same should result into the trial balance of the law firm. The trial balance of the law firm if prepared appropriately will get balanced in both debit and credit side.
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