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Term Project This project is based on accounting cycle. You are required to consider followings: 1. Select any business of your choice. Make sure that it should be a trading business 2. Prepare an opening balance sheet as on December 31, 2019 3. Post opening balance sheet in relevant ledger accounts 4. List down 100 business transactions which should include at least 5 compound transactions, 3 transactions for discount allowed and 3 transactions of discount received. 5. Your transactions should also include the transactions related to purchase and disposal of fixed assets. 6. Record these transactions into relevant subsidiary books 7. Post the subsidiary books into relevant ledger accounts. 8. Prepare trail balance at the end of year 2020 9. Calculate depreciation on fixed assets using straight line method and diminishing balance method. Decide the useful life and depreciation percentage by yourself 10. Record depreciation in relevant ledger accounts 11. Imagine a closing stock figure 12. Prepare income statement and balance sheet at the end of year 2020. 13. This assignment should be solved in hand written form and be submitted in pdf form on Term Project This project is based on accounting cycle. You are required to consider followings: 1. Select any business of your choice. Make sure that it should be a trading business 2. Prepare an opening balance sheet as on December 31, 2019 3. Post opening balance sheet in relevant ledger accounts 4. List down 100 business transactions which should include at least 5 compound transactions, 3 transactions for discount allowed and 3 transactions of discount received. 5. Your transactions should also include the transactions related to purchase and disposal of fixed assets. 6. Record these transactions into relevant subsidiary books 7. Post the subsidiary books into relevant ledger accounts. 8. Prepare trail balance at the end of year 2020 9. Calculate depreciation on fixed assets using straight line method and diminishing balance method. Decide the useful life and depreciation percentage by yourself 10. Record depreciation in relevant ledger accounts 11. Imagine a closing stock figure 12. Prepare income statement and balance sheet at the end of year 2020. 13. This assignment should be solved in hand written form and be submitted in pdf form on

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