Ovid Ventures run a small private company selling swimwear from China and The owner of the Venture asked you to prepare a set of financial statements: Accounting and Finance Assignment, NU, UK

Question 1

Ovid Ventures run a small private company selling swimwear from China. The owner of the Venture asked you to prepare a set of financial statements for the year ended 31 December 2021 as soon as possible as the previous accountant left the company at very short notice.

Question 2 

1. Briefly explain to Mr. Ovid the owner of Ovid Ventures the impact of the following adjustments on the Profit & Loss Account and Balance sheet:

a. Prepaid Expenses

b. Accrued Expenses

c. Prepaid Income

d. Accrued Income

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