Kitty Boxx
New member
I'm a first year commerce student and have been given a "company" to create its financial statements. The company was incorporated in May of 2007. The clear assumption is that it was a proprietorship/partnership prior to this because a delivery made in 2005 was not invoiced.
My question is, would this 2005 transaction, recorded in 2007 affect all relevant accounts just as if it were a 2007 transaction of the incorporated business? Or do additional measures need to be taken to correctly create the financial statements?
My question is, would this 2005 transaction, recorded in 2007 affect all relevant accounts just as if it were a 2007 transaction of the incorporated business? Or do additional measures need to be taken to correctly create the financial statements?