Business accounting

What is the importance of Accounting Information in a Business Organisations? (10 Marks) B. Discuss differences between Gross Profit vs Net Profit in brief.(10 Marks) C. Describe the difference between the difference between non-current assets and current assets and non-current liabilities and current liabilities ​(20 Marks) D. What is meaning of double entry bookkeeping system. (10 Marks) E. Explain what is debit and credit with examples. (10 Marks) 2. Some transaction of ZENE Ltd are listed as follows: i. Capital of £205,000 was paid in a business bank account on 28 January 2017. ii. ZENE paid the building rent of £2000 by cash on 2nd February 2017. iii. ZENE Ltd buys a delivery van for £20,000 Toyota on 29 January 2017. They paid 25% deposit using the bank account and the rest on credit. iiii. They cleared another 25% of the delivery van’s cost using cash on 14th February 2017. v. The business borrows £50,000 on loan from a bank on 15th February 2017. The money is paid directly into the business bank account. vi. Employees received their salary of £50,000 on 15th February 2017. vii. ZENE sold some merchandise for £20,000 in credit to Hardy Ltd. on the 16th February. viii. ZENE purchases some furniture’s for £10,000 in credit on the 17th February. ix. ZENE paid cash to a plumber for maintenance. This transaction costed £1000 on the 18th February x. ZENE clears half of the bank loan by using their Business Bank Account on the 19th February. Required: Using Double Entry Book Keeping Model: a) Write the journal entries with explanation for each of the transactions. (10 marks) b) Make the T-Accounts for each transaction and balance off the T accounts. (10 Marks) c) Prepare a trial balance from the above transactions. ​​(10 Marks) 3. Your work must have a proper and neat layout, and you will be awarded marks within the following range based on the level of presentation of the report (10 Marks) Total marks (100 marks) Report Template: 1. Title page and content with ID number 2. Introduction 3. Importance of Accounting Information 4. Gross Profit vs Net Profit 5. Non-current and current assets and liabilities 6. Double entry bookkeeping 7. Debit and credit 8. Journal entries with explanation 9. T-Accounts 10. Trial balance 11. Conclusion Important information: Your report should be around 1,500 words (+ - 10% is acceptable. Title page, table of contents, forward, reference, and appendix are not included in word count). MUST BE PLAGARISM FREE