W5 Day 23 of Nana's Internship

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Week 5 Day 23 (07 May 2025)


Activity


- Calculated the Property, Plant and Equipment (PPE) depreciation for a previous client for the year 2024 in order to make necessary adjustments to the trial balance.


Key Learning


- Learned how to calculate annual depreciation for fixed assets using a depreciation schedule.

- Understood how depreciation affects the accuracy of the trial balance and financial statements.

- Strengthened skills in making adjustments to financial records to reflect accurate book values.

- Gained a clearer understanding of how asset depreciation ties into accounting principles and tax planning.

 

Reflection


Today, I worked on calculating the depreciation for Property, Plant and Equipment (PPE) to adjust the trial balance for a previous client in the year 2024. I spent quite a long time trying to figure out where the amounts in the trial balance came from, and I felt confused because it wasn’t immediately clear how those figures were derived. This experience made me realize that having a strong foundation in accounting is very important. It also opened my eyes to the fact that accounting is not as simple as I previously thought—it requires careful analysis, clear understanding of principles, and the ability to trace how every figure is connected. Despite the challenges, this task helped me improve my skills and taught me to approach financial data with more patience and accuracy.

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