IT Application for Financial Accounting ProgrammeThe amounts paid are included in the list below. 3rd Sold goods for cash 720 Sold goods on credit 240 4th Cash sales 850 Office expenses paid for cash 50 5th Bought goods for resale on credit from Fashionwear Ltd.1,600 Faulty goods were returned and refund given in cash 130 6th Cash sales1,010 7th Wages paid in cash 310 Paid all cash into bank 8th Cash sales 1,200 Credit sales 900 11th Bought inventory for cash 2,500 Bought inventory on credit from Fashionwear Ltd 5,200 Sold inventory for cash 110 Sold inventory on credit 70 12th Cash sales 1,600 13th Cash sales 700 14th Cash sales 2,100 Credit sales 50 Office expenses paid in cash 90 Received cheques from trade receivables660 15th Wages paid in cash 310 Cash sales 1,750 Paid Fashionwear Ltd by cheque 5,000 Paid all cash into bank account The inventory on hand at the commencement of business on 16th February was 14,500. Maria also estimated at this date that during the first fortnight of business she spent 105 on car expenses relating to the business, which she paid out of her own pocket. In addition to the above, Maria drew wages for herself of 500 per week in cash on 8th and 15th. Task 1: SAGE 50 Accounts Financial Statements (60%) of the total marks Youre required to: 1. Design a simple accounting system for Style Ltd. using SAGE 50 2. Record Style Ltd. transactions in Sage 50 Accounts 3. Prepare a trial balance 4. Draw up an income statement for the period ending and a statement of financial position as at 15th February 2015 5. Write a report (800 words) to the management of Style comment briefly on the performance of the business in the first fortnight. Include screen shots your SAGE 50 Features in the appendix Task 2 IT application in financial accounting (30%) of the total marks The managing director of Style does not have much experience with accounting software and has asked you to prepare a report on: You are required to: Write a report (1200 words) to the management of Style Ltd. based on your knowledge of IT application in financial accounting covering the following: A brief explanation on why it is essential that every business keep accounts. Brief discussion of the business value of Sage50 Accounts to Style Ltd. Brief explaination of how SAGE 50 Accounts has simplified the double-entry bookkeeping system of recording transactions (10%) of the total marks Properly formatted report with harvard styled reference Marking Scheme: What is expected within students answers?