Project: Preparation of Financial Statements for Kimuntu Power Inc. by Accounting and Finance

1. Introduction

Kimuntu Power Inc. is an innovative digital brokerage company incorporated on February 24, 2024. It offers integrated B2B, B2C, and affiliate solutions, addressing the global needs of businesses and individuals. Although the official incorporation occurred in 2024, expenses were incurred in 2022, 2023, and 2024 to prepare for the company’s creation and launch.

As part of its commitment to education and collaboration with academia, Kimuntu Power Inc. seeks to collaborate with students in accounting or finance to prepare its financial statements for the years 2023 and 2024.

2. Motivation

• Practical learning: Offer students the opportunity to apply their theoretical knowledge in a real-world scenario.
• Real-world contribution: Provide Kimuntu Power Inc. with financial statements prepared in accordance with professional accounting standards.
• Professional collaboration: Strengthen ties between academia and the industry.

3. Objective

The project aims to:

1. Prepare the financial statements of Kimuntu Power Inc. for the years 2023 and 2024.
2. Reconcile expenses incurred before incorporation (2022-2024) and include them in the financial statements.
3. Produce reports in compliance with applicable accounting standards, including the balance sheet, income statement, and cash flow statement.
4. Involve a certified accountant to validate and sign off on the financial statements prepared by the students.

1. Expected Results

• Complete and accurate financial statements for 2023 and 2024.
• A detailed report of pre-creation expenses.
• Students gaining practical experience in preparing financial statements under professional guidance.
• Validation and certification by a professional accountant, enhancing the credibility of the documents.

2. Action Plan

1. Preparation

• Gather all relevant financial data (expenses, receipts, bank accounts).
• Provide students with BDC financial statement templates for guidance.

1. Development

• Form student teams to work on different sections of the financial statements.
• Analyze pre-creation expenses for accurate inclusion.

1. Validation

• Submit the prepared financial statements to a professional accountant for review and certification.

1. Final Report

• Present the validated financial statements along with a summary of key financial insights.

3. Recommendations

It is recommended to:

1. Partner with a university or college offering accounting programs.
2. Appoint an academic supervisor to guide students through the project.
3. Engage a professional accountant to validate the financial statements before their official use.
4. we want this Financial Statements (English and French)