Accounts Sba

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ACCOUNTS SCHOOL BASED ASSESSMENT PROJECT

ST GEORGES COLLEGE
2010

Chevaughn Barrant who previously worked for Shady Spring Developers was made redundant and received $1,500,000 as his redundancy payment which he used to open his own sole trader business known as C.J’s Computer and Accessories where he trades in computers and parts. He decided to operate the business for two months August 1, 2010 to September 30, 2010 and the transactions are as follows:

2010

Aug 1 Started business with $1,500,000. $1,300,000 was deposited into the business Bank account and $200,000 was kept in hand.
1Bought Motor Vehicle for $200,000 paying by Cheque
1Bought 20 computers and parts from One Stop Computer Ltd for cash $300,000 1Paid rent by Cheque $10,000
2Sold 3 computers for cash $60,000
13Paid Electricity by Cheque $10,000
15Bought furniture on credit from Courts Ltd $50,000
20Sold 10 computers and parts on credit to N Stewart $200,000 22Bought 5 computers and parts from One Stop Computer Ltd on credit for $75,000
23Paid One Stop Computer Ltd by Cheque $180,000
25Paid salaries by Cheque $40,000
31Sold 5 computers and parts on credit to M Sharpe $100,000 31Returned 5 computers $75,000 to One Stop Computer Ltd

2010

Sept 1Paid rent by Cheque $10,000
1Paid Courts Ltd $50,000
3Bought 15 computers and parts from One Stop Computer Ltd paying by Cheque for $225,000 4Sold 8 computers on credit to M Sharpe $160,000
8N Stewart paid for computers parts by Cheque $100,000
9Sold 4 computers and parts on credit to N Stewart $80,000 12Paid Electricity by Cheque $10,000
15M Sharpe returned 2 computers $40,000
16Bought Air Condition Unit on credit from Courts Ltd $35,000 17Returned 4 computers to One Stop Computer Ltd $60,000
18Sold 8 computers on credit to N Stewart $160,000
19M Sharpe paid for computers parts by cash $100,000
24Paid One Stop Computer Ltd by Cheque $150,000
25Bought 6 computers and parts from One Stop Computer Ltd on credit for $90,000
27Paid salaries by Cheque $40,000
28N Stewart returned 4 computers $80,000
30Sold computers and parts for cash $100,000

Required:

1. Prepare source documents.

2. Enter the transactions in each of the books of original entry

3. Post entries to various ledgers

4. Balance the accounts at the end of each month; August and September 2010

5. Extract a Trial Balance

6. Prepare a Trading, Profit and Loss Account for the two months; August and September 2010

7. Balance Sheet for the two months August and September 2010

8. Comment on the performance of the business for the two Months; August and September 2010

9. Ratio Analysis

10. Overall Ratio Analysis

ACKNOWLEDGEMENT

I would like to thank God for giving me the strength and providing me with the requisite knowledge and understanding for the successful completion of this project. For this I give Him all the praise and glory.

I would also like to thank the members of my family who have been very supportive, parents, Mr. and Mrs. Barrant, for having exercised patience, love and care and especially my brother and sister who carried out my chores while I prepared this study.

Finally, I would like to thank my teacher, Miss Tomlinson for guiding me along the way through this project. The Aims and Objectives of the study

This project will serve to help the student to do the following: □ Understand the accounting transactions used in a business □ Understand how to prepare accounting transactions
□ Understand the accounting operations of a business
□ Assist students with their preparation for the work world □ To obtain 20% of grade in Principles of Accounts in the Caribbean Secondary Examination Certificate....
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