Accounts Sba

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Jen’s Supermarket|
CXC Principles of AccountsGeneral Level|
SBA Assignment Summer 2010| |
Name: Jenevonne Kirton Registration number: | School: The Lodge School

School code: 030016

Territory: Barbados
This project is about develop and promising entity, Jen’s Supermarket, under review for December 2009|

Table of Contents
Opening remarks……………………………………………………………………………………………………..….3-6 Acknowledgement……………..………………………………………………………….……………..….3 Aim of project………………………………………………………………………………………………..…4 Description and overview………………………………………………….…………………….……….5- 6 Accounting procedures used and records kept:…………………………………………..……….........7 Opening journal entries………………………………………………………..………………………….8

The General Journal…………………………………………………………………………….…..…...…9
Sales Journal………………………………………..……………………………….……………………..….15 Purchases Journal……………………………………………….………..…………………..….……..….15 Return Inwards Journal…………………………………………………………………………………...16 Return Outwards Journal……………………………………………….……………..………….…..…16

Three Column Cash Book…………………………………………………………………….…………..17 Sales Ledger……………………………………………………………………………………………….…...18-19 Purchases ledger………………………..……………………………………….…………………….…….20 General Ledgers……………………………………………..……………………………………….….…..21-23 The Trial Balance…………………………………………………..……………………………….………..24 Trading and Profit and Loss………………………………..…………………………………………...25 Balance Sheet………………………………………………………..…………………..……………..…….26 Performance Evaluation and interpretation of results……………………………..….…..……….27-29 Ratios………………………………………………………………………………………………….…..………27-29 Comparison…………………………………………………..………………………………….…….……...30 Suggestion……………………………………..……………………………………………….………….……31 Conclusion……………………………………………………………………………………….……….….…32 Appendices:

The List of the Transactions………………………………………………………………………..…..10-11 Source documents………………………………………………………………………….….…………….12-14 The accounting cycle……………………………………………………………………………..………..7 Pie charts ………………………………………………..……………………………………………………..28 Doughnut chart…………………………………………………………………………….………………..29

Acknowledgement

I would like to thank family and friends for all they contributed towards taking Jen’s Supermarket from an idea and making it into an innovation. Thank you to all who contributed money or any fixed assets into the entity to make Jen’s Supermarket a success.

Aim of the Project

The aim of my project is for me to arrive at a comprehensive understanding of the financial sector of the business world. To draw up the financial records for the year 2009 for Jen’s Supermarket and to comment on the entity’s performance using appropriate tools of Analysis

Description and Overview

Jen’s Supermarket is a developed and simulated entity owned by Jenevonne Kirton, who is the sole proprietor. Jen’s Supermarket is a developed supermarket which sells a variety of food items and miscellaneous goods, serving most of the island in its convenient location. The supermarket employ fifteen staff along with Ms. Kirton acting as owner/manager. There are three supervisors and twelve general workers who act as shelf stackers, cashiers, as assistance and security

The lines of authority within the business a shown below
Owner/Manager

Supervisor Supervisor Supervisor

General Workers

The accounting records are kept on double entry principles, with all the necessary journals, ledgers, a cash book, a petty cash book and a payroll to record the cash and credit transactions of the entity. Jen’s Supermarket allows some of their costumers to buy on credit and they also buy from many retailers on credit....
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