List of Transactions

Topics: 1981, 1944, 1971 Pages: 12 (1937 words) Published: February 2, 2013
Table of contents
Title Page
Aims of the Project
Description of the business simulated
List of transactions
Books of Original Entry:
* The General Journal
* Purchases Journal
* Sales Journal
* Returns Outwards Journal
* Returns Inwards Journal
* Cash Book
* Petty Cash Book
The ledgers:
* Purchases Ledger
* Sales Ledger
* General Ledger
Trial Balance
Trading and Profit and Loss Account
Balance Sheet
Interpretation of Results:
* Using account ratios
* Comparison (beginning to end)
Statement about the performance of the business

* Source documents
* Diagram showing-credit purchases
* Cash and Credit Sales
* Accounting Cycle

Title Page

The Black River High school club has business club has been operating a business for the past two (2) years. The business has not been profitable over the two (2) year period. Proper accounting records are not kept and there is nobody in charge of the financial affairs of the business. The president believes that the club can perform much better if accounting is done in a systematic manner. He emphasized that the change will ensure better management and quicker and more concise feedback when required .Plans are in place to expand the business. The club has made the decision that a qualified accountant should be employed to manage the finances. You were employed to implement and monitor the accounting system.


The successful completion of this school based assignment would not have been possible without the assistance and cooperation of a number of persons. Consequently I would like to thank the accounts teachers of the Black River High School for their massive support and valuable time they have spent. Family and friends have been a constant source of encouragement and assistance in times of hopelessness and my thankfulness to them would be greatly appreciated. To the invisible one, thanks in a million. You were always there when I needed you, even at midnight when no one else was there. Your strength and your faith keeps me going, touching my brain cells and giving me the knowledge I need to complete this project.

Aims of the project
The aims of this school based assignment project are a s follows: * To make record of proper accounting records
* To implement and monitor the accounting cycle

Description of the business simulated

The Black River High School Club were employed by a number of students after two years of non –profitable business.

List of transactions

Transaction during the month of January 2011 consisted of the following: January 1 Paid rent by cheque (0024) 6 000
January 2 Goods purchased on credit from D. Hilton $400; A.Blackwood $800; K.Bromfeild $1200; A. Towsend $1300.
January 3 Sent invoices for credit sales to R.Williams $600; G.Banton $2500; D.Dixon $1200; O.Morris $1200; C.Gordon $750
January 3 Paid for petrol and oil $300
January 5 Cash drawings for taxi fares $100
January 7 Cash sales $2500
January 8 Sent Sales invoice to R.Williams $600, C.Gordon $750 January 9 Rented a vehicle for the deliveries $500
January 10 Paid cash into bank $150
January 11 Credit notes sent to R.Williams $250; G.Banton $280; salaries drawn by cheque $1200
January 14 Purchased a computer costing $15 000 from Chang Software. A down payment was made by cheque of $3 000
Cash purchase $400
January 16 Received cheques in settlement of accounts from the following; R.Williams; G.Banton; D.Dixon; T.Grant in each case they received a 5% discount for prompt payment.

January 18 Received credit notes from D.Hylton $180, A.Blackwood $120. January 19 Received invoice for goods purchased...
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