Accounts Sba

Topics: 1973, 1981, 1978 Pages: 7 (973 words) Published: February 8, 2012

First of all, I would like to thank Almighty God for giving me the strength to do this SBA, Mrs. Clovetta Campbell and finally my Principles of Accounts teacher Ms. Williams who helped me along the way.

The aim of the business is to achieve exposure of what goes on in the business world. The aim of this business is to also know how to prepare Accounting Ratios, how to operate a business and how to achieve customer satisfaction and to attain profit.


The name of the company is Cola Red Enterprise. The type of company is a Private Limited Company which is located at 23 Donald Boulevard, May Pen, Clarendon. The number of shareholders is twenty seven (27) and the cost per share is four hundred dollars ($400). The starting capital for Cola Red Enterprise is ten thousand eight hundred dollars ($10800).

The executive body consists of the General Manager, Secretary, Financial Management, Personnel Department, Marketing Management, Production Department. The duration of the business is one (1) week dating from November 9 through to November 13 2009.

Good sold were ice cream novelties, sweets, toco loco, Banana chips, Cheese Trix.

The account records kept are as follows:
Source documents
Banking Documents
General Journal
Sales Journal
General Ledger
Sales Ledger
Cash book
Trial balance
Final Accounts

The following transactions relates to Cola Red Enterprise Ltd:
Nov 9 Started business with $10800 in cash.
Cash Purchases $9500
Cash Sales $12200

Nov 10 Cash Purchases $10200
Paid for transport by cash $350
Cash Sales $15000

Nov 11 Cash Purchases $11500
Transport by cash $350
Credit sales to C. Radcliffe $500
Cash Sales $14500

Nov 12 Cash Purchases $12000
Transport $350
C. Radcliffe paid $500 in cash
Cash Sales $17250

Nov 13 Cash Purchases $12000
Cash sales $20400
Nov 16 Banked cash

Nov 27 Took cash out of the bank


Date| Details| folio| $DR| $CR|
Nov 9| Cash CapitalBeing started business with cash $10800| CBGL| 10800| 10800| Nov 30| Tradinga/c PurchasesBeing purchases transferred to tradinga/c $55200 | NLGL| 55200| 55200| Nov 30| Sales Tradinga/cBeing sales transferred to tradinga/c $79850| GLNL| 79850| 79850| Nov 30| Profit & Lossa/c Transportation expenseBeing transportation Expense transferred to Profit & Lossa/c $1050| NLGL| 1050| 1050|

Date| Details| Invoice#| Folio| Amount$|
Nov 11| C.Radcliffe| 0001| SL| 500|
Nov 30| Tranfer to Salesa/c| | GL| 500|

Capital a/c
Nov 30 Balc/d 10800 Nov 9 Cash 10800 Dec 1 Balb/d 10800
Nov 9 Cash 9500 Nov 30 Balc/d 55200
10 Cash 10200
11 Cash 11500
12 Cash 12000
13 Cash 12000
55200 55200
Dec 1 Balb/d 55200
Nov 30 Balc/d 79850...
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