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
Trading and Profit and Loss Account
Interpretation of Results: * Using account ratios * Comparison (beginning to end)
Statement about the performance of the business
Appendices: * Source documents * Diagram showing-credit purchases * Cash and Credit Sales * Accounting Cycle
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.