Poa Sba

Topics: 1967, 1981, 1973 Pages: 11 (2163 words) Published: September 5, 2013
Table of Contents
Aims/ Objectives
Description of Business
Records Used
Control Account
Trial Balance
Closing Journal
Income Statement: Trading and Profit & Loss A/c
: Balance Sheet
Performance Statement
Suggestions/ Recommendation


Accounting is the process by which financial information is categorized, summarized and interpreted to communicate a business financial position. This School-Based Assessment is based on a sole trader entrepreneur, Onai Forde, who owns and operates a business that sells goods and provides services to the public. Entries were recorded in Ledgers, Journals and the Cashbook. There was a preparation of a Trading and Profit and Loss Account and the extraction of a Balance Sheet and Trial Balance for the month.


The successful completion of this assessment would not have been possible without the assistance and co-operation from the following persons, the researcher would therefore like to thank: * The Almighty God for giving him the health, wisdom, strength, knowledge and understanding to complete this assessment. * His mom for the financial assistance

* Last but not least her teacher for guiding him step by step throughout this assessment. Thank you

Aims of the Project

The mission/aim of my project is for me to:
* Arrive at a comprehensive understanding of the financial sector of the business world. * Gain first-hand knowledge of a real business and apply the accounting principles in this practical business environment, * To draw up the financial records for Forde’s Convenience Store for the year 2013 and to comment on the entity as performance using the appropriate tools of analysis.

Description of Business
Forde’s Convenience Store is a simulated business entity, owned and managed by Onai Forde, who is the sole proprietor. Forde’s Convenience Store is a developed entity which sells a variety of items and miscellaneous goods, serving our customers in its convenient location. This business employed ten staff along with Mr. Forde acting as owner/manager. There are three supervisors and seven general workers who act as cashiers, shelf stackers, as assistance and security. The accounting records are kept on double entry principles, with all the required journals, ledgers, and a cash book to record the cash and credit transactions of the entity. Forde’s Convenience Store have implemented many policies, for instance, credit is allowed, cash is definitely the most preferred means of payment and customers are allowed to return goods within a thirty (30) limit. Goods returned are to be thoroughly accessed.

The period under review is January 2013.

Records Used

Forde’s Convenience Store keeps records according to the standard form of double entry principles and in keeping with the accounting cycle shown below.

The Accounting Cycle


Jan 1| Started Business with $100,000 cash & $200, 00 in the bank| Jan 3| Bought goods on credit from S. Solomon $12,000. K. Peters $5000 and J. Mickle$4, 500| Jan 3| Returned Goods to S. Solomon $6000|

Jan 4 | Bought Motor Vehicle $55, 000 by cheque|
Jan 10| Paid employees taxi fare $500|
Jan 12| Put $25, 000 cash in the bank account.|
Jan 14| Petrol Expense $3,500|
Jan 15| Cash Sales $20, 000|
Jan 17| Paid Rent by cash $7, 500|
Jan 20| Paid Wages by cash $4000|
Jan 21| Sold Goods on credit to S. Shiwprasad $15, 000, L. Lewis$23,000 and R. Rajaram$17, 000| Jan 22| R. Rajaram returned goods of $500 and L. Lewis returned goods of $1000.| Jan 23| Cash Taken out for personal use $7000|

Jan 25| Cash Purchases $11, 700|
Jan 26| Motor Repairs by Steve’s...

Bibliography: Appendix
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