Candidate Name: Christopher CameronTeacher: Ms CokeSchool: Mona High SchoolYear: 2011
Title PageIntroduction……………………………………………………………..Aim……………………………………………………………………...Criteria 3……………………………………………………………….[Name of...
This project shows an accounting cycle for one month at a computer store. The project isdivided into 3 sections; criteria ...
Aim1. To find out if the business made a profit or a loss and what are thecauses.2. To ascertain if the business has made ...
Raymond WhiteCash BookDetails Folio Discount Cash Bank Details Folio Discount Cash BankJan 1 bal b/d 8,000 64,000 Jan 1Pet...
R. WhitePurchase JournalDate Details Folio Amount TotalJanuary 9 P.Swaby PL 616,000Less 20% (123,200) 492,800January 22 R....
General ledgerPurchase AccountDate Details Folio Amount Date Details Folio AmountJanuary31 Totaldebitedfor themonthofJanua...
Sales JournalDate Details Folio Amount TotalJanuary 10 P.Douglas SL 293,000January 24 S.Cooke SL 7,650Less 25% (1,912.5) 5...
InvoiceInvoice no.10876Raymond’s computer store40 Long Street KgnTel#: 945-6876 Fax#:947-6875P.Swaby Terms 20%Sundown Aven...
RECEIPTSNo.59431Jan15,2011ReceivedFrom: P.DouglasThe sum of:Thirty five thousanddollars$35,000 Per: Nyoka GregoryWith Than...
Trial Balance as at the 31 January 2011Debit CreditMotor vehicle 80,000Fixtures and Fittings 324,000Stock 2,600Sales 344,7...
Trading and Profit and Loss Account for the month ending 31 January 2011$ $ $Sales 344,738Less: return inwards 39,000 305,...
Balance sheet as at 31 January 2011Fixed assetsMotor vehicle 80,000Fixture and fittings 32,400Truck 150,000Total fixed ass...
1) Name of business: Cameron’s Electronics2) Location of Business: Shop#11 Pavillion Plaza, 105 Half Way Tree, Kingston3) ...
Business’s Logo:Slogan: The Best Place for all yourelectronicsMission statement: Cameron’s electronics aims to be the most...
Accounting cycleMy business will follow the accounting cycle by taking information from the sourcedocuments, place them in...
Write up two deposit slips for cash banked Jan 1 (loan from t. Thompson)and Jan 13
6. Interpretation of business performanceDiscuss how well or badly the business performedThe business performed badly for ...
Comparison between the Profit (net profit) and the target profit stated earlier.The net profit was very small compared to ...
ConclusionIn relation to the aim the business made a net loss for the month of January 2011. Alsothe business did not made...
CRITERIA 1
CRITERIA 2
CRITERIA 3
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Poa sba

  1. 1. Candidate Name: Christopher CameronTeacher: Ms CokeSchool: Mona High SchoolYear: 2011
  2. 2. Title PageIntroduction……………………………………………………………..Aim……………………………………………………………………...Criteria 3……………………………………………………………….[Name of business][Location of business][Justification of Location][Description of business]Accounting Procedures…………………………………………….…..Interpretation of business financial performance………………………Criteria 1Invoice and petty cashvoucher………………………………………………………………...Receipts………………………………………………………………..Cash book and petty cash book………………………………………...Journals and Ledger…………………………………………………....[Purchase Journal][Return Outwards Journal][Purchase Ledger]General Ledger (Purchases)……………………………………….......Journals and Ledgers…………………………………………………..[Sales Journal][Return Inwards Journal][Sales Ledger][General Ledger (Sales)]Criteria 2Trial Balance…………………………………………………………..Trading and Profit and Loss Account……………………………….…Balance Sheet……………………………………………………….....Recommendations…………………………………………………….Conclusion…………………………………………………………….
  3. 3. This project shows an accounting cycle for one month at a computer store. The project isdivided into 3 sections; criteria 1, criteria 2 and criteria 3.Criteria 1Criteria 1 consist of all the source documents and the accounts that are posted to journalsand the ledger.Criteria 2Criteria 2 consist of the trial balance, Trading and Profit and Loss account and thebalance sheet.Criteria 3Criteria 3 consist of information of the business, including financial plan, sourcedocuments, etc.
  4. 4. Aim1. To find out if the business made a profit or a loss and what are thecauses.2. To ascertain if the business has made its target profit
  5. 5. Raymond WhiteCash BookDetails Folio Discount Cash Bank Details Folio Discount Cash BankJan 1 bal b/d 8,000 64,000 Jan 1PettyCashierPCB 1,000Jan 1T.Thomas250,000 Jan 13cashC 6,000Jan 11SalesSL 11,000 Jan 14RentGL 3,500Jan 13SalesSL 3,500 Jan 18RatesGL 700Jan 13BankC 6,000 Jan 18PurchasePL 20,500Jan 15P.Douglas150,000 Jan 20telephonebillGL 4,200Jan 26S.Coke3,200 Jan 29Cheque6,800Jan 29L.YoungSL 2,240 20,160 Jan 31balancec/d 2,240 15,600 48,9602,240 25,000 522,360 2,240 25,000 522,360Feb 1balanceb/d 2,240 15,600 48,960Petty Cash BookAmount Date Detail Voucher Total Travel-ingPostage SundryexpenseFolio Ledger1000 Jan 1 imprestJan 1 12 12Jan12Taxi fare 80 80Jan14Cleaners 80 80Jan15Detergent 100 100Jan26Repairs 60 60Jan30Airfreshener60____60392 80 12 300______Jan31Bal c/d 608____1000 1000608392Feb1RestoreimprestBal b/d
  6. 6. R. WhitePurchase JournalDate Details Folio Amount TotalJanuary 9 P.Swaby PL 616,000Less 20% (123,200) 492,800January 22 R.Wilson PL 450,000Total debited tothe Purchaseaccount in thegeneral ledgerGL492,800Return Outwards JournalDate Details Folio AmountJanuary 27 P.Swaby PL 800Total credited to thereturns outwardaccount in thegeneral ledgerGL800Purchase LedgerP.SwabyDate Details Folio Amount Date Details Folio AmountJanuary27 ReturnoutwardsR.O J 800 January1 Balance b/d 10,400January31 Balance c/d 502,400 January9 Purchases PJ 492,800503,200 503,200R.WilsonDate Details Folio Amount Date Details Folio AmountJanuary31 Balance c/d 483,600 January1 Balance b/d 33,600January22 Purchases PJ 450,000483,600 483,600New Line MotorsDate Details Folio Amount Date Details Folio AmountJanuary31 Balance c/d 150,000 January31 Purchase PJ 150,000
  7. 7. General ledgerPurchase AccountDate Details Folio Amount Date Details Folio AmountJanuary31 Totaldebitedfor themonthofJanuaryPJ 1,136,800 Totalcreditedfor themonth ofJanuaryPJ 800
  8. 8. Sales JournalDate Details Folio Amount TotalJanuary 10 P.Douglas SL 293,000January 24 S.Cooke SL 7,650Less 25% (1,912.5) 5,737.50Total creditedto the salesaccount in thegeneral ledgerGL298,737.50Return Inwards JournalDate Details Folio AmountJanuary 28 P.Douglas SL 39,000Total credited to thesales accounts in thegeneral ledger 39,000Sales LedgerP.DouglasDate Details Folio Amount Date Details Folio AmountJanuary1 Balance b/d 24,000 January16 Bank 150,000January10 Sale SJ 293,000 January28 ReturninwardsR.O J 39,000January31 Balance c/d 128,000317,000 317,000S.CookeDate Details Folio Amount Date Details Folio AmountJanuary1 Balance b/d 30,000 January26Bank 3,200Jaunary24 Sales SJ 5,737.50 January31Balance c/d 32,537.5035,737.50 35,737.50General LedgerSales AccountDate Details Folio Amount Date Details Folio AmountJanuary31 Totaldebitedfor themonthofJanuarySJ 192,200 January31 Totalcreditedfor themonthofJanuarySJ 615,000
  9. 9. InvoiceInvoice no.10876Raymond’s computer store40 Long Street KgnTel#: 945-6876 Fax#:947-6875P.Swaby Terms 20%Sundown Avenue, Kgn 10 Otherwise NetCustomer ServiceNo.PS0171 DateQuantity Description Price Amount10 Monitors 40,000 400,0006 Mouse 1,000 6,0006 Scanner 35,000 210,000Gross invoice 616,000Less: 20% discount 123,200Total 492800E8OE
  10. 10. RECEIPTSNo.59431Jan15,2011ReceivedFrom: P.DouglasThe sum of:Thirty five thousanddollars$35,000 Per: Nyoka GregoryWith ThanksNo.68321Jan1,2011ReceivedFrom: T.ThompsonThe sum of:Two hundred and fiftythousand$250,000 Per :Nyoka GregoryWith ThanksNO.00403Jan26,2011ReceivedFrom: S.CookeThe sum of: Three thousand Two hundred dollars$3,200 Per: Nyoka GregoryWith Thanks
  11. 11. Trial Balance as at the 31 January 2011Debit CreditMotor vehicle 80,000Fixtures and Fittings 324,000Stock 2,600Sales 344,738Rent 3,500RatesPurchases 963,300Return Inwards 3,900Return Outwards 800Debtors P.Douglas 12,800 S.Coke 32,538Creditors P.Swaby 502,400 R.Wilson 483,600Cash 15,600Bank 489,060Capital 242,800New Lines Motors 150,000Loan: T.Thompson 250,000Petty cash balance 608Postage 12Travelling 80Cleaning 180Repairs 60Trucks 150,000Drawings 6,800Discount allowed 2,240Sundry Expense 60Telephone 400 _____1,974,338 1,974,338
  12. 12. Trading and Profit and Loss Account for the month ending 31 January 2011$ $ $Sales 344,738Less: return inwards 39,000 305,738Less: cost of goodssoldOpening stock 26,000Add: Purchases 963,300Less: returnoutwards800 962,500 988,500Gross (682,762)Less: expensesRate 700Rent 3,500Telephone 4,200Sundry expense 120Traveling 80Cleaning 180Postage 12Discount allowed 2,240 11,032Net loss (693,794)
  13. 13. Balance sheet as at 31 January 2011Fixed assetsMotor vehicle 80,000Fixture and fittings 32,400Truck 150,000Total fixed assets 262,400Current assetsDebtors 160,538Bank 489,060Petty Balance 608Cash 15,600665,806Less CurrentliabilitiesCreditors 986,000New Line Motors 150,000 1,136,000Working Capital (470,194)(207,794)Financed by:Capital 01.01.11 242,800Add: Net Loss (693,794)(450,904)Less: Drawings 6,800(457,794)Add long-termliabilities:T.Thompson(250,000)(207,794)
  14. 14. 1) Name of business: Cameron’s Electronics2) Location of Business: Shop#11 Pavillion Plaza, 105 Half Way Tree, Kingston3) Justification of the business:4) Description of business:Type of business- Electronic storeState target profit- $90,000State target market- consumersList of goods that are soldName of goods Price of goodsMonitor 40,000Mouse 1,000Scanner 35,000IPad 45,000IPod 25,000x-box 360 36,000PC unit 38,000Computer desk 15,000Multimedia station 31,000Stereo 28,000keyboards 4,000Draw an organization chart-CEOManager/AccountantCashier Sales Rep.Janitor
  15. 15. Business’s Logo:Slogan: The Best Place for all yourelectronicsMission statement: Cameron’s electronics aims to be the most affordable and customerfriendly store catering to all your needs and wants.5. Accounting procedures:Procedures used for undertaking financial transactions:Customers who have spent over $10,000 on items are liable to buy goods on credit, butshould not purchase items that are exceed the credit limit which is $8,000. They will begiven a 4 weeks period in which to pay the amount owed. If the amount is not paid withinthe 4 week period then it will be entered in our books as provision for bad debt.The money received from sales will be recorded and stored in a safe.C
  16. 16. Accounting cycleMy business will follow the accounting cycle by taking information from the sourcedocuments, place them in the journal, then post them to the ledger. Then the accounts willbe checked with the trial balance and make adjustments and close the entries. Finally,work the final account.Source Documents(Credit note, Receipt,Invoice)JournalizingPosting tothe ledgerTrial BalanceAdjustmentsand ClosingEntriesFinalAccounts
  17. 17. Write up two deposit slips for cash banked Jan 1 (loan from t. Thompson)and Jan 13
  18. 18. 6. Interpretation of business performanceDiscuss how well or badly the business performedThe business performed badly for the month of January. Our profit did not wentanywhere near the target profit.Amount of goods soldSales and purchasesJanuaryMousekey boardNorth
  19. 19. Comparison between the Profit (net profit) and the target profit stated earlier.The net profit was very small compared to the target profit. This may be of a result ofcrediting to many goods to persons who could not pay what they owed, which result in ahigh amount of bad debt.Apply at least one Profitability ratio and one solvency ratioProfitability RatioGross profit = (682,762)* 100 = (198.05243)Sales 344,738Solvency RatioCurrent Assets = 665,806 = 0.577294014084507Current Liabilities 1,136,0007. Recommendation:1) The business should credit fewer goods, to reduce debt/ bad debt.2) Increase stock pricesJanuaryPurcahsesSales
  20. 20. ConclusionIn relation to the aim the business made a net loss for the month of January 2011. Alsothe business did not made its target profit, it made less than that was predicted.Furthermore , this maybe of a result of crediting to much goods to customers or theselling price was too low.
  21. 21. CRITERIA 1
  22. 22. CRITERIA 2
  23. 23. CRITERIA 3

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