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Description of Business Entity Blanna’s Fashion Boutique is a partnership. This business is owned and operated by Anna Kay Blake, Shadae Russell and Ovasha Bartley a Group of ambitious young ladies. Our main aim is to make a profit while catering for the needs of the community which it is situated in. Blanna’s Fashion Boutique is situated in Montego Bay at the Blue diamond plaza 10 Pearl Street. This business has been in existence since June 20, 2008. We employ approximately fifteen (15) workers. We cater for the petite to the full figured women. We produce a wide variety of slippers, pants, skirts, handbags and accessories. Prices are always lower than that of our competitors. In cases of fashion emergencies you can call us at (1876) 3553980/4275646 or email us at Blanna’s_EmergencyStop5@yahoo.com.

Blanna’s Fashion Boutique Mission Statement

The mission of Blanna’s Fashion Boutique is to: * Provide the latest fashion for all females * Provide goods and services at a reasonable cost * Ensure that the quality of our goods meets the standards of our business. * Ensure that whatever the business do doesn’t affect the environment negatively. * Provide employment for members of the community * Provide sponsors to underprivileged children

Logo and Slogan Logo

Slogan With passion we send out the latest fashion

Accounting Cycle

General Journal Page 01

Date | Details | Folio | Debit | Credit | September 1 | Bank | CB01 | 364000 | | | Cash | CB01 | 27160 | | | Debtor (J. Simpson) | SL01 | 31600 | | | Motor Van | GL02 | 62840 | | | Building | GL03 | 100000 | | | Stock | | 24960 | | | Creditor (Super Supreme) | PL01 | | 10560 | | Capital | GL01 | | 600000 | | Opening entries | | 610560 | 610560 |

Purchase journal Page 01 Date | Details | Folio | Amount | 1-Sep | Super Supreme International | PL01 | 237,040 | 27-Sep | Super Supreme International | PL01 | 57,960 | Sep 30 | Total credit purchases to be transferred to the purchases account in the general ledger | GL02 | 295,000 | | SALES JOURNAL | | Date | Details | Folio | Amount | 5-Sep | J. Simpson | SL01 | 57000 | 13-Sep | B. Banton | SL03 | 78,550 | 20-Sep | N. Kidman | SL02 | 104,400 | Sep 30 | Total credit sales to be transferred to the sales account in the general ledger | GL13 | 239,950 | RETURN OUTWARDS JOURNAL | Date | Details | Folio | Amount | 9-Sep | Super Supreme International | PL01 | 13,600 | Sep 30 | Total return outwards to be transferred to the return outwards account in the general ledger | GL16 | 13,600 | | Return Inwards Day Book | Date | Details | Folio | Amount | 24-Sep | B. Banton | SL03 | 16,800 | 30-Sep | N. Kidman | SL02 | 9,600 | Sep 30 | Total goods returned to us to be transferred to the return inwards account in the general ledger | GL15 | 26,400 |

Cash Book Date | | Details | Folio | Discount Allowed | Cash | Bank | Date | | Details | Folio | Discount Received | Cash | Bank | September | 1 | Balance b/d | GJ01 | | 27,160 | 364,000 | September | 1 | Machinery | GL3 | | | 48,000 | September | 2 | Bank | C | | 50,000 | | | 2 | Cash | C | | | 50,000 | | 3 | Sales | GL13 | | 59,350 | | | 3 | Rent | GL4 | | | 30,000 | | 7 | Sales | GL13 | | 37,750 | | | 6 | Fixtures | GL5 | | 65,000 | | | 18 | J. Simpson | SJ01 | 12,000 | | 45,000 | | 8 | Wages | GL12 | | | 10,000 | | 29 | B. Banton | SJ03 | 6,175 | 55,575 | | | 11 | Insurance | GL6 | | | 6,100 | | 30 | Sales | GL13 | | 120,540 | | | 11 | Electricity | GL7 | | | 3,300 | | | | | | | | | 11 | Rates | GL8 | | | 2,600 | | | | | | | | | 15 | Super Supreme International | PL01 | 7,500 | 142,500 | | | | | | | | | | 15 | Wages | GL12 | | 10,000 | | | | | | | | | | 16 | Drawings | GL10 | | 6,200 | | | | | | | | | | 19 | Furniture | GL11 | | 3,600 | | | | | | | | | | 22 | Wages | GL12 | | | 10,000 | | | | | | | | | 29 | Wages | GL12 | | | 10,000 | | | | | | | | | 30 | Balance c/d | | | 123,075 | 239,000 | | | | | 18,175 | 350,375 | 409,000 | | | | | 7,500 | 350,375 | 409,000 |

General Ledger | Date | | Details | Folio | Amount | Date | | Details | Folio | Amount | | | | Capital A/C | | | Page 01 | September | 31 | Balance c/d | | 600,000 | September | 1 | Balance b/d | GJ01 | 600,000 | | | | | | October | 1 | Balance b/d | | 600,000 | | | | | | | | | | | | | | | | | | | | | | | | Motor Van A/C | | | Page 02 | September | 1 | Balance b/d | GJ12 | 62,840 | September | 30 | Balance c/d | | 62,840 | October | 1 | Balance b/d | | 62,840 | | | | | | | | | | | | | | | | | | | Buildings A/C | | | Page 03 | September | 1 | Balance b/d | GJ01 | 100,000 | September | 30 | Balance c/d | | 100,000 | October | 1 | Balance b/d | | 100,000 | | | | | | | | | | | | | | | | Page 4
Machinery A/C | September | 1 | Bank | CB01 | 48,000 | September | 31 | Balance c/d | | 48,000 | October | 1 | Balance b/d | | 48,000 | | | | | | | | | | | | | | Page 5 | | | | | Rent A/C | | | | September | 3 | Bank | CB01 | 30,000 | September | 30 | Profit & Loss | | 30,000 | | | | | | | | | | | | | | | | | | | | |

| | | Fixtures A/C | | Page 6 | | September | 6 | Cash | CB01 | 65,000 | September | 31 | Balance c/d | | 65,000 | October | 1 | Bal b/d | | 65,000 | | | | | | | | | | | | | | | | | | | | | | | | | | Page 7
Insurance A/C | September | 11 | Bank | CB01 | 6,100 | September | 30 | Profit & Loss | | 6,100 | | | | | | | | | | | Page 8
Electricity A/C | September | 11 | Bank | CB01 | 3,300 | September | 30 | Profit & Loss | | 5,500 | | 30 | Accruals c/d | | 1,200 | | | | | | | | | | 5,500 | | | | | 5,500 | | | | | | October | 1 | Accruals b/d | | 1200 | Page 9
Rates | September | 11 | Bank | CB01 | 2,600 | September | 30 | Profit & Loss | | 2,600 | | | | | | | | | | | Page 10
Drawings | September | 16 | Cash | CB01 | 6,200 | September | 30 | Balance c/d | | 6,200 | September | 30 | Balance b/d | | 6,200 | | | | | | Page 11
Furniture | September | 19 | Cash | CB01 | 3,600 | September | 30 | Balance c/d | | 3,600 | October | 1 | Balance b/d | | 3,600 | | | | | | | | | | | | | | | |

| | | Wages | | | Page 12
Page 15 | September | 8 | Bank | C01 | 10,000 | September | 31 | Profit & Loss | | 40,000 | | 15 | Cash | C01 | 10,000 | | | | | | | 22 | Bank | C01 | 10,000 | | | | | | | 29 | Bank | C01 | 10,000 | | | | | | | | | | 40,000 | | | | | 40,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Page 13 | | | | Sales | | | | September | 30 | Trading Account | | 457,590 | September | 3 | Cash | CB01 | 59,350 | | | | | | September | 7 | Cash | CB01 | 37,750 | | | | | | September | 30 | Cash | CB01 | 120,540 | | | | | | September | 30 | Total Credit Sales | SJ01 | 239,950 | | | | | 457,590 | | | | | 457,590 | | | | | | | | | | | | | | Purchases | | | Page 14 | September | 31 | Total Credit Purchases | PJ01 | 295,000 | September | 31 | Trading Account | | 295,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Return Inwards | | | | September | 31 | Total for month | RI01 | 26,400 | September | 31 | Trading Account | | 26,400 | | | | | | | | | | | | | | Return Outwards | | Page 16 | | September | 31 | Trading Account | RO01 | 13,600 | September | 31 | Total for month | | 13,600 | | | | | | | | | | | | | | | | | | | | | | | | Discount Allowed | | | Page 17 | September | 30 | Total Discount Given to customers | | 18,175 | September | 30 | P & L | | 18,175 | | | | | | | | | | | | | | | | | | | | Page 18 | | | | Discount Received | | | | September | 30 | P & L | | 7,500 | September | 11 | Super Supreme International | | 7,500 | | | | | | | | | | | | | | | | | | | | | | | | Purchases Ledger | | | | | | | Super Supreme International | | | Page 01 | September | 9 | Return Outwards | RO01 | 13,600 | September | 1 | Balance b/d | GJ01 | 10,560 | | 15 | Bank | CB01 | 142,500 | | 1 | Purchases | PJ01 | 237,040 | | 15 | Discount Received | CB01 | 7,500 | | 27 | Purchases | PJ01 | 57,960 | | 30 | Balance c/d | | 141,960 | | | | | | | | | | 305,560 | | | | | 305,560 | | | | | | October | 1 | Balance b/d | | 141,960 | | | | | | | | | | | | | | Sales Ledger | | | | | | | J. Simpson | | | Page 01 | September | 1 | Balance b/d | | 31,600 | September | 18 | Discount Allowed | CB01 | 12,000 | September | 5 | Sales | SJ01 | 57,000 | September | 18 | Bank | CB01 | 45000 | | | | | | September | 30 | Balance c/d | | 31,600 | | | | | 88,600 | | | | | 88,600 | October | 1 | Balance b/d | | 31,600 | | | | | | | | | | | | | | | | Page 02 | | | N. Kidman | | | | September | 20 | Sales | SJ01 | 104,400 | September | 30 | Return Inwards | RI01 | 9,600 | | | | | | September | 30 | Balance c/d | | 94,800 | | | | | 104,400 | | | | | 104,400 | October | 1 | Balance b/d | | 94,800 | | | | | | | | | | | | | | | Page 03 | | | | B. Banton | | | | September | 13 | Sales | SJ01 | 78,550 | September | 24 | Return Inwards | RI01 | 16,800 | | | | | | September | 29 | Discount Allowed | CB01 | 6,175 | | | | | | | 29 | Cash | CB01 | 55,575 | | | | | 78,550 | | | | | 78,550 |

Trial Balance Blanna’s Fashion BoutiqueTrial Balance as at September 30, 2011 | Details | Debit $ | Credit $ | | | | Capital | | 600,000 | Motor Van | | | Buildings | 100,000 | | Machinery | 48,000 | | Stock | 24,960 | | Rent | 30,000 | | Fixtures | 65,000 | | Sales | | 457,590 | Purchases | 295,000 | | Cash | 123,075 | | Bank | 239,000 | | Wages | 40,000 | | Return Outwards | | 13,600 | Super Supreme International | | 141,960 | Electricity | 3,300 | | Insurance | 6,100 | | Rates | 2,600 | | Furniture | | 3,600 | | Drawings | | 6,200 | | Return Inwards | | 26,400 | | N. Kidman | 94,800 | | J. Simpson | 31,600 | | Discount Received | | 7,500 | Discount Allowed | 18,175 | | | 1,220,650 | 1,220,650 | Stock Valuation (A) Pants | Date | Received | Issued | Balance | | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | 1-Sep | | | | | | | 12 | 900 | 10,800 | 1-Sep | 96 | 1,000 | 96,000 | | | | 12 96 | 900 1,000 | 10,800 96,000 | 3-Sep | | | | 1212 | 900 1,000 | 10,800 12,000 | 84 | 1,000 | 84,000 | 5-Sep | | | | 12 | 1,000 | 12,000 | 72 | 1,000 | 72,000 | 13-Sep | | | | 24 | 1,000 | 24,000 | 48 | 1,000 | 48,000 | 20-Sep | | | | 24 | 1,000 | 24,000 | 24 | 1,000 | 24,000 | 27-Sep | 36 | 1,100 | 39,600 | | | | 2436 | 1,0001,100 | 24,00039,600 | 30-Sep | | | | 24 12 | 1,000 1,100 | 24,00013,200 | 24 | 1,100 | 26,400 |

(B) Blouse | Date | Received | Issued | Balance | | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | 1-Sep | | | | | | | 12 | 400 | 4,800 | 1-Sep | 96 | 440 | 42,240 | | | | 1296 | 400 440 | 4,800 42,240 | 5-Sep | | | | 12 12 | 400 440 | 4,800 5,280 | 84 | 440 | 36,960 | 13-Sep | | | | 24 | 440 | 10,560 | 60 | 440 | 26,400 | 20-Sep | | | | 36 | 440 | 15,840 | 24 | 440 | 10,560 | 30-Sep | | | | 12 | 440 | 5,280 | 12 | 440 | 5,280 |

(C ) Handbag | Date | Received | Issued | Balance | | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | 1-Sep | 4 | 1,600 | 6400 | | | | 4 | 1,600 | 6,400 | 3-Sep | | | | 1 | 1,600 | 1,600 | 3 | 1,600 | 4,800 | 7-Sep | | | | 1 | 1,600 | 1,600 | 2 | 1,600 | 3,200 | 13-Sep | | | | 1 | 1,600 | 1,600 | 1 | 1,600 | 1,600 | 27-Sep | 4 | 1,650 | 6,600 | | | | 1 4 | 1,6001,650 | 1,600 6,600 | 30-Sep | | | | 1 3 | 1,600 1,650 | 1,600 4,950 | 1 | 1,650 | 1,650 |

(D ) Skirts | Date | Received | Issued | Balance | | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | 1-Sep | | | | | | | 12 | 780 | 9,360 | 1-Sep | 60 | 820 | 49,200 | | | | 12 60 | 780 820 | 9,360 49,200 | 3-Sep | | | | 12 | 780 | 9,360 | 60 | 820 | 49,200 | 7-Sep | | | | 12 | 820 | 9,840 | 48 | 820 | 39,360 | 13-Sep | | | | 12 | 820 | 9,840 | 36 | 820 | 29,520 | 30-Sep | | | | 24 | 820 | 19,680 | 12 | 820 | 9,840 |

(E) Slipper | Date | Received | Issued | Balance | | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | Quantity | Unit Price | Amount | 1-Sep | 48 | 900 | 43,200 | | | | 48 | 900 | 43,200 | 5-Sep | | | | 12 | 900 | 10,800 | 36 | 900 | 32,400 | 7-Sep | | | | 12 | 900 | 10,800 | 24 | 900 | 21,600 | 20-Sep | | | | 24 | 900 | 21,600 | | | | 27-Sep | 12 | 980 | 11,760 | | | | 12 | 980 | 11,760 | |

Trading, Profit and Loss and Appropriation Account Blanna’s Fashion BoutiqueTrading Profit & Loss Account for the year ended September 30, 2011 | | $ | $ | $ | Sales | | 457,590 | | Less Return Inwards | | (26,400) | | Net Sales | | | 431,190 | Less Cost of Goods Sold: | | | | Opening Stock | | 24,960 | | Purchases | 95,000 | | | Less Return Outwards | (13,600) | | | Net Purchases | | 281,400 | | Cost of Goods Available | | 306,360 | | Less Closing Stock | | (54,930) | 251,430 | Gross Profit | | | 179,760 | Add Revenues | | | | Discount Received | | | 7,500 | | | | 187,260 | | | | | Less Expenses | | | | Wages | 40,000 | | | Rent | 30,000 | | | Electricity | 4,500 | | | Insurance | 5,100 | | | Rates | 2,600 | | | Depreciation | 400 | | | Discount Allowed | 18,175 | | 100,775 | | | | 86,485 | Net Profit | | | |
Add interest on Drawings: Shadae 620
Less: 85,865
Interest on capital
Anna kay 12,500
Shadae 7500
Ovasha 10,000 30,000
Salary:
Anna kay 12,000 42,000 43,865
Share of Profit:
Anna kay 18,277.08
Shadae 10966.25 Ovasha 14,621.67 43,865

Balance Sheet Blanna’s Fashion Boutique Balance Sheet as at September 30, 2011 | | | | | Fixed Assets | Cost | Accumulated Depreciation | NBV | Buildings | 100000 | | 100,000 | Fixtures | 65000 | | 65,000 | Machinery | 48000 | 400 | 47,600 | Furniture | 3600 | | 3,600 | Motor Car | 62840 | | 62,840 | | | 400 | 279,040 | | | | | Current Assets | | | | Stock | | 54,930 | | Debtors | | 126,400 | | Prepayment | | 1,000 | | Bank | | 239,000 | | Cash | | 123,075 | | | | 544,405 | | | | | | Less Current Liabilities | | | | Creditors | 141960 | | | Accruals | 1,200 | 143160 | | Working Capital | | | 401,245 | | | | | | | | 680,285 | Financed by: | | | | Capital | | | 600,000 | Net Profit | | | 86,485 | | | | 686,485 | Less Drawings | | | 6,200 | | | | 680,285 |

Bank Reconciliation Statement Updated Cash Book | Balance b/d | | 239,000 | Bank Charges | | 65 | Credit Transfer | | 4200 | Standing Order | | 15000 | | | | Balance c/d | | 228,135 | | | 243200 | | | 243200 | | | | | | | | | | | | | | | | | Bank Reconciliation Statement as at September 30, 2011 | Balance as per Bank Statement | 222,535 | Add Late Lodgments | 45,000 | | 267,535 | Less Unpresented Cheque | 39,400 | Balance as per Cash Book | 228,135 |

Accounting Ratios

* Inventory Turnover Ratio- Cost of Goods sold Average Inventory/2 =244,470 24960+61890/2 =5.62 * Current Ratio- Current assets Current Liabilities =551365 143160 =3.85 * Gross profit as a percentage of sales- Gross profit x 100 Sales

=179,760 x 100 457590

= 39.28%

For every sale of $100 the business earns $39.28 as gross profit.

* Net profit Ratio- Net profit / Net sales x l00 =86,485 / 431,190 x 100

=20.06%

For every sale of $100 the business earns $20.06 as net profit. * Acid Test Ratio- Current Assets- Stock Current liabilities = 544,405 - 54,930 143160 =3.42

Performance of the Business In preparing the financial statements of Blanna’s Fashion Boutique the Trading, profit and loss and appropriation account shows a profit of eighty six thousand four hundred and eighty five thousand dollar (86,485) at the end of the financial period of September 30,2011. The business started out with six hundred thousand dollar. In the closing of the financial period of Blanna’s Fashion Boutique there was an increase in the amount of capital that the business has. The business made a gross profit of one hundred and seventy nine seven hundred and sixty dollars (179,760) instead of making a gross loss.

Comparisons The comparison is being done between the opening capital and the closing capital for Blanna’s Fashion Boutique, at the end of the financial period. At the beginning of the financial year the opening capital was six hundred thousand dollar (600,000). At the end of the financial period the closing capital is six hundred and eighty thousand two hundred and eighty five dollar (680,285) which means there is an increase of eighty thousand two hundred and eighty five dollar (80,285). Another comparison is being done between the fixed assets of the business and the current assets. The fixed asset of the business is two hundred and seventy nine thousand and forty dollar (279,040) while the current asset is five hundred and forty four thousand four hundred and five dollars (544,405). This means that the amount of money that the business spend of items that stays in the business with no intention of selling it is lesser than the amount of money that the business spend on assets that will allow the business to generate a profit.

Recommendations and Suggestions It is recommended that Blanna’s Fashion Boutique: * Ploughed back a portion of the profit that the business makes into it. * Introduces new products to the business. * Purchase new equipment for the business * Uses some of the profit that the business makes to attach another department on to the business.

It is suggested that Blanna’s Fashion Boutique should: * Purchase cheaper equipments to use in the business. This will increase the amount of money available in the business. * Offer more sale discounts this will force more customers to purchase from Blanna’s Fashion Boutique.

Conclusion It is clear that Blanna’s Fashion Boutique keeps all the records of the transactions that take place in the business over the financial period of time. Blanna’s Fashion Boutique could increase the gross profit and net profit of the business by adhering to the suggestions or recommendations outlined. Never the less Blanna’s Fashion Boutique made a good net profit of eighty six thousand four hundred and eighty five dollars (86,485) during the month of September in 2011. Blanna’s Fashion Boutique was able to make a profit due to the large amount of sales the business made.

Price list

Goods | Price | Pants | $ | Blouse | $ | Handbags | $ | Skirts | $ | Slippers | $ |

INVOICE

Blanna’s Fashion Boutique
Invoice
No. 001
Date:

From: To:
Quantity Description Unit price $

Debit note

Principles of Accounts
School Based Assessment (2012-2013)

You are required to name the firm and state the nature of the business. This must be in accordance with the items sold*.
After the initial accounting entries (Tasks 1 -3) have been completed you will then record the additional adjusting entries as set out at Tasks 4 and 5.
You may choose goods from the following list for the transactions.

* | Computer Store | Clothes and Accessories Store | A | Keyboard | Pants (guess) | B | Mouse | Blouse (guess) | C | Printer | Hand bags (guess) | D | Surge Protector | Skirts (guess) | E | Speakers | Slippers (guess) |

ABC Enterprise
(Remember that you are to rename the firm)
The following transactions were taken from the books of ABC Enterprise. You are required to asses them carefully then write up the relevant books as outlined in the requirements below:
2011
Sept 1 Opening Balances Capital $600, 000 Bank $364, 000 Cash $ 27, 160 Debtor (J Simpson) $ 31, 600 Creditor (Super Supreme International) $ 10, 560 Motor Van $ 62, 840 Building $100, 000
Stock
1doz A $ 10,800 1doz B $ 4,800 1doz D $ 9,360

Sept 1 Bought goods on credit from Super Supreme International. 8 doz A @ $1,000 each 8 doz B @ $440 each 4 boxes C @ $1,600 each 5 doz D @ $820 each 4 doz E @ $900 each
Sept 1 Bought Machinery by cheque $48, 000.
Sept 2 Withdrew $50, 000 cash from the bank account to be used in the business.
Sept 3 Cash Sales 2 doz A @ $1, 650 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each
Sept 3 Paid rent by cheque $30, 000.
Sept 5 sold goods on credit to J. Simpson. 1 doz A @ $1, 650 each 2 doz B @ $800 each 1 doz E @ $1, 500 each
Sept 6 Bought fixtures with cash $65, 000.
Sept 7 Cash Sales 1 box C @ $2, 950 each 1 doz D @ $1, 400 each 1 doz E @ $1, 500 each
Sept 8 Paid wages $10, 000 by cheque.

Sept 9 Returned goods to Super Supreme International as items were damaged. 1 doz A 1 box C
Sept 11 Paid the following expenses by cheque: Insurance $6,100, Electricity $3,300 and Rates $2,600.
Sept 13 Sold goods on credit to B. Banton: 2 doz A @ $1, 650 each 2 doz B @ $ 800 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each
Sept 15 Made payment to Super Supreme International by cash $150, 000, received a 5% cash discount.
Sept 15 Paid wages with cash $10, 000
Sept 16 Owner withdrew $6,200 cash to fix his personal motor car.
Sept 18 Collected Cheque from J. Simpson for goods sold on Sept 5th 2011,
$45, 000.
Sept 19 Bought furniture $3,600 with cash from Courts Ja. Ltd.
Sept 20 Sold goods on credit to N. Kidman 2 doz A @ $1, 650 each 3 doz B @ $ 800 each 2 doz E @ $1, 500 each

Sept 22 Paid wages with cheque $10, 000.
Sept 24 1 doz D returned to us by B. Banton as they were the wrong size.
Sept 27 Bought goods on credit from Super Supreme International. 3 doz A @ $ 1,100 each 4 boxes C @ $1, 650 each 1 doz E @ $ 980 each
Sept 29 B. Banton settled his account less 10% cash discount. He paid with cash.
Sept 29 Paid wages $10,000 by cheque.
Sept 30 Received goods from N. Kidman: 1 doz B
Sept 30 Cash Sales 3 doz A @ $1, 815 each 1 doz B @ $ 800 each 4 boxes C @ $3, 000 each 2 doz D @ $1, 400 each

Task 1
Write up ALL Subsidiary Books and then post the transactions to the ledgers. Please ensure that you distinguish between, General Ledger, Sales Ledger and Purchases Ledger. Show the opening entries in the General Journal at September 1, 2011.
Task 2
Prepare ABC Enterprise Trial Balance as at September 30, 2011
Task 3
Using the FIFO method of stock valuation, determine the closing stock.
Task 4
Design a logo and slogan for your business and provide the relevant information on the business entity
Prepare ABC Enterprise Trading, Profit and Loss Account for the month ending September 30, 2011 and a Balance Sheet as at that date, after taking into account the following: a) Insurance expense was paid in advance, $1000. b) Electricity was outstanding by $1, 200 c) Machinery is to be depreciated at 10 % annually using the straight line method (show the depreciation for the month).

Show adjustment to the above information in the ledgers.

Task 5
Prepare the Bank Reconciliation Statement using the Bank Statement below

Bank Statement | | | DR | CR | Balance | | | $ | $ | $ | Sept 1 | Balance | | | 364 000 | Sept 1 | Burke’s (Machinery) | 48 000 | | 316 000 | Sept 2 | SNPN Ltd (Cash) | 50 000 | | 266 000 | Sept 8 | Wages | 10 000 | | 256 000 | Sept 11 | NWC (Rates) | 2 600 | | 253 400 | Sept 20 | Wages | 10 000 | | 243 400 | Sept 24 | Credit transfer (Q Smith) | | 4 200 | 247 600 | Sept 29 | Wages | 10 000 | | 237 600 | Sept 29 | Standing Order | 15 000 | | 222 600 | Sept 29 | Bank Charges | 65 | | 222 535 | | | | | |
Task 6
Prepare cheques, invoices, cash receipts, debit and credit notes (Appendices).
Task 7 * Analyse the results of the operations of ABC Enterprise over the relevant period. * In your analysis you should highlight strengths/weaknesses and comment on ways in which the efficiency of the firm may be improved. * Accounting Ratios, graphs, tables, charts and diagrams are tools that when used will strengthen/enhance you a
Due Dates: Subsidiary Books - June 12th 2012 Trial Balance and Stock
Valuation - September 29th 2012
Trading, Profit and Loss and
Balance Sheet - September 29th2012
Bank Recon. Statement - October 16th2012 First Draft (completed) - November 17th2012 Final Draft (completed)- December12th 2012

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