Accounts Sba
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ACCOUNTS SCHOOL BASED ASSESSMENT PROJECT
ST GEORGES COLLEGE
2010
Chevaughn Barrant who previously worked for Shady Spring Developers was made redundant and received $1,500,000 as his redundancy payment which he used to open his own sole trader business known as C.J’s Computer and Accessories where he trades in computers and parts. He decided to operate the business for two months August 1, 2010 to September 30, 2010 and the transactions are as follows:
2010
Aug 1 Started business with $1,500,000. $1,300,000 was deposited into the business Bank account and $200,000 was kept in hand. 1 Bought Motor Vehicle for $200,000 paying by Cheque 1 Bought 20 computers and parts from One Stop Computer Ltd for cash $300,000 1 Paid rent by Cheque $10,000 2 Sold 3 computers for cash $60,000 13 Paid Electricity by Cheque $10,000 15 Bought furniture on credit from Courts Ltd $50,000 20 Sold 10 computers and parts on credit to N Stewart $200,000 22 Bought 5 computers and parts from One Stop Computer Ltd on credit for $75,000 23 Paid One Stop Computer Ltd by Cheque $180,000 25 Paid salaries by Cheque $40,000 31 Sold 5 computers and parts on credit to M Sharpe $100,000 31 Returned 5 computers $75,000 to One Stop Computer Ltd
2010
Sept 1 Paid rent by Cheque $10,000 1 Paid Courts Ltd $50,000 3 Bought 15 computers and parts from One Stop Computer Ltd paying by Cheque for $225,000 4 Sold 8 computers on credit to M Sharpe $160,000 8 N Stewart paid for computers parts by Cheque $100,000 9 Sold 4 computers and parts on credit to N Stewart $80,000 12 Paid Electricity by Cheque $10,000 15 M Sharpe returned 2 computers $40,000 16 Bought Air Condition Unit on credit from Courts Ltd $35,000 17 Returned 4 computers to One Stop Computer Ltd $60,000 18 Sold 8 computers on credit to N Stewart $160,000 19 M Sharpe paid for computers parts by cash
ACCOUNTS SCHOOL BASED ASSESSMENT PROJECT
ST GEORGES COLLEGE
2010
Chevaughn Barrant who previously worked for Shady Spring Developers was made redundant and received $1,500,000 as his redundancy payment which he used to open his own sole trader business known as C.J’s Computer and Accessories where he trades in computers and parts. He decided to operate the business for two months August 1, 2010 to September 30, 2010 and the transactions are as follows:
2010
Aug 1 Started business with $1,500,000. $1,300,000 was deposited into the business Bank account and $200,000 was kept in hand. 1 Bought Motor Vehicle for $200,000 paying by Cheque 1 Bought 20 computers and parts from One Stop Computer Ltd for cash $300,000 1 Paid rent by Cheque $10,000 2 Sold 3 computers for cash $60,000 13 Paid Electricity by Cheque $10,000 15 Bought furniture on credit from Courts Ltd $50,000 20 Sold 10 computers and parts on credit to N Stewart $200,000 22 Bought 5 computers and parts from One Stop Computer Ltd on credit for $75,000 23 Paid One Stop Computer Ltd by Cheque $180,000 25 Paid salaries by Cheque $40,000 31 Sold 5 computers and parts on credit to M Sharpe $100,000 31 Returned 5 computers $75,000 to One Stop Computer Ltd
2010
Sept 1 Paid rent by Cheque $10,000 1 Paid Courts Ltd $50,000 3 Bought 15 computers and parts from One Stop Computer Ltd paying by Cheque for $225,000 4 Sold 8 computers on credit to M Sharpe $160,000 8 N Stewart paid for computers parts by Cheque $100,000 9 Sold 4 computers and parts on credit to N Stewart $80,000 12 Paid Electricity by Cheque $10,000 15 M Sharpe returned 2 computers $40,000 16 Bought Air Condition Unit on credit from Courts Ltd $35,000 17 Returned 4 computers to One Stop Computer Ltd $60,000 18 Sold 8 computers on credit to N Stewart $160,000 19 M Sharpe paid for computers parts by cash
Bibliography: 1. Wood, Frank and Sheila Robinson, Principles of accounts for the Caribbean, Fourth Edition, Pearson Education Limited, 2000. [pic] PURCHASES [pic] SALES [pic] THE ACCOUNTING CYCLE