Professional Documents
Culture Documents
Registration number:
Territory: Barbados
Opening
remarks
...3-6
Acknowledgement..
....3
Aim of
project
..4 Description and
overview..
.5- 6
Accounting procedures used and records kept:
...........7
Opening journal entries..
.8
The General
Journal......9
Sales Journal...
...15
Purchases Journal...
......15
Return Inwards
Journal...16
Return Outwards Journal.
.....16
Three Column Cash
Book...17
Sales
Ledger
....18-19
Purchases ledger...
..20
General Ledgers..
....21-23
The Trial Balance..
...24
Trading and Profit and Loss..
...25
Balance Sheet..
.....26
pg. 2
Performance Evaluation and interpretation of
results......27-29
Ratios
...27-29
Comparison..
.....30
Suggestion..
..31
Conclusion
...32
Appendices:
The List of the
Transactions....10-
11
Source
documents..
.12-14
The accounting
cycle....7
Pie charts ..
..28
Doughnut
chart.
..29
Acknowledgement
pg. 3
I would like to thank family and friends for all they
Supermarket a success.
pg. 4
The aim of my project is for me to arrive at a
Owner/Manager
pg. 6
Supervisor Supervisor
Supervisor
General Workers
buy on credit and they also buy from many retailers on credit.
kept
pg. 7
Jens Supermarket keeps records according to the standard form
1.
Journalising/
Books of
original
entry
5. Final 2. Posting
Accounts to the ledger
4.Adjustmen
ts and 3.Trial
closing Balance
entries
pg. 8
Opening Journal Entries
Assets
Cash 1000
Bank 50000
Premises 100000
Motor Van 1500
Stock 50000
Debtors
C. Harris 1000
S. Clarke 5000
T. Thomas 300
Creditors
M. Song 5000
D. Call 1000
pg. 9
The General Journal
Debtors:
Sl
C. Harris 44 1000
Sl
S. Clarke 42 5000
Sl
T. Thomas 50 300
CB
Bank 10 50000
CB
Cash 10 1000
Liabilities:
Creditors
M. Song 5000
P. Call 1000
Capital 202800
208800 208800
pg. 10
List of Transactions
December 2009
pg. 11
24. Returned faulty stock to U. Ulrich $100
Invoice
Invoice
no: 001
Date: 14th/12/2009
From: Jen's To: Frank
Supermarket Turning
Haggat Hall St.
pg. 12
St.Michael Michael
UNIT
QTY DESCRIPTION PRICE($) $
25
Cases PHD: Milk 40 1000
10 Sun flower:
crates Eggs 15 150
50 Pampers:
boxes Pampers 17 850
Total 2000
Debit Note:
DEBIT NOTE
Jen's From
To: Supermarket : U. Ulrich
Haggat Hall Hinds Bury
St. Michael. St. James
Barbados Barbados
Date Ref
: 24th December 2009 No: Invoice No:005
Credit Note:
Credit
Note
pg. 13
Jen's
From: Supermarket To: F. Frank
Haggat Hall, Turning ,
St. Michael, St. Michael,
Barbados. Barbados.
Ref Invoice
Date: 22nd December 2009 No: No:010
Date 22nd Dec,
d 2009
UNIT TOTAL
QTY DESCRIPTION PRICE ($) AMOUNT($)
5 buckets( 1 Bico: Ice
Gallon each) Cream 40 200
Recei
pt:
Receipt
Date:30th Dec
2009 # 001
wholesale
For: goods
$540.00
Per: H. Hoyte
Cheque:
pg. 14
Barbados National
J
Bank 312086
2009/12/1
e BRIDGETOWN, ST. MICHAEL 3
n YR/MO/DA
BARBADOS. Y
s
pay to the
Super $
order of H. Hung bds 600.00
Market Six
hundred--------------------- DOLLA
-- RS
Jks
Jenevonne Kirton
Owner/General
BNB ACCOUNT Manager
Purchases Journal
p.5
Invoice Foli Amou
Date Details No o nt
2009 $
PL 5000
1st Dec U. Ulrich 001 5 0
15th PL
Dec R. Reid 004 7 1500
26th PL
Dec M. Thomas 002 1 1000
28th PL
Dec I. Irish 003 2 45
Transferred to
purchases a/c GL3 52545
pg. 16
The Return Inwards Journal
pg. 17
The Cash Book
Jen's Supermarket
Three column Cash Book (p.10)
Dat Dat
e Details Folio Dis Cash Bank e Details Folio Dis Cash Bank
200
2009 9
Dec $ $ $ Dec $ $ $
1st bal b/d GJ 1 1000 50000 4th Drawings GL 12 1000
GL 1000 Rent and
3rd Sales 10 00 5th Rates GL 14 1000
GL 16t
9th loan 16 600 h Insurance GL 17 300
12t M. 17t
h Lung SL 1 450 h Wages GL 18 5000
30t H. 19t Motor
h Hoyte SL 7 60 540 h expenses GL 20 300
29t
h R. Reid PL 7 75 1425
31s 99
t bal c/d 700 43865
1010 1010
60 00 51590 75 00 51590
1st GL 9970 GL
Jan 40 0 43865 39
pg. 18
Sales Ledgers
C. Harris p.44
2009
1st 100
Dec bal b/d GJ 1 0
S. Clarke p.22
2009
1st 500
Dec bal b/d GJ 1 0
T. Thomas p.11
2009
1st
Dec bal b/d GJ 1 300
F. Frank p.3
2009 2009
14th 200 22nd Return
Dec Sales SJ 17 0 Dec Inwards RIJ 12 200
31st Dec bal c/d 1800
200
0 2000
1st 180
Jan bal b/d 0
G. Gooding p.4
2009
21st 200
Dec Sales SJ 17 0
pg. 19
H. Hoyte p.7
2009 2009
2nd
Dec Sales SJ 17 600 30th Dec Bank CB 10 540
30th Dec Dis CB 10 60
600 600
M Lung p.1
2009 2009
6th Dec Sales SJ 17 450 12th Dec Bank CB 10 450
N.B Debtors=10100
pg. 20
Purchases Ledger
U. Ulrich p.5
2009 2009
24th Return ROH 2nd Purchas
Dec Outwards 10 100 Dec es PJ 5 50000
31st 4990
Dec bal c/d 0
5000
0 50000
1st Jan bal b/d 50000
D. Call p.50
1st Dec bal b/d GJ 1 1000
M. Thomas p.1
26th Purchas
Dec es PJ 5 1000
I.
Irish p.2
2009
28th Purchas
Dec es PJ 5 45
R.
Reid p.7
2009 2009
29th 15th Purchas
Dec Bank CB 10 1425 Dec es PJ 5 1500
29th
Dec Dis CB 10 75
1500 1500
pg. 21
N.B Creditors=56945
General Ledgers
Premises p.31
2009
1st 1000
Dec bal b/d Gl 42 00
Sales p.10
2009 2009
31st Total
Dec sales SJ 17 5050
for the
month
31st 1050 3rd 10000
Dec bal c/d 50 Dec Cash CB 10 0
1050 10505
50 0
10505
1st Jan bal b/d 0
Loan p.16
2009
9th
Dec Bank CB 10 600
pg. 22
Discount
Allowed p.62
2009
30th Total
Dec discount CB 10 60
for the
month
Discount
Received p.61
2009
29th Total
Dec discount CB 10 75
for the
month
Purchases p.3
2009
31st 5254
Dec Total credit PJ 5 5
for the
month
Return
Outwards p.23
2009
31st
Dec Total Returns
for the ROJ
month 10 100
pg. 23
2009
31st
Dec Total Returns
for the
month RIJ 12 200
Drawings p.12
2009
4th
Dec Cash CB 10 1000
Insurance p.17
2009
16th
Dec Bank CB 10 300
Wages p.18
2009
17th
Dec Bank CB 10 5000
Motor
Expenses p.20
2009
19th
Dec Cash CB 10 300
Capital p.101
pg. 24
2009
20280
1st Dec bal b/d GJ 1 0
Stock P.55
10th 500
Dec bal b/d GJ 1 00
Jen's Supermarket
Trial Balance
as at 31st Dec 2009
Date Details Debit Credit
2009 $ $
31st 20280
Dec Capital 0
Cash 99700
Bank 43865
10000
Premises 0
Motor Van 1500
10505
Sales 0
Loan 600
Purchases 52545
Return
Outwards 100
Return Inwards 200
Drawings 1000
Rent and Rates 1000
Insurance 300
pg. 25
Wages 5000
Motor
Expenses 300
Creditors 56945
Debtors 10100
Stock 50000
Discount allowed 60
Discount
received 75
36557 36557
0 0
Adjustments
Jen's Supermarket
Trading and Profit and Loss
for the year ending 31st December 2009
$ $ $
Sales 105050
less Return Inwards (200)
Net Sales 104850
pg. 26
Gross Profit 12650
Add Discount
Received 75
12725
Less Expenses:
Rent and Rates 500
Insurance 350
Wages 5000
Motor Expenses 300
Discount Allowed 60
Depreciation for
Motor Van 150
Total expenses (6360)
Net profit 6365
Jen's Supermarket
Balance Sheet
as at 31st Dec 2009
Fixed Assets $ $ $
Premises 100000
Motor Van 1500
less depreciation (150) 1350
Total fixed assets 101350
Current Assets
Closing Stock 10245
Debtors 10100
Bank 43865
Cash 99700
Rent and Rates paid
in advance 500
Total current assets 164410
pg. 27
Less current liabilities
Creditors 56945
loan 600
Insurance owing 50
Total current liabilities (57595)
Working capital 106815
208165
Financed by
Capital 202800
Add Net Profit 6365
209165
Less Drawings (1000)
Capital at end 208165
In the close of the financial year for Jens Supermarket there is an increase
of capital, this indicates that the business was profitable as shown in the
following ratios.
The business was able to maximize its profitability on the Gross profit/ sales
ratio percentage and return on capital employed ratio percentage as
indicated by the following:
pg. 28
1. Gross Profit to sales
ratio.
Gross 1265
Profit = 0 = 0.1
1048
Sales 50
The sales for the period under review were 104850; the cost of goods sold
was 92200. Therefore the business made a gross profit of 12 650. Overall
pg. 29
the business made ($12) twelve dollars on every ($100) hundred dollars of
sales.
*100 *100
Net Profit = 6365 = 3.1%
capital 205482
employed .50
pg. 30
Return on Capital Employed
3%
Net Profit
Capital Employed
97%
The capital at start was 202800, whilst at close it was 208 165. These
figures show an increase in the net worth of the business of 5365.
Current ratio
Current
Assets = 164410
Current
liabilities 57595
= 2.9:1
Acid test
ratio
= 154165
57595
= 2.7:1
1. The current ratio was 2.9:1 and the acid test ratio was 2.7:1.That is an
indication that when creditors are paid the remainder of cash is 1.9 and 1.7
respectively. Although stock was deducted from the current assets the
business was still able to repay its debts. This showed that the current
assets did not depend on closing stock to raise its figure.
2. The capital at beginning was 202800 while at end it was 208165 which
showed an increase by 5365 at the end of the month.
pg. 32
Suggestions/Recommendations
Current Ratio
Gross Profit
pg. 33
Conclusion
pg. 34