poa sba
The Case of
ABC Photography Supplies and Services
Prepared by the authors of
Principles of Accounts for Caribbean Examinations www.highschoolaccounts.weebly.com SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
ABC Photography Supplies and Services
Table of contents
Aims of the project and Description of the Business
3
Financial Statements
4
Analysis of Business Performance
6
Suggestions/Recommendations
7
Conclusion
8
Appendix
2
SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
ABC Photography Supplies and Services
Aims of the project
This project has four main aims:
1. To assist Jane Brown in determining the best business type suited for her activities. 2. To prepare the source documents, journals and ledger accounts necessary for the recording of transactions for January and February 2009.
3. To prepare her balance sheet as at 31 January, 2009; trial balance at 28
February, 2009; income statement for the two months ended 28 February, 2009; and balance sheet at that date.
4. To assess the firm’s performance over its first two months of operation.
Description of the Business
ABC Photography Supplies and Services is a small photography business established, owned and operated by Jane Brown. The firm sells photo equipment and accessories but may also provide basic photographic services in the future. Ms. Brown chose to commence business as a sole trader primarily because she would be fully in control of all decision making. In addition, she would retain all profits for herself. The firm is located in the busy financial sector of the city at 84 Main Street, Port of Lane.
3
SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
Financial Statements
ABC Photography Supplies and Services
Balance Sheet as at 31 January, 2009
$
$
Fixed Assets
Computers
Signage
Office
ABC Photography Supplies and Services
Prepared by the authors of
Principles of Accounts for Caribbean Examinations www.highschoolaccounts.weebly.com SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
ABC Photography Supplies and Services
Table of contents
Aims of the project and Description of the Business
3
Financial Statements
4
Analysis of Business Performance
6
Suggestions/Recommendations
7
Conclusion
8
Appendix
2
SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
ABC Photography Supplies and Services
Aims of the project
This project has four main aims:
1. To assist Jane Brown in determining the best business type suited for her activities. 2. To prepare the source documents, journals and ledger accounts necessary for the recording of transactions for January and February 2009.
3. To prepare her balance sheet as at 31 January, 2009; trial balance at 28
February, 2009; income statement for the two months ended 28 February, 2009; and balance sheet at that date.
4. To assess the firm’s performance over its first two months of operation.
Description of the Business
ABC Photography Supplies and Services is a small photography business established, owned and operated by Jane Brown. The firm sells photo equipment and accessories but may also provide basic photographic services in the future. Ms. Brown chose to commence business as a sole trader primarily because she would be fully in control of all decision making. In addition, she would retain all profits for herself. The firm is located in the busy financial sector of the city at 84 Main Street, Port of Lane.
3
SBA Simulation: Suggested Approach | Principles of Accounts for Caribbean Examinations
Financial Statements
ABC Photography Supplies and Services
Balance Sheet as at 31 January, 2009
$
$
Fixed Assets
Computers
Signage
Office