Prepare 6 transactions
Budget: £10 – £20 GBP
What needs to be done:
1.Initial issued and paid-up share capital for cash (1transaction)
2.Purchase of non-current asset/a for cash and on credit (2transactions)
3.Receipt from a trade receivable (partial receipt) (1transaction)
4.Payment to a trade payable (full payment) (1transaction)
5.Goods returned to a supplier (full returns)(1transaction)
How:
Use the proper account names to accurately reflect on your business transactions. All cash transactions are considered to be “cash at bank”. Your narrations for each transaction must be clearly described and sufficiently supported your amounts. Make sure you show sufficient workings to support your amounts of transactions.
Will provide examples and data.
1.Initial issued and paid-up share capital for cash (1transaction)
2.Purchase of non-current asset/a for cash and on credit (2transactions)
3.Receipt from a trade receivable (partial receipt) (1transaction)
4.Payment to a trade payable (full payment) (1transaction)
5.Goods returned to a supplier (full returns)(1transaction)
How:
Use the proper account names to accurately reflect on your business transactions. All cash transactions are considered to be “cash at bank”. Your narrations for each transaction must be clearly described and sufficiently supported your amounts. Make sure you show sufficient workings to support your amounts of transactions.
Will provide examples and data.