Assume your business is Hola Beauty (Cosmetic Product Business). You should create about 20-25 business transactions. The business transactions should include at least: . . . . . . . . . . . Contribution of capital by the owner of the business 3 credit purchases . 1 cash purchase 3 credit sales 1 cash sale 2 purchases of non-current assets 2 payments to suppliers 2 payments by receivables 1 transaction on payment of expenses 1 transaction on revenue received. 2 Drawings (goods and cash) by the owner For merchandising business: 1 transaction on sales return. 1 transaction on purchases return After creating business transactions, create: 1. Specialised journals (General Journal, Cash Reciept Journal, Cash Payment Journal, Sales Journal, Purchase Journal, Return outward Journal, Return Inward Journal) 2. Subsidiary ledgers account 1 transaction on non-current liability 3. Trial Balance as at that date.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is