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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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.
1 transaction on non-current liability
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
3. Trial Balance as at that date.
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