Case study on investment
Most of Winston’s business has been for cash but he has given credit to a few customers he knows well. Winston has also taken advantage of the offer of credit from 2 wholesalers.
Winston makes payments either by cash or by cheques drawn on his business bank account. He makes all his cash payments from his cash float as he does not keep a petty cash account. On Saturdays after closing the shop, starting from the 12 July 20X1, Winston totals up the till slips (cash register receipts) for the week. He then deposits his week’s cash received (net of his week’s cash payments) into his business bank account, ensuring he always retains a cash balance of £200 in the shop at the start of the following week.
Winston has a daughter, Jackie, who has recently been awarded a Professional Certificate in Accounting from a leading UK university. Jackie is about to start a training contract with an accounting practice in order to complete her professional qualification, but currently has time available to help her father run his business. Jackie has offered to produce double-entry bookkeeping records for Winston on Excel. She has convinced her father of the importance of using double-entry bookkeeping in order to produce ‘true and fair’ accounts. Winston is aware that he only needs to provide accounts once a year for tax purposes but thinks it might be a good idea to produce final accounts for the first two months of his new business so that he can assess how ‘Wi R Tools’ is progressing.
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