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You are expected to:

Form a limited company dealing in first moving consumer goods

Download Quickbooks from www.intuit.com

Set up company details in Quickbooks

Identify and list different ledger accounts

Set up Chart of Accounts in Quickbooks

Identify and set up at least 3 suppliers and 40 customers

Identify and set up 3 product lines to trade on

You have at least 5 employees who are paid monthly and who should be set up in QB

Set up 1 bank account and a cash account for petty cash

The accounting period is 2 months

Suppliers and employees are paid by checks

The beginning balance for the company as at 1^st March 2023 are in the table below

Demonstrate trading by posting at least 50 transactions into QB spread across 2 months.

Accounts Receivable	Current Asset	1,150,000
Provision for bad and doubtful debts	Current Asset	(15,000)
Inventory	Current Asset	45,000
Cash and Bank	Current Asset	224,000
		1,404,000
Land	Non-current Asset	27,000,000
Buildings	Non-current Asset	55,100,000
Motor Vehicle	Non-current Asset	5,000,000
Equipment	Non-current Asset	3,300,000
Furniture	Non-current Asset	1,600,000
Accumulated Dep: Building	Non-current Asset	(22,925,000)
Accumulated Dep: Vehicles	Non-current Asset	(1,250,000)
Accumulated Dep: Equipment	Non-current Asset	(725,000)
Accumulated Dep: Furniture	Non-current Asset	(625,000)
		66,475,000
Accounts Payable	Current liabilities	725,000
Accruals	Current liabilities	150,000
Long-term borrowings	Long-term liabilities	3,500,000
General Fund	Equity	63,504,000
		67,879,000

Required:

Prepare to demonstrate posting transactions in QB during the last class.

You will be expected to:

Show chart of accounts that has codes.

Briefly describe the entry and the processing of the transactions, including the affected ledgers

Provide illustrative journal entries for a routine transaction, a non-routine transaction, a standard (recurring) adjusting transaction and nonrecurring adjusting transaction that would be posted to the general ledger.

Generate from QB the following Financial Statement

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Cashflow Statement

Develop a 2-page analytical review of your company

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