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Class XII
Accountancy Project Work
Business Story
Mr. Britto
retried at age of fifty five as teacher of the local school. The
management wanted him to continue for some more time, because he was a
man of character and integrity. But he felt it is time to put an end to
the monotonous school life which only added wealth only in terms of
number of ex students. He was well known and respected in the small
town. Everybody liked him for his dedication and sincere commitment to
work. He wanted to do something that would keep him busy. Thirty three
long years of teaching left him with no savings, no pension and no
worthy experience.
He thought of
starting a small book shop to keep himself busy and earn some money to
survive. His family supported the idea as his house was near the school
and there was an old garage in the compound which could be converted to
a shop.
On 1st
October 20XX Mr.Britto somehow raised the initial capital of Rs.50,000
by selling some unused household items.
The business
took off beyond what he expected and generated enough income for him to
live a decent life.
But now there
is only one regret. I should have thought of this earlier,
he said.
Given below
is the list of transactions for the first three months of business as it
happened to be organized into systematic accounts. He wants the income
statement and balance sheet at the end of December, 20XX.
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