ACTUARIAL SCIENCE 1.

ACF 255

GROUP MEMBERS.
NAME INDEX NUMBER
Josephine Asaaba 3538122
Cofkans Osei Bonsu 3544122
Oheneba Querte Mensah 3545122
Martey Kenton Nathan 3542822

GROUP ASSIGNMENT.
Question: In your groups (not exceeding 4 persons in a group), identify a sole proprietorship and
apply ALL the relevant principles and topics that would be treated in class throughout the
semester to that business and write a report to be submitted on the last day of lectures for the
semester.
 Financial Statement 2023.
Financial Statements of Mr. Wadada Retail Shop.
Mr. Wadada Retail Shop is a sole-proprietorship business managed, owned and controlled by
Mr. Wadada. He started business as a retailer on 1st January, 1985 with initial capital of GH₵
7.00 (old currency). He sells sachet water and bottled water.
Mr. Wadada didn’t keep proper records of his transactions when he started the business. As at 1st
January, 2023, his assets and liabilities are as follows:
ASSET GH₵
Land 2,800.00
Kiosk 2,000.00
Refrigerator 2,140.00
Fixtures and fittings 250.00
Cooler 170.00
Cash at bank 4,000.00
Cash at hand 300.00
Stock 229.00

LIABILITY GH₵
Creditors (Payables) 157.00

Additional Information:
1. Goods that were in stock on 31st December, 2022 was GH₵ 247.00. His opening
inventory (stock) is GH₵ 229.00. He does not sell on credit, so there is no sales day book
and no return inwards and outwards.
2. Mr. Wadada has no account for Debtors (receivables). He deposits money at the bank
every day as savings. There is no discount on his transactions and also no carriage
inwards and outwards. He also doesn’t pay employees too, no petty cash transactions and
no bad debt because he deals with cash sales or transactions.
IN THE BOOKS OF MR. WADADA REATAIL SHOP.
STATEMENT OF FINANCIAL POSITION AS AT 01/01/2023.
FIXED ASSETS GH₵ GH₵ GH₵
Land 2,800
Kiosk 2,000
Fixture and Fittings 260
Refrigerator 2,140
Cooler 170 7,370

CURRENT ASSETS
Stock 229
Cash at hand 4,000
Cash at bank 300 4529
11,489

LESS CURRENT
LIABILITY
Creditors (Payables) 157

Capital 11,742

Since Mr. Wadada did not know his capital, we had to find his capital as at 01/01/2023.
The following are transactions which took place in the same year (2023);
March 1: Balances brought down; cash in hand- GH₵ 700 and cash at bank- GH₵ 3,600
March 15: Paid electricity with cash GH₵ 20,000
Cash sales of sachet water GH₵ 650
Cash sales of bottled water GH₵ 220
Bought polythene bag GH₵ 10 cash
Purchased bags of water from his supplier at GH₵ 600 cash
Purchased packs of bottled water from his supplier at GH₵ 142 cash
Deposited an amount of GH₵ 150 to the bank.
March 19: Cash sales of sachet water GH₵ 510
Cash sales of bottled water GH₵ 172
Purchased bags of water at GH₵ 200
Purchased packs of bottled water from supplier at GH₵ 250
March 24: Purchased packs of bottled water at GH₵ 321
Purchased bags of water at GH₵ 350
Cash sales of sachet water GH₵ 281
Cash sales of bottled water GH₵ 450
Paid cash GH₵ 100 into the bank
March 29: Cash sales of sachet water GH₵ 500
Cash sales of bottled water GH₵ 188
Purchased bags of water GH₵ 450
Purchased bottled of water GH₵ 196
Bought polythene bag GH₵ 7
Paid cash GH₵ 70 into the bank
His total drawings for the month are GH₵ 350.
IN THE BOOKS OF MR. WADADA RETAIL SHOP.
CASH BOOK (DOUBLE COLUMN).
Date Details Cash Bank Date Details Cash Bank
GH₵ GH₵ March GH₵ GH₵
March
1 Balance b/d 700 3600 15 Electricit CB2 200
y
Sales CB1 650 Polythene CB3 10
Bag
Sales CB1 220 Purchases CB4 600
Cash C 150 Purchases CB4 142
19 Sales CB1 510 Bank C 150
Sales CB1 172 19 Purchases CB4 200
Cash C 80 Purchases CB4 250
24 Sales CB1 281 Bank C 80
Sales CB1 450 24 Purchases CB4 321
Cash C 100 Purchases CB4 350
29 Sales CB1 500 Bank C 100
Sales CB1 188 29 Purchases CB4 450
Cash C 70 Purchases CB4 196
Bank C 70
Polythene CB3 7
Bag
Drawings CB5 350
31 Balance c/d 195 4,000
3,671 4,000 3,671 4,000
April
1 Balance b/d 195 4000
GENERAL LEDGER.
Sales Account
March GH₵ March GH₵
31 Balance c/d 2971 15 Cash 650
Cash 220
19 Cash 510
Cash 172
24 Cash 281
Cash 450
29 Cash 500
Cash 188
2,971 2,971
Balance b/d 2,971

Purchases Account
March GH₵ March GH₵
15 Cash 600 31 Balance c/d 2,509
Cash 142
19 Cash 200
Cash 250
24 Cash 321
Cash 350
29 Cash 450
Cash 196
2,509 2,509

Electricity Account
March GH₵ March GH₵
15 Cash 200 31 Balance c/d 200
Balance b/d 200

Polythene Bag Account

March GH₵ March GH₵
15 Cash 10 31 Balance c/d 17
29 Cash 7
17 17
 Balance b/d 17

Drawings Account
March GH₵ March GH₵
29 Cash 350 31 Balance c/d 350
Balance b/d 350

TRIAL BALANCE AS AT 31/03/2023.

Particular Dr Cr
GH₵ GH₵
Capital 11,742
Sales 2,971
Purchases 2,509
Stock 229
Cash in hand 195
Cash at bank 4,000
Land 2,800
Kiosk 2,000
Creditor 157
Fixture and fittings 260
Refrigerator 2,140
Cooler 170
Electricity 200
Polythene bag 17
Drawings 350
14,870 14,870
INCOME STATEMENT FOR THE PERIOD ENDED 31/03/2023.
GH₵ GH₵ GH₵
Sales 2,971
Less cost of sales;
Opening stock 229
Add purchases 2,509
Cost of goods available for
sale 2,738
Less closing stock 247 2,491
Gross profit 480
Less operating expenses
Electricity 200
Polythene bag 17 217
Net profit 263

STATEMENT OF FINANCIAL POSITION AS AT 31/03/2023.

GH₵ GH₵ GH₵
Fixed Assets;
Land 2,800
Kiosk 2,000
Fixture and
fittings 260
Refrigerator 2,140
Cooler 170 7,370
Current Assets;
Stock 247
Cash in hand 195
Cash at bank 4,000 4,442
Less current
liability;
Creditors 157 4,285
Net total asset 11,655
Financed by;
Capital 11,742
Add net profit 263
 12,005
Less drawings 350
Capital employed 11,655