Imagine / assume you are running a merchandizing firm with a capital of $100,000-$500,000. You are free to assume / invest within the range of $ 100,000 - $ 500,000, depending on the size of the business.

With this assumption you are required to prepare an accounting cycle (Journal, Ledger, Trial Balance, Income statements and Balance sheet.) as per the GAAP System by applying all accounting principles and concepts.

Further requirements:

1. Write down at least 20 transactions for a period (month or a quarter / an year) your company, which should include all, will satisfy all requirements for your business.
2. In the light of the above information analyze the business transactions in the Journal,
3. Prepare ledgers and Trial Balance as on the last date of your business.
4. On the basis of Trial balance prepare

1. An Income Statements for the period
2. Balance Sheets as on that date.

take your time