Financial Accounting: Patrick's Cod Fishing Ltd Journal and Statements

This document provides a comprehensive solution to an accounting homework assignment focusing on Patrick's Cod Fishing Ltd, a sole proprietorship. The assignment involves detailed journal entries for October and November, meticulously recording all business transactions, including purchases, sales, expenses, and other financial activities. These entries are then organized into T-account ledgers, summarizing the impact of each transaction on various accounts. Furthermore, the solution culminates in the preparation of a revenue statement and a balance sheet, offering a clear overview of the company's financial performance and position over the specified period. The report demonstrates a strong understanding of financial accounting principles, including the double-entry bookkeeping system, and provides a clear and organized presentation of financial data.