WHY MOST PETTY TRADERS DO NOT KEEP PROPER BOOKS OF ACCOUNTS?

Abstract

The project explores petty traders and why most of them do not keep proper book of accounts, and do they know anything about bookkeeping and do they record their day to day transactions. The project highlighted the usefulness and the need to record transactions. It also highlighted the kind of measures that need to be taken to enhance their effectiveness and completeness.It began with an introduction to the report which talks about the background, statement of

Problem, objectives of the study, research questions and organization of chapters.

The cluster sampling method was used with a sample size of 200. Out of the 200 questionnaires given out, 158 responses were been received. Both primary and secondary data were used. The findings were being analyzed and interpreted of the responses from the questionnaires and interviews. The study showed that most of the traders do not record the day to day events and know nothing about proper bookkeeping. And those who know do not record them appropriately. The traders who record do it manually and it becomes tedious with cancellations here and there. Finally, the manual works become bulky. Recommendations were also made as to how they should go about the proper way of keeping books of accounts.