The Purpose (Protein)- Translation

Act I: Initiation:
The large and small ribososomal subunits binds to the 5' cap of a mRNA molecule and scans it until it reaches the AUG start codon (which corresponds to the amino acid methionine). Then the 1st aminoacyl-tRNA(the indicator methionine-tRNA) binds to the start codon in the P site.
Act II: Elongation:
1. Another tRNA with  an anticodon and amino acid that corresponds with the codon (a threesome of bases on the mRNA) in the A site enters the ribosome. Next the animo acid (Met),  from the tRNA in the P site froms a peptide bond with the amino acid on the tRNA in the A site.
The Wobble effect is when even if the third base of a codon is different, it still codes for the same amino acid, thus reducing the chance of mutation.
2. During translocation, the ribosome moves to the next codon while the 2 tRNA remain bound to their codons, leaving a vacant A site, and the empty tRNA in the E site (where tRNA is released).
Steps 1&2 are repeated for each codon.
Act II: Termination:
When the A site arrives at a stop codon (UAA, UAG, or UGA), a protein release factor binds instead of a tRNA. The polypeptide chain is released from the tRNA, because there is no amino acid in the A site. The ribosomal units separate and the tRNA and the release factor are also freed.

Transcription (Synthesis of RNA)

Act I: Initiation:
(In eukaryotes):
1.Transcription factors recognize and bind to the promoter, "TATA" Box.
2.RNA polymerase II binds to the transcription factors and creates a Transcription Initiation Complex.
(In prokaryotes):
1. RNA polymerase II bind directly to the promoter region.
Act II: Elongation:
RNA polymerase untwists the double helix DNA, separates strands, then synthesises RNA as it base-pairs along the template in a 5'-> 3' direction.
The distinction between DNA and RNA synthesis? Instead of T pairing with A, it is U. And instead of new stand forming a bond with the template, it trails off from the polymeraseas RNA is single-stranded.
Act III: Termination:

(In eukaryotes):

RNA polymerase for hundreds of A nucleotides after the terminator, "AAUAA".
To protect the new RNA sequence from the hydrolytic enzymes in the cytoplasm, a G-cap is added to the 5' end, and a Poly A Tail, the collection of adenine nucleotides, at the 3' end.
But that's not all, RNA splicing is also needed to remove the introns (non-coding segments that also help in protecting the mRNA transcript) admist the exons, which actually codes for the amino acids(our next step with the mRNA). This splicing is accomplished by a spliceosome, with is formed by snRNPs (made up of protein and snRNA) and other proteins combining with the pre-mRNA. SnRNA base-pairs with the nucleotides at the end of the intron, and then the transcript is cut to release the intron, and the exons are spliced together.
(In prokaryotes):
Polymerase stops transcription at the end of the terminator, and the RNA and DNA are released.