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Principles of Accounts
School Based Assessment (CSEC)
Name: MarissaGreen
Registration Number:
Centre Number:
Territory: Jamaica
Year of Submission: 2012
http://www.google.com.jm/imgres?q=cellular+phones+taking+over+the+world&um=1&hl=en&rlz=1T4SKPT_enJM414JM417&biw=1366&bih=582&tbm=isch&tbnid=ikC3obOUPR2yaM:&imgrefurl=http://www.itechfreak.com/mobile-phones/cell-phones-at-a-glance/&docid=taNyrtKsbe95TM&imgurl=http://www.itechfreak.com/wp-content/uploads/2011/01/cell-phones-at-a-glance.jpg&w=500&h=400&ei=4UJlT5vAJ6ji2QXEl_nbCA&zoom=1http://www.google.com.jm/imgres?q=cellular+phones+taking+over+the+world&um=1&hl=en&rlz=1T4SKPT_enJM414JM417&biw=1366&bih=582&tbm=isch&tbnid=ikC3obOUPR2yaM:&imgrefurl=http://www.itechfreak.com/mobile-phones/cell-phones-at-a-glance/&docid=taNyrtKsbe95TM&imgurl=http://www.itechfreak.com/wp-content/uploads/2011/01/cell-phones-at-a-glance.jpg&w=500&h=400&ei=4UJlT5vAJ6ji2QXEl_nbCA&zoom=1http://www.google.com.jm/imgres?q=cellular+phones+taking+over+the+world&um=1&hl=en&rlz=1T4SKPT_enJM414JM417&biw=1366&bih=582&tbm=isch&tbnid=ikC3obOUPR2yaM:&imgrefurl=http://www.itechfreak.com/mobile-phones/cell-phones-at-a-glance/&docid=taNyrtKsbe95TM&imgurl=http://www.itechfreak.com/wp-content/uploads/2011/01/cell-phones-at-a-glance.jpg&w=500&h=400&ei=4UJlT5vAJ6ji2QXEl_nbCA&zoom=1http://www.google.com.jm/imgres?q=cellular+phones+taking+over+the+world&um=1&hl=en&rlz=1T4SKPT_enJM414JM417&biw=1366&bih=582&tbm=isch&tbnid=ikC3obOUPR2yaM:&imgrefurl=http://www.itechfreak.com/mobile-phones/cell-phones-at-a-glance/&docid=taNyrtKsbe95TM&imgurl=http://www.itechfreak.com/wp-content/uploads/2011/01/cell-phones-at-a-glance.jpg&w=500&h=400&ei=4UJlT5vAJ6ji2QXEl_nbCA&zoom=1http://www.google.com.jm/imgres?q=cellular+phones+taking+over+the+world&um=1&hl=en&rlz=1T4SKPT_enJM414JM417&biw=1366&bih=582&tbm=isch&tbnid=ikC3obOUPR2yaM:&imgrefurl=http://www.itechfreak.com/mobile-phones/cell-phones-at-a-glance/&docid=taNyrtKsbe95TM&imgurl=http://www.itechfreak.com/wp-content/uploads/2011/01/cell-phones-at-a-glance.jpg&w=500&h=400&ei=4UJlT5vAJ6ji2QXEl_nbCA&zoom=17/29/2019 Principles of Accounts Sba Final Draft
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Acknowledgement
Sincere gratitude is given to everyone who has made a significant contribution to the successful
completion of this school based assessment.
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Aims of Project
The researcher would like to achieve the following aims of:
Making a profit Providing service that is efficient Drawing up accurate financial statements for Cellular World for the year 2011 Acquiring a full understanding of the accounting concepts in order to develop a
high level of competence in the financial sector.
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Description and Overview of Business
Cellular World is a developed retail company which provides cellular phones to most parishes in
convenient locations. Cellular World is owned and operated by Marissa Green who is the sole
proprietor. The company allows customers to purchase the cellular phones on credit. The
business also purchases cellular phones on credit from its suppliers.
The company employs fourteen staff members with Miss. Green as its chief executive officer.
The staff includes three supervisors and eleven general workers including cashiers, assistance,
security etc.
Diagram illustrating the lines of authority within the business.
The accounting records of Cellular World are kept on double entry principles with all the
mandatory journals, ledgers, cash books etc of the business.
The period under review is November 2011
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CEO
Supervisor Supervisor Supervisor
GeneralWorkers
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Transaction List
2011
November 1. Started business by depositing $20,000 into a bank account.
November 2. Placed $5000 cheque into cash account.
November 3. Bought display stands on credit from J. Owens, $3000.
November 4. Bought office furniture on credit from J. McIntyre, $1500.
November 5. Bought 20 phones on credit from M. McIntyre, $20000.
November 6. Sold 1 phone for cash $1000.
November 7. Sold 9 phones for cash $9000.
November 8. Sold 3 phones on credit to K. McFarlane, $3000.
November 9. Sold 5 phones on credit to G. Gordon, $5000.
November 10. Bought 20 phones on credit from M. McIntyre, $2000.
November 11. Sold 2 phones for cash $2000.
November 12. G. Gordon returned 1 phone due to faults, $10.
November 13. K. McFarlane returned 1 phone due to faults, $30.
November 14. Sold 8 phones for cash $8000.
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Sales Journal
Invoice
Number Folio
(page 52)
Amount
2011 $
November 8. K. McFarlane 1244 SL5 3000
November 9. G. Gordon 1245 SL6 5000
Transferred to Sales
account
GL10 8000
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Return Inwards Journal
Invoice
Number Folio
(page 53)
Amount
2011 $
November 12. G. Gordon 1247 SL6 10
November 13. K. McFarlane 1244 SL5 30
Transferred to Return
Inwards account
GL13 40
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Return Outwards Journal
Invoice
Number Folio
(page 53)
Amount
2011 $
November 20. M. McIntyre 1244 PL4 200
Transferred to Return
Outwards account
GL8 200
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General Ledger
Capital a/c
2011 $
November 30 Bal. c/d 20000
2011 $
November 1 Bank 20000
December 1 Bal. b/d 20000
Purchases a/c
2011 $
November 5 M. McIntyre 2000
November 10 M. McIntyre 2000
November 21 M. McIntyre 2000
6000
December 1 Bal. b/d 6000
2011 $
November 30 Bal. c/d 6000
____
6000
Display Stands a/c
2011 $
November 3 J. Owens 3000
December 1 Bal. b/d 3000
2011 $
November 30 Bal. c/d 3000
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Final Accounts
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Bought and Sold Schedule
Date Bought Date Sold
2011 $ 2011 $
November 5 20 at $100 each 2000 November 6 1 at $1000 1000
November 10 20 at $100 each 2000 November 7 9 at $1000 each 9000
November 21 20 at $100 each 2000 November 8 3 at $1000 each 3000
November 9 5 at $1000 each 5000
November 11 2 at $1000 each 2000
November 14 8 at $1000 each 8000
November 15 5 at $1000 each 5000
November 19 3 at $1000 each 3000
____November 24 1 at $1000 each 1000
_____
6000 37000
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Trading, Profit and Loss Account
Cellular World
_________ Trading, Profit and Loss Account as at 30 November 2011______________
$ $
Sales 37000
Less Returns Inwards (40)_ 36960
Less Cost of goods sold
Purchases 6000
Less Returns Outwards (200)_
5800
Less Closing Stock (2300)_ (3500)
Gross Profit 33460
Less Expenses
Insurance 250
Rent 1500
Sundry 10_ (1760)_
Net Profit 31700
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Recommendations
In order to make Cellular World more successful excess money that is earned will be used to
expand the business by opening another store and also introduce new phones into the business.
Cellular World will also find cheaper suppliers that are able to meet the demand of the phones so
that profitability will be greater.
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