principles of accounts sba final draft

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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=1


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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 12. G. Gordon returned 1 phone due to faults, $10.

November 13. K. McFarlane returned 1 phone due to faults, $30.


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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



6000


2011 $


____

6000

Display Stands a/c

2011 $

November 3 J. Owens 3000


2011 $


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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 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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principles of accounts sba final draft

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