Principles of Accounts

School-Based Assessment

Group Members: Tamia Marston

Jamilia Lewis
Shauna Gayle
Yuanda Dawkins
Lavoy Wright-Robinson

Subject: Principles of Accounts

Teacher: Mr. McGill

Candidate number:

Centre number: 100314

Territory: Jamaica
 Table of Content
Acknowledgment…………………………………………………………………………….3

Introduction……………………………………………………………………………… …..4

Description of business………………………………………………………………………5

Aims of the Business…………………………………………………………………………6

Income Statement…………………………………………………………………………………

Balance Sheet…………………………………………………………………………………………..

Journals

General Journal………………………………………………………..

Purchases Journal……………………………………………………………………………………….

Sales Journal……………………………………………………………………………………………….

Returns

Return Outwards………………………………………………………………………………………..

Return Inwards………………………………………………………………………………………..…

Cash Book

Three Column Cash Book………………………………………………………………………..…

Ledgers

Sales Ledger………………………………………………………………………………………….

Purchases Ledger…………………………………………………………………………………………….

General ledger………………………………………………………………………………………………

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Control a/c

Debtors Control a/c………………………………………………………………………………………

Creditors Control a/c…………………………………………………………………………………….

Stock Valuation

Sheet Stock Valuation…………………………………………………………………………….

Pillow Stock Valuation………………………………………………………………………….

Final Accounts

Trial Balance………………………………………………………………………………………….

Income Statement…………………………………………………………………………

Balance Sheet…………………………………………………………………………………………..

Ratio

Ratio calculation………………………………………………………………………………………

Findings

Performance of the Business………………………………………………………………………………

Conclusion……………………………………………………………………………………….

Presentation of Data

Bar graphs…………………….……………………………………………………………………

Invoices………………………………………………………………………………………………..

Appendix

Transactions……………………………………………………………………………………….

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 Acknowledgment

First and foremost, we want to thank God for giving us the patience, strength, and resources
needed to complete this school-based Assessment (SBA). We also want to thank our teacher for
helping us achieve the standards required for the SBA.

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 Introduction
The ideas and practices of bookkeeping and accounting serve as the foundation for this
school-based assessment (SBA), which is a practical application of the knowledge learned in the
Fundamentals of Accounting discipline. The Easy Sleep LTD store business entity was the
subject of this study for the financial period of December 2022.

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 Description of Business
The Easy Sleep LTD store is a partnership owned and run by Tamia Marston, Jamilia Lewis, Shauna
Gayle, Yuanda Dawkins, and Lavoy Wright-Robinson. It is situated at shop #15 Grange Lane Plaza,
Grange Lane, St. Catherine. This company acquires and sells king-size sheet sets and pillows while also
serving the needs of commercial clients.
The business owners ensure the use of all of the original entry books, as well as the general ledger, double
entries, sales and buy ledgers, and personal accounts that include debtors' and creditors' control accounts.
They created accounting guidelines and practices. They consist of

❖ Trial balance
❖ Source Documents
❖ Cashbook
❖ Business Performance
❖ Ledgers
❖ Balance sheet
❖ Stock evaluation
❖ Trading profit and loss account
❖ Ratio Analysis
❖ Journals

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 Aim of the Business
The objectives of this company are::

❖ To be well-versed in how to conduct basic business transactions and to know how to

effectively record accounting data for a company.
❖ To determine whether any changes or improvements to the business should be made.
❖ To be exposed to a business's operations.
❖ To ensure that the business's goals are fulfilled and give it a good probability of
productivity growth

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 Trial Balance for Month Ending November 2022

Sale 260,000

Purchase 240,000
Rent 30,000
J.P.S 15,000
NWC 3,000
Telephone: Flow 40,000
Computer 3,000
Office Supplies
Equity (capital) 145,000
Bank 80,000

Debtors: (228,000) S. Hotel 35,000

Pegasus Hotel 72,000
Friends And Family Nursing Home 43,000
Jewel Hotel 51,000
RIU Hotel 27,000

Creditors;(233,800) JNU Distributors 130,000

Lin Tai Enterprise 36,000
Khemlani Mart 24,000
T&T Ltd. 43,200
639,000 639,000

Closing stock: Sheets: (40 @2000) =$80,000

Pillows: (36@ $750) = $27,000

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 General Journal

Date Details Folio Debit Credit

Dec 5 Bank CB 400,000

Capital GL 400,000

Dec 5 Rent GL 30,000

Bank CB 30,000

Dec 5 Carriage Inwards GL 3,200

Bank CB 3,200

Dec 5 Cash CB 4,500

Pillows GL 4,500

Dec 5 Purchase PL 1,200

Cash CB 1,200

Dec 6 Cash CB 12,000

Sale GL 12,000

Dec 6 Bank CB 24,000

Sale GL 24,000

Dec 7 Bank CB 18,000

Sheet S GL 18,000

Dec 7 Cash CB 3,000

Pillow GL 3,000

Dec 8 Cash CB 20,000

Sheet Sets GL 20,000

Dec 8 Cash CB 9,000

Sales GL 9,000

Dec 9 Wages GL 15,000

Bank CB 15,000

Dec 9 Bank CB 3,750

Friends and Family Nursing Home GL 3,750

Dec 9 Bank CB 30,000

Pegasus GL 30,000

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Dec 9 Cash CB 6,000
Sale SL 6000

Dec 9 Bank C 51,800

Cash 51,800

Dec 12 Drawings GL 5,000

Bank CB 5,000

Dec 12 JNU Distributors GL 99,000

Bank CB 99,000

Dec 12 Lin Tai Enterprise GL 18,000

Bank CB 18,000

Dec 12 Cash CB 5,000

Sale SL 5000

Dec 13 Cash CB 30,000

Pegasus Hotel GL 30,000

Dec 13 Cash CB 4,500

Sales SL 4,500

Dec 13 Carriage Outwards GL 1,300

Cash CB 1,300

Dec 14 Bank CB 22,500

Pegasus Hotel GL 22,500

Dec 14 Cash CB 7,500

Sales SL 7,500

Dec 15 Cash CB 60,000

Sales SL 60,000

Dec 15 Cash CB 13,200

Sales SL 13,200

Dec 15 Bank CB 3,750

Friends and Family Nursing Home GL 3,750

Dec 16 Salary GL 15,000

Bank CB 15,000

Dec 16 Khemlani Mart GL 48,400

Bank CB 48,400

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Dec 16 T&T LTD. 9,000
Bank 9,000

Dec 16 Cash CB 11,000

Sales SL 11,000

Dec 17 Carriage Inwards GL 1,500

Bank CB 1,500

Dec 18 JNU Distributors GL 72,000

Bank CB 72,000

Dec 18 Cash CB 48,000

Sales SL 48,000

Dec 18 Cash CB 7,125

Sales SL 7,125

Dec 19 Telephone GL 2,000

Bank CB 2,000

Dec 19 Cash CB 6,000

Sales SL 6,000

Dec 19 Purchase PL 54,000

Cash CB 54,000

Dec 20 Lin Tai Enterprise GL 16,500

Cash CB 16,500

Dec 20 JPS GL 10,000

Cash CB 10,000

Dec 20 NWC GL 5,000

Cash CB 5,000

Dec 21 Carriage Inwards GL 1,500

Cash CB 1,500

Dec 22 Bank CB 51,000

Sales SL 51,000

Dec 22 Cash CB 9,000

Sales SL 9,000

Dec 23 Khemlani Mart GL 40,000

Bank CB 40,000

Dec 23 T&T GL 15,000

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 Bank CB 15,000

Dec 23 Bank CB 60,000

Sales SL 60,000

Dec 23 Jewels Hotel GL 6,000

Cash CB 6,000

Dec 24 Cash CB 18,000

JNU Distributors GL 18,000

Dec 24 Khemlani Mart GL 65,600

Bank CB 65,600

Dec 24 T&T LTD. GL 17,400

Cash CB 17,400

Dec 27 Bank CB 60,000

S. Hotel GL 60,000

Dec 27 KL Auto's GL 200,000

Bank CB 200,000

Dec 31 Total 1,750,225 1,750,225

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 Purchases Journal

Date Details Folio Amount

Dec 5 JNU Distributors PL 108,000

Dec 5 Lin Tai Enterprise PL 18,000

Dec 13 Khemlani Mart PL 52,800

Dec 13 T&T LTD. PL 10,800

Dec 17 JNU Distributors PL 72,000

Dec 17 Lin Tai Enterprise PL 18,000

Dec 21 Khemlani Mart PL 105,600

Dec 21 T&T PL 32,400

Dec 31 Total 417,600

Sales Journal

Date Details Folio Amount

Dec 6 Pegasus Hotel SJ 60,000

Dec 6 Friends and Family Nursing Home SJ 7,500

Dec 7 Pegasus Hotel SJ 30,000

Dec 8 Pegasus Hotel SJ 22,500

Dec 20 S. Hotel SJ 72,000

Dec 31 Total 192,000

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 Return Outwards Journal
Date Details Folio Amount

Dec 7 JNU Distributors GJ 9,000

Dec 14 T&T GJ 1,800

Dec 14 Khemlani Mart GJ 4,400

Dec 17 Lin Tai Enterprise GJ 1,500

Dec 31 Total 16,700

Return Inwards Journal

Date Details Folio Amount

Dec 22 S. Hotel GJ 12,000

Dec 31 Total 12,000

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 Three Column Cash Book
DR(receipts) CR(payments)

Date Details Folio Disc. all Cash Bank Date Details Folio Disc. Cash Bank
rec

Dec 5 Capital GL 400,000 Dec 5 Rent GL 30,000

Dec 5 Sale SL 3,000 Dec 5 Carriage
Inwards GL 2,300
Dec 6 Sale SL 12,000 24,000 Dec 5 Stickers GL 1,200
Dec 7 Sale SL 18,000 Dec 9 Wages GL 15,000
Dec 7 Sale SL 3,000 Dec 9 Cash C 51,800
Dec 8 Sale SL 20,000 Dec 12 Drawings GL 5,000
Dec 8 Sale SL 3,000 Dec 12 JNU
Distributors GL 99,000
Dec 9 Friends & GL 3,750 Dec 12 Lin Tai
Family Enterprise GL 18,000
Dec 9 Pegasus GL 30,000 Dec 13 Carriage
Hotel Outwards GL 1,300
Dec 9 Sale SL 6,000 Dec 16 Salary GL 15,000
Dec 9 Bank C 51,800 Dec 16 Khemlani
Mart GL 48,400
Dec 12 Sale SL 5,000 Dec 16 T&T Ltd. GL 7,500
Dec 13 Pegasus Dec 17 Carriage
Hotel GL 30,000 Inwards GL 1,500
Dec 13 Sale SL 4,500 Dec 18 JNU
Distributors GL 72,000
Dec 14 Pegasus Dec 19 Telephone
Hotel GL 22,500 Expenses GL 2,000
Dec 14 Sale SL 7,500 Dec 19 Purchase PL 54,000
Dec 15 Sale SL 60,000 Dec 20 Lin Tai
Enterprise GL 16,500
Dec 15 Sale SL 13,200 Dec 20 JPS GL 10,000
Dec 15 Friends & Dec 20 NWC GL 5,000
Family GL 3,750
Dec 16 Sale SL 11,000 Dec 21 Carriage
Inwards GL 1,500
Dec 18 Sale SL 48,000 Dec 23 T&T Ltd. GL 15,000
Dec 18 Sale SL 375 7,125 Dec 23 Khemlani
Mart GL 40,000
Dec 19 Sale SL 6,000 Dec 24 Khemlani
Mart GL 65,000
Dec 20 Sale SL 72,000 Dec 24 T&T Ltd. GL 17,400
Dec 22 Sale SL 9000 51,000 Dec 27 K.L Auto’s GL 200,000
Dec 22 Sale SL 9,000 Dec 20 NWC GL 5,000
Dec 23 Sale SL 60,000
Dec 27 S. Hotel GL 60,000

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Dec 31 Bal C/D 11,500 Dec 31 Bal C/D 257,225
9,375 369,125 687,500 369,125 687,500

Jan 1 Jan 1
2023 Bal B/D 257,225 2023 Bal B/D 11,500

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 Debtor's Control Account

Dec 1 Bal b/d 228,000 Dec 1 Receipts

Sale Journal 192,000 1,045,125
Dec 30 Bal c/d 644,500 Return Inwards
12,000
1,066500 Discount Allowed 9,375

Jan 1 1,066,500

Bal b/d 644,500

Creditors Control Account

Dec 1 Return Outwards 16,700 Dec 1 Bal b/d 233,200

Payments 799,400 Credit Purchases 417,600
Dec 30 Bal c/d 165,300

Jan 1 816,100 816,100

Bal b/d 165,300

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 STOCK VALUATION
Sheets
Stock valuation - FIFO Method
Date Details Receipt Issue Balance
# of Cost Total # of Cost per Total Cost per Total
units per unit Cost units unit Cost # of units unit Cost
Dec 1 bal b/d 40 40@2000 80,000
40@2000
Dec 5 Purchase 36 36@3000 108,000 76 36@3000 188,000
34@2000
Dec 6 Sale 6 6@2000 12,000 70 36@3000 176,000
24@2000
Dec 6 Sale 10 10@2000 20,000 60 36@3000 156,000
19@2000
Dec 7 Sale 5 5@2000 10,000 55 36@3000 146,000
16@2000
Dec 7 Sale 3 3@2000 6,000 52 36@3000 140,000
11@2000
Dec 8 Sale 5 5@2000 10,000 47 36@3000 130,000
8@2000
Dec 8 Sale 3 3@2000 6,000 44 36@3000 70,000
7@2000
Dec 9 Sale 1 1@2000 2,000 43 36@3000 68,000
7@2000
36@3000
Dec 13 Purchase 24 24@2200 52,800 67 24@2200 120,800
7@2000 33@3000
Dec 15 Sale 10 3@3000 30,000 57 24@2200 90,800
33@3000
24@2200
Dec 17 Purchase 24 24@3000 72,000 81 24@3000 162,800
25@3000
24@2200
Dec 18 Sale 8 8@3000 24,000 73 24@3000 138,800
24@3000
24@2200
Dec 19 Sale 1 1@3000 3,000 72 24@3000 135,800
24@3000
24@2200
24@3000
Dec 19 Purchase 18 18@3000 54,000 90 18@3000 189,800
Dec 20 Sale 12 12@3000 360,000 102 12@3000 186,800

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 24@2200
24@3000
18@3000
12@3000
24@2200
24@3000
18@3000
Dec 21 Purchase 48 48@2200 105,600 150 48@2200 292,400
2@3000
24@2200
24@3000
18@3000
Dec 22 Sale 10 10@3000 30,000 140 48@2200 262,400
16@2200
24@3000
2@3000 18@3000
Dec 23 Sale 10 8@2200 23,600 130 48@2200 238,800

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 Pillows
Stock valuation - FIFO Method
Date Details Receipt Issue Balance
Cost
# of per Total # of Cost per Total # of Cost per Total
units unit Cost units unit Cost units unit Cost
Dec 1 bal b/d 36 36@750 27,000
36@750
Dec 5 Purchase 24 24@750 18,000 60 24@750 45,000
33@750
Dec 5 Sale 3 3@750 2250 57 24@750 42,750
28@750
Dec 6 Sale 5 5@750 3750 52 24@750 39,000
26@750
Dec 7 Sale 2 2@750 1500 50 24@750 37,500
20@750
Dec 8 sale 6 6@750 9000 44 24@750 28,500
17@750
Dec 8 Sale 3 3@750 2250 41 24@750 26,250
15@750
Dec 8 Sale 2 2@750 1500 39 24@750 24,750
12@750
Dec 12 Sale 3 3@750 2250 36 24@750 22,500
9@750
Dec 13 Sale 3 3@750 2250 33 24@750 20,250
9@750
24@750
Dec 13 Purchase 12 12@900 10,800 45 12@900 31,050
4@750
24@750
Dec 14 Sale 5 5@750 3750 40 12@900 27,300
4@750 22@750
Dec 15 Sale 6 2@750 4500 34 12@900 22,800

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 17@750
Dec 16 Sale 5 5@750 3750 29 12@900 19,050
17@750
12@900
Dec 17 Purchase 24 24@750 18000 53 24@750 37,050
12@750
12@900
Dec 18 Sale 5 5@750 3750 48 24@750 33,300

12@750
12@900
24@750
Dec 21 Purchase 36 36@900 32,400 84 36@900 65,700
6@750
12@900
24@750
Dec 22 Sale 6 6@750 4500 78 36@900 61,200

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 Appendix

The following transactions took place in the month of December 2022

Monday December 5

● Owner invested $400,000 into the business by cheque

● Paid rent by cheque $30000.
● Bought 3 dozen Sheets sets from JNU Distributors on credit
$108,000.
● Bought 2 dozen pairs of Pillows from Lin Tai Enterprise on credit
$18,000.
● Paid $2,300 to transport goods.
● Sold 3 pairs of pillows for $1,500 each for cash.
● Paid for thank you stickers $1200 by cash.
● Bought motor vehicle on credit from KL Auto’s $200,000

Tuesday December 6

● Sold 6 Sheet sets for $6,000 each. Two were paid by cash and the others by cheque.
● 1 Pair of pillows was returned by one of the previous day’s cash customers. A full refund
was given.
● Sold 10 Sheet sets to the Pegasus Hotel on credit of $6,000 each.
● Sold 5 pairs of pillows to the Friends and Family Nursing Home on credit $1,500 each.

Wednesday December 7

● We returned 3 sheet sets that were found to be faulty, to JNU Distributors.

● Sold 5 sheet sets for $6,000 each, on credit to the Pegasus Hotel.
● Sold 3 sheet sets for $6,000 each, receiving a cheque in each instance.
● Sold 2 pairs of pillows for cash $1,500 each.

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Thursday December 8

● Sold 5 sheet sets for $4,000 each to Jewels Hotel, receiving cash immediately.
● Cash sales of 6 pairs of pillows for $1,500 each.
● Sold on credit to the Pegasus Hotel 3 sheet sets at $6,000 each and 3 pairs of pillows at
$1500 each.

Friday December 9

● Paid wages by cheque $15,000.

● Received cheque from Friends and Family Nursing Home $3,750.
● Received cheque from the Pegasus Hotel $30,000.
● Sold 1 sheet set for cash $6,000.
● Deposited all cash in hand into the bank.

Monday December 12

● Withdraw $5000 from the bank for personal use.

● Paid to JNU Distributors $99,000 by cheque.
● Paid to Lin Tai Enterprise, $18,000 by cheque.
● Sold 2 pairs of pillows for $2500 each, receiving cash.

Tuesday December 13

● Received cash from the Pegasus Hotel $30,000.

● Sold for cash 3 pairs of pillows for $1,500 each.
● Bought 2 dozen sheet sets on credit from Khemlani Mart $52,800.
● Bought 1 dozen pairs of pillows on credit from T&T LTD $10,800.
● Paid for transportation of goods $1300 cash.

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Wednesday December 14

● Received a cheque for $22,500 from the Pegasus Hotel.

● Returned 2 pairs of pillows to T&T LTD and 2 sheet sets to Khemlani Mart that were
found to be faulty.
● Sold 5 pairs of pillows for cash, $1500 each.

Thursday December 15

● Sold 10 sheet sets to S Hotel for cash, $6,000 each.

● Sold 6 pairs of pillows to Jewels Hotel for cash $2,200 each.
● Received cheque from Friends and Family Nursing Home $3,750.

Friday, December 16

● Paid salary of $15,000 by cheque.

● Paid Khemlani Mart $48,400 by cheque.
● Paid to T&T LTD $9,000 by cheque.
● Sold 5 pairs of Pillows to RUI Hotel for cash $2,200 each.

Monday December 17

● Bought 2 dozen sheet sets on credit from JNU Distributors $72,000.

● Bought 2 dozen pairs of Pillows on credit from Lin Tai Enterprise $18,000.
● Paid $1,500 for transportation of goods.
● We return 2 pairs of pillows that were found faulty to Lin Tai Enterprise.

Tuesday December 18

● Paid JNU Distributors $72,000 by cheque.

● Sold 8 sheet sets to Jewels for cash $6,000 each.
● Sold 5 pairs of pillows to RIU Hotel for cash $1500 each at 5% discount.

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Wednesday December 19
● Pay telephone expenses $2,000 by cheque.
● Sold 1 sheet set for cash $6000.
● Bought 1 and a half dozen sheet sets from JNU Distributors cash $54,000.

Thursday December 20

● Paid Lin Tai Enterprise $16,500 by cash.

● Paid JPS $10,000 by cash.
● Paid NWC $5,000 by cash.
● Sold 1 dozen sheet sets on credit to S Hotel $6000 each.

Thursday December 21
● Bought 4 dozen sheet sets on credit from Khemlani Mart $105,600.
● Bought 3 dozen pairs of pillows on credit T&T $32,400.
● Paid for transportation of goods $1500 cash

Friday December 22
● Sold 10 sheet sets to Friends and Family Nursing Home $6,000 each at a 15% discount.
● Sold 6 pairs of pillows to Jewels Hotel for cash $1,500 each.
● 2 Sheet sets returned by S Hotel.

Monday December 23

● Paid Khemlani Mart $40,000.

● Paid T&T LTD cheque $15,000.
● Sold 10 Sheet sets to RIU Hotel for cheque $6,000 each.
● Jewels Hotel returned 1 sheet set valuing $6000

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Tuesday December 24

● Returned 6 sheet sets to JNU Distributors at $3000 each

● Paid Khemlani Mart by cheque $65,600.
● Paid T&T $17,400 by cash.

Friday December 27

● Received cheque from S Hotel $60,000.

● Paid KL Auto’s buy cheque $200,000.

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