Principle Of Accounts School Based Assessments 2017 Guide

PRINCIPLES OF
ACCOUNTS SBA GUIDE
Hi,I knowthatyou are havingproblemswithyourSBA there will always
have that small mistake thatcostyou to printthe entire SBA overandover.
Well luckilyyouare inluckbecause thisismy2017 AccountingSBA perfectly
done.Thiswill guide youin detailstohelpyouunderstandmore whatboth
CXC andyour accountingteacherwantyouto do in yourSBA.
Daren Guillen

Candidate Number: 0400150549
Candidate Name: DarienGuillen
School- Saint John’s College
SchoolNumber 40015
Teacher- Mr. Ortiz
Date: 2016-2017
Territory- Belize

SECTION PAGE #
GRADING SHEET 1
ACKNOLEDGEMENT 2
BUSINESS DESCRIPTION 3
AIM OF SBA 4
TRANSACTION LIST 5-6
CASH RECIEPT 7
PURCHASE INVOICE 8
CREDITOR NOTE 9
CHEQUE SAMPLE 10
CASH BOOK 11
SALES JOURNAL 12
PURCHASE JOURNAL 13
RETURN INWARDS JOURNAL 14
RETURN OUTWARD JOURNAL 15
GENERAL JOURNAL 16
GENERAL LEDGERS 17-21
TRIAL BALANCE 22
TRADING PROFIT&LOSS 23
BALANCE SHEET 24
BUSINESS PERFORMANCE 25
RATIO 26
COMPARISON 27
SUGGESTIONS AND RECOMNEDATIONS 28
CONCLUSION 29

DETAILED RECORD SHEET PROFILE
SCHEME
MARKS
AWARDED
CODE CRITERIA K A I K A I
L Table of Contents – Items listed with page number & correspond to actual usage K1
L Aims-At least two different ones, related to the SBA Accounting Project (1 mark each) maximum2 marks K2
RL Activities – stated, described–type ofbusiness identified, general activities, time frame A1
RL Relevant information& Records – Transactions listingincluded A1
L Source documents – (4 different types) – DataTraceable through A/cs K1
CROD Cash Receipts – Traced from Source Documents: Dates, Amounts, Names A1
CROD Banking Documents – Traced from Source Documents: Date, Amount, Names A1
CROD Invoices - Traced from Source Documents: Date, Amount, Names A1
CROD Any Other Source of Document(s) - Traced from Source Documents: Date, Amount,
Names
A1
AUOP Books of Original Entry – Properly entered& Totalled& Transferredto Relevant
Accounts
A1
C A/cs completed and balanced (at least 4 a/cs) – c/d & B/d on correct sides; correctly
ruled
A1
AUOP Any other A/c – Correct Applications in Debit & Credit Entries and Balancingof these
Accounts
A1
AOR Balances c/d (at least 4 a/cs) – c/d & B/d on correct sides; correctly ruled A1
AOR Balances transferred correctly – To Final Accounts and/or reported on Balance Sheet(BS) as
appropriate
A1
AUOP Cash/Bank A/c – Cash A/c, Bank A/c & Discount columns correctly presented A1
AOR Trial Balance – given totals agree; glaring or obvious lack of balancing is not
rewarded
A1
AUOP Income Statement – Showed “Net Income” or “Net Loss”; Surplus or Deficit A1
AOR Net Income/Loss – Traceable from the Final Accounts Statement to the statement of
Financial Position or (BS)
A1
C Specified period – Final Accts & SOFP (or BS) dates crosscheck against that given
in “Activities Description/Aims”
A1
AUOP Balance Sheet (SOFP) – Correctly headed, classified & balanced presentation,
Liquidity /Performance order observed
A1
AOR SOFP (BS) balanced – Given totals agree; glaringinequalities (reBal. Sheet Equation) not
rewarded
A1
CSE Correct Statement of Performance – correlated to Final A/cs results; & substantiated
by reference to figs
I2
CSE Further interpretation:Ratios (1 mark each) max. 2 Figs. related to their A/cs; &
were interpreted
I2
CSE Further interpretation: Comparison – Two different items used & compared over
different time frames
I2
L Diagrammatic Representations – With an ‘Accounting’ perspective K1
CSE Suggestions/Recommendations – Any two, relating to their business or project I2
CSE Conclusion – Relates to their “Aims”; at least two distinct items given, 1 mark each I2
C Project completed- Evidence of all sections/components of project included, as per CXC
scheme
The three main sections/components as per CXC schemeare (1)Presentation,(2)Applicationof
Principles & (3) Conclusion,Summary,Evaluation
A1
L Sequential Arrangement – NB: Transactions List & Source documents follow “Description”;
Diagrams inserted after “Ratios”, or suitably placed to where diagrams apply, and were
discussed
K1
L Neat & Tidy A1
CSE Use of Language K4
GRAND TOTALS K10 A2
0
I10

I would like to take the opportunity to thank my Accounting Teacher Mr Ortiz for giving me tips and correcting
any errors made throughout my SBA.

GAMING GALAXY CAFÉ is a simulated business and in a partnership with myself Darien Guillen and Scott
Morgan and is in operation for one month. As owners of the simulated establishment, we quickly gain reputation
within the city thus made sales on our products. At the end of the month of October both of us gather all receipts,
calculated all sales, purchases and calculated all of our assets and the following transaction will see if our business’
reputation will benefit our profits.
GAMING GALAXY CAFÉ ORGANIZATION CHART
Owner-Darien
Guillen
Sales manager-
Scott Morgan
Sales Clerk and
Technicians

THE AIMS OF THIS SBA IS TO:
 To calculate the total balance of the business at the end of the month of October 2016
 To create the journals and ledgers of every transactions of the month
 To learn and understand the transactions and the journal of the business
 To create 4 different invoices for the month of October
 To find the ratio of the business for the month
 To create a statistical chart for sales and purchases for the month

October 1 Owner invested $40,000 cash and $7,500 in bank account to start the business.
October 1 Bought on credit from Castillo Limited $5,500 worth of merchandise.
October 1 Purchase on credit from Habet&Habet $3,500 worth of merchandise.
October 1 Purchase Computer Equipment on credit from Fultec Company, $2,500.
October 2 Bought motor van for cash $3,500 from Belize Diesel Company.
October 3 Sold Merchandise for $400 cash to Edwin Juarez.
October 3 Sold merchandise for $40 cash to Giles Ysaguirre.
October 3 Returned $150 worth of merchandise to Habet&Habet.
October 4 Sold on credit to Barry Pitts $160 worth of merchandise.
October 4 Cash sales $170 to Ricardo Castillo.
October 4 Cash Sales $450 to Robin Rodriquez.
October 5 Deposited cash at bank $5,000.
Week 1 balance down
October 8 Sold merchandise on credit to Manuel Soler $650.
October 8 Cash sales $100 to Julian Davis.
October 10 Bought on credit from Habet & Habet $800 worth of merchandise.
October 12 Cash sales $50 to Sabian Ayuso
October 12 Cash withdrawn from the Bank $390 for business use.
October 13 Sold merchandise on credit to Joshua Ayuso $250.
October 13 Paid two weeks rent by cheque $200 to Belize Apartment Building.
October 13 Deposited cash at bank $1,000.
Week 2 balance down
October 17 Sold $110 worth of merchandise to Warren Garcia and was paid by cheque.
October 17 Manuel Soler returned $200 worth of merchandise.
October 18 Returned $300 worth of merchandise to Castillo Limited.
October 20 Received payment by cheque from Barry Pitts, less a 10% discount.

October 21 Deposited $200 cash in the bank. PAGE 6
October 21 Paid Castillo Limited by cheque amount owing and received 10% discount.
October 21 Sold Christian Noble $1,100 worth of merchandise on credit.
October 21 Paid cash for delivery of goods to customers, $80.
October 22 Christian Noble return $200 worth of merchandise.
October 22 Bought $3,000 worth of merchandise from Castillo Limited on credit.
October 24 Sold Christian Noble $800 worth of merchandise on credit.
October 24 Received loan of $4,000 cash from Atlantic Bank Limited.
October 25 Manuel Soler paid off his account by cheque and received 10% discount.
Week 3 balance down
October 27 Cash Sales $140 to Shamar Gabriel.
October 28 Paid two weeks rent by cash $200 Belize Apartment Building.
October 28 Owner took cash for his personal use $300.
October 28 Paid $150 cash for miscellaneous expense to Mirab company.
October 29 Paid telephone expense $160 cash to Smart Company.
October 29 Paid Fultec Company $1,000 by cheque for amount owe.
October 29 Paid wages by cheque $600.
October 30 Cash sales $350 to David Price.
October 30 Joshua Ayuso paid his account in full by cheque and received 10% discount.
October 30 Sold on credit to Alrin Thurton $400.
October 30 Cash sales $1,000 to Darien Guillen.

GAMING GALAXY CAFÉCUSTOMER’S RECIEPT
2nd
Floor Downtown Plaza, Albert Street, Belize City
Cell: 6293425
Email: gaminggalaxy@gmail.com
CUSTOMER: David Price
DATE: 30TH October, 2016
ADDRESS: 12 Coney Drive
PHONE: 626-9801
INVOICE:80352
DESCRIPTION UNIT COST QUANTITY TOTAL
BEATS SOLO BLUETOOTH HEADPHONES $172 2 350
Subtotal: $350
TAX: -
Other__________: -
______________
TOTAL: $350
THANK YOU FOR YOUR BUSINESS
THIS RECIEPT IS VALID FOR 1 MONTH AFTER SALE FOR
AN EXCHANGE OR A REFUND
PAGE 8

BELIZE DEIZEL
FREETOWN ROAD
BELIZE CITY
BELIZE
PURCHASE RECIPT
INVOICE 34596
Quantity Description Unit Price Total
1 Ford Tarus 2500 $3500 $3500
Subtotal $3500
SalesTax -
Shipping&Handling -
Total Due $3500

GAMING GALAXY CAFÉCUSTOMER’S RECIEPT
2nd
Floor Downtown Plaza, Albert Street, Belize City
Cell: 6293425
Email: gaminggalaxy@gmail.com
CREDITOR NOTE
CUSTOMER: Manuel Soler
DATE: 17TH October, 2016
ADDRESS: 12 Coney Drive
PHONE: 626-9801
Quantity Description Unit Price Total
1 X-Box Conroller $150 $150
1 AgilerMouse $100 $100
Subtotal $250
Total Due $250

PAGE 12
GAMING GALAXY CAFÉ CB1937
CASH BOOK FOR THE MONTH ENDED OCTOBER 2016
DATE DETAILS FOLIO %ALLOW CASH BANK DATE DETAILS FOLIO %RECIVE CASH BANK
Oct1 CAPITAL GL579 $40,000 $7500 Oct2 Motor Van GL561 3500
Oct3 SALES SL477 $400 Oct5 Bank C 5000
Oct3 SALES SL477 $40 Balance C/D 32560 $12500
Oct4 SALES SL477 170
Oct4 SALES SL477 $450
Oct5 CASH C $5000
WEEK 1 TOTAL - 41,060 12,500 WEEK 1 TOTAL 41060 12,500
Oct6 Balance B/D 32560 12500 Oct12 CASH C $390
Oct8 SALES SL477 100 Oct13 Rent GL462 $200
Oct12 SALES SL477 50 Oct13 BANK C $1000
Oct12 BANK C 340 Oct13 Balance C/D $32,050 $11910
Oct13 CASH C 1000
WEEK 2 TOTAL - 33,050 13,500 WEEK 2 TOTAL 33,050 13,500
Oct14 Balance B/D $32050 $11910 Oct21 BANK C $200
Oct17 SALES SL477 $110 Oct21 Castillo PL625 $520 $4680
Oct20 Barry P SL905 $16 $144 Oct21 Carry Out GL $80
Oct21 CASH C $200 Oct24 Balance CD $35770 $8089
Oct24 Atlantic GL212 $4,000
Oct25 Manuel S $45 $405
WEEK 3 TOTAL $61 36,050 12,769 WEEK 3 TOTAL $520 36,050 12,769
Oct26 Balance B/D $35770 $8089 Oct28 Rent GL462 $200
Oct27 SALES SL477 $140 Oct28 Drawing GL203 $300
Oct30 SALES SL477 $350 Oct28 Mirab GL623 $150
Oct30 Joshua A SL013 $25 $225 Oct29 Smart GL462 $160
Oct30 Sales SL477 $1000 Oct29 Fultec GL843 $1000
Oct29 Wages GL209 $600
Oct31 Balance C/D $36450 $6714
WEEK 4TOTAL GL764 $86 $37260 $8314 WEEK 4 TOTAL GL457 $520 $37260 $8314
Nov 1 Balance B/D $36450 $6714

GAMING GALAXY CAFÉ SJ585
SALES JOURNAL OCTOBER 2016
DATE DETAILS INVOICE FOLIO TOTAL
OCT 4 BARRY PITTS 73525 SL905 $160
OCT 8 MANUEL SOLER 92456 SL763 $650
OCT 13 JOSHUA AYUSO 56734 SL013 $250
OCT 21 CHRISTIAN NOBLE 95478 SL345 $1100
OCT 30 ALRIN TURTON 324525 SL300 $400
OCT 31 POSTED TO SALES LEDGER GL82 3360
PAGE 13

GAMING GALAXY CAFÉ PJ307
PURCHASE JOURNAL OCTOBER 2016
DATE DETAILS INVOICE FOLIO TOTAL
OCT 1 CASTILLO LTD 8835 PL625 $5500
OCT 1 HABET&HABET 2452 PL830 $3500
OCT 2 FULTECH 49294 PL495
OCT 31 POSTED TO PURCHASE LEDGER GL042 $12,800
PAGE 14

GAMING GALAXY CAFÉ RIJ286
RETURN INWARD JOURNAL OCTOBER 2016
DATE DETAILS INVOICE NOTE FOLIO TOTAL
OCT 17 MANUEL SOLER 723 SL763 $200
OCT 31 POSTED TO RETURN INWARDS GL602 $400
PAGE 15

GAMING GALAXY CAFÉ ROJ392
RETURN OUTWARD JOURNAL OCTOBER 2016
DATE DETAILS INVOICE NOTE FOLIO TOTAL
OCT 31 POSTED TO RETURN OUTWARDS GL632 $450
PAGE 16

GAMING GALAXY CAFÉ GJ320
GENERAL JOURNAL FOR OCTOBER 2O16
DATE DETAILS FOLIO DEBIT $ CREDIT $
OCT 1 CASH CB1937 $40,000
BANK CB1937 $7500
CAPITAL GL 212 $47500
OCT 1 COMPUTER EQUIPMENT GL462 $2500
FULTECH GL495 $2500
PAGE17

__________________________________________________________________________________________
OCTOBER 2016
SALES LEDGER
MANUEL SOLER SL763
DATE DETAILS FOLIO TOTAL DATE DETAILS FOLIO TOTAL
OCT 8 SALES SJ585 $650 OCT 17 RETURN IN RIJ286 $200
OCT 25 BANK $405
OCT 25 DISCOUNT GL $45
OCT 31 TOTAL $650 OCT 31 TOTAL $650
JOSHUA AYUSO
SL013
OCT 13 SALES SJ585 $250 OCT 30 BANK $225
OCT 31 TOTAL $250 OCT 31 TOTAL 250
CHRISTIAN NOBLE SL345
OCT 21 SALES SJ585 $1100 OCT 21 RETURN IN RIJ286 $200
OCT 24 SALES $800 OCT 31 BALANCE C/D $1700
NOV 1 BALANCE B/D $1700
ALRIN TURTON SL300
OCT 30 SALES SJ585 $400 OCT 31 BALANCE C/D $400
PURCHASE LEDGER PAGE 18
BARRY PITTS SL905
OCT 4 SALES SJ585 160 OCT 30 BANK $144

CASTILLO LTD PL625
18 RETURN OUT ROJ 392 $300 1 PURCHASE PJ307 $5500
21 BANK $4680 22 PURCHASE PJ307 $3000
21 DISCOUNT GL $520
31 BALANCE C/D $4040
31 TOTAL $8500 TOTAL $8500
NOV 1 BALANCE B.D 4040
HABET&HABET PL830
OCT 3 RETURN OUT ROJ392 $150 OCT 1 PURCHASE PJ307 $3500
OCT 31 BALANCE C/D $4150 OCT 22 PURCHASE PJ307 $800
OCT 31 TOTAL 4300 OCT 31 TOTAL 4300
FULTECH SYSTEMS PL495
OCT 30 BANK CB1937 $100 OCT 1 BALANCE GJ320 2500
OCT 31 BALANCE C/D $1500
TOTAL $2500 TOTAL $2500
GENERAL JOURNAL PAGE 19
SALES GL763

OCT 31 BALANCE CD $6170 OCT 3 CASH CB1937 $400
OCT 3 CASH CB1937 $40
OCT 17 BANK CB1937 $110
OCT 27 CASH CB1937 $140
OCT 30 CASH CB1937 $350
OCT 30 CASH CB1937 $1000
OCT 31 TOTALSALES SJ585 3360
OCT 31 TOTAL 6170 OCT 31 TOTAL 6170
NOV1 BALANCE B/D 6170
PURCHASES GL388
OCT 31 TOTAL
PURCHASES
PJ307 $12800 OCT 31 BALANCE C/D 12800
RETURNINWARD GL602
OCT 31 TOTAL
RETURNS
RIJ307 $400 OCT 31 BALANCE C/D 400
RETURN OUTWARD
GL635
OCT 31 BALANCE CD 450 OCT 31 TOTAL
RETURNS
ROJ392 450
COMPUTER EQUIPMENT GL462
OCT 1 TOTAL GJ320 $2500 OCT 31 BALANCE C/D 2500
PAGE 20

CAPITAL GL212
OCT 31 BALANCE CD $47500 OCT 1 BALANCE CJ212 47500
MOTORVAN GL042
OCT TOTAL GB1937 $3500 OCT 31 BALANCE C/D 3500
ATLANTIC BANK GL212
OCT 31 BALANCE CD $4000 OCT 30 BALANCE CB1937 4000
DRAWING GL203
OCT 30 TOTAL GB1937 300 OCT 31 BALANCE C/D 300
DISCOUNT RECIVED GL457
OCT 31 BALANCE CD $520 OCT 30 BALANCE CB1937 520
PAGE 21
SMART GL462
RENT GL462

DISCOUNT ALLOWED GL764
FULTECH SYSTEM
GL843
OCT 30 TOTAL GB1937 1500 OCT 29 BANK CB1937 1000
OCT 31 BALANCE C/D 500
NOV1 BALANCE B/D 500 TOTAL 1500
CARRIAGE OUTWARDS
GL422
OCT 31 BALANCE C/D 80 OCT 21 Cash CB1937 80
WAGES GL209
OCT 31 BALANCE C/D 600 OCT 29 Bank CB1937 600
PAGE22
MIRAB GL623

GAMING GALAXAY CAFÉ
TRIAL BALANCE FOR MONTH ENDED OCTOBER 31 2016
DETAILS DEBIT $ CREDIT $
Bank 7,714
Cash 36,500
Capital 47,500
Sales 6,120
Manuel Soler - -
Barry Pitts - -
Joshua Ayuso - -
Christian Noble 1,700
Alrin Turton 400
Purchase 11,000
Castillo 3,000
Habet & Habet 4,150
Motor Van 3,500
Rent 400
Wages 600
Smart 160
Atlantic 4,000
Mirab 150
Fultec Systems 1,500
Discount allowed 86
Discount received 520
Carriage outward 80
Return Outward 450
Return Inward 400
Drawings 300
Computer equipment 2500 ______
TOTAL BALANCE 67,290 67,290
PAGE 23

GAMING GALAXY CAFÉ
TRADING PROFIT&LOSS ACCOUNT FOR MONTH ENDED OCTOBER 2016
DETAILS $ $ $
Sales 6170
-Return Inwards 400 5770
Less: Cost of Goods Sold
Open Stock 0
Purchases 12,800
-Return Outwards 450 12,350
Less Closing Stock 11,000 1350
GROSS PROFIT 4420
+Discount Received 520
4940
Less Expenses
Wages 600
Rent 400
Mirab- MISC 150
Smart -TELEPHONE 160
Carriage Outward 80
Discount Allowed 86 1476
NET PROFIT 3464

GAMING GALAXY CAFÉ
BALANCE SHEET AS AT OCTOBER 2016
Details $ $ $
FIXED ASSETS
Motor Van 3,500
Computer Equipment 2,500
6,000
CURRENT ASSETS
Stock 11,000
Bank 7,714
Cash 36,500
Debtors 2,100 57,314
63,314
LESS CURRENT LIABILITIES
Castillo Limited 3,000
8,650
Habet and Habet 4,150
Fultec Systems 1,500
54,664
LESS LONG TERM LIABILITIES
Atlantic Bank 4,000
50,664
FINANCED BY
Capital 47,500
+Net Profit 3,464 50,964
-Drawings 300
50,664
PAGE 25

GAMING GALAXY CAFÉ started the month of October with $45000 in capital, but at the end of the
month ended, our capital is now $44214 in which is a small loss in our capital. However, the business has an
increase in our Gross profit in the trading profit and loss account as total of $4420 and increase in our net profit
as total of $3464. After calculated the total of the balance sheet we found out that the business had earned a profit
at the end of the first month of the business
PAGE 26

RATIO-1: GROSS PROFIT AS A PERCENTAGE OF SALES
GROSS PROFIT
______________ X100= %
SALES
$4420
________ X100= 71.6%
$6170
Gross profit as a percentage of sales as which the following figures were found in GAMING GALAXY CAFÉ’S
trading profit and loss account as the ratio percentage for the month of October is 71.6%. This ratio helps measures
how effectively the business has controlled the cost of sales of goods at the right price to give maximum gross
profit.
RATIO-2: NET PROFIT AS A PERCENTAGE OF SALES
NET PROFIT
______________ X100= %
SALES
$3464
________ X100=56.14%
$6170
The net profit is found in GAMING GALAXY CAFÉ’S trading profit and loss account as the ratio percentage
for the month of October is 56.14%.This ratio takes into account the expenses incurred and shows the amount of
profits remaining.
PAGE 27

This pie chart shows comparison between cash sales and debtors for the month of October in which total sales
add up to $6170 in which cash sales was now $2810 which is 46% of total sales and Debtors is $3360 which takes
up 54% of the total sales. This is saying that the business has more debtors than cash sales which it can be
improved in the future
PAGE 28
Cash Sales
46%Debtors
54%
Sales
9%
91%
Capital
Fixed Assets
Current Assets

GAMING GALAXY CAFÉ received recommendations from our customers and friends and here what they said
 To improve capital for the incoming month of November before the holiday rush
 Introduce and sell new games, consoles and accessories to the public
 Save profits from the business to open an arcade department in Belize City
GAMING GALAXY CAFÉ received suggestions from our customers and friends and here what they said
 To improve sales by offer special discounts for the customers for special occasions
 To purchase cheaper and working assets to improve the business
PAGE 29

After months of doing the SBA and time consuming in finding errors within the journals, now I was able to learn
how calculate the totals balance, create and learned the journals and ledgers of the transactions of the month. I
was able to make four invoices of sales, purchases, debit note and a cheque, also created 2 ratios of the business
performance and create a statistical chart of the account of the month of October 2016

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