Accounts SBA

Sweet Tooth Cakes and Pastry
Candidate Name: Bevan Boneu

Candidate number:
School: Dominica Grammar School
School code: 070003
Subject: Principles of Accounts
Proficiency: General
Territory: Commonwealth of Dominica
Teacher: Mrs. Kathleen Cornelius
Date of submission: 2 nd February 2016
J. Astaphans & Co. Ltd, 65 King George V Street, Roseau

To: Sweet Tooth Cakes & Pastry
Valley Road
Roseau
INVOICE / G4675
Item Description
Quantity
Price Per
Tota
Pounds of Flour
19.40
97
Cartoons of Coco Powder
24.25
97
10
9.70
97
48.50
97
10
9.70
97
Packets of 24 Tray Eggs

Cartoons of Milk
Cartoons of Cheese Cream
Subtotal
Trade Discount10%
TOTAL
Profile 2.
Sweet Tooth Cakes and Pastry, a School Based Business created by the 4th formers of the
Dominica Grammar School carried out the services of the sale of cakes with the aim of;
$48
$48.
436.5
ascertaining a profit, training students to be future entrepreneurs and helping school to pay off
their expenses. Within the three month period, April 1st July 1st, the business carried out sales,
production and customer service activities. Those activities were driven by the objectives of
creating profits and sale of the final products of the business. The entrepreneur carried out the
various roles; Aid in good preparation and sale of our final product. The location of the business,
Valley Road Roseau, was to the business advantage as our main customers and suppliers were a
few meters away. The targeted markets of this business were school students as they are more
likely to purchase pastry since theyre so energetic. Sweet tooth cakes and pastry took both cash
and credit. Business decisions were taken collectively where each individual had an idea placed
in to the small business. Profits made by the business will go toward growth of the business,
students had to skip class in order to participate in sale of produce.
Sweet Tooth Cakes & Pastry

Valley Road
Roseau
To: Public Service Union
Valley Road
Roseau
INVOICE C49762
7%10 days 5% 6 days otherwise net
Item Description
Quantity
Price Per
Total
Boxes of Cheese Cake
20
100
Boxes of Sponge Cake
25
100
Boxes of Banana Bread
50
100
Boxes of Chocolate Cake
25
100
Subtotal
$400
Trade
Discount-5%
20
TOTAL
$380
Forestry Office
Gardens Road
Roseau
Credit Advice No.F9767
Re. Invoice No.F167
5 Boxes of Red Velvet Cake@$68perbox(Not Fully Cooked)
To: Sweet Tooth Cakes and Pastry
Valley Road
Roseau
Date: 10 June 2015

$
340

Valley Road
Roseau
Debit Advice No.6965
Re Invoice No.G4976
5 Cartoons of milk@27(Rusty and Dented)
Less 10% Trade Discount
To: Steven and Sons
Roseau, Dominica
Date: June 7th 2015

$
135
13.50
121.50
Pay To The
Order
of____________J.Astsphans&Co.ltd____________________________________________$__350_______
____
Three hundred and fifty
DOLLARS
100
_________________________
1:34564679:0:0 0057578
RECEIPT
NO. [101]
Public Service Union

Valley Road
Roseau, Dominica
DATE
DESCRIPTION
5th June 2015
4 Butter Cakes

Valley Road
Roseau, Dominica
AMOUNT
$62.50
SUBTOTAL
$250
TOTAL
$250
Withdrawal
Account#: 345578
Date : June 23rd 2015
Name: Bevan Boney
Signature:_____________________________________
Dollars
200
00
Cents
General Journal
Date
Details
Folio
#
Debit
Credit
2015
May 1
Cash
250
Bank
1500
Stock
300
Equipment
2500
Furniture and fittings
2300
J.Astaphans
1500
Capital
5350
6850
6850
Date
Details
F#
Dis
All.
Cash
Bank Date
Deatils
F#
Dis
Rec.
Cash
Bank
2015
2015
May1
Balance
May3
Sales
May15
Sales
May 16
Cash(c)
May 21
Sales
May 31
Cash(c)
B/D
250
May2
Purchases
PDB
250
May16
Bank(c)
CB
480
May17
Purchases
PDB
May19
J.Astaphans
May30
Electricity
May31
Wages
CB
1500
450
600
CB
2250
24
Forestry off.
780
10
15
Sales
22
Sales
23
Bank(c)
Cash(c)
1580
B/D
Cash(c)
Forestry
office
Bank
CB
150
1250
June23
250
230
300
1250
Public
Service
Union
350
Balance
300
450
600
2250
Balance
450
Bank(c)
1580
June 1
24
B/D
600
350
CB
CB
200
1000
26
J.Astaphans
30
Telephone
30
900
Water
45
1300
Electricity
130
31
200
CB
1000
2700
300
Wages
150
Balance
3280
B/D
1465
1850
2700
3280
July1
Balance
B/D
1465
Forestry Off DL4
13
Sales
14
Cash(c)
21
Sales
900
28
Sales
1500
29
Cash(c)
1850
July14
Bank(c)
1140
18
Greens Whle.s CL2
2000
25
Steven&Sons
CL3
900
24
Bank(c)
CB
30
Telephone
GL
85
Water
GL
145
Electricity
GL
350
Wages
GL
150
Balance
B/D
60
CB
1000
5865
4890
900
20
380
250
1000
3965
3630
5865
4890
Date
Details
F
#
Amount
2015
June7
Steven and Sons
135
Less 10% Trade Discount
13.5
121.50
17
J.Astaphans
75
196.50
Purchases Returns
Date
Details
Amount
#
2015
June 10
Forestry office
340
Stock
2015
2015
May 1 Balance B/D
300
May31
Balance C/D
300
June 1 Balance B/D
300
June30
Balance C/D
300
July 1 Balance B/D
300
July31
Balance C/D
300
Furniture and Fittings

2015
2015
May1
Balance B/D
2300
May31
Balance C/D
2300
June1
Balance B/D
2300
June30
Balance C/D
2300
July1
Balance B/D
2300
July31
Balance C/D
2300
Equipment
2015
2015
May1
Balance B/D
2500
May31
Balance C/D
2500
June1
Balance B/D
2500
June30
Balance C/D
2500
July1
Balance B/D
2500
July31
Balance C/D
2500
J. Astaphans
2015
May19
Bank
May31
Balance B/D
350
1586.50
1936.50
June 17
Purchases Returns
June 26
Bank
June 31
Balance B/D
2015
May1
1500
Balance B/D
May2
Purchases
1936.50
75
300
2011.50
436.50
June 1
Balance B/D
June 2
Purchases
1586.50
800
_______
2386.50
2386.50
July 31
Balance C/D
3201.50
July 1
Balance B/D
July 10
Purchases
2011.50
1190
3201.50
Sales
2015
$ 2015
Balance C/D
Balance C/D
Balance C/D
May 3
Cash
250
May 15
Cash
480
May 21
Cash
600
May 31
Sundry Debtors
940
2270
2270
June1
Balance B/D
2270
June 10
Forestry Office
780
June 15
Cash
1300
June 30
Sundry Debtors
780
6030
14130
6030
July 1
Balance B/D
6030
July 8
Bank
1140
Discount Allowed
60
July 13
Cash
2000
July 28
Cash
1500
July31
Sundry Debtors
2500
14130
Purchases
2015
May2
Bank
390
May17
Bank
450
May31
Sundry Creditors
Balance B/d
June30
Sundry Creditors
Balance B/d
July31
Sundry Creditors
Balance C/d
2452.50
Balance C/d
4642.50
Balance C/d
6402.50
2452.50
2190
4642.50
July 1
1652.50
2452.50
June 1
2015
4642.50
2210
6402.50
Greens Wholesale
2015
May 31
$
Balance C/d
532
2015
May 9
Purchases
532
June 1
Balance B/d
532
June 21 Purchases
June 30
Balance C/d
1922
July 18
Bank
380
July 1
Balance B/d
20
July 2
Purchases
Discount Received
Balance B/d
1390
1922
1922
570
2092
_____
2492
2492
Wages
2015
May 31
Bank
150
June 1
Balance B/d
150
June 3
Bank
150
300
July 1
Balance B/d
300
July 31
Bank
150
450
2015
May 31
Balance C/d
150
June 3
Balance C/d
300
July 31
Balance C/d
450
Steven and Sons

2015
May 31 Balance c/d

June 7
684
Purchases Returns
121.50
Balance C/d
562.50
2015
May 25
Purchases
684
June 1
Balance B/d
684
July 1
Balance B/d
562.50
July 25
Purchases
450
684
July 24
Bank
Balance B/d
250
762.50
1012.50
1012.50
Electricity
2015
2015
May 30
Cash
230 May 31
June 1
Balance B/d
230
June 30
Cash
130
360
July 1
Balance B/d
360
July 30
Bank
350
710
June 30
July 31
$
Balance C/d
230
Balance C/d
360
710
Roseau Health Team

2015
May 15 Sales
560
June 1 Balance B/d
560
Sales
2015
May 3 Balance C/d
$
560
780
1340
July 31
1340

2015
May 29
$
Sales
380
2015
May 31
Balance C/d
380
June 5
Bank
250
June 30
Balance B/d
130
June 1
Balance B/d
380
380
July 1
Balance B/d
130
July 5
Sales
1000
July 25
Sales
1500
_______
2630
2630
Purchases Returns
2015
2015
June 30
Balance C/d
196.50
June 30
July 31
Balance C/d
196.50
July 1
$
Sundry Creditors
Balance B/d
196.50
196.50
Forestry Office
2015
June 10 Sales
780
Bank
780
2015
June 10 Bank
Sales Returns
June 30 Balance C/d
1560
July 1
Balance B/d
July 8
Sales
440
1200
340
440
1560
July 8
Bank
Discount Allowed
July 31 Balance B/d

1640
780
1140
60
440
1640
Sales Returns
2015
June 30
July 1
$
Sundry Debtors
Balance B/d
340
2015
June 30
Balance C/d
340
340 July 31
Balance C/d
340
Telephone
2015
2015
June 30
Cash
60 June 30
July 1
Balance B/d
60
July 30
Bank
85
145
July 31
$
Balance C/d
60
Balance C/d
145
Water
2015
June 30 Cash
45
July 1
Balance B/d
45
July 31
Bank
45
90
2015
June 30 Balance C/d
45
July 31 Balance C/d
90
Trial Balance For Period Ended 31 July 2015

Dr
Cash
3965
Bank
3630
Stock
300
Equipment
2500
2300
Cr
J. Astphans
3201.50
Capital
5350
Sales
14130
Sales Returns
340
Purchases
6852.50
Purchases Returns
196.50
Greens Wholesale
2092
Wages
450
Steven and Sons
762.50
Electricity
710
Roseau Health Team
1340
Forestry Office
440
Telephone
145
Water
90
Discount Received
20
Discount Allowed
60
2630
25752.50
25752.50
Income Statement for Period Ended 31 July 2015

$
Sales
14130
Sales Returns
-1340
Net Sales
13790
Opening Stock
300
Purchases
6852.50
Purchases Returns
196.50
Net Purchases
6656
Cost of Good Available
6956
Closing Stock
-2020
Cost of Goods Sold
-4936
Gross Profit
8854
Discount Received
20
Total Revenue
8874
Less Expenses
Wages
450
Electricity
710
Telephone
145
Water
90
Discount Allowed
60
Total Expenses
1455
Net Profit
7419
Balance Sheet As At 31 July 2015

$
Cash
3965
Bank
3630
Stock
2020
Debtors
4410
Total Current Assets
14025
Equipment
2500
2300
Total Fixed Assets
4800
Total
18825
J. Astaphans
3201.50
Greens Wholesale
2092
Steven and Sons
762.50
Total Current Liabilities
6056
Capital at Start
5350
Net Profit
7419
Capital at End
18825
Closing Journal Entry

Date
Details
F# Dr
Cr
2015
July 31
Profit & Loss
60
Discount Allowed
60
Transfer of Discount allowed

to P&L
Sales
14130
Trading account
14130
Transfers of Sales to Trading

Account
Purchases Returns
196.50
196.50
Trading Account
Transfer of Purchases
Returns to Trading Account
Trading Account
6852.50
Purchases
6852.50
Transfer of Purchases to
Trading Account
Trading Account
Sales Returns
340
340
Transfer of Sales Returns to

Trading Account
Trading Account
300
300
Stock
Transfer of stock to Trading
Account
20
Discount Received
20
Profit and Loss

Transfer of Discount received
to Trading account
710
Profit and Loss
710
Electricity
Transfer of Electricity to
Profit and Loss
145
145
Profit And Loss

Telephone
Transfer of Telephone to
P&L
90
Profit and Loss
90
Water
Transfer of Water to P&L
Profit and Loss
Wages
Transfer of Wages to P&L
450
450
Organisational Chat
Principles of Accounts Teacher
Home Management
Head of Department
Students (Including Researcher)
Analysis and Interpretation

Gross Profit percentage
Gross Profit x 100 = $8854 x 100 = 64.21%
Net Profit
$13790
Gross Profit as a Percentage of cost.
Gross Profit x 100 = $8854 x 100 = 179.38%
Cost of sales
$4936
Net Profit percentage
Net Profit x 100 = $7419 x 100 = 53.8%
Net Sales
$13790
Return on Capital invested.
Net Profit x 100 = $7419 x 100 = 138.67
Capital
$5350
Return on Capital Employed.
Total Assets Current Liabilities = $18825 - $6065 = $12760
Gross Profit Margin
Gross Profit/Revenue = $8854/$1455 = 6.09%
These ratios show a firm capability of ascertaining a profit.
Expenses to Turnover ratio.

Total Expenses x 100 = $1455 x 100 = 10.55%
Net Sales
$13790
Stock Turnover.
Cost of Sales = $4936x 4.26%
Average Stock $1160
Payable Payment.
Creditors x 92__ = $6056 x 92 = 92 Days
Creditors Purchases
Receivables Collection.
Debtors x 96 = $4410 x 96 = 100 days
Credit Sales
$4220
These ratios show how well the business budget and manage expenses.
Working Capital Ratio.

Current Assets Current Liabilities = $14025 - $6056 = $7969
Current Ratio.
_Current Assets_ = $14025 = 2.32:1
Current Liabilities $6056
Acid Test Ratio.
Current Assets Stock = $14025 - $2020 = 1.98:1
Current Liabilities
$6056
These ratios show the liquidity of a business.
Fixed Capital = $4800
Floating/Circulating Capital = $14025
Capital Owned = $12769
External Liabilities = $6056
Transactions
Ledgers on 1st April, 2015

Cash in hand $250
Equipment $2500
Cash in bank $1500
Furniture and fittings $2300
Stock in hand $300
Creditors $1500
May
2 Purchased goods on credit from J. Astaphans valued at $485 receiving a 10% trade
discount
2 Purchased goods $350 paying by cheque
3 Cash sales $350
9 Bought goods on credit from Greens Wholesale $560 receiving 5% trade discount
15 Cash sales $480
15 The Roseau Health Team bought $560 worth of snack for a workshop by credit
16 Deposited $450 in the bank account
17 Bought goods paying by cheque
19 Paid J. Astaphans $350 by bank
21 Bought goods from Stevens and Sons $760 receiving a 10% trade discount
29 Sold goods on credit to the Public Service Union $400 giving 5% trade discount
30 Paid electricity $230 by cash
31 Paid wages by bank
31 Deposited $600 cash into bank
June
1 Roseau Health Team bought snacks on credit worth $780
2 Purchased from J. Astaphans & Co. Ltd goods worth $1200 receiving 33 1/3% trade discount
5 Received from Public Service Union a cheque $250
7 Returned goods value $135 to Stevens & Sons bought on the 25th of May
10 The Forestry Office order snacks $780 paying by cheque
10 The Forestry Office returned $340 worth of the snacks, claiming that the products were
unsuitable for consumption
15 Cash sales $900

17 Returned $75 worth of goods to J.Astaphans & Co. Ltd
21 Bought goods on credit from Greens Wholesale $1390
22 Cash sales $1300
23 Withdrew $2200 for office use
24 The cheque paid by Forestry on the 10th June was returned by the marked refer to drawer
24 Deposited $1000 into bank account
26 Paid J. Astaphans & Co. Ltd by cheque $300
30 Paid telephone $60, water $45, electricity $130. All bills were paid by cash
30 Paid wages
July
2 Purchased goods on credit from Greens Wholesale $600, receiving a 5% trade discount
5 Public Service Union order $1000 worth of snacks on credit
8 Forestry Office order $1200 work of snacks paying by cheque, received a 5% discount
10 Bought goods on credit from J. Astaphans & Co. Ltd valued at $1400 receiving 15% trade
discount
13 Cash sales $2000
14 Deposited $900
18 Paid Greens Wholesale $400, receiving 5% discount by bank
21 Cash sales $900
24 Bought goods on credit from Stevens & Sons $450
25 Paid Stevens & Sons $250 by bank
28 Cash sales $1500
29 Deposited $1000 in bank
30 Paid telephone $85, water $45, electricity $350 by cheque
30 Paid wages
Statement of performance
Sweet tooth cakes and pastry is a solvent business as they are able to efficiently meet their
current liabilities, indicated by the liquid capital ratio and working capital ratio( 1:98:1 and
2:36:1). $5350 was invested into the business and a return of 138.67%. Sweet Tooth Cakes and
Pastry capital $14415, $4800 was fixed capital. The business liquid capital is more than 80% of
its circulating capital. Expenses didnt exceed revenue acquiring a net profit of 7419. The rate
was 4.26% meaning that the business sold stock very quickly and accumulated a lot of profits. 96
days collection showed that our debtors were paying rapidly. The profitability of this business
was very good as the net profit percentage was 53.8%, therefore showing that the business was
gaining more than it was spending. The efficiency of this business was clearly shown in its stock
turnover, payables payment and receivable collections as stock was selling rapidly, the business
was paying creditors on time and getting paid debtors on time.
Accounting cycle
Appendix
May; 2270
June; 6030
July; 14130
Sales for month

period.
The business was selling produce rapidly, therefore being the reason for our stock
turnover of 4.26%, bringing in income into the firm.
Purchases
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Category 1
July
June
May

Accounts SBA

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Accounts SBA

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Sweet Tooth Cakes and Pastry

Candidate Name: Bevan Boneu

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

J. Astaphans & Co. Ltd, 65 King George V Street, Roseau

Cartoons of Coco Powder

Packets of 24 Tray Eggs

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes & Pastry

Boxes of Cheese Cake

Boxes of Sponge Cake

Boxes of Banana Bread

Boxes of Chocolate Cake

Sweet Tooth Cakes and Pastry

Date: 10 June 2015

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Date: June 7th 2015

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Public Service Union

5th June 2015

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Name: Bevan Boney

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Furniture and fittings

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Forestry Off DL4

Greens Whle.s CL2

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Steven and Sons

Less 10% Trade Discount

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

May 1 Balance B/D

June 1 Balance B/D

July 1 Balance B/D

Sweet Tooth Cakes and Pastry

Furniture and Fittings

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Steven and Sons

May 31 Balance c/d

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

Roseau Health Team

June 1 Balance B/d

Sweet Tooth Cakes and Pastry

Public Service Union

Sweet Tooth Cakes and Pastry

Sweet Tooth Cakes and Pastry

July 31 Balance B/d