SCHOOL BASED ASSESSMENT
PRINCIPLES OF ACCOUNTS
MY BEST FRIEND
In 2008 Topaz Lopez opened a jewellery store called My Best Friend. It is situated in the Velvet
Rope Mall, Booth#12, located at #19 Prince Street, Arima.
Topaz buys and sells unisex jewellery of gold, silver and semi precious stones.
The rent of the booth is $1,500 per month. She has employed four workers and one cashier,
whom she pays $250 per week, and three sales persons whom she pays $200 each per week.
Topaz has five hundred ($500) dollars in hand to start the business and took a loan from
Escapade Bank Limited for ten thousand ($10,000) dollars.
2008
Oct 01
Paid rent by cheque $1,500
Bought cash register by cheque $2,000
Oct 02
Bought fixtures and showcases by cheque $3,000 which will be installed Fri. 3rd
October.
Oct 03
Bought goods for $2,000 by cheque
Bought goods from Diamond and Co. for $4,000
Bought goods from Opalita’s Ltd. for $3,000 less10% trade discount
Established a petty cash with a float of $100
Oct 04
Employees set up and decorated store
Purchased milk and coffee for $10, cleaning materials for $30 and decorations for
$25
Bought stationery (boxes, bags, receipt books) for $200 by cheque
Oct 06
Cashed cheque for office cash $500
Returned $1,000 worth of goods to Diamond and Co.
Sold $1,000 worth of goods for cash
Oct 07
Sold goods for cheque worth $1,500
Purchased goods from Missy Gold worth $2,000
Oct 08
Sold goods on credit to Amber Lites worth $500
Oct 09
Amber Lites returns $200 worth of goods
Sold goods for cash $1,000
Oct 10
Purchased goods worth $1,200 by cheque
Deposited $600 into bank account
Sold goods worth $2,500 by cheque
Paid wages ($850 per week) cash
Topaz withdrew $1,000 by cheque for personal use
Bought snacks for staff $15
Oct 11
Bought equipment to engrave jewellery from Safire and Sons for $800
Oct 13
Sold goods for cash $600
Oct 14
Paid Opalita’s Ltd. Less 5% discount
Oct 15
Emeralda’s Boutique bought $700 worth of goods on credit and paid $10 to have
them delivered (carriage outwards)
Oct 16
Purchased goods on credit, $4,000 from Diamond and Co.
Sold goods for cheque of $300
Oct 17
Sold goods for cash $300 and paid wages by cheque.
Oct 18
Sold goods $600 by cheque
Amber Lites paid her account in full, less $50 cash discount
Oct 19
Topaz withdrew money for snacks $15 and reimbursed the petty cash
Oct 20
Purchased stationery for $300 by cheque, sold goods $1,000 by cash
Oct 21
Paid Diamond and Co. By cheque
Sold goods by cheque $3,000
Oct 22
Sold goods to Lapis Lazuli worth $3,000 less 2% trade discount
Sold goods worth $700 for cash
Oct 23
Bought goods $5,000 by cheque and paid $15 for transport
Oct 24
Sold goods $1,500 by cheque and $600 by cash
Deposited $1,500 into bank, paid wages by cash
Topaz withdrew $2,000 by cheque for personal use
Oct 28
Paid $500 on loan by cheque
Sold $100 worth of goods by cash
Oct 29
Sold goods for $50 by cash
Oct 30
Sold goods for $300 cash
Closing stock at this date was $6,000