DIPLOMA IN MANAGEMENT STUDIES
FINANCIAL ACCOUNTING
INDIVIDUAL ASSIGNMENT (30%)
Instructions:
Read the instructions in your Student Portal, Course Outline, CA Outline and your Blackboard portal carefully. If you still have queries read the FAQ first and then email queries via your student portal. You will be penalized with marks deduction if the instructions are not strictly followed.
You are to upload your assignment by the due date through the student portal account. After the due date, your submission will not be entertained.
Write your FULL Name AND your NRIC/FIN number as in the register on a CA cover.
You should a keep a copy of assignment submitted.
All workings must be shown. The submitted report must show evidence that this is your own work.
No marks will be awarded if there are no workings or reasonable explanations.
This report must be type written and submitted in word format.
Please be reminded that plagiarism and collusion is a serious offence, and all cases will be referred to the administration. Grades will be withheld if the submission is suspected for plagiarism or collusion till investigations are completed.
Penalty Marks for Late Submission of Assignment
By one day: 20% to be deducted from total marks
More than one day: submission will NOT be graded
You may appeal via [email protected]
CA Submission
CA 1 must be submitted online via student portal. Please read instructions provided in the portal carefully.
Deadline: 23 Oct, 11.59 am
Please be reminded that plagiarism and collusion are serious offences, and all cases will be referred to the administration. You may be penalized leading to failure and termination from the DMS programme.
APPENDIX A
FORMAT OF WRITTEN ASSIGNMENT
Please note the following technical requirements:
a. Typed on word processor such as M/S Word.
b. Use Times New Roman font, size 12.
c. Paragraphs of text are to be double spaced;
d. Financial statements and tables can be single spaced
e. Color: Black (for text)
f. Paper: White
g. Individual Assignment Submission form. to be attached at the FRONT of the assignment, with your full name as per student ID.
Important Note:
Students caught for Plagiarism and/or Collusion will be subjected to heavy penalties.
Plagiarism & Collusion
The university considers plagiarism & collusion as serious offences that could lead to expulsion from the programme. Students should ensure that the assignments submitted are their own work. Students should check every page and verify that it is their own work.
What is Plagiarism: It is the use of someone else’s work in its entirety or some parts in exact form. or in very close form, as your own without acknowledgment to original author(s). Examples of plagiarism in assignments include the use of other authors: phrases, facts and illustrations, statistics, and assembled materials, without acknowledging them.
What is Collusion: It is the use of other person’s work or ideas with the consent of the other person(s), without formally acknowledging them in your own work. Although students can discuss their ideas and group projects freely with anyone, when it comes to writing the report, each student or each group must use their own words to produce their respective reports. Sharing the same phrases or paragraphs or sections of texts and illustrations (without any acknowledgments) in different group reports constitute collusion.
INDIVIDUAL ASSIGNMENT (100 marks)
Question 1 (100 marks)
Bennie, the owner of Bibi Trading, deals in vehicle accessories. Its unadjusted trial balance as at 31 August 2024 is given as follows:
Unadjusted Trial Balance as at 31 August 2024
|
Accounts Titles
|
Dr ($)
|
Cr ($)
|
|
Plant and machinery
|
780,000
|
|
|
Office equipment
|
228,000
|
|
|
Accumulated depreciation as at 1 September 2023
|
|
|
|
- Plant & machinery
|
|
212,500
|
|
- Office equipment
|
|
88,000
|
|
Sales
|
|
1,545,500
|
|
Returns
|
18,000
|
21,000
|
|
Rent received
|
|
76,000
|
|
Utilities expense
|
70,000
|
|
|
Advertising expense
|
76,000
|
|
|
Freight inwards
|
28,000
|
|
|
Freight outwards
|
32,000
|
|
|
Purchases
|
923,000
|
|
|
Insurance expense
|
14,000
|
|
|
Salaries and wages expense
|
146,000
|
|
|
Commission income
|
|
8,000
|
|
10% Bank Loan, due in 2034
|
|
300,000
|
|
Trade payables
|
|
180,000
|
|
Trade receivables
|
240,000
|
|
|
Capital – Bennie
|
|
300,000
|
|
Drawings – Bennie
|
33,610
|
|
|
Inventory – 1 September 2023
|
118,000
|
|
|
Cash at Bank
|
28,000
|
|
|
Discounts
|
12,146
|
15,756
|
|
|
2,746,756
|
2,746,756
|
The following additional information was extracted from the records towards the end of the financial period.
1. Advertising of $16,000 included in the trial balance was for period from 1 July 2024 to 31 October 2024.
2. A customer, Clarissa, has paid a deposit of $5,000 for goods to be delivered on 2 September 2024. The receipt was recorded as sales.
3. The 10% bank loan was taken on 1 June 2024. The interest expense has yet to be accounted for.
4. N Ltd. owed Bibi Trading $30,000 and settled the amount early by cheque and was given a 5% cash discount. This transaction was omitted.
5. A purchases invoice of $34,000 was wrongly recorded as $43,000.
6. Bennie took $5,500 for personal use from the bank account. No entries had been made in the books.
7. Commission income of $3,700 for July 2024 was yet to be received.
8. Annual depreciation on fixed assets were as follows:
Office equipment - $18,300
Plant & machinery - $31,800
9. A physical count on 31 August 2024 revealed stocks on hand to be $140,600.
Required:
(a) Prepare the necessary general journal entries to record transactions (1) to (8).
Narrations are not required.
(Hint: For some transactions, you will need to create new accounts which are not shown on the trial balance.) (40 marks)
(b) Prepare the following financial statements for Bibi Trading:
(i) Statement of Comprehensive Income for the year ended 31 August 2024
(ii) Statement of Financial Position as at 31 August 2024
(60 marks)