AFE4005-B INTRODUCTION TO ACCOUNTING   

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INTRODUCTION TO ACCOUNTING   AFE4005-B  

SEMESTER 1  

Main ASSESSMENT – Course Work Jan 2021  

SUBMISSION DEADLINE: 3pm, 22 Jan 2021

                                                                                                                                              

 

PLEASE NOTE:  

  1. This assignment is to assess the first semester of ITA4005-B.
  2. The maximum word count for this assignment is 1500 excluding references.
  3. This assignment accounts for 100% of the grades in the first semester and 50% of the overall grades on the module AFE4005-B.
  4. Please attempt all questions clearly showing all workings where needed.
  5. Please be aware that your work will be submitted through Turnitin. You must only submit your own work including correct citations and references for any external materials used in your work.

Question 1:

The following is a summary of the transactions that took place in ADEEB Ltd during October 2020:

  • October 1st ADEEB started a new business with £50,000 cash.
  • October 3rd bought equipment at a cost of £15,000 on credit from LMS Ltd.
  • October 4th paid £5,000 monthly rent.
  • October 6th bought inventory using £12,000 cash.
  • October 9th sold stock of £14,000 for cash, and sold goods of £6,000 on credit to TRK Ltd.
  • October 12th collected the £6,000 cash from TRK Ltd.
  • October 14th paid £3,000 monthly insurance.
  • October 16th ADEEB took £500 cash from the business to buy a gift for his son on his birthday.
  • October 28th paid £1,000 monthly bills.
  • October 29th paid £15,000 to LMS Ltd.

 

Required  

  1. Record the above transactions in a set of journal entries.             (20 marks)

 

  1. Open ledger accounts for Cash, Insurance, and Sales, and calculate their final

balances at the end of the period.                                                        (10 marks)

  1. Discuss Five types of common errors appearing in the trial balance. You must use relevant academic literature in your answer. (10 marks)

 (Total 40 marks)

 

Question 2

  1. Discuss the following accounting concepts: going-concern, conservatism, and the matching concept, giving examples of how they may be applied in the financial reports.

You must use relevant academic literature in your answer.            (10 marks)

  1. Discuss three differences between the Income Statement and the Balance Sheet (statement of financial position). You must use relevant academic literature in your

answer.                                                                             (10 marks)

 

  1. ADB Ltd has the following trial balance as at 31st December 2020

 

£    £

 

Sales              150,000

Motor Vehicles                              90,000

Accumulated Depreciation for Motor

Vehicles                        45,000

Opening Stock (as of 1st Jan. 2020)                     15,000

Salaries expense                          20,000

Accounts Receivables                               75,000

Fees received                           45,000

Cash                     40,000

Purchases                        50,000

 

Notes Payables                       40,000

Rent Expenses                              10,000

Utilities Expense                            25,000

Machines                           60,000

Accumulated Depreciation for

Machines                     30,000

 

Share Capital              75,000

385,000     385,000

 

The following information is also available: –

  • Closing stock at the 31st December 2020 is £10,000
  • Included in Utilities expense costs of £12,000 which are paid for the year ended on 30th June 2021.
  • Late rent of £10,000 is due and has not been paid or included in the rent expense yet.
  • Depreciation follows straight line method 20% for Motor Vehicles and 10% for Machines.

 

Required

 

Showing full workings, you are required to: –

Prepare an Income Statement and a Balance Sheet for ADB Ltd as at 31st December 2020.

(40 marks)

(Total of 60 marks)

 

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