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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 Live@ Edu email account

CA Submission

CA 1 must be submitted online via student portal. Please read instructions provided in the portal carefully.

Deadline: 24 April, 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)

Merry Trading was started by Michelle Li and trades in textiles. Its unadjusted trial balance as at 31 October 2022 is given as follows:

Unadjusted Trial Balance as at 31 October 2022

The following additional information was made available before the year-end closing.

1. Credit purchases of $18,000 in October were omitted from the accounts. A trade discount of 5% trade discount was given by the supplier.

2. A customer paid $32,000 in October for inventory to be delivered in November 2022. This amount has been included as sales in October 2022.

3. Transport costs of $13,800 paid for transporting goods from suppliers was wrongly accounted as transport costs for delivery of goods to customers.

4. Commission income for October 2022 amounting to $10,300 had not been received nor recorded.

5. Rent expense included a payment of $48,000 for August to November 2022.

6. The 5% bank loan was taken on 1 July 2022. The interest on the loan is to be considered.

7. On 30 October 2022, Michelle drew a cheque of $5,400 from the business bank account to pay for her home utility bill. This transaction was not recorded in the accounts.

8. Annual depreciation expenses on all business assets were as follows:

Motor vehicle - $52,000

Equipment - $23,700 

9. A physical count on 31 October 2022 revealed stocks on hand to be $81,300.

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 Merry Trading:

(i)  Income Statement for the year ended 31 October 2022 

(ii) Statement of Financial Position as at 31 October 2022

(60 marks)