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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 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 Jan, 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 ASSESSMENT 1 (100 marks)

Question (100 marks)

Adele, the owner of Shalom Co., deals in books and magazines. Below is the unadjusted trial balance as at 31 August 2023:

Unadjusted Trial Balance as at 31 August 2023

The following additional information was extracted from the records towards the end of the financial year.

1. Insurance expense of $21,000 included in the trial balance was for period from 1 April 2023 to 31 October 2023.

2. The 5% bank loan was taken on 1 March 2023. The interest expense has yet to be accounted for.

3. Rent for the financial year was paid up to 31 May 2023. Monthly rent remained constant during the financial year.

4. Drawings by cheque of $5,400 for the month of August 2023 was recorded on the opposite sides of the accounts.

5. Inventory purchased on credit from suppliers of the amount of $18,000 was not recorded. The suppliers gave a trade discount of 4% for buying in large quantities.

6. Shalom Co. owed Tom Ltd $80,000 and settled the amount early and was given a 5% cash discount. This transaction was omitted.

7. Commission income of $3,000 for August 2023 has not been received nor recorded.

8. Annual depreciation on fixed assets is to be recorded as follows:

Office equipment - $18,300

Motor vehicle - $21,400

9. A physical stock-take on 31 August 2023 revealed stocks on hand to be $240,800.

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 Shalom Co.:

(i)  Statement of Comprehensive Income for the year ended 31 August 2023

(ii) Statement of Financial Position as at 31 August 2023 (60 marks)