代写ACC006 BUSINESS ACCOUNTING

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    • 代写ACC006 BUSINESS ACCOUNTING 
    DIPLOMA IN ACCOUNTING/INTERNATIONAL 
    BUSINESS/BANKING & FINANCE 
    ACC006 BUSINESS ACCOUNTING 
    GROUP ASSIGNMENT 2 (50 marks) 
    Instructions: 
    Read the instructions of the assignment carefully. You will be penalized with marks 
    deduction if the instructions are not strictly followed. 
    Students are to submit their assignment by the due date through the Drop Box via D2L. After 
    the due date, students’ submissions will not be entertained. 
    Only one member of the group to submit for the group. If group leader is not available, 
    another member should takeover and submit for the group. “Group leader is ill” or other 
    reasons will not be entertained. This is a group assignment, all members are responsible for 
    the submission. 
    The CA cover should include the names and NRIC/Passport Number of all the group 
    members. Write your FULL Name AND your NRIC/FIN number as in the register on the 
    cover. 
    When NEED arises, such as disputes over contribution towards the assignment, the group can 
    request for peer evaluation to be carried out. Each member need to submit a peer evaluation 
    of all members of the group. If a member of your group is marked down for participation, 
    write comments on the contributions (or lack of) of the affected group member. Specific 
    dates, time and incidents should be reported. 
    Students should a keep a copy of assignment submitted. 
    All workings must be shown. The submitted report must show evidence that this is students’ 
    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. 
     2 
     
    Group Formation 
    Each group should be made up of minimum three and maximum four members. 
    (Exceptions may be granted under special circumstances if approval is obtained from the 
    Module Leader or Head of Programme.) 
    Submission date 
    The due date for submission of CA2 assignment is                           11.59am (soft copy) 
    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 
    CA Submission 
    CA2 must be submitted by 16 December 2016 through the DropBox via D2L.  
    Important Note: 
    Students caught for Plagiarism and/or Collusion will be subjected to heavy penalties. 
    Plagiarism & Collusion 
    (extracted from Student Handbook)  
    3.7.2   Plagiarism/Collusion  
    Plagiarism  is  theft  of  intellectual  property.   It  is  a  form  of  lying,  stealing  and mistreating 
    others.   Students  are  reminded  that plagiarism  is  a  serious offence  subject  to  the  Institute’s 
    disciplinary procedures. 
     
    Plagiarism can mean any one of the followings: 
     
      direct copying of phrases and/or passages without a reference and/or quotation marks; 
      paraphrasing another writer’s work in your written work without citing the reference; 
      making  a  direct  reference  to  an  author  you  have  not  read  although  you may  have  read 
    about him.  The correct way  is  to reference  the secondary source you have actually read 
    rather than referencing the original which you have not read; 
      copying the work of another student, in part or in whole; 
      handing in assignment that has already been submitted for assessment in the same or any 
    other course. 
    代写ACC006 BUSINESS ACCOUNTING 
    Please  note  that  it  is  also  a  disciplinary  offence  for  students  to  allow  their  work  to  be 
    plagiarised by another student.  
     
    A student found guilty of any of the above offences will render the student liable for 
    disciplinary actions which may result in the voiding and adjustments to the continuous 
    assessment grade, and may result in expulsion from the Institute.   3 
     
    GROUP ASSIGNMENT 2 (50 marks) 
    Question: 
    You are presented with an unadjusted trial balance of Jason Li Enterprise, a sole proprietorship 
    business, as at 30 September 2016. 
    Unadjusted Trial Balance as at 30 September 2016 
    Accounts Titles  Dr ($)  Cr ($) 
    Cash at Bank  180,900    
    Inventory, 1 October 2015  91,400    
    Trade receivables  120,500    
    Allowance for receivables 
     
    11,000 
    Investments   400,000 
     
    Plant and Machinery  403,000    
    Accumulated depreciation-Plant and Machinery     122,000 
    Office Equipment  213,000    
    Accumulated depreciation- Office Equipment     67,800 
    Furniture & fittings  106,000 
     
    Accumulated depreciation- Furniture & fittings 
     
    30,000 
    10% Bank Loan, due in 2025     200,000 
    Trade payables     163,750 
    Sales     2,153,862 
    Discounts  60,740  41,678  
    Purchases  905,100    
    Commission received     69,760 
    Carriage inwards  18,300    
    Sales returns  49,700 
     
    Rent revenue     48,000 
    Interest expense  2,000    
    Rent expense  71,000    
    Utilities expense  89,200 
     
    Salaries and wages expense  210,500    
    Advertising expense  97,900    
    Carriage outwards  10,010    
    Capital – Jason Li     150,000 
    Drawings – Jason Li  28,600    
         
       3,057,850  3,057,850 
     
    Additional information: 
     
    1.  The year- end physical stock count as at 30 September 2016 was $118,000. 4 
     
     
    2.  An invoice to a customer for credit sales of $20,500 was entered on the opposite sides 
    of the accounts. 
     
    3.  A discount of $8,100  received  from  a  trade creditor has been  recorded as $9,100  in 
    error. 
     
    4.  Rent revenue stated in the trial balance was received from the tenant for 6 months 
    commencing on 1 August 2016. 
    5.  Utilities expense of $3,200 for the month of September 2016 was paid in October 
    2016. 
    6.  Bad debts of $2,700 has to be written off. 
    7.  Allowance on receivables to be maintained at 10%  on all debtors. 
    8.  Plant and machinery –  
      A machine costing $15,000 was purchased on June 1 2016. 
      Depreciation of plant and machinery is at 10% per annum on net book value.   
       
      Office equipment –  
      A new printer was bought on July 1, 2015 for $4,500.  
      Depreciation of office equipment is over 3 years with a nil scrap value using the 
    Straight Line method. 
     
    Furniture & Fittings –  
      New cabinets costing $9,000 was bought on September 1, 2016.   There was no 
      disposal during the year.   
      Depreciation of furniture & fittings is at 20% per annum on cost. 
       
    9.  The 10% bank loan was taken up on 1 July 2016 and interest is yet to be fully 
    accounted for. 
    10.  Jason paid a home utility bill of $1,300 with a business cheque. 
     
    REQUIRED: 
    (a)  Journal entries to adjust the above items (2) to (10).  No narration is required. 
    (b)  Prepare a properly classified Profit & Loss Statement (narrative format) for the year 
    ended 30 September 2016. 
    (c)  Prepare a properly classified Statement of Financial Position (narrative format) as at 
    30 September 2016. 
    代写ACC006 BUSINESS ACCOUNTING