Business School
First Year Accounting & Finance for Managers
2020/21
Assignment One
W/c Monday 9th November 2020
Deadline for submission: 12 pm Friday 13th November 2020
Instructions to Candidates
This coursework is the first (of two) component of assessment on this module. You are to complete the following tasks using either one of the following approaches:-
EITHER
Ca
y out the following instructions using Microsoft Excel and submit your answer via the Coursework One portal on Moodle;
OR
Ca
y them out by hand on pen and paper and, when you have finished, either scan or photograph your answers and upload them as above on Moodle. If you do it this way then you MUST number each page as Page 1 of X, Page 2 of X and so on with X replaced by the final page number. So if you use six sheets of paper then the first sheet will be Page 1 of 6 and the final one Page 6 of 6. Obviously you won’t know the value of X until you finish your answer. Many of you use this pagination style for your notes already and the rest of you should too.
You are provided with the following information which was extracted from the books of
Sean Redgrove on 30 November 2020 :-
Account
Debit
Credit
Capital
117,769
Bank Loan
100,000
Drawings
42,000
Fixtures and fittings at cost
28,000
Fixtures and fittings - accumulated depreciation
12,000
Cars at cost
38,000
Cars - accumulated depreciation
18,000
Building at cost
150,000
Trade payables
18,465
Purchases
195,871
Wages
52,647
Rates
8,147
Insurance
4,652
Light and heat
8,113
Car running costs
2,651
Opening inventory
15,962
Stationery and postage
1,841
Telephone
6,425
Bank charges
XXXXXXXXXX
Entertaining
3,224
Advertising
5,862
Repairs and maintenance
3,984
Miscellaneous expenses
XXXXXXXXXX
Trade receivables
41,115
Cash at bank
13,258
Petty cash
XXXXXXXXXX
Rent received
19,000
Sales
341,115
Bad debts
3,114
626,349
626,349
In addition you are provided with the following information :-
1. Rent received relating to the quarter ended 28 Fe
uary 2021
3,000
2. Further bad debts to be written off
1,115
3. Provision for Doubtful Debts to be established
XXXXXXXXXX
%
Continued
4. Accruals:
Telephone
2,055
Electricity
2,814
5. Included in the insurance costs is a premium for third party cover which runs from
June XXXXXXXXXXto May XXXXXXXXXXthe annual charge for which is:-
1,200
6. The interest on the bank loan has not been charged and the rate
for the year is :
9
%
7. Depreciation is to be charged as follows :
Cars
Straight line
25
%
Fixtures and fittings
Reducing balance
20
%
8. Closing inventory amounts to :
21,147
Using all of the above information you are required to prepare in good order, an income
statement and a balance sheet for the year to 30 November 2020.
Deadline is Friday 13th November 2020 by 12 pm
End of Test
Nov 2020 v1
PDF File