UG 036 Cbfs Accounting for Business Preparation of T Accounts and Final Accounts for A Merchandise Business Exam ‎all the requirements in word file (Code:

UG 036 Cbfs Accounting for Business Preparation of T Accounts and Final Accounts for A Merchandise Business Exam ‎all the requirements in word file

(Code: A36/ 28 / May / 2020 )

The price: (23)

Which subject:ll

Financial Accounting 1

If there is any program to use : everything that is related to the subject

*Financial Accounting*

Calculations or thury: Financial Accounting calculation : Income statement, T accounts …

How many words: 1800-2000

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You should answer the calculation and thury parts.

‎Similarity less than 5%

turnintin report needed COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF UNDERGRADUATE PROGRAMME
B.Sc. in Accounting, Auditing and Finance /BBA
ASSIGNMENT BRIEF-Individual Assignment 3
Weightage: 50%
Student Name & ST Number
Semester
Spring 2019-2020
Assignment Title
Importance of Accounting for business, Preparation of T
accounts and Final Accounts for a merchandise business.
Module
Start Date:
Financial Accounting 1UG036
5-May-2020
Due Date:
30-May-2020
Assessor:
Internal Verifier
February – June 2020
Dr. Mohammad Ali Al Lawati
Ms. Komal Khakhar
Dr.Roslin
Required Work, Format and Grading
You must submit the following by the assignment due date:
▪ Completed answers to each task, making sure that you fully address each of the outcome
criteria.
▪
▪
Answer all questions separately.
Assignments without TURNITIN report will not be accepted.
Resources:
You need to demonstrate a confident application of the theories to the assignment task. The theoretical
underpinning of your observations and deliberations should also demonstrate a good understanding of
the subject by the way that your analysis is structured.
You can access the Internet to research about the topic. You should demonstrate good academic practice
by the appropriate use of academic texts and journals that are properly referenced.
Guidelines and further information about assignment:
Assignment must be submitted with the “Turnitin” report. If the report generated indicates a
similarity index percentage of 20% or more, a review of your assignment is necessary to ensure
the same is reduced to less than 20%.
1
Student declaration:
I certify that the work contained in this assignment was researched and prepared by
me:
Signature: ___________________________
Date: ___________________
The user ID and Password for submitting the soft copy of the report
through TURNITIN is as follows:
Class ID:
Enrolment Password:
Submission time and date
You should submit the assignment by the time and date mentioned otherwise a ‘NA’ will
be awarded. Fill in the form cover and staple it with your assignment. Make sure that all
the relevant details are complete. Assignments must be submitted by the due date. You
may include diagrams, figures etc without word penalty.
Plagiarism Writing
1. Plagiarism occurs if you use somebody else’s work in an assignment or exam
answer, but fail to state where you got the material from. You need to be also very
careful about the amount of words you are using from somebody else’s work.
2. It can happen in any type of assessment where you are given the questions or
tasks in advance.
3. If another student uses your work in his/her answer(s), both you and he/she will
be punished when caught.
4. Punishments for committing plagiarism can be very severe.
Details
2
Plagiarism is a form of cheating in which students use the work of others and present it
as their own. It may include all or any one of the following –
1. Copy extensively from the work of others (from sources such as books, magazines,
journal, web-sites etc) and submit the work as your own.
2. Copy another students’ work and submit it for assessment under your own name.
3. Allow another student to copy your work and then submit it for assessment under
their own name.
What happens if you get caught?
The examining body of CBFS may punish offending students in any manner that they
deem fit. Typical punishments may range from reduction in grades, making students resit modules and even failing students on a module or an entire award. The college
considers this form of cheating as a serious offence. Therefore be forewarned!
Scenario or Tasks
Read the following tasks for different business entities and do as directed.
Task 1
(12 Marks)
3
Hashim Trading LLC is a local merchandiser in Oman. From the given Trail balance for
the year ending 31.12.2019, prepare final accounts for the business.
OMR
OMR
Sales /turnover
200,000
Purchases
85,000
Buildings
40,000
st
Inventory at 1 Jan 2019
8,000
Cash at Bank
12,000
Trade Receivables
75,000
Trade Payables
50,000
Plant and equipment
100,000
Rent and rates
15,000
Sales discount
5,000
Selling expenses
4,000
Wages and salaries
32,000
Bad Debt on Trade receivable
5,000
Bank interest
2,000
Carriage inwards
3,000
Retained earnings as at 1 Jan 2019
26,000
Share Capital at 1 Jan 2019
100,000
10% Bank loan
20,000
Sales return
8,000
Carriage outwards
2,000
396,000
396,000
The following information is also available:a) Closing Inventory at the 31 December 2019 was valued at OMR 10,000.
b) Wages and salaries paid in advance for 3months amounts to OMR 10,000 .
c) Rent and rates of OMR 20,000 were still outstanding at the year end.
d) Depreciation on building for the year OMR 1,000 and Plant and Machinery OMR
25,000 is not accounted for.
Required :
(12 Marks)
Prepare an Income Statement and Statement of Financial Position for
Harshim Trading LLC for the year ending on 31 December 2019 with all
relevant workings.
4
Task 2
(12 Marks)
Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by
Iman:
a. Iman invested OMR. 600,000 in the business.
b. Trucks were Purchased by business for OMR. 430,000.
c. Equipment purchased on credit for OMR. 9,000.
d. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a
customer.
e. Cash of OMR 6,000 is received from the customer who was billed in d.
f. Received OMR 22,300 is cash for transporting goods.
g. A payment of OMR 5,000 was made on the equipment purchased in c.
h. Paid expenses of different types for OMR 1,700 in cash.
i. Equipment of OMR 1,200 was withdrawn from business for Iman’s personal use.
Required:
1. Arrange the Assets, Liabilities and Owner’s Equity accounts in an
Accounting Equation, using the following account titles: Cash, Trucks,
Equipment, Account Receivables, Account Payable and Owner’s Equity
(9 marks)
2. Prepare the following T Accounts
(3 marks)
a. Cash account
b. Accounts Receivable
c. Accounts Payable
5
Task 3
(16 Marks)
The importance of accounting concepts and conventions can be seen in preparing the
financial statements in assessing the financial viability of the company, where accountants
prepares the financial statement and provides the appropriate financial report for the
management of any company.
However, accounting concepts and conventions are rarely disclosed in the financial
statements because they are generally recognized as being the activity of the periodic
preparation and presentation of the financial statements; but if the basic concepts and
conventions are not followed when preparing and presenting the financial statement,
difficulties will be faced during the analysis, interpretation, and reporting of financial
statements. Therefore, it is necessary to understand that the earnest interpretation and
analysis of financial statements must be taken into account constantly these concepts,
assumptions, principles and conventions used in the preparation.
Required:
(4 marks X 4 = 16 marks)
1. To define if the accounting concepts and conventions function as a guidance in
preparing financial statement.
2. To ascertain if accounting concepts and conventions assist in proving useful
information for economic decision-making.
3. To ascertain if accounting concepts and convention assists in recognizing in
how accounting transactions are looked into.
4. To define if accounting concepts and conventions leads in producing more
meaningful and reliable financial reports.
6
Task 4
(10 Marks)
Accounting performs an essential part in operation of business administration because it
assists you in tracking income and expenses, ensure legal compliance, and supply
shareholders, managers, and government authorities with the quantifiable financial
information, which then are used for business decision making purpose.
There are three main components that are generated by the records, of which the financial
statement is made-up:
•
The income statement, which delivers information about the profit and loss of company
•
The balance sheet, which provides a clear picture on the financial position of company
as on a specific date.
•
The cash flow statement, which is a bridge between the income statement and balance
sheet and provides information about the cash inflow and outflow during a certain phase
of time.
It is extremely important to keep your financial records solid and up-to-date if you wish to
retain your company’s financial position robust.
You are required to:
(10 marks)
Explain the reasons why Accounting is important for your business, regardless if it is
small or large.
———————————End of Assignment paper———————————
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