FINANCIAL ACCOUNTING

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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 account2
CA Submission

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

Deadline: 25 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.3

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 space.
d.Financial statements and tables can be single space.
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 toexpulsion 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 otherperson(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.4

INDIVIDUAL ASSIGNMENT (100 marks)

Question

Mike owns and runs M-Motors, a retailer of motor accessories. The following unadjusted trial balance has been taken from his business records as at 31 March 2025:
Unadjusted Trial Balance as at 31 March 2025


Debit ($)
Credit ($)
Sales

315,000
Purchases
96,840

Carriage inwards
4,100

Carriage outwards
10,650

Office expenses
24,565

Salaries
55,025

Advertising
25,000

Utilities
13,450

Insurance
20,700

Returns
32,700
17,200
Cash at Bank
4,000

Trade receivables
29,800

Inventory as at 1 Apr 2024
18,500

Fixtures and fittings
37,300

Accumulated depreciation
– Fixtures & fittings, 1 Apr 2024
10,170

Office equipment
108,100

Accumulated depreciation
– Office equipment, 1 Apr 2024

15,700
Trade payables

20,460
8% Loan repayable (2033)

20,000
Capital at 1 Apr 2024

85,000
Drawings
5,400

Discounts
1,200
3,800

487,330
487,3305

The following additional information was made available before the year-end closing:
1. In March 2025, a credit customer returned $8,500 worth of damaged goods to M-Motors. The business had not recorded the return of these goods as at 31 March 2025.
2. Office expense amounting to $800 had been mistakenly recorded as Utilities expense.
3. M-Motors paid $6,000 in January 2025 to cover annual fire insurance starting January 2025. The amount is fully charged to insurance expense.
4. Interest expense relating to the 8% bank loan which was taken up on 1 October 2024 has not been accounted for as at year-end.
5. M-Motors received $15,000 for goods to be delivered equally over 3 months from May – July 2025. The whole amount had been included in the business sales for the year.
6. The business earns commission income for selling some indent accessories. Commission income for April 2024 - March 2025 amounting to $8,500 has not been received and recorded as at year end.
7. During the year, Mike took some goods which had cost $600 for personal use. This had been omitted from the financial records of M-Motors as at 31 March 2025.
8. The amount of annual depreciation on fixed assets were as follows:
Office equipment - $2,400
Motor vehicles - $3,600
9.
Inventory as at 31 March 2025 amounted to $12,900 after a physical stock count.
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 M-Motors:
(i) Statement of Comprehensive Income for the year ended 31 March 2025
(ii) Statement of Financial Position as at 31 March 2025 (60 marks)

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