MODULE: ACCOUNTING 511
ASSIGNMENT COVER SHEET
Name & Surname: ______________________
ITS No: _________________________
Qualification: __________________ Year: _______
Module Name: __________________
Elective: _________________________
Assignment Due Date: _______________
ID Number: __________________ Date submitted: __________ Semester: _______________
ASSESSMENT CRITERIA
MARK
EXAMINER’S
ALLOCATION
MARK
MARKS FOR CONTENT
MODERATOR’S
MARKS
REMARKS
QUESTION ONE
QUESTION TWO
QUESTION THREE
TOTAL MARKS
MARKS FOR TECHNICAL ASPECTS
1. TABLE OF CONTENTS
Accurate numbering according to the
numbering in text and page numbers
2. LAYOUT AND SPELLING
Font – Calibri 12
Line Spacing -1.0
Margin should be Justified
3. REFERENCE
According to the Harvard Method
TOTAL MARKS
TOTAL MARKS FOR ASSIGNMENT
100
EXAMINER’S COMMENTS
MODERATOR’S COMMENTS
Name of the Examiner:
Signature of Examiner:
Date:
__________________
__________________
___________________
Name of the Moderator: __________________
Signature of Moderator: __________________
Date:
____________________
Instructions and guidelines
NB:
1. Candidates are advised to read the guide lines in the study guide.
2. Assignment questions are on page 3.
3. For reference use prescribed, recommended books and other resources you may come
across.
4. Correct Harvard referencing carries (5 Marks).
The purpose of an assignment is to ensure that the Student is able to:
•
Use methods of enquiry and research in a disciplined field.
•
Interpret and evaluate text.
•
Have a sound understanding of key principles and theories, rules and awareness.
•
Solve unfamiliar problems using correct procedures as well as investigate and critically analyse
information and report thereof.
•
Present and communicate information reliably and coherently.
Instructions and guidelines for writing assignments
1. Use the correct cover page provided by the institution.
2.
All essay type assignments must include the following:
2.1. Table of contents
2.2. Introduction
2.3. Main body with subheadings
2.4. Recommendations and Conclusions
2.5. Bibliography
3. The length of the entire assignment must have minimum of 10 pages. Typed with font size 11
Calibri. 1.5 spacing
4.
The quality of work submitted is more important than the number of assigned pages.
5. Copying is a serious offence which attracts a severe penalty and must be avoided at all costs. If
any student transgresses this rule, the lecturer will retain the assignments and ask the affected
students to resubmit a new assignment which will be capped at 50%.
6. Use the Harvard referencing method.
7. Please note that these guidelines are not applicable to quantitative subjects like Accounting and
Statistics.
QUESTION ONE
(30 MARKS)
Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012
and answer the question that follow:
Transaction
1.
The owner deposited R 60 000 into business account as his contribution to the
business
2.
Sold goods on credit to F Meko, R 7 000
3.
The business obtained a loan of R30 000 from FNB.
4.
Bought stationery on credit, R300
5.
Cash sales of goods, R6 500. The goods were bought for R4 000
6.
Purchased furniture and equipment on credit from FBD Ltd R5 000
7.
The owner used a business cheque to pay for his personal accounts, R4 000
8.
Purchased Equipment worth R60 000. R42 000 was paid using cash and the
remainder will be paid in 3 months’ time.
REQUIRED:
Record the above transactions using the Accounting Equation.
Use the following format to answer this question:
Example: Paid for advertising R300.
TRANSACTION
Example
ASSETS
-300
=
EQUITY
-300
+
LIABILITIES
0
QUESTION TWO
(30 MARKS)
The following is a trail balance of ACC Limited for the year ended 31 December 2014:
R
BALANCE SHEET ACCOUNTS
Capital
Drawings
Land and buildings (at cost)
Vehicles (at cost)
Furniture (at cost)
Bank
Debtors
Stock ( 1/01/2014)
Creditors
Accumulated Depreciation: Vehicles
Accumulated Depreciation: Furniture
NOMINAL ACCOUNTS
Sales
Sales returns
Commission Income
Rent received
Purchases
Purchases Returns
Bad Debts/credit losses
Insurance
Packing material
Salaries
Water and electricity
250 000
4 400
180 000
120 000
15 000
5 900
40 140
4 000
50 750
26 000
3 000
252 145
615
670
1950
170 550
550
230
2 750
800
38 500
3300
Additional information:
1. Inventory on 31 December 2014 :
Trading inventory
R6 500
Packing Material
R175
2. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable
3. Provision must be made for depreciation as follows:
a. Vehicles 20% on diminishing balance method/reducing balance.
b. Furniture 10% Straight Line method.
4. A Debtor, Mr Fletcher who wed R230 finally managed to pay his debt that was previously written
off as irrecoverable in 2010. This was not considered in the above trail balance.
REQUIRED:
Prepare the Statement of Comprehensive Income for ACC Limited for the year ended 31 December
2014.
QUESTION THREE
(30 MARKS)
The following transactions occurred in the books of Pay n Pick limited for the month of April 2015:
1 April Purchases
10 April Purchases
15 April Sales
20 April Purchases
23 April Sales
Additional Information:
10 000 units @ R1,20
12 000 units @ R1,50
25 000 @ R3,00
8 000 @ R1,80
10 000 units @ R3,30
The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand.
REQUIRED:
5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO).
(20)
5.2 Calculate Cost of sales at 30 April 2015.
(5)
5.3 Calculate how much gross profit Pay n pick made in the month of April.
(5)