DIPLOMA IN MANAGEMENT STUDIES

FINANCIAL ACCOUNTING

INDIVIDUAL ASSIGNMENT (30%)

Instructions:
Read the instructions in your Student Portal, Course Outline, CA Outline and your Canvas
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 their 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 account

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CA Submission

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

Deadline: 24 April 2024

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.

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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 spaced;

d. Financial statements and tables can be single spaced

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 to
expulsion 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 other
person(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.

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INDIVIDUAL ASSESSMENT 1 (100 marks)

Question (100 marks)

Blessed Co. started its business selling computer accessories a few years ago. The following
adjusted trial balance has been extracted from its business records as at 31 October 2023:

Unadjusted Trial Balance as at 31 October 2023

Accounts Titles Dr ($) Cr ($)

Sales 1,700,248
Discount 14,900 12,600
Purchases 794,566
Carriage inwards 18,640
Carriage outwards 23,680
Commission income 10,200
Rent earned 20,000
Utilities expense 68,400
Advertising expense 53,355
Insurance expense 59,300
Salaries and wages expense 250,125
Vehicles, at cost 382,714
Accumulated depreciation – Vehicles 108,422
Plant and machinery, at cost 280,300
Accumulated depreciation – Plant and machinery 72,000
10% Bank Loan, due in 2032 90,000
Capital – Berry 330,400
Drawings – Berry 17,930
Inventory, 1 November 2022 72,300
Cash at bank 254,630
Trade receivables 153,700
Trade payables 105,840
Returns 29,670 24,500
2,474,210 2,474,210

The following additional information was made available from the records towards the end of
the financial period.

1. Sale of a van of $60,000 was credited to Sales Account in error.

2. Blessed Co. owed Robin Co. $50,000 and settled the amount early and was given a 5%
cash discount. This transaction had not been recorded by Blessed Co.

3. A cheque of $1,800 paid for utilities was recorded in the opposite sides of the accounts.

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4. Commission earned of $16,000 had not been received by Blessed Co. and was omitted
from the books of the business.

5. Rent received of $20,000 for period from August 2023 to December 2023 had been
received but not recorded. Monthly rent revenue is to remain constant during the year
and in the future.

6. Advertising expense paid for the year included $16,000 from September 2023 to
December 2023.

7. The 10% bank loan was taken on 1 September 2023. The interest expense has not been
accounted for.

8. Depreciation on fixed assets for the year were as follows:

Vehicles - $20,300
Plant and machinery - $22,700

9. Inventory costing $8,000 was withdrawn by Berry during the year. The transaction had
not been recorded.

10. A physical count on 31 October 2023 revealed inventory to be $125,800.

Required:

(a) Prepare the necessary general journal entries to record transactions (1) to (9).
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 Blessed Co.:

(i) Statement of Comprehensive Income for the year ended 31 October 2023
(ii) Statement of Financial Position as at 31 October 2023
(60 marks)

Question 1

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 (a) Accounts DR ($) CR ($)
1)

2)

3)

4)

5)

6)

7)

8)(i)

8(ii)

9)

b)i) Blessed Co.

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Statement of Comprehensive Income for the year ended 31 October 2023
$ $ $

Blessed Co.
Statement of Financial Position as at 31 October 2023

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 $ $
Fixed assets

Current assets

Total assets 906,622

Current liabilities

Long-term liabilities

Total liabilities

Owner’s equity

Total liabilities & OE