INTRODUCTION TO ACCOUNTING
NAME : VICKNESWARAN A/L ARUTKUMARAN
IC NUMBER : 960909-10-5161
STUDENT ID NO. : LHCDILM1509007
COURSE : DIPLOMA IN LOGISTICS MANAGEMENT
LECTURER NAME : MR.SUPPIAH RETENAM
CAMPUS : LIGHTHOUSE CAMPUS
SUBMISION DATE : 5 NOVEMBER 2015
Declaration by student
(This section is to be filled in the student’s own handwriting.)
I hereby declare that the assignment of Introduction of Financial Accounting is completed by me. I hold a copy of this assignment which I can produce if the original is lost or damaged. I certify that no part ...view middle of the document...
(10% marks) (50 words)
(f) identify four types of current assets normally in the business and discuss them. (10% marks) (100 words)
(g) identify the type of capital being introduced in the business and discuss them. ( 10 % marks) ( 50 words)
(h) the type of financial statements being prepared for the sole trader business and discuss the usefulness of the statements being prepared.
(30% marks) (500 words)
Total ( 100%)
Note: The number of words given above for guidance only. Overall the length should be in between strictly 900 to 1100 words only.
Marking scheme for Assignment
No | Guideline criteria | Grading | Comments |
ab.c.d.e.f.g.h. | Nature of goods discussion 10 marks Explain 5 types of expenses 10 marks Explain 2 types of income 10 marks Explanation 3 types of libility 10 marksExplain 3 types of NCA 10 marksExplain 4 types of Current assets 10 marksExplain types of capital 10 marksExplain FS and formats 30 marks | | |
2. | Originality, depth of research, readability | | |
3. | References and attachments | | |
4. | Deduction due to late submission or others | | |
| Total | /100 marks | |
The Sole Trade Account
XYZ VICKY is a retailer. The following balances were extracted from her book on 31 October 2015
| RM |
CapitalDrawingsPurchasesSalesCarriage inwardsStock at 1/11/2015Rent, lighting and heatingWages and general expensesProvision of doubtful debtDiscount receivedOffice equipment at costMotor vehicles at costProvisions for depreciation at 1/11/2015:Office equipment Motor vehicles BankDebtorsBank overdraft CreditorsMachines | 55 00010 00059 440115 5973 8678 36011 70039 0004003 06015 00026 0006 0009 36012 8406 0404002 430400 |
Additional Information :
1) At 31 October 2015
* Stock was valued at RM 11 880.
* Wages and general expenses , RM 330 , were prepaid.
* Rent, RM 400, was accrued.
* Bank charges, RM 126 , had not been recorded in the books.
2) During the year XYZ VICKY had taken goods, RM 4000, for personal use. No record of this had been made.
3) Depreciation is charged on office equipment at 15% per annum on cost .
4) Motor vehicles are used for 25% of the tie to bring stock into the businesss and 75% of the time to deliver goods to customers. They...