FEEDBACK TUTORIAL LETTER

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1 FEEDBACK TUTORIAL LETTER 1 st SEMESTER 2017 ASSIGNMENT 1 1

2 ASSIGNMENT FEEDBACK TUTORIAL LETTER. Dear Student Thank you for your effort and submitting this assignment on time. I have completed marking your assignment as per suggested memo below. I trust I have marked your script fairly and trust you will appreciate your marks as are the reflection of your efforts. If you have performed well I trust you will celebrate. However just remember you have another assignment due therefore don t relax, pick were you left and hit the next assignment even more harder so you are assured of an easy entry into exam and comfortable cushion against the examination. If you have not done well, pick yourself and identify and assess what you did wrong. Adjust your wrongs for the purpose of the next due assignment as you still have an opportunity to qualify for examination and ultimately passing it. Who said you can t get hundred percent in the next assignment to neutralise the disappointment. At the same time we would like to remind you that by doing your assignment on your own, and not copying it from another will only be to your benefit in the coming exams. I wish you the best in the next assignment Regards, Samuel Mutonga Tel leumashim@yahoo.com 1

3 ASSIGNMENT 1 (46 marks) Question General ledger BW Bank 31/1 Interest Received /1 Balance b/d Balance c/d Discount error Debtors (R/D Cheque) Supplier ½ Balance b/d This was kindly straight forward question. The opening balance and its position was given. Discount was advised as 2% of N$ The question was which side should be corrected. Therefore since it was debited (included in the debit of N$250k) already, you just need to cancel it by crediting cash book resulting in debiting Discount Allowed were it should have been recorded in the first place. RD cheque means the money you have debited into your cash as receipt of money was rejected by the bank due to insufficient cash in drawer s account (or could be another reason but it is irrelevant as what matters is that the bank says they can t credit you with amount as indicated by the debtor.) The Issued of cheque supplied to the supplier, the key was that it was issued before month end that it is payment. The issue of higher cash balance is irrelevant as the amount will be listed reconciling item and at the same time it will be reported prepayments. Thus non recording was wrong, which could be considered at fraudulent reporting. Interest received is straight forward as you received money and we all know that we debit cash book (Bank section in this case) when we receive money. 1.2 Bank reconciliation 31 January 2017 (8) Closing balance as per G/L ( ) Add: outstanding cheques Cheque Cheque Less: Outstanding receipt ( ) Closing balance as per bank statement on 31/1/2017 ( ) 2

4 The starting point was using final adjusted balance as in 1.1. Note: Bank statement balance was not given on purpose so you start with cash book balance as adjusted. The reason we tend to guess (of force) the reconciliation to the bank statement balance. This is a wrong way of doing things. We have to do the right thing by following the correct principle The rest it is simply follow the structure which is straight forward You just have to identify what is unpresented cheques and outstanding deposits and then plot them in the recon as per structure. 1.3 Discount Allowed Bank See comment in1.1. on discount 1.4 Bank Supplier This was test your basic understanding at the same time to give you practical experience. It was common knowledge cheques expired after 6 months thus cannot be presented for payment after 6 months. You simply needed to apply the knowledge of reversal. When you made a payment you debited supplier and credited bank, thus to reverse is to do the opposite. 3

5 QUESTION DR CR Mark 1 C. Thomas Thomasson Manufacturing The Journal is correct thus no adjustment is required. 2 Suspense Telephone This says telephone was overstated thus it need to be reduced by crediting with difference. Suspense is involved as the error was isolated to Telephone account only thus causing the trial balance not to balance. 3 Suspense Sales Sales was less and we know sales is an income account which increases on the credit. Thus we should credit the sales account and debit suspense as the error was isolated too. 4 Repairs Machinery Machinery was overstated by repairs amount thus we needed to reduce it. Assets reduce by credit as result repairs which was understated will be debited. 5 Suspense Rent income

6 Rent received is income thus rent income account should be credited following the principle of income in double entry laws. This involves suspense account as the error was isolated to rent income account only. 6 Purchases Creditors This was on omission in the books thus needed to be entered in purchases and creditors. Purchases is expense account increase on debit and while creditors are liabilities increase on credit. 2.2 Journal number N$ Mark Net profit Sales-Thomas 1-1 Telephone Sales Repairs Depreciation 4? 1 Rent received Purchases This required you to consider how a particular affects profit. Reduction in expenses and increase in income results in a positive effect on profit. However increase in expenses and decrease in income results in negative effect on profit. See the journals above and related comments to understand further. 5

7 Question A 3.2 D 3.3 B 3.4 B 3.5 B 3.6 C 3.7 A 3.8 B 3.9 D This was multiple choice based on topics covered in your study guide and lesser extent based on prior and general knowledge. Mostly students performed well with lowest score on this question being 5 out of 10. 6

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