DUE DATE : 3:00 p.m. 18 MARCH 2014
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1 Page 1 of 8 ASSIGNMENT 1 ST SEMESTE : FINANCIAL ACCOUNTING () STUDY UNITS COVEED : STUDY UNITS 1-4 CHAPTES COVEED : CHAPTES 1-6 DUE DATE : 3:00 p.m. 18 MACH 2014 TOTAL MAKS : 100 INSTUCTIONS TO CANDIDATES FO COMPLETING AND SUBMITTING ASSIGNMENTS The complete Instructions to Students for Completing and Submitting Assignments must be collected from any IMM GSM office, the relevant IMM GSM recognised Additional Tuition Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1) You are required to submit ONE assignment per module. 2) The assignment will contribute 20% towards the final examination mark, and the other 80% will be contributed by the examination, however, the examination papers will count out of 100%. 3) Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam. 4) Number all the pages of your assignment (e.g. page 1 of 4) and write your name and surname, student number and subject at the top of each page. 5) The IMM GSM requires assignments to be presented on plain A4 paper. You must show all working calculations, including and where appropriate multiple-choice working calculations. 6) A separate assignment cover, which is provided by the IMM GSM, must be attached to the front of each assignment. 7) etain a copy of each assignment before submitting, in case the original does not reach the IMM GSM. 8) The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 18 March Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 18 March 2014 and up to 5:00 p.m. the following day, after which no assignments will be accepted. 9) If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked. esults will be available on the IMM GSM website: on Friday, 2 May 2014.
2 Page 2 of 8 QUESTION 1 [10] You are the marketing manager of an organisation. You are required to identify and explain the four (4) important accounting principles to one of your sales representatives, who has not studied accountancy. Use an example to illustrate your understanding of each of the principles. A suggested format as to how to structure your answer has been provided below: Principle Explanation Example QUESTION 2 [10] You are provided with the following balances of Takeout Traders for the period ended 31 December Inventory (31/12/2013) closing stock Cash sales ailage inwards Credit sales Purchases Depreciation Inventory (1/1/2013) opening stock Custom duties Purchase returns EQUIED: 2.1 Prepare the trading section of the Income Statement (Statement of Comprehensive Income) of Takeout Traders for the period ended 31 December 2013.
3 Page 3 of 8 QUESTION 3 [25] The following transactions relate to Xolani Spark s new electrical business, Xolani Electrical, for the month of February 2013: a. On 1 st February, Xolani Spark deposited cash into a bank account in the name of the business as part of his capital contribution. b. Xolani transferred a vehicle, with a book value of , into the name of the business as the second part of his capital contribution (on 1 st February). c. Two days later he took out a loan with Beep Bank to the value of The funds/ proceeds from the loan were received the same day. d. On 5 th February he bought tools to the value of and a stepladder for These items, to be used as his electrical equipment, were paid for in cash. e. On 7 th February he repaired an air-conditioning system for a customer and received cash in exchange for his services. f. Gamma Ltd requested Xolani to install a security lighting system to the value of for which they paid him upfront on the 10 th February, being the day he started and completed the installation. It was agreed that Gamma limited would settle the balance of its account at the end of March. g. Xolani hired a hydraulic lift on the 11 th February to assist him with a job. He paid the hiring fee of in cash. h. Xolani needed to buy stock of wires, connectors and switches which cost him from Electro Ltd on 11 th February. He bought these on credit. i. On 25 th he paid his workshop rent of and for his mobile phone contract. j. On 27 th February Xolani paid the first installment of 500 on his loan. (Ignore interest.) k. He paid his assistant as a salary on 27 th February. l. On 27 th February Xolani paid Electro Ltd towards his outstanding account. m. Xolani withdrew from the business account on the 29 th of February for his personal living expenses. n. Depreciation on the vehicle (per transaction b ) has not yet been accounted for. Xolani estimated that he could use the vehicle (in transaction b ) for three years (with no residual value) in order to calculate the annual depreciation. He decided to adopt the straight-line method and needed to record the depreciation monthly. EQUIED 3.1 You are required to process the journal entries for transactions b f for February The first transaction (a) has been provided below as an example: Date Account Description Debit Credit Feb () () 1 Bank Capital (Owners Equity) (11)
4 Page 4 of You are required to show the impact of the transactions g-n on the elements of the accounting equation. For each transaction you are required to show the effect on the elements (assets, owners equity and liabilities) by showing the amount and a +/- to indicate an increase or decrease. The first transaction (a) has again been provided as an example below: Trans. ASSETS OWNES EQUITY LIABILITIES a Hint: Expenses and drawings/distributions - owners equity Incomes and capital contributions + owners equity SHOW WOKINGS WHEE NECESSAY! (14) QUESTION 4 [30] You have been provided with the partially completed financial statements of Lyons Traders Ltd as well as relevant balances and additional information for the period ended 28 th February Lyons Traders Ltd has an authorised share capital of ordinary shares of 2 each. Its financial year end is at the end of February. Statement of Comprehensive Income for the year ended 28 February 2013 Sales Cost of sales ( ) Gross profit Other Income ental income Discount received 180 Bad debts recovered 410 Gross Income Less Operational Expenses () Bad debts Discount allowed 930 Insurance Telephone Water and electricity Salaries and wages Stock loss Depreciation Operating Profit Interest () Profit Before Tax Tax (45 000) Earnings attributed to ordinary Shareholders Dividends (28 000) etained profit for the year Add : etained profit/accumulated profit (1/3/2012) etained profit/accumulated profit (28/2/2013)
5 Page 5 of 8 Statement of Financial Position as at 28 February 2013 ASSETS Non-current Assets Land and buildings Vehicles Current Assets Trading Stock Trade receivables (debtors) Prepaid expenses Accrued income Cash and cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES TOTAL EQUITY Ordinary share capital Share premium Accumulated profits LIABILITIES Non-current Liabilities Mortgage loan Current Liabilities Trade payables Accrued expenses SA evenue Service TOTAL EQUITY AND LIABILITIES elevant/remaining pre-adjustment balances on the 28 February 2013 Fol. Debit Credit Balance Sheet Section Vehicles B Accumulated depreciation on vehicles B Trading stock B Trade receivables B Provision for bad debts B9 534 Mortgage loan B Nominal Accounts Section Sales N Bad debts N ent income N Insurance N Interest on mortgage bond N Sales returns N Water and electricity N
6 Page 6 of 8 Additional Information (adjustments): W Civet, a debtor who owes 1 200, is declared insolvent. However it transpired that Lyons Traders received 50c in the rand from the estate which WAS recorded correctly. The remainder, which must be written off as irrecoverable, has yet to be recorded. Provision for bad debts must be adjusted to 620. Insurance expense includes an annual premium of 600 that was paid in advance on 30 th April A section of the building is let for per month (which has remained unchanged over the year). Make provision for the outstanding rental income. A physical stocktaking showed trading stock on hand on 28 th February 2013 at The water and electricity account of 256 for February 2013 has not yet been paid or accrued for. Make provision for depreciation on vehicles at 20% per annum on a reducing balance basis. The mortgage loan is repaid in equal instalments of on 31 st August each year. Interest is 16% per annum paid semi-annually. The instalment was correctly recorded but there is still a need to adjust for outstanding interest. All completed sections of the financials have been correctly compiled. EQUIED: 4.1 edraft the completed statement of comprehensive income (income statement) of Lyons Traders Ltd for the year ended 28 February (Show all workings for any adjustments required and reference them accordingly.) (18) 4.2 edraft the completed statement of financial position (balance sheet) of Lyons Traders Ltd as at the 28 February (Show all workings for any adjustments required and reference them accordingly.) (12)
7 Page 7 of 8 QUESTION 5 [25] The financial statements of Aldine Manufacturing Company for the financial years ending 2012 and 2013 are provided below. All sales are on credit. Statement of Financial Position as at 31 st March Assets Non-Current Assets Fixed assets at cost Accumulated depreciation ( ) ( ) Investments in other companies shares Current Assets Inventory Trade receivables Cash and cash equivalents Prepaid expenses Total Assets Equity and Liabilities Total Equity Ordinary share capital Share premium etained earnings Non current Liabilities Long-term debt Current Liabilities Trade payables Tax payable Accrued liabilities Short-term loan Total Equity and Liabilities Statement of Comprehensive Income for the year ended 31 st March Sales Cost of sales Gross Profit Operating Expenses ( ) ( ) Depreciation ( ) ( ) Operating Profit Financing costs (85 274) (69 764) Profit Before Tax Tax ( ) ( ) Profit After Tax
8 Page 8 of 8 The industry figures are as follows: atio Industry median Current ratio 2.1:1 Quick ratio 1.1:1 Average collection period 45 days Inventory turnover 3.3 times Gross profit percentage 23.8% Net profit margin 2.7% eturn on equity 10.6% Total asset turnover 1.19 times EQUIED: 5.1 Comment on the liquidity of Aldine Manufacturing Company by calculating and interpreting the current and quick (acid test) ratios. (6) 5.2 The ratios in 4.1 are known as rough guides to the liquidity situation. The liquidity can be analysed to a finer degree by the average collection period and the inventory turnover ratio. Calculate and explain how these two ratios can further assist in understanding the liquidity of Aldine and how they relate to the efficiency of operations. (8) 5.3 Analyse the profitability of Aldine in terms of the gross profit, net profit (after tax), return on equity and the total asset turnover ratios. You are required to calculate the relevant ratios, comment on the results and incorporate any relevant figures and industry indicators in your response. (11) OUND ALL ANSWES TO TWO DECIMAL PLACES. ASSIGNMENT TOTAL: 100
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