HI5001 MID TERM
\nACCOUNTING FOR BUSINESS DECISIONS
\nFINAL ASSESSMENT
\nTRIMESTER 2, 2022
\nTIME ALLOWED: 24 hours
\nAssessment Weight: 50 whole marks
\nDirections:
\n\u2022 All questions have to be answered by utilizing the reply packing containers offered on this paper.
\n\u2022 Accomplished solutions have to be submitted to Blackboard by the printed due date and time.
\nPlease make sure you observe the submission directions on the finish of this paper.
\nGoal:
\nThis Assessment consists of six (6) questions and is designed to evaluate your stage of data of the important thing subjects lined on this unit.
\nQuestion Assignment 1 (11 marks)
\nPaul Consulting is attempting to arrange its financial institution reconciliation assertion. For this objective, the next information is on the market:
\n1. The balances as per two books as at 30 September 2022 are as follows:
\nFinancial institution Assertion Steadiness $28 507 (Credit score)
\nMoney at Financial institution Account Steadiness $27 271 (Debit)
\n2. The receipts of $1 092 haven’t been deposited.
\nthree. The given information reveals that the cheques of $2 081 have been issued however not introduced.
\nfour. A deposit from one other buyer for $450 was incorrectly credited into the checking account of Paul Consulting.
\n5. A cheque for the quantity of $188 was returned marked \u201cdishonoured\u201d.
\n6. Financial institution costs of $15 appeared within the financial institution assertion.
\nRequired: Put together a financial institution reconciliation for Paul Consulting at 30 September 2022.
\nANSWER: ** Reply field will enlarge as you sort
\nQuestion Assignment 2 (11 marks)
\nThe next data pertains to the enterprise of David & Sons Firm. The monetary 12 months of the corporate ends at 30 June 2022.
\nOpening stability of Account Receivables $22 200
\nOpening stability of the Allowances for Uncertain Money owed 2 820
\nClosing Steadiness of Account Receivables 28 860
\nWeb credit score gross sales through the 12 months 78 000
\nThroughout the 12 months, $2 160 of account receivables have been written off as dangerous money owed. David & Sons Firm makes use of the web credit score gross sales methodology to estimate uncertain money owed. It’s estimated that three per cent of the web credit score gross sales will turn into uncollectable. Ignore GST.
\nRequired:
\na) Put together the next accounts (T-account) on the finish of 2022 (7 marks)
\na. Account Receivables
\nb. Allowances for Uncertain Money owed
\nANSWER a):
\nb) Present how the above data seems within the Revenue Assertion and the Steadiness Sheet of the corporate on the finish of the monetary 12 months (four marks)
\nANSWER b):
\nQuestion Assignment three (9 marks)
\nCCL Firm makes use of a periodic stock system to handle their stock. The opening stock purchases and shutting stock of CLL Firm are given in Desk 2 under.
\nDesk 2. Purchases and Inventories of CLL Firm
\nDate Element Items Price per unit
\n1 September 2022 Stock four,000 $9
\nthree September 2022 Buy three,500 $10
\n15 September 2022 Buy 6,000 $10
\n20 September 2022 Buy 7,500 $11
\n30 September 2022 Stock 9,000
\nRequired:
\nPrimarily based on the above information, calculate every of the next:
\na) Price of Gross sales underneath the fee movement assumption of FIFO (three marks)
\nANSWER a):
\nb) Price of Closing Stock underneath the fee movement assumption of FIFO (2 marks)
\nANSWER b):
\nc) Price of Gross sales underneath the fee movement assumption of Weighted Common (2 marks)
\nANSWER c):
\nd) Price of Closing Stock underneath the fee movement assumption of Weighted Common (2 marks)
\nANSWER d):
\nQuestion Assignment four (7 marks)
\nThe desk under presents the info associated to the acquisition of a machine by Burleigh Waters Restricted.
\nDesk three. Buy of Machine by Burleigh Waters Restricted
\n$
\nThe bill worth of the machine 285 714
\nFreight value four 857
\nSet up costs 6 571
\nvalue of transit insurance coverage three 714
\nTesting of equipment earlier than use 1 429
\nNotice. This machine was bought on 1 July 2011. The 12 months ends on 30 June.
\nThe corporate determined to make use of the straight-line methodology of depreciation since it’s anticipated that the sample of financial advantages movement in the direction of the entity stays fixed throughout this machine’s helpful lifetime of ten years. Additional, it’s anticipated that the residual worth of this machine shall be This machine was bought on July 1, 2011. The 12 months involves an finish on June 30th.
\nThe corporate selected the straight-line methodology of depreciation as a result of it’s anticipated that the sample of financial advantages flowing to the entity will stay fixed over the ten-year helpful lifetime of this machine. Moreover, the residual worth of this machine is predicted to be
\n$2 857. Ignore GST.
\nRequired:
\na) What’s the accounting therapy of the price of transit insurance coverage? Decide the price of the machine (three marks)
\nANSWER a):
\nb) Calculate annual depreciation (2 marks)
\nANSWER b):
\nc) Calculate the stability of collected depreciation on the finish of the seventh 12 months.
\n(2 marks)
\nANSWER c):
\nQuestion Assignment 5 (7 marks)
\nThe desk under presents the present 12 months’s chosen accounts from ZZZ Restricted at 30 June 2022.
\nDesk 1. Chosen Accounts from ZZZ Restricted
\nDebit Credit score
\nWorkplace Tools 24 000
\nProvides 2 200
\nPay as you go Insurance coverage four 800
\nSalaries Expense 119 200
\nRental Charges Income 52 800
\nUnearned Rental Charges 16 800
\nNotice. This desk is ready earlier than any adjusting entries are made.
\nThe extra data is given under:
\ni. The Workplace provides of $800 have been out there to be used on 30 June 2022 (1 Mark)
\nii. ZZZ Restricted collected 4 months’ hire prematurely from a number of tenants on 1 June 2022.
\n(1 Mark)
\niii. The accrued salaries of $14 000 weren’t recorded as at 30 June 2022. 1 Mark].
\niv. The above-mentioned pay as you go insurance coverage represents the premium paid on 1 June 2022 for one 12 months. (2 Marks)
\nv. The workplace gear was bought on 1 April, and it’s anticipated that this workplace gear will final for 5 years. (2 Marks)
\nRequired: File needed adjusting entries within the normal journal on 30 June 2022.
\nANSWER:
\nQuestion Assignment 6 (5 marks)
\nA number of processes are concerned within the fulfilment (order to money) course of. You’ve carried out these processes within the SAP ERP Assessment 2. Briefly clarify these processes. Is there any theoretical linkage between the fulfilment course of and the procurement course of? Lastly, what challenges did you face in finishing SAP ERP Assessment 2?
\nMost phrases: 300
\nANSWER:
\nEND OF FINAL ASSESSMENT
\nSubmission directions:
\nEarlier than you submit your Assessment, please test all the following:
\n\u2022 You’ve named your file along with your Scholar Quantity and Unit Code e.g. MTR1245 HI5001
\nIt’s essential you observe this file title instruction to make sure the file belongs to you.
\n\u2022 You’ve saved your file in MICROSOFT WORD format solely. No different format is accepted.
\n\u2022 You’ve checked you might be submitting the proper doc as particular consideration is just not granted should you make a mistake.
\nAfter getting checked the above:
\nAdd your file to the suitable hyperlink on Blackboard.
\nYou’ve two makes an attempt to submit your Assessment with solely the ultimate submission being marked.
\n** Notice: All submissions are robotically handed via SafeAssign to evaluate educational integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"
HI5001 MID TERM ACCOUNTING FOR BUSINESS DECISIONS FINAL ASSESSMENT TRIMESTER 2, 2022 TIME ALLOWED: 24 hours Assessment Weight: 50 whole marks Directions: \u2022 All questions\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7724,7725,7726,7548,7723,7728,7727,7729],"tags":[1400,613,142,7594,1394,7598,7595,7593,7597,7599,7601,7590,7596,133,7655,7656,7591,7592],"class_list":["post-65104","post","type-post","status-publish","format-standard","hentry","category-best-dissertation-writing-services","category-best-research-paper-writing-services","category-college-paper-writing-service-cheap","category-dissertation-writing-services-cost","category-dissertation-writing-services-near-me","category-dissertation-writing-services-reviews","category-legit-research-paper-writing-services","category-thesis-writing-services","tag-best-custom-essay-writing-services","tag-best-dissertation-writing-services-uk","tag-best-online-essay-writing-services","tag-cheap-custom-essay-writing-services","tag-custom-research-paper-writers","tag-custom-research-papers-writing-service","tag-essay-writer-websites","tag-essay-writing-service-quality-cheap","tag-free-research-paper-writing-service","tag-help-me-write-a-research-paper","tag-i-need-help-with-my-dissertation","tag-professional-dissertation-writing-service","tag-quick-essay-writing-service","tag-research-paper-writing-service-cheap","tag-service-writing-my-essay-write-custom","tag-someone-to-write-my-paper","tag-top-rated-dissertation-writing-services","tag-top-uk-dissertation-writing-services"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/65104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=65104"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/65104\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=65104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=65104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=65104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}