BBM205\/03 Basic Accounting Required: \u20266\/- —<\/p>\n Assignment for BBM205\/03 Basic Accounting Course (25 percent )<\/p>\n Semester 1 begins in January 2022.<\/p>\n INSTRUCTIONS:<\/p>\n Instructions<\/p>\n 1. This is an individual assignment and it covers knowledge acquired from Unit 1 to<\/p>\n Unit 5.<\/p>\n 2. There are five (5) practice questions in this assignment. Please answer ALL<\/p>\n questions. Total marks awarded for CA is 100, which will contribute to 25% of the<\/p>\n entire course assessment.<\/p>\n 3. Evidence of plagiarism or collusion will be taken seriously and the University<\/p>\n regulations will be applied strictly, henceforth please be familiar with the<\/p>\n University\u2019s definitions of plagiarism and collusion. You should not share your<\/p>\n answers with others because any evidence of plagiarism or collusion found may<\/p>\n result in ZERO mark being awarded to all involved and further disciplinary action<\/p>\n taken.<\/p>\n 4. For CA submission<\/p>\n","protected":false},"excerpt":{"rendered":" BBM205\/03 Basic Accounting Course Assignment (25%) Semester 1, January 2022 INSTRUCTIONS: Instructions 1. This is an individual assignment and it covers knowledge acquired from Unit\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7650,7624,1387,7654,667,7649,7653,7652],"tags":[1400,613,142,7594,1394,7598,7595,7593,7597,7599,7601,7590,7596,133,7655,7656,7591,7592],"class_list":["post-99952","post","type-post","status-publish","format-standard","hentry","category-assignment-writing-help","category-dissertation-help","category-dissertation-writing-service","category-healthcare-assignment-help","category-nursing-essay","category-research-essay-help","category-write-my-essay-for-me","category-write-my-essay-online","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\/99952","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=99952"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/99952\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=99952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=99952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=99952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCourse Assignment (25%)
\nSemester 1, January 2022
\nINSTRUCTIONS:
\nInstructions
\n1. This is an individual assignment and it covers knowledge acquired from Unit 1 to
\nUnit 5.
\n2. There are five (5) practice questions in this assignment. Please answer ALL
\nquestions. Total marks awarded for CA is 100, which will contribute to 25% of the
\nentire course assessment.
\n3. Evidence of plagiarism or collusion will be taken seriously and the University
\nregulations will be applied strictly, henceforth please be familiar with the
\nUniversity\u2019s definitions of plagiarism and collusion. You should not share your
\nanswers with others because any evidence of plagiarism or collusion found may
\nresult in ZERO mark being awarded to all involved and further disciplinary action
\ntaken.
\n4. For CA submission, please attach (using \u201cInsert Object\u201d) your CA and submit
\nthrough the Online Assignment Submission (OAS) system. Make sure you check
\nyour WOU email after you have submitted your CA as you will be notified in your
\nWOU email if there is a failure of submission or file corruption.
\n5. Your assignment will be assessed on the factual answer provided based on your
\nreading and analysis from various references related to this course. In addition,
\nyou should demonstrate a sound knowledge of the topic (sample nursing essay examples by the best nursing assignment writing service)s covered and adhere to
\nthe proper referencing technique.
\n\u20262\/-
\n2
\n6. Please follow the format provide by the University for your cover page.
\n7. Please name and save your CA according to the following guideline:
\nCopyright \u00a9 2022 WOU
\n\u20263\/-
\n3
\nAnswer ALL questions below.
\nQuestion 1
\nThe unadjusted trial balance and the adjustment data for Robin Training Institute are
\ngiven below along with adjusting entry information.
\nRobin Training Institute
\nUnadjusted Trial Balance as at 31 August 2021
\nRM RM
\nCash 58,000
\nAccounts receivable 59,000
\nPrepaid insurance 12,000
\nEquipment 8,000
\nAccumulated depreciation for equipment 2,000
\nBuildings 57,500
\nAccumulated depreciation for buildings 17,500
\nLand 55,000
\nUnearned rent 16,000
\nBank loan 50,000
\nCapital 115,600
\nFees earned 97,400
\nWages 32,000
\nUtilities 8,000
\nRepairs and maintenance 5,000
\nInterest expense 4,000
\nTotal 298,500 298,500
\nAdditional information:
\ni. The Prepaid Insurance account consists of a payment for one year policy. An
\nanalysis of the insurance invoice indicates that one half of the policy has expired
\nby the end of the 31 August year-end.
\nii. A cash payment for space sublet for 8 months was received on 1 March and was
\ncredited to Unearned Rent.
\niii. Accrued interest expense on the loan of RM1,000 has been incurred but not paid.
\nRequired:
\nIf these adjustments are not recorded,
\na. Show and explain the impact on net income with calculation without the
\nadjustments and with the adjustments. (11 marks)
\nb. Explain the accounting principles that are being violated if the adjustments are not
\nmade. (4 marks)
\n\u20264\/-
\n4
\nQuestion 2
\nJohan started a new business, and completed the following transactions during its first month of
\noperations.
\ni. Johan invests RM80,000 cash in the business by depositing the money in the
\nbank account.
\nii. The company purchased a piece of land for RM52,000 by cheque.
\niii. The company also purchased a building for RM36,000 to use as an office, paying
\nRM6,000 by cheque and a loan from Maybank for the remaining RM30,000.
\niv. Purchased tools and equipment on account, RM13,800
\nv. Sold some of the tools at a price equal to their cost, RM1,800, collectible within45
\ndays.
\nvi. Received RM600 in partial collection of the account receivable from the sale of
\ntools
\nvii. Paid RM6,800 in partial payment for the tools and equipment purchased on
\naccount earlier.<\/student><\/class><\/p>\n
\nTo record the transactions using the Accounting Equation. (15 marks)
\nQuestion 3
\nA company made the following merchandise purchases and sales during the month of
\nMay with the assumption that there was no beginning inventory:
\nDate Activities Units Acquired at
\nCost
\nUnits Sold at Retail
\n1 May Purchased 300 units at RM15\/unit
\n3 May Purchased 270 units at RM20\/unit
\n8 May Sold 500 units at RM55\/unit
\n12 May Purchased 300 units at RM24\/unit
\n14 May Sold 250 units at RM55\/unit
\n23 May Purchases 250 units at RM30\/unit
\n25 May Purchases 800 units at RM25\/unit
\n31 May Sales 900 units at RM55\/unit
\n\u20265\/-
\n5
\nRequired:
\na. Compute the value of the inventory as at 31 May 2021 by using the first-in,
\nfirst out (FIFO) method. (13 marks)
\nb. State the value of purchases, cost of goods sold and sales. (2 marks)
\nQuestion 4
\nThe following information is available for the Avira Language Center for the month of
\nSeptember 2021.
\ni. On 30 September, after all transactions have been recorded, the balance in the
\ncompany’s Bank account has a balance of RM27,202.
\nii. The company’s bank statement shows a balance on 30 September of RM29,279.
\niii. Outstanding cheques at 30 September include cheque number 3030 in the
\namount of RM1,525 and cheque number 3556 in the amount of RM1,459.
\niv. A credit memo included with the bank statement indicates that the bank collected
\nRM780 on a noninterest-bearing note receivable for Avira. The bank deducted a
\nRM10 collection fee, and credited the remainder of RM770 to Avira’s account.
\nv. A debit memo included with the bank statement shows a RM67 NSF check from a
\ncustomer, Mr Brown.
\nvi. A deposit placed in the bank’s night depository on 30 September totaled
\nRM1,675, and did not appear on the bank statement.
\nvii. Examination of the cheques on the bank statement with the entries in the
\naccounting records reveals that cheque number 3445 for the payment of an
\naccount payable was correctly written for RM2,450, but was recorded in the
\naccounting records as RM2,540.
\nviii.Included with the bank statement was a debit memorandum in the amount of
\nRM25 for bank service charges. It has not been recorded on the company’s
\nbooks.
\nRequired:
\na. Prepare the September bank reconciliation for the Avira. (10 marks)
\nb. Prepare the general journal entries to bring the company’s book balance of bank
\ninto conformity with the reconciled balance as of September 30 2021. (5 marks)<\/p>\n
\n6
\nQuestion 5
\nThe following is the trial balance for Tatt Trading as at 31 October 2021:
\nDR CR
\nRM RM
\nBank 6,453
\nTrade receivables 18,910
\nTrade payables 22,520
\nInventory at 31 October 2020 40,360
\nBuildings at cost 70,000
\nEquipment at cost 45,000
\nProfits b\/d 27,000
\nCapital – 70,000
\nPurchases 102,360
\nSales 165,486
\nCarriage inwards 2,070
\nCarriage outwards 1,890
\nSalaries 18,310
\nRates and occupancy expenses 4,735
\nRepair and maintenance 3,522
\nSundry expenses 1,896
\nProvision for doubtful debts 500
\nAccumulated depreciation at 31 October 2020:
\nBuildings 22,000
\nEquipment 16,000
\nDrawings 8,000
\n323,506 323,506
\nAdditional information:
\ni. Inventory at 31 October 2021 amounted to RM55,000.
\nii. Repairs and maintenance owing RM222, sundry expenses owing RM196.
\niii. Salary accrued amount to RM1,310.
\niv. RM900 is provided for doubtful debts.
\nv. Depreciation on cost: Buildings 2 per cent; Equipment 10 per cent.
\nRequired:
\nPrepare the Statement of Comprehensive Income for the year and the Statement of
\nFinancial Position for Tatt Trading as at 31 October 2021. (Total: 40 marks)
\nEND OF QUESTION PAPER<\/p>\n