SOLUTION: AFE 4005 University of Bradford Introduction to Accounting Questions Paper

UNIVERSITY OF BRADFORD
INTRODUCTION TO ACCOUNTING
AFE4005-B
SEMESTER 1
Main ASSESSMENT – Course Work
Jan 2021
SUBMISSION DEADLINE: 3pm, 22 Jan 2021
PLEASE NOTE:
1. This assignment is to assess the first semester of ITA4005-B.
2. The maximum word count for this assignment is 1500 excluding
references.
3. This assignment accounts for 100% of the grades in the first semester
and 50% of the overall grades on the module AFE4005-B.
4. Please attempt all questions clearly showing all workings where
needed.
5. Please be aware that your work will be submitted through Turnitin. You
must only submit your own work including correct citations and
references for any external materials used in your work.
Question 1:
The following is a summary of the transactions that took place in ADEEB Ltd during October
2020:










October 1st ADEEB started a new business with £50,000 cash.
October 3rd bought equipment at a cost of £15,000 on credit from LMS Ltd.
October 4th paid £5,000 monthly rent.
October 6th bought inventory using £12,000 cash.
October 9th sold stock of £14,000 for cash, and sold goods of £6,000 on credit to
TRK Ltd.
October 12th collected the £6,000 cash from TRK Ltd.
October 14th paid £3,000 monthly insurance.
October 16th ADEEB took £500 cash from the business to buy a gift for his son on
his birthday.
October 28th paid £1,000 monthly bills.
October 29th paid £15,000 to LMS Ltd.
Required
a)
Record the above transactions in a set of journal entries.
(20 marks)
b)
Open ledger accounts for Cash, Insurance, and Sales, and calculate their final
balances at the end of the period.
(10 marks)
c) Discuss Five types of common errors appearing in the trial balance. You must use
relevant academic literature in your answer.
(10 marks)
(Total 40 marks)
Question 2
a) Discuss the following accounting concepts: going-concern, conservatism, and the
matching concept, giving examples of how they may be applied in the financial reports.
You must use relevant academic literature in your answer.
(10 marks)
b) Discuss three differences between the Income Statement and the Balance Sheet
(statement of financial position). You must use relevant academic literature in your
answer.
(10 marks)
c) ADB Ltd has the following trial balance as at 31st December 2020
£
Sales
Motor Vehicles
Accumulated Depreciation for Motor
Vehicles
Opening Stock (as of 1st Jan. 2020)
Salaries expense
Accounts Receivables
Fees received
Cash
Purchases
Notes Payables
Rent Expenses
Utilities Expense
Machines
Accumulated Depreciation for
Machines
£
150,000
90,000
45,000
15,000
20,000
75,000
45,000
40,000
50,000
40,000
10,000
25,000
60,000
30,000
Share Capital
385,000
75,000
385,000
The following information is also available: (1) Closing stock at the 31st December 2020 is £10,000
(2) Included in Utilities expense costs of £12,000 which are paid for the year ended on 30th
June 2021.
(3) Late rent of £10,000 is due and has not been paid or included in the rent expense yet.
(4) Depreciation follows straight line method 20% for Motor Vehicles and 10% for Machines.
Required
Showing full workings, you are required to: Prepare an Income Statement and a Balance Sheet for ADB Ltd as at 31st December 2020.
(40 marks)
(Total of 60 marks)

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