UNIVERSITY OF BRADFORD
INTRODUCTION TO ACCOUNTING
Main ASSESSMENT – Course Work
SUBMISSION DEADLINE: 3pm, 22 Jan 2021
1. This assignment is to assess the first semester of ITA4005-B.
2. The maximum word count for this assignment is 1500 excluding
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
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.
The following is a summary of the transactions that took place in ADEEB Ltd during October
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
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
October 28th paid £1,000 monthly bills.
October 29th paid £15,000 to LMS Ltd.
Record the above transactions in a set of journal entries.
Open ledger accounts for Cash, Insurance, and Sales, and calculate their final
balances at the end of the period.
c) Discuss Five types of common errors appearing in the trial balance. You must use
relevant academic literature in your answer.
(Total 40 marks)
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.
b) Discuss three differences between the Income Statement and the Balance Sheet
(statement of financial position). You must use relevant academic literature in your
c) ADB Ltd has the following trial balance as at 31st December 2020
Accumulated Depreciation for Motor
Opening Stock (as of 1st Jan. 2020)
Accumulated Depreciation for
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
(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.
Showing full workings, you are required to: Prepare an Income Statement and a Balance Sheet for ADB Ltd as at 31st December 2020.
(Total of 60 marks)
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