BA Business PortfolioModule: Accounting Fundamentals Review the basic principles of accounting including use of appropriate software Prepare financial statements from initial data, dealing with both routine and non-routine transactions and analyse financial statements with confidence Tackle a scenario that requires the analysis of financial statements from a theoretical perspective and the formation of suitable solutions using appropriate tools. This will include use of ICT, where appropriate Please submit the assignment parts in a suitable report folder not in polypockets. This form (ALL PAGES) MUST be at the front of the paper submission. Assignments will not be accepted without this form as it is a requirement that you sign the disclosure regarding referencing convention. DO NOT put this form into Turnitin or it will match many similarities with other students submissions.TASK DESCRIPTIONWoodies are in business as retailers of designer clothes. At 1.1.13 the ledger account balances were as follows:CapitalBank AccountCash in HandMotor Vehicles costMotor Vehicles provision for depreciation at 1.1.13Fixtures and Equipment costFixtures and Equipment provision for depreciation at 1.1.13Trade debtorsTrade creditorsBank LoanVAT Control accountAccrued telephoneAccrued electricityStock at 1.1.13 33126780030016800420036009002340027001410021001561385520The opening debtors and creditors were made up as follows:Debtors CreditorsMr WhiteMr BlackMr GreenMr BrownMr RichardsMr ButcherMr Morris 6000420072006000____234006003001800___2700During the 3 months to 31st March 2013, the following transactions took place:2 Jan3 Jan3 Jan6 Jan8 Jan10 Jan11 Jan11 Jan12 Jan17 Jan19 Jan25 Jan31 Jan2 Feb5 Feb9 Feb12 Feb17 Feb25 FebMade cash sales of 960 including VAT which were immediately bankedSold goods of 1480 plus VAT to Mr Green on creditPurchased goods of 1200 plus VAT from Mr Richards on creditSpent 14 petty cash on stamps. There is no VAT on this transactionReceived a cheque of 5700 from Mr White in settlement of his balance at 1.1.2013, the remainder of the balance being given as a discountReceived a cheque of 6000 from Mr Brown in full settlement of his opening debtPaid Mr Butcher 300 in full settlement of his opening debtPaid annual insurance premium of 900 by cheque. There was no VAT on this transactionSold goods of 2000 plus VAT to Mr Black on creditPaid the VAT liability of 2100 to HM Customs and ExcisePaid advertising costs of 42 including VAT out of petty cashReceived a telephone bill for 384 including VATReceived a gas bill for 84 including 5% VATSpent 12 petty cash on stamps. There is no VAT on this transactionReceived an electricity bill for 126 including VAT at 5%. This was paid immediately by chequeReceived an invoice for legal fees of 80 plus VAT which was also paid immediately by chequePaid gas bill received on 31 Jan by chequePaid telephone bill received on 25 Jan by chequePaid Mr Morris 1650 in settlement of his balance at 1.1.13, the remainder of the balance being given as discount28 Feb28 Feb28 Feb1 Mar2 Mar3 Mar4 Mar8 Mar11 Mar15 Mar18 Mar21 Mar27 Mar31 Mar Sold goods to Mr White for 400 plus VAT on creditBanked a cheque of 6200 representing further capital injected into the businessSold goods to Mr Green for 600 plus VAT on creditReceived a cheque of 3900 from Mr Black in respect of his opening balance, the remainder being given as a discountMade and immediately banked cash sales of 648 including VATPaid Mr Richards 540 in settlement of his balance at 1.1.13, the remainder of the balance being given as a discountBought some new equipment at a cost of 440 plus VAT. This was to be paid for in 6 months time. The equipment was purchased from abroad and import duty of 52 was paid immediately by chequeMade cash sales of 264 including VATSold a motor vehicle for 300 plus VAT (received a cheque from the customer). The car had originally cost 800 on 22.3.10. A full years depreciation is always charged in the year of acquisition and none in the year of disposal.Purchased goods for 200 plus VAT from Mr Richards on creditPurchased goods for 320 plus VAT from Mr Butcher on creditSold goods to Mr Green for 1000 plus VAT on creditPurchased a second hand car for 400 plus VAT, the payment being due in April 2013Reimbursed petty cash float to top back up to 300. This was done by cashing a chequeTASKSTASK 1(a) Complete the books of prime entry for the period.(b) Using Microsoft Excel, enter the opening balances into a spreadsheet.(c) At 31st March 2013, post the information from the books of prime entry to your spreadsheet thus arriving at a series of draft balances.(d) These draft balances should then form a trial balance at 31st March 2013.NBAssume VAT of 20% unless otherwise stated.Work to the nearest pound.After discussion with Mr Wood, you discover the following information which has not yet been accounted for:(1) You notice that in relation to the car sold on the 11th March 2013, only the cash proceeds have been accounted for.(2) Depreciation is to be provided for the period at the following annual rates:Motor Vehicles 25% straight lineFixtures and Equipment 20% reducing balance(3) Mr Wood pays his rent at an annual amount of 1200 payable in arrears in 6 monthly installments on 30th June and 31st December.(4) On 4th February 2013, Mr. Wood took some clothes from the business for his own personal use. These clothes had originally cost the business 250 (ignore VAT on this transaction).(5) It was estimated that at 31st March 2013, telephone of 31 and electricity of 46 were outstanding.(6) Some clothes were stolen by an employee on 2nd March 2013. These had originally cost the business 184. The employee admitted to the theft and promised to reimburse the business for the full cost. Mr Wood agreed that the amount could be held over for payment until the end of April 2013 (ignore VAT on this transaction).(7) A stock take was held at 31st March 2013 and the closing stock at this date is valued at 2250.(8) You notice that on 11th January 2013, the ANNUAL insurance premium for the business had been paid.TASK 2:Update your spreadsheet in order to reflect the additional information above.TASK 3:Produce a profit and loss account for the month and a balance sheet at 31st March 2013.GUIDANCE FOR STUDENTS IN THE COMPLETION OF TASKSNOTE: The guidance offered below is linked to the five common assessment criteria overleaf.1. Research-informed LiteratureYour work must be informed and supported by scholarly material that is relevant to and focused on the task(s) set. You should provide evidence that you have accessed a wide range of sources, which may be academic, governmental and industrial; these sources may include academic journal articles, textbooks, current news articles, organisational documents, and websites. You should consider the credibility of your sources; academic journals are normally highly credible sources while websites require careful consideration/selection and should be used sparingly. Any sources you use should be current and up-to-date, mostly published within the last five years or so, though seminal/important works in the field may be older. You must provide evidence of your research/own reading throughout your work, using in-text citations in the main body of your work and a reference list that is alphabetical at the end of your work. Please use the Harvard referencing system.2. Knowledge and Understanding of SubjectYour work must demonstrate the growing extent of your knowledge and understanding of concepts and underlying principles associated with the subject area. Knowledge relates to the facts, information and skills you have acquired through your learning. You demonstrate your understanding by interpreting the meaning of the facts and information (knowledge). This means that you need to select and include in your work the concepts, techniques, models, theories, etc. appropriate to the task(s) set. You should be able to explain the theories, concepts, etc. meaningfully to show your understanding. Your mark/grade will also depend upon the extent to which you demonstrate your knowledge and understanding; ideally each should be complete and detailed, with comprehensive coverage.Specific to this assignment: You should be able to demonstrate your knowledge and understanding of the differentiation between different transaction types and how they are processed by a business.3. AnalysisYour work must contain evidence of logical, analytical thinking, evaluation and synthesis. For example, to examine and break information down into parts, make inferences, compile, compare and contrast information. This means not just describing What? but also justifying: Why? How? When? Who? Where? At all times, you must provide justification for your arguments and judgements. Evidence that you have reflected upon the ideas of others within the subject area is crucial to you providing a reasoned and informed debate within your work. Furthermore, you should provide evidence that you are able to make sound judgements and convincing arguments using data and concepts. Sound, valid conclusions are necessary and must be derived from the content of your work. There should be no new information presented within your conclusion. Where relevant, alternative solutions and recommendations may be proposed.Specific to this assignment: This assignment is weighted more towards your knowledge and understanding of the accounting principles involved and also to their practical application and deployment. However, you should be able to demonstrate evidence of logical thought in the processing of financial information and also the ability to think analytically in the processing of more advanced or unusual transaction types.4. Practical Application and DeploymentYou should be able to demonstrate how the subject-related concepts and ideas relate to real world situations or a particular context. How do they work in practice? You will deploy models, methods, techniques, and/or theories, in that context, to assess current situations, perhaps to formulate plans or solutions to solve problems, some of which may be innovative and creative. This is likely to involve, for instance, the use of real world examples and cases, the application of a model within an organisation and/or benchmarking one organisation against others based on stated criteria. You should show awareness of the limitations of concepts and theories when applied in particular contexts.Specific to this assignment: You should demonstrate that you are able to deploy appropriate accounting models and techniques in the processing of the transactions highlighted in the case study and in the preparation of the final accounts.5. Skills for Professional PracticeYour work must provide evidence of the attributes expected in professional practice. This includes demonstrating your individual initiative and/or collaborative working. You must communicate effectively in a suitable format, which may be written and/or oral, for example, essay, management report, presentation. Work should be coherent and well-structured in presentation and organisation.Essential Resources: Resources listed on the lecture schedule and on Moodle The student handbook The SMU website at http://www.smu.ac.uk/academicskills/MARKING CRITERIA AND STUDENT FEEDBACKThis section details the assessment criteria. The extent to which these are demonstrated by you determines your mark. The marks available for each criterion are shown. Lecturers will use the space provided to comment on the achievement of the task(s), including those areas in which you have performed well and areas that would benefit from development/improvement.Common Assessment Criteria Applied Marks available Marksawarded1. Research-informed LiteratureExtent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions. 02. Knowledge and Understanding of SubjectExtent of knowledge and understanding of concepts and underlying principles associated with the discipline. 403. AnalysisAnalysis, evaluation and synthesis; logic, argument and judgement; analytical reflection; organisation of ideas and evidence 104. Practical Application and DeploymentDeployment of methods, materials, tools and techniques; application of concepts; formulation of innovative and creative solutions to solve problems. 505. Skills for Professional PracticeAttributes in professional practice: individual and collaborative working; deployment of appropriate media; presentation and organisation. 0Assignment Mark (Assessment marks are subject to ratification at the Exam Board. These comments and marks are to give feedback on module work and are for guidance only until they are confirmed. ) Late Submission Penalties (tick if appropriate) %Up to one-week lateOver one week lateCOMMON ASSESSMENT AND MARKING CRITERIAOUTRIGHT FAIL UNSATISFACTORY SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONALAssessment Criteria 0-29% 30-39%* 40-49% 50-59% 60-69% 70-79% 80-100%1. Research-informed LiteratureExtent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions Little or no evidence of reading.Views and findings unsupported and non-authoritative.Referencing conventions largely ignored. Poor evidence of reading and/or of reliance on inappropriate sources, and/or indiscriminate use of sources.Referencing conventions used inconsistently. References to a limited range of mostly relevant sources. Some omissions and minor errors.Referencing conventions evident though not always applied consistently. Inclusion of a range of research-informed literature, including sources retrieved independently. Referencing conventions mostly consistently applied. Inclusion of a wide range of research-informed literature, including sources retrieved independently.Selection of relevant and credible sources. Very good use of referencing conventions, consistently applied. A comprehensive range of research informed literature embedded in the work. Excellent selection of relevant and credible sources. High-level referencing skills, consistently applied. Outstanding knowledge of research-informed literature embedded in the work. Outstanding selection of relevant and credible sources. High-level referencing skills consistently and professionally applied.2. Knowledge and Understanding of SubjectExtent of knowledge and understanding of concepts and underlying principles associated with the discipline. Major gaps in knowledge and understanding of material at this level. Substantial inaccuracies. Gaps in knowledge, with only superficial understanding. Some significant inaccuracies. Evidence of basic knowledge and understanding of the relevant concepts and underlying principles. Knowledge is accurate with a good understanding of the field of study. Knowledge is extensive. Exhibits understanding of the breadth and depth of established views. Excellent knowledge and understanding of the main concepts and key theories. Clear awareness of challenges to established views and the limitations of the knowledge base. Highly detailed knowledge and understanding of the main theories/concepts, and a critical awareness of the ambiguities and limitations of knowledge.3. AnalysisAnalysis, evaluation and synthesis; logic, argument and judgement; analytical reflection; organisation of ideas and evidence Unsubstantiated generalisations, made without use of any credible evidence. Lack of logic, leading to unsupportable/ missing conclusions. Lack of any attempt to analyse, synthesise or evaluate. Some evidence of analytical intellectual skills, but for the most part descriptive. Ideas/findings sometimes illogical and contradictory. Generalised statements made with scant evidence. Conclusions lack relevance. Evidence of some logical, analytical thinking and some attempts to synthesise, albeit with some weaknesses.Some evidence to support findings/ views, but evidence not consistently interpreted.Some relevant conclusions and recommendations, where relevant Evidence of some logical, analytical thinking and synthesis. Can analyse new and/or abstract data and situations without guidance.An emerging awareness of different stances and ability to use evidence to support the argument.Valid conclusions and recommendations, where relevant Sound, logical, analytical thinking; synthesis and evaluation. Ability to devise and sustain persuasive arguments, and to review the reliability, validity & significance of evidence. Ability to communicate ideas and evidence accurately and convincingly.Sound, convincing conclusions / recommendations. Thoroughly logical work, supported by evaluated evidence. High quality analysis, developed independently or through effective collaboration.Ability to investigate contradictory information and identify reasons for contradictions.Strong, persuasive, conclusions, justifiable recommendations. Exceptional work; judiciously selected and evaluated evidence. Very high quality analysis, developed independently or through effective collaboration.Ability to investigate contradictory information and identify reasons for contradictions.Highly persuasive conclusions4. Practical Application and DeploymentEffective deployment of appropriate methods, materials, tools and techniques; extent of skill demonstrated in the application of concepts to a variety of processes and/or contexts; formulation of innovative and creative solutions to solve problems. Limited or no use of methods, materials, tools and/or techniques.Little or no appreciation of the context of the application. Rudimentary application of methods, materials, tools and/or techniques but without consideration and competence. Flawed appreciation of the context of the application.An adequate awareness and mostly appropriate application of well established methods, materials, tools and/or techniques.Basic appreciation of the context of the application.A good and appropriate application of standard methods, materials, tools and/or techniques.Good appreciation of the context of the application, with some use of examples, where relevant.A very good application of a range of methods, materials, tools and/or techniques.Very good consideration of the context of the application, with perceptive use of examples, where relevant.Evidence of some innovation and creativity. An advanced application of a range of methods, materials, tools and/or techniques.The context of the application is well considered, with extensive use of relevant examples.Application and deployment extend beyond established conventions. Innovation and creativity evident throughout. Outstanding levels of application and deployment skills. Assimilation and development of cutting edge processes and techniques.5. Skills for Professional PracticeDemonstrates attributes expected in professional practice including: individual initiative and collaborative working; deployment of appropriate media to communicate (including written and oral); clarity and effectiveness in presentation and organisation. Communication media is inappropriate or misapplied.Little or no evidence of autonomy in the completion of tasks.Work is poorly structured and/or largely incoherent. Media is poorly designed and/or not suitable for the audience.Poor independent or collaborative initiative.Work lacks structure, organisation, and/or coherence Can communicate in a suitable format but with some room for improvement.Can work as part of a team, but with limited involvement in group activities.Work lacks coherence in places and could be better structured. Can communicate effectively in a suitable format, but may have minor errors.Can work effectively as part of a team, with clear contribution to group activities.Mostly coherent work and is in a suitable structure. Can communicate well, confidently and consistently in a suitable format.Can work very well as part of a team, with very good contribution to group activities.Work is coherent and fluent and is well structured and organised. Can communicate professionally and, confidently in a suitable format.Can work professionally within a team, showing leadership skills as appropriate, managing conflict and meeting obligations.Work is coherent, very fluent and is presented professionally. Can communicate with an exceptionally high level of professionalism.Can work exceptionally well and professionally within a team, showing advanced leadership skills.Work is exceptionally coherent, very fluent and is presented professionally.Student Self Evaluation FormStudent name: Student P number:Programme: Year of programmeAssignment Title:This section repeats in brief the common assessment criteria detailed on previous pages. The extent to which these are demonstrated by you determines your mark. Using these criteria, tick the box that best indicates the level of achievement you feel you have achieved with regard to each of them.Common Assessment Criteria Applied Level of AchievementREFER3rd2:22:11st1stOUTRIGHT FAIL UNSATISFACTORY SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL1. Research-informed Literature0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-100%? ? ? ? ? ? ?2. Knowledge and Understanding of Subject 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-100%? ? ? ? ? ? ?3. Analysis0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-100%? ? ? ? ? ? ?4. Practical Application and Deployment0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-100%? ? ? ? ? ? ?5. Skills for Professional Practice0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-100%? ? ? ? ? ? ?PLEASE COMMENT ON AREAS IN WHICH YOU FEEL THAT YOU HAVE PERFORMED WELL PLEASE COMMENT ON AREAS YOU FEEL THAT YOU NEED TO DEVELOPStudents Name DateStudents Signature Click Here To Get More on This Topic??
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