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University of Technology and Applied Sciences Business Studies Principles of Accounting 1 (BAAC 1102) SET 4 Course Assignment Submitted by: 1. Name of the student: __________________________ (ID Number): _____________ Submitted to: Submission dateline: 15th December 2020, 2:00 pm via E-Learning Outline Format of the Assignment 1 I. Introduction You are a Junior Accountant trainee in an accountancy firm which serves a number of clients with different financial needs. At the end of your training period your line manager wants to assess your ability and knowledge in handling some of the main financial accounting issues regarding the process of recording financial transactions and preparing basic final accounts, in order to do so he asked you to conduct some tasks to demonstrate your ability and to reflect the knowledge and skills you have gain during your training period. In this assignment you are required to handle a number of financial accounting problems. Problem 1: Your line manager has provided you with the following information: A Sole Trader business incorporates as Software Programming Company that specialises in providing computer programming services. The business has been established on 1st November, 2020 without having specialised accounting department or system. However, at the end of November the business faces major difficulties and misunderstanding of the process of recording and journalizes the relevant economic transactions that have been done during the first month in an appropriate and standardized way. Instructions In this task you have to use the transactions given at the end in order to: 1) Analyse transactions using double entry bookkeeping appropriately and effectively. Your analysis should show the effects of transactions on the basic accounting equation and the progression toward preparing the trial balance. The analysis should include: a) Which accounts does the transaction affect? (Names of individual accounts?) b) What category does each of these accounts belong to? (Asset, Liability or Owner’s Equity, Revenue, Expense or Drawings?) c) Is the value of the individual account going to increase or decrease as a result of the transaction? 2) Journalize the November transactions, by applying the double entry book-keeping system of debits and credits. Problem 2: Your line manager has asked you to use the Journal book that you have produced previously for the Software programming company (in problem 1) in order to: Instructions 1) Open ledger accounts and post the November transactions. 2) Prepare a Trail Balance at Nonember30th, applying the use of the balance off rule to complete the ledger. 3) Apply trial balance figures to show which statement of financial accounts they will end up in. Problem 3: In this task your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet. Instructions 1) Produce the final accounts for a sole trader business (Software Programming Company) including profit and loss account, owners’ equity statement, and balance sheet for the Period ended November 30th. Using the trial balance that you have produced in problem 2. 2) Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content. TRANSACTIONS January 1. Mr. Ahmed invested cash 40,000, in the business. January 2. Paid 400 cash for the rent of office space. January 3. Purchased office tools OMR 2000. January 4. Paid transportation expenses OMR 150. January 5. Completed work for a client and immediately collected cash OMR 4,000 January 6. Perform services for a client and sent a bill OMR 3, 000 to be paid later. January 7. Purchased supplies OMR 7,000 in cash. January 8. Mr.Ahmed purchased an equipment for OMR 1000 . January 9. Received cash OMR 2000 from a client for the service to be provided for the month of February and March 2020. January 10. Collected 1,500 on the amount owed by the client. January 11. Owner withdrew OMR. 500 cash for personal use. January 12. Completed work for another client OMR. 7,000 but paid only for 50% of the amount. The remaining agree to pay later. January 13. Paid salary expenses. OMR 200. January 14. Paid wage expenses OMR 100. January 15. paid electricity bill OMR 150 Task and methodology of the assignment 1- Accounting transactions will be provided to each student provided by your lecturer. 2- Soft copy should be submitted by the student via the e-learning, any delay beyond the deadline shall not be accepted and a grade of F shall be placed for the student. 3- The assignment will be uploaded and checked using turn-it, thus make sure not to copy anyone work and your assignment originality present is high and similarity present is low. Rubric for Report/ Output (6 Marks) Originality Completeness of Report Report Quality Total Marks 2 10 3 15 Criteria for the Report: 1. ORIGINALITY- the report should be originality done by the student. 2. Completeness of Report- Refers to the complete tasks and data presented with references and sources. 3. Report Quality- Refers to the neatness, correct format of the report. Guidelines for Report: 1. Use Time New Roman Font and size is 12. The margin is preferably: Normal 2. The soft Copy should be uploaded in E- Learning before the agreed deadline. Prepared by: Ms. Wijdan Saleem Course Coordinator

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