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Assignment Accounting Fundamentals

This document contains two accounting questions. Question 1 provides various financial balances for Sunnasee & Co. and asks to prepare the trading and profit & loss account for the year ended December 31, 2012 and the balance sheet on that date using the provided information. Question 2 has two parts: part A asks to calculate the adjusted bank balance based on discrepancies identified between the cash book and bank statements, and prepare a bank reconciliation statement; part B asks to identify three stakeholder groups and their main interests in a business.

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Rajshree Dewoo
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132 views

Assignment Accounting Fundamentals

This document contains two accounting questions. Question 1 provides various financial balances for Sunnasee & Co. and asks to prepare the trading and profit & loss account for the year ended December 31, 2012 and the balance sheet on that date using the provided information. Question 2 has two parts: part A asks to calculate the adjusted bank balance based on discrepancies identified between the cash book and bank statements, and prepare a bank reconciliation statement; part B asks to identify three stakeholder groups and their main interests in a business.

Uploaded by

Rajshree Dewoo
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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OPEN UNIVERSITY OF MAURITIUS

Accounting Fundamentals-Assignment
Note: Answer all questions Question 1 (25marks) From the following balances of Sunnasee & Co., prepare trading and Profit & Loss Account for the year ended 31st Dec., 2012 and balance sheet on that date: Debit Balances: Drawings Plant & Machinery Motor vehicles Debtors Purchases Wages Cash at bank Salaries Repairs Opening stock You are informed as follows: Rs 1,700 12,000 2,600 3,600 2,000 800 2,600 800 190 1,600 Rent Misc. Expenses Bad Debts Carriage inwards Credit Balances Creditors Sales Interest Commission Capital Rs 450 150 500 160 2,000 4,200 1,350 1,600 20,000

(1) Closing stock Rs. 1,600 (2) Plant & machinery and Motor vehicles are depreciated at 10% and 15% p.a respectively using the straight line method. (3) Allowed interest on capital at 5%p.a. (4) Rs. 150 is due for wages. (5) Paid rent Rs. 150 in advance (6) Accrued interest Rs. 150. (7) Commission received in advance Rs. 200 (8) Interest on drawings Rs. 100 (9) Further bad debts Rs. 200

QUESTION 2 (25marks) A. The bank column of the Cash Book reported a balance of 11,480 as at 31 st January 2009. On comparing the entries with those in the bank statements the following have been identified: a) 75 paid for electricity by direct debit and 30 taken by the bank as bank charges have not been recorded in the Cash Book. b) Cheques drawn to a total amount of 4,750, in the name of suppliers, were not presented to the bank until after this date. c) A cheque drawn for 23,500, in payment of a supplier, Zinith Ltd, has been entered in the Cash Book as 32,500. d) Bank lodgements amounting to 3,945, did not clear until after this date. Required: i) Identify the adjusted bank balance in the business records as at 31st January 2009. (8 marks) ii) Prepare a bank reconciliation statement as at that date. (5 marks) B. Financial statements are prepared to meet the information requirements of a variety of stakeholders. You are required to identify i. Three distinct groups of stakeholders and ( 3 marks) ii. Each groups main areas of interest in a business ( 9 marks)

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