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    ACC622 Assignment 2021

    Uploaded by

    Nosisa Sithebe
    The first document provides instructions and guidelines for an accounting assignment, including formatting requirements and assessment criteria related to content, layout, spelling, and referencing. It also outlines the purpose of assignments to ensure students can apply research methods, interpret and evaluate text, and communicate information reliably. The second document contains questions for an accounting assignment, including preparing accounts related to goods sent on consignment, as well as a trial balance and additional information to prepare an income statement and statement of financial position for a company. The third document is an account sales prepared by a consignee, including details of goods sold on consignment, expenses incurred,

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    ACC622 Assignment 2021

    Uploaded by

    Nosisa Sithebe
    52 views5 pages
    The first document provides instructions and guidelines for an accounting assignment, including formatting requirements and assessment criteria related to content, layout, spelling, and referencing. It also outlines the purpose of assignments to ensure students can apply research methods, interpret and evaluate text, and communicate information reliably. The second document contains questions for an accounting assignment, including preparing accounts related to goods sent on consignment, as well as a trial balance and additional information to prepare an income statement and statement of financial position for a company. The third document is an account sales prepared by a consignee, including details of goods sold on consignment, expenses incurred,

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    ACC622 assignment 2021

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    The first document provides instructions and guidelines for an accounting assignment, including formatting requirements and assessment criteria related to content, layout, spelling, and referencing. It also outlines the purpose of assignments to ensure students can apply research methods, interpret and evaluate text, and communicate information reliably. The second document contains questions for an accounting assignment, including preparing accounts related to goods sent on consignment, as well as a trial balance and additional information to prepare an income statement and statement of financial position for a company. The third document is an account sales prepared by a consignee, including details of goods sold on consignment, expenses incurred,

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    52 views5 pages

    ACC622 Assignment 2021

    Uploaded by

    Nosisa Sithebe
    The first document provides instructions and guidelines for an accounting assignment, including formatting requirements and assessment criteria related to content, layout, spelling, and referencing. It also outlines the purpose of assignments to ensure students can apply research methods, interpret and evaluate text, and communicate information reliably. The second document contains questions for an accounting assignment, including preparing accounts related to goods sent on consignment, as well as a trial balance and additional information to prepare an income statement and statement of financial position for a company. The third document is an account sales prepared by a consignee, including details of goods sold on consignment, expenses incurred,

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    ACCOUNTING 622

    ASSIGNMENT COVER SHEET

    Name & Surname: ______________________ ICAS No: _________________________

    Qualification: __________________ Year: _______ Module Name: _Accounting 622_

    Specialization: _________________________ Assignment Due Date: _______________

    ID Number: __________________ Date submitted: __________ Semester: _______________

    MARK EXAMINER’S MODERATOR’S


    ASSESSMENT CRITERIA REMARKS
    ALLOCATION MARK MARKS
    MARKS FOR CONTENT
    QUESTION ONE 45
    QUESTION TWO 45
    QUESTION THREE

    QUESTION FOUR
    QUESTION FIVE
    TOTAL 90
    MARKS FOR TECHNICAL ASPECTS
    1. TABLE OF CONTENTS 2
    Accurate numbering according to the
    numbering in text and page numbers
    2. LAYOUT AND SPELLING 3
    Font – Calibri 12
    Line Spacing -1.0
    Margin should be Justified
    3. REFERENCE 5
    According to the Harvard Method
    TOTAL MARKS 10
    TOTAL MARKS FOR ASSIGNMENT 100
    EXAMINER’S COMMENTS

    MODERATOR’S COMMENTS

    Name of the Examiner : _ Name of the Moderator: __________________


    Signature of Examiner: __________________ Signature of Moderator: __________________
    Date : ___________________ Date: ____________________
    Instructions and guidelines

    NB: 1. Candidates are advised to read the guide lines in the study guide.

    2. Assignment questions are on page 3.

    3. For reference use prescribed, recommended books and other resources you may come
    across.

    4. Correct Harvard referencing carries (5 Marks).

    The purpose of an assignment is to ensure that the Student is able to:

     Use methods of enquiry and research in a disciplined field.

     Interpret and evaluate text.

     Have a sound understanding of key principles and theories, rules and awareness.

     Solve unfamiliar problems using correct procedures as well as investigate and critically analyse
    information and report thereof.

     Present and communicate information reliably and coherently.

    Instructions and guidelines for writing assignments

    1. Use the correct cover page provided by the institution.


    2. All essay type assignments must include the following:
    2.1 Table of contents
    2.2 Introduction
    2.3 Main body with subheadings
    2.4 Recommendations and Conclusions
    2.5 Bibliography
    3. The length of the entire assignment must have minimum of 10 pages. Typed with font size 11
    Calibri. 1.5 spacing
    4. The quality of work submitted is more important than the number of assigned pages.
    5. Copying is a serious offence which attracts a severe penalty and must be avoided at all costs. If
    any student transgresses this rule, the lecturer will retain the assignments and ask the affected
    students to resubmit a new assignment which will be capped at 50%.
    6. Use the Harvard referencing method.
    7. Please note that these guidelines are not applicable to quantitative subjects like Accounting and
    Statistics.
    QUESTION ONE (45 MARKS)

    Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on
    the 1st July 2019. Phumlani ends his account on 31 st December of every financial year.

    a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019.
    Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019.
    It shows the following and all currencies converted into US dollars ($):

    b. Christian has sold 8 cases of goods for $400 each.


    c. Christian has paid a total of $150 for landing charges and import duties on receipt of the
    whole consignment.
    d. He paid selling costs in respect of the 8 cases sold amounting to $160.
    e. He has deducted his commission of 10% in respect of the 8 cases sold.
    f. Christian encloses a bank draft of $2,570 to the account sales.

    Phumlani now wishes to balance off his consignment account at his financial year end 31st December
    2019 and transfer the profit to date to his profit and loss account.

    Required:

    a. Prepare the account sales at 28th December 2019


    b. Value of unsold stock as at 31st December 2019
    c. Prepare the relevant accounts in the books of Phumlani (consignment account, goods sent
    on consignment, and consignee account)
    QUESTION TWO (45 MARKS)

    You are presented with the following trial balance of Carl Ltd at 31 October 2018.

    Dr Cr

    R,000 R,000

    Building at cost 740

    Buildings, accumulated depreciation, 1 November 2018 60

    Plant at cost 220

    Plant, accumulated depreciation, 1 November 2018 110

    Land at cost 235

    Bank balance 50

    Revenue 1,800

    Purchases 1,105

    Discounts received 90

    Returns inwards 35

    Wages 180

    Energy expenses 105

    Trade Payables 250

    Trade Receivables 320

    Inventory at 1 November 2018 160

    Allowance for debtors at 1 November 2018 10

    Administrative expenses 80

    Director's remuneration 70

    Accumulated profit at 1 November 2018 130

    10% Debenture 50

    Dividend paid 30

    R1 Ordinary shares 650

    Share premium account 80

    3,280 3,280
    Additional information as at 31 October 2019.

    a. Closing inventory has been counted and is valued at R75,000


    b. An invoice of R15 000 for energy expenses for October 2019 has not been received.
    c. The allowance for debtors is to be increased to 5% of trade receivable.
    d. Buildings are depreciated at 5% per annum on their original cost, allocated 30% to cost of
    sales, 30% to distribution costs and 40% to administrative expenses.
    e. Plant is depreciated at 20% per annum using the reducing balance method. The entire
    charge is to be allocated to cost of sales
    f. Tax has been calculated as R45 000 for the year.
    g. The current share price of Carl Ltd is R1.30 per share
    h. Debenture interest has not been paid for the year.

    The items listed below should be apportioned as indicated

    Cost of Sales Administrative


    Distribution Costs Expenses
    Discounts received - - 100%
    Energy expenses 40% 20% 40%
    Wages 40% 25% 35%
    Director's
    remuneration - - 100%

    Required

    1. Prepare the income statement for the year ended 31 October 2019
    2. The statement of financial position as at 31 October 2019

    NOTE: Show all workings

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