Writing Accounting Homework Assignment

 

Order Number			45471455714
Type of Paper			Essay
Writer Classification Level			Undergraduate
Style of Writing			MLA/APA/CHICAGO/
Sources and References			5
Number of Pages			4
Paper Instructions AG218 TUTORIAL 1 QUESTION 1 Prepare the appropriate journals for each of the following transactions: 1. A sale of £2,000 on credit. 2. A receipt from a debtor of £750. 3. A cash purchase of £218. 4. The purchase of goods for £700 on credit. QUESTION 2 Magland Plc. (‘Magland’) has a December 31st year end. On 5 March 20X4 they receive a gas bill for £975, for the three months ended 28 February 20X4. Prepare any journal required at the 31 December 20X3 year end. QUESTION 3 Kate Plc. (‘Kate’) has a 30 June year end. On 18 September 20X6 they receive an invoice of £1,200 for cleaning services for the quarter ending 30 September 20X6. Prepare any necessary journals for the year ended 30 June 20X6. QUESTION 4 Richenbach Ltd. (‘Richenbach’) is a vehicle parts manufacturing company with a 30 April year end. On 5 April 20X2 they receive an order from a client for a custom series of vehicle parts. Due to the custom nature of the job, the client pays half of the £40,000 cost up front and this is recorded by Richenbach in sales. Richenbach commences the manufacture of the vehicle parts in May 20X2. Prepare any necessary journals for the year ended 20 April 20X2. QUESTION 5 The Seagrove partnership (‘Seagrove’) run a business planting trees and shrubs, they have a 30 September year end. One client pays them £4.50 for every tree planted on their land. By 30 September 20X7 1,000 trees have been planted by Seagrove, although no amount has yet been invoiced. Discuss if Seagrove should recognise any revenue. What would the journal be? QUESTION 6 Mr Griffin starts his business as a clothes retailer in 20X1, in his first year he has purchases of £45,000. A stock-count at the end of his first year on 31 December 20X1 reveals he has stock remaining with a cost of £8,000. During the year ended 31 December 20X2 Mr Griffin purchases goods with a value of £53,000, a stock-count on 31 December 20X2 found goods with a value of £9,500 were held in stock. 1. Prepare any necessary journals to account for stock and purchases and in the years ended 31 December 20X1 and 20X2. 2. Calculate cost of sales for the years ended 20X1 and 20X2. QUESTION 7 Meredith runs a business selling vintage furniture, with a 31 March year end. On 1 April 20X4 she has an opening doubtful debts provision of £2,030. At 31 March 20X5 the total balance of the debtors is £39,445; £1,090 of this balance relates to a Mr Lloyd who has disappeared. Accordingly Meredith considers it appropriate to write this debt off. Furthermore balances of £960 and £1,320 respectively relate to customers who are now considerably behind with payments although Meredith hasn’t heard any further from them. Accordingly Meredith feels it appropriate to provide for these debts in full. A general provision of 2% of remaining debts is also required. QUESTION 8 Giving examples, define the elements of financial statements. QUESTION 9 You are visiting a new client; John. John tells you that he doesn’t see the point behind the accruals basis and thinks it would make much more sense if accounts simply reflected the cash in and out of the business in a given period. Explain to John why accounts are usually prepared on the accruals basis. QUESTION 10 Below is the year end trial balance of Mr Mulder, a sole trader. Mulder Trial Balance as at 31 December 20X4 £’000 £’000 Sales 960 Machinery – cost 630 Machinery – accumulated depreciation 180 Land and buildings – cost 250 Land and buildings – accumulated depreciation 20 Stock at 1 January 20X4 20 Purchase of materials 355 Repairs to machinery 28 Rent 31 Wages 105 Heat and light 19 Selling and delivery 69 Vehicle expenses 32 Bank interest and fees 12 Debtors 84 Provision for doubtful debts 6 Bank 123 Creditors 27 Owner’s capital 260 Retained profits 305 1,758 1,758 The following points still require adjustment: 1. A stock count as at 31 December 20X4 found stock with a cost of £28,000 to be held. 2. A gas bill of £3,000 was received on 5 February 20X5, this relates to the three months ended 31 January 20X5. 3. On 5 December 20X4, Mulder received and paid a rent expense of £2,000 this relates to the month of January 20X5. 4. A debt of £1,000 from Mrs Michaels is considered irrecoverable and should be written off. In addition a provision of £3,000 is required for a debt for Mr Williamson and Mr Mulder considers a 5% provision appropriate for all other debts. Required Prepare the profit and loss and balance sheet for Mr Mulder at 31 December 20X4
	Distinguished (100%)	Proficient (85%)		Basic (70%)	Below Expectations (50%)	Non-Performance (0%)
Thesis Statement	Raises the strongest   objection to the thesis presented in the assignment. The objection is strongly grounded in research and logical reasoning.	Raises a plausible objection to the thesis presented in the assignment. The objection is mostly grounded in research and logical reasoning.		Raises an objection to the thesis presented in the assignment. The objection is somewhat grounded in research and logical reasoning.	Attempts to raise an objection to the thesis presented in the assignment. The objection is minimally grounded in research and logical reasoning.	The objection to the thesis is either nonexistent or lacks the components described in the assignment instructions.
Counter Argument	Provides a strong, thorough rebuttal to the objection. The rebuttal effectively demonstrates that the thesis can withstand the objection and applies the principles of charity and accuracy.	Provides a rebuttal to the objection. The rebuttal mostly demonstrates that the thesis can withstand the objection and mostly applies the principles of charity and accuracy.		Provides a limited rebuttal to the objection. The rebuttal somewhat demonstrates that the thesis can withstand the objection and somewhat applies the principles of charity and accuracy.	Attempts to provide a rebuttal to the objection; however, the rebuttal minimally demonstrates that the thesis can withstand the objection and does not apply the principles of charity and accuracy.	The rebuttal is either nonexistent or lacks the components described in the assignment instructions.
Conclusion	Provides clear and concise closing remarks that comprehensively summarize the essay. The remarks consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem.	Provides closing remarks that summarize the essay. The remarks mostly consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem. The closing remarks are somewhat unclear.		Provides closing remarks that minimally summarizes the essay. The remarks minimally consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problems. The closing remarks are unclear and/or vague.	Attempts to provide closing remarks that summarize the essay; however, the remarks do not consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem. The closing remarks are unclear and vague.	The closing remarks are either nonexistent or lack the components described in the assignment instructions.
Written Communication: Context of and Purpose for Writing	Demonstrates methodical application of organization and presentation of content. The purpose of the writing is evident and easy to understand. Summaries, quotes, and/or paraphrases fit naturally into the sentences and paragraphs. Paper flows smoothly.	Demonstrates sufficient application of organization and presentation of content. The purpose of the writing is, for the most part, clear and easy to understand. There are some problems with the blending of summaries, paraphrases, and quotes. Paper flows somewhat smoothly.		Demonstrates a limited understanding of organization and presentation of content in written work. The purpose of the writing is somewhat evident but may not be integrated throughout the assignment. There are many problems with the blending of summaries, paraphrases, and quotes. Paper does not flow smoothly in all sections.	Organization and presentation of content are extremely limited. The purpose of the writing is unclear. There is little or no blending of summaries, paraphrases, and quotes. Paper does not flow smoothly when read.	The assignment is either nonexistent or lacks the components described in the instructions.
Written Communication: Control of Syntax and Mechanics	– Displays meticulous comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains no errors and is very easy to understand.	Displays comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains only a few minor errors and is mostly easy to understand		Displays basic comprehension of syntax and mechanics, such as spelling and grammar. Written work contains a few errors which may slightly distract the reader.	Fails to display basic comprehension of syntax or mechanics, such as spelling and grammar. Written work contains major errors which distract the reader.	The assignment is either nonexistent or lacks the components described in the instructions.
Written Communication: Required Formatting	Accurately uses required formatting consistently throughout the paper, title page, and reference page.	Exhibits required formatting throughout the paper. However, layout contains a few minor errors.		Exhibits limited knowledge of required formatting throughout the paper. However, layout does not meet all requirements.	Fails to exhibit basic knowledge of required formatting. There are frequent errors, making the layout difficult to distinguish as required style.	The assignment is either nonexistent or lacks the components described in the instructions.
Written Communication: Word Requirement	The length of the paper is equivalent to the required number of words.	The length of the paper is nearly equivalent to the required number of words.		The length of the paper is equivalent to at least three quarters of the required number of words.	The length of the paper is equivalent to at least one half of the required number of words.	The assignment is either nonexistent or lacks the components described in the instructions.
Written Communication: Resource Requirement	Uses more than the required number of scholarly sources, providing compelling evidence to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment.	Uses the required number of scholarly sources to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment.		Uses less than the required number of sources to support ideas. Some sources may not be scholarly. Most sources on the reference page are used within the body of the assignment. Citations may not be formatted correctly.	Uses an inadequate number of sources that provide little or no support for ideas. Sources used may not be scholarly. Most sources on the reference page are not used within the body of the assignment. Citations are not formatted correctly.	The assignment is either nonexistent or lacks the components described in the instructions.