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Posted: December 2nd, 2022

Principles of Accounting and Business Finance

Intake/Semester : 67th / 1st
Subject : Principles of Accounting and Business Finance
1. Refer to APPENDIX A for the Individual Assignment.
2. Date of submission of written assignment:
28 November 2022 (12pm) – 5 December 2022 (11.59am)
Marks will be deducted for late submission.
3. Each written assignment will be marked out of 100 marks and counts for
20% of the total assessment of the course.
Please note the following technical requirements:
a. Font & Size : Times New Roman & Size 12. Single spacing
b. Colour : Black (for text)
c. Paper : White
Appendix A
Answer ALL questions.
Question 1 (35 marks)
Melissa operates a photocopying business in a shopping plaza. The following are
transactions for the month of March 2022.
(a) Melissa started her business with $80,000 from her personal savings and $20,000
from a loan from her sister.
(b) Furniture of $12,000 was bought from Courts Ltd. Melissa paid one-half of the
amount with a personal cheque and the remainder to be paid one month later.
(c) A laptop of $2,900 was bought on credit from Fax Ltd.
(d) An invoice of $9,500 was sent to Law Co. for bulk photocopying services.
(e) Melissa issued a cheque of $6,000 to pay office rent.
(f) Melissa received a cheque of $480 for photocopying documents for a walk-in
(g) Received a cheque from Law Co. as full payment.
(h) Melissa withdrew $800 cash from the bank for personal use.
(i) Courts Ltd. was paid with a cheque for the remaining balance.
(j) A bank loan of $50,000 was taken to purchase more photocopying machines.
(k) Salaries of $8,700 were paid by cheque to her employees.
(l) Melissa withdrew $400 cash from the bank for office use.
(m) Another laptop of $3,100 was bought, payment by cheque.
(i) For each of the above transactions, write the accounts and amounts to be debited
and credited. (28 marks)
(ii) Compute the amount of cash at bank as at 31 March 2022 of Melissa’s business.
(Workings are to be shown clearly). (7 marks)
Question 2 (20 marks)
Mark Trading’s Cash Book (Bank columns only) for the month of April 2022 was as
Dr. Cheque No Cr.
2022 $ 2022 $
April 1 Bal 8,600 April 8 George 200110 5,190
3 Cash 1,360 13 Jill 200112 2,370
10 Daisy 2,080 23 Chris 200116 10,100
18 Cash 4,864 28 Petty
200117 200
23 Esther 770
30 Cash 200
April 30 Bal 14
The following Bank Statement was received in early May 2022:
Bank Statement Payments Receipts Balance
2022 $ $ $
April 1 Balance brought forward 8,700
4 Cheque No: 200107 1,000 7,700
5 Cash 1,360 9,060
6 Error corrected – 29 Mar 900 9,960
10 George 5,190 4,770
12 Banker’s Order – Office Insurance 1,300 3,470
12 Daisy 2,080 5,550
15 Credit transfer – Donald 510 6,060
20 Cash 4,864 10,924
25 Chris 10,100 824
30 Petty Cash 230 594
30 Interest on Structural Deposit 185 779
Additional information:
It was discovered that the bookkeeper of Mark Trading had recorded the transaction on
28 April 2022 wrongly.
(a) Bring the Cash Book up to date. (8 marks)
(b) Prepare a Statement to reconcile the difference between your amended Cash
Book balance and the balance in the Bank Statement on 30 April 2022.
(8 marks)
(c) Explain the following in your own words:
(i) Banker’s order;
(ii) Credit transfer.
(4 marks)
Question 3 (35 marks)
Sand Ltd. is a production firm with two production departments Cutting and Finishing.
Budgeted overhead costs for the first quarter of 2022 are listed below:
Production Departments
Costs allocated: Cutting 36,100
Finishing 15,600
Other overhead costs: Factory rent & rates 80,000
Power 20,000
Factory insurance 24,000
Other information:
Floor Area Power Usage (%) No. of Personnel
Cutting Department 40,000 40% 40
Finishing Department 60,000 60% 30
Cutting Department is machine-intensive while Finishing Department is mainly labour intensive.
Machine Hours Direct Labour Hours
Cutting Department 30,000 10,000
Finishing Department 10,000 40,000
(i) Calculate the overhead absorption rate in each department by completing the
table. You are required to use the most appropriate basis to apportion the relevant
overhead costs.
(Please show detailed workings and round up your answers to two decimal
places.) (30 marks)
(ii) One of the products of Sand Ltd. is Pico. Cost information to produce one unit of
Pico is as follows:
Direct materials 2 kg at $3.00 per kg
Direct labour 3.5 hours at $10.00 per hour
Time spent in:
Cutting Department 3 machine hours
Finishing Department 6 labour hours
Find the cost of 1,000 units of Pico.
(Please show detailed workings and round up your answers to two decimal
places.) (5 marks)
Production Department
Basis Total Cutting Finishing
$ $ $
Activity Base
Absorption Rate
Question 4 (10 marks)
Explain and give an example of each type of cost listed below:
(i) Committed fixed cost
(ii) Discretionary fixed cost
(10 marks)

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