HCMC UNIVERSITY OF TECHNOLOGY

AND EDUCATION

RECORDING AND FEEDING BACK ON LEARNER ACHIEVEMENT

Course / Award Pearson BTEC Level 5 HND in Business Management

Unit 10 Financial Accounting-A1
Student Name Le Minh Loi
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Assessment Criteria that are
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Assessor Name / Signature Date

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 STUDENT ASSESSMENT SUBMISSION AND DECLARATION

When submitting evidence for assessment, each student must sign a declaration confirming that the
work is his or her own.

Student name: Assessor name:

Le Minh Loi Sumit Dhull

Issue date: Submission date: Submitted on:

27 February 2019 05 April 2019 2/5/2019

Programme:
Pearson BTEC Level 4 HND Diploma in Business

Unit:
Unit 10 Financial Accounting

Assignment number and title:

Assignment 1: Record business transactions and prepare final account for ABC Group

Plagiarism
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who
break the rules, however innocently, may be penalised. It is your responsibility to ensure that you
understand correct referencing practices. As a university level student, you are expected to use
appropriate references throughout and keep carefully detailed notes of all your sources of materials
for material you have used in your work, including any material downloaded from the Internet.
Please consult the relevant unit lecturer or your course tutor if you need any further advice.

Student Declaration
Student declaration

I certify that the assignment submission is entirely my own work and I fully understand the
consequences of plagiarism. I understand that making a false declaration is a form of malpractice.

Student signature: Date:2/5/2019

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Assignment Brief (RQF)
Higher National Certificate/Diploma in Business Management

Student Name/ID Number: Le Minh Loi/ 16BM40218

Unit Number and Title: Unit 10 Financial Accounting

Academic Year: 2017-2018

Unit Assessor: Sumit Dhull

Assignment-1: Record business transactions and prepare final

Assignment Title:
accounts for ABC Group.

Issue Date: 27.02.2019

Submission Date: 05.04.2019

Internal Verifier Name: Dang Quang Vang

Date:

Submission Format

PRESENTATION
1. The assignment should have a cover page that includes the assignment title, assignment
number, course title, module title, Lecturer/tutor name and student’s name. Attach all
the pages of assignment brief/achievement summary with your report and leave them blank
for official use.
2. Ensure that authenticity declaration has been signed.
3. This is an individual assignment.
4. Content sheet with a list of all headings and page numbers.
5. A fully typed up professionally presented report document. Use 12 point Arial or Times
New Roman script.
6. Your assignment should be word-processed and should not exceed 2,500 words in length.
7. Use the Harvard referencing system.
8. Exhibits/appendices are outside this limit.
9. The assignment should contain a list of any references used in the report.

NOTES TO STUDENTS FOR SUBMISSION

 Check carefully the submission date and the instructions given with the assignment. Late
assignments may not be accepted.
 Ensure that you give yourself enough time to complete the assignment by the due date.
 Do not leave things such as printing to the last minute – excuses of this nature will not be
accepted for failure to hand-in the work on time.
 You must take responsibility for managing your own time effectively.
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  If you are unable to hand in your assignment on time and have valid reasons such as illness,
you may apply (in writing) for an extension.
 Failure to achieve a PASS grade will results in a REFERRAL grade being given.
 Take great care that if you use other people’s work or ideas in your assignment, you
properly reference them in your text and any bibliography.
 NOTE: If you are caught plagiarising, the University policies and procedures will
apply.

Unit Learning Outcomes

Learning Outcomes 1:
Record business transactions using double entry book-keeping, and be able to extract a trial
balance
Learning Outcomes 2:
Prepare final accounts for sole-traders, partnerships and limited companies in accordance with
appropriate principles, conventions and standards
Assignment Brief and Guidance

Scenario: ABC Ltd.

Being an assistant accountant when you with senior accountant in order to prepare accounting
statements, whether they are external "financial accounts" or internally-focused "management
accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the ABC
and the results of its operation.
Record business transactions:
During the year some of transaction occurred in ABC, being an assistant accountant, helps accounts
department to verify following source documents, by preparing Journal, Ledger and Trial balance :
1.Bought raw material from Mr. X on credit amount of £5,000
2.Sold product/material to customer on credit £2,000
3.Borrow money from bank £5,000
4.Issued share to investor amount of £2,000
5. Out of £20,000, 50% money received from Account receivable amount
6. Paid income tax to government amount of £500
7.Paid salary to employees £3,000
8.£1,000 paid as insurance expense
9.Payment of £1,500 for new plant and machinery
10. Cash received from the sale of machinery £200
11. Dividend paid to shareholder amount of £200

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 12. Depreciation on Equipment 10% of £10,000
13. 10% interest paid to bank on £20,000 borrowings
14. Payment of gas bills £280
15. Dividend received from Company B, £300
16. £3000 value product sold to customer on 70% credit and 30% cash
17. £5000 borrowed money, returned to bank
18. Machinery sold and got £300 loss
Adjustment for Prepayment, Accrual and Depreciation:
Included in the statement of financial position of ABC company at 30 June 2016 were the
following:

Prepayment (insurance) £450

Accrual (electricity) £80

The following invoices were received and paid during the year to 30 June 2016.

Date paid

5.9.2015 Electricity (Quarter to 31 August 2015) £309

8.12.2015 Electricity (Quarter 30 November 2015) £320
2.1.2016 Insurance(Year to 31 December 2016) £1,000
7.3.2016 Electricity(Quarter to 28 February 2016) £340
6.6.2016 Electricity(Quarter to 31 May 2016) £321

Calculate the electricity and insurance expense for the year ended 30 June 2016.

Suppose ABC purchases a machine at a cost of £45,000. Its estimated useful life is 8,000 hours of
running time, and its estimated residual value is £5,000.
Suppose that the actual use of the machine each year is:
Year 1 3,000 hours
Year 2 1,500 hours
Year 3 2,500hours
Year 4 1,000hours

Calculate the annual depreciation charge and net book value of the machine as at the end year.

Final Accounts for ABC Limited :

Trial Balance of ABC for the year as follows:
Debit £ Credit £
Purchases 154,000
Sales 350,000
Creditors 30,000
Debtors 25,000

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 Bad debts 1,200
Marketing and sales 10,420
Office expenses 5,600
Insurance 6,700
Discounts 900
Carriage inwards 5,000
Stock as at 1/7/2015 5,000
Wages and salaries 90,000
Motor expenses 5,600
Rates 4,600
Light and heat 4,678
Provision bad debts (1/7/2015) 300
Premises 154,000
Furniture and equipment 60,500
Depreciation furniture 4,000
Motor vehicles 40,000
Depreciation vehicles (1/7/2015) 3,200
Bank 4,200
Loan (to be repaid) 120,000
Drawing 22,500
Capital 91,398
599,898 599,898

The following additional information is available:

1. Stock was counted and valued at 30 June 2016 at £6,000
2. Insurance includes £1,000 of cover that relates to the year to 30 June 2017
3. Bad debts of £1,000, included in debtors in the trial balance is to be written off.
4. Wages owing at the 30 June 2016 amounted to £5,000
5. Provision for bad debts is to be maintained at a level of 3 per cent of debtors after all bad
debts are written off.
6. It is the policy of the company to depreciate furniture and equipment at 10 per cent annual
straight line method and motor vehicles at 20 per cent annual straight line method. There is
no depreciation on premises
7. Interest on the loan is charged at £6,000 for the year. This had not been paid by 30 June

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 2016.
8. Discount received £1000.
Required:
a) Prepare a trading and profit and loss account for the year to 30 June 2016
b) Prepare a balance sheet at that date

Learning Outcomes 1:
Task 1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases
transactions in a general ledger.
Task 2 Produce a trial balance applying the use of the balance off rule to complete the ledger.
Learning Outcomes 2:
Task 3 Prepare final accounts from given trial balance figures adjusting for accruals, depreciation and
prepayments.
(Hint: You are only required to make adjustment for accruals, depreciation and prepayments)
Task 4 Produce final accounts for a range of examples that include sole-traders, partnerships or limited
companies.

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Learning Outcomes and Assessment Criteria:
Learning Outcome Pass Merit Distinction

D1 Record correctly
P1 Apply the double
transactions and
entry bookkeeping
produce an accurate
LO1 Record system of debits and M1 Analyse sales and
trial balance by
business credits. Record sales and purchase transactions
completing the
transactions using purchases transactions in to compile a trial
balance off of ledger
double entry book- a general ledger. balance using double
accounts, checking
keeping, and be entry bookkeeping
that each transaction
able to extract a P2 Produce a trial appropriately and
is recorded in line
trial balance balance applying the use effectively..
with accepted
of the balance off rule to accounting principles
complete the ledger.

P3 Prepare final
LO2 Prepare final
accounts from given trial
accounts for sole-
balance figures adjusting M2 Analyse profit
traders,
for accruals, depreciation and loss D2 Apply appropriate
partnerships and
and prepayments. accounts, balance and accurate
limited companies
sheet and cash flow calculations for the
in accordance with
P4 Produce final statements appropriate constructing of the
appropriate
accounts for a range of for the given final accounts
principles,
examples that include examples.
conventions and
sole-traders, partnerships
standards
or limited companies.

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Higher Nationals - Summative Assignment Feedback Form

Student Name/ID Le Minh Loi/16BM40218

Unit Title Unit 10: Financial Accounting

Assignment Number Assignment-1 Assessor Sumit Dhull

05 April 2019 Date Received 1st

Submission Date submission
Date Received 2nd
Re-submission Date submission
Assessor Feedback:

Grade: Assessor Signature: Date:

Resubmission Feedback:

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

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