FIN1212 FINANCIAL CONCEPT OF BUSINESS
FIN1212 FINANCIAL CONCEPT OF BUSINESS
ACADEMIC YEAR 2023-2024
INDIVIDUAL ASSIGNMENT
This Assignment carries 15% of the total assessment of Module FIN1212 Financial Concept of Business and is due on the 15th of December 2023 (Friday) for students. On the 1st December 2023, you will be able to assess the trial balance of a company in the Assessment - Online Tasks folder on the module page.
REQUIREMENTS OF THE ASSIGNMENT
You are required to use the trial balance and the additional information provided to prepare:
A Statement of Profit or Loss for the company.
A Statement of Financial position for the company.
On the 15th December 2023, you will find a link where you will be asked 15 questions that relates to the accounts you prepared. You are required to fill the blanks with the correct answer without the sign or commas.
The link will be available from 00:00 till 23:59 on the 15th December 2023 and you have 1 hour to complete the task.
Please note that you are not required to submit the workings for this task, you just need to answer the questions in the link.
EXAMPLES OF QUESTIONS ON LINK
What was the depreciation expense for Equipment for the year ended 30th Sept.2023?
What was the Total Assets?
What was the Net Profit?
What was cost of sales?
FIN1212 FINANCIAL CONCEPT OF BUSINESS
ACADEMIC YEAR 2023-2024
INDIVIDUAL ASSIGNMENT
This Assignment carries 10% of the total assessment of Module FIN1212 Financial Concept of Business and it is due by 11pm on the 15th of December 2023 (Friday) for Hendon students. There will be opportunities for feedback during seminars in weeks 7 to 11. All the parts of the coursework are to be completed using excel. The assessment is to be submitted in the online task 2 drop box. A sample coursework can be found in Mock Online Task 2 folder on the module page.
This Assignment assesses: -
the understanding of students relating to business transactions and the application of double entry system;
the ability of students in producing the Statement of Profit or Loss.
Requirement Particulars Percentage of Assignment
Part A Background information of the business 1.5
Part B Creation of business transactions involving double entry system 5.0
Part C Production of Statement of Profit or Loss 3.5
Total 10
REQUIREMENTS OF THE ASSIGNMENT
You started a sole trader business on 1 October 2023 by depositing some money in the business.
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PART A: BACKGROUND INFORMATION OF THE BUSINESS (1.5 marks)
Complete the following information of the Company in a tabular format in the Excel document file.
What is the name of the business?
What is the principal activity of the business?
When is the first-year end of the business?
PART B: CREATION OF BUSINESS TRANSACTIONS (3.5 marks)
Write out 20 business transactions for the business. Record the 20 journal entries in excel using the double entry principle. Arrange the business transactions in a logical sequential manner by clearly indicating the date of each transaction.
Initial capital for cash (one transaction).
Purchase of non-current assets for cash and on credit (two transactions: one cash and one credit).
Purchase of inventories (goods for resale) for cash and on credit (five transactions: three cash and two on credit).
Sale of inventories for cash and on credit (five transactions: three cash and two credit).
Payment of expenses (five transactions).
Receipt from a customer relating to one sale of inventories on credit (one transaction).
Full payment to a supplier relating to one purchase of inventories on credit (one transaction).
PART C: PRODUCTION OF FINANCIAL STATEMENTS (5 marks)
Using Excel software, complete the following tasks: -
Record the business transactions under Part B of the assignment in excel
Add up the excel columns and prepare a trial balance
Prepare a Statement of Profit or Loss for your business
