ACC202 SUSS Financial and Management Accounting apa formatplease fulfill all the requirements in each question. ACC202 Financial and Managerial Accounting

ACC202 SUSS Financial and Management Accounting apa formatplease fulfill all the requirements in each question. ACC202
Financial and Managerial Accounting
Group-based Assignment
January 2019 Presentation
ACC202
Group-based Assignment
GROUP-BASED ASSIGNMENT (GBA)
This assignment is worth 15% of the final mark for ACC202 Financial and Managerial
Accounting.
The cut-off date for this assignment is 7 April 2019, 2355 hrs.
This is a group-based assignment. You should form a group of 4 members from your seminar
group. Each group is required to upload a single report via your respective seminar group site
in Canvas. Please elect a group leader. The responsibility of the group leader is to upload the
report on behalf of the group.
It is important for each group member to contribute substantially to the final submitted work.
All group members are equally responsible for the entire submitted assignment. If you feel that
the work distribution is inequitable to either yourself or your group mates, please highlight this
to your instructor as soon as possible. Your instructor will then investigate and decide on any
action that needs to be taken. It is not necessary for all group members to be awarded the same
mark.
Note to Students:
You are to include the following particulars in your submission: Course Code, Title of the
GBA, SUSS PI No., Your Name, and Submission Date.
Take note of the following format and writing requirements. Marks will be penalised for
failure to follow requirements.
Format requirements:
?
A properly formatted cover page: To include course code, course title, assessment title,
student name(s), student PI Number(s).
?
For text, Font style: Times New Roman; Font size: 12; Line spacing: 1.5 lines.
?
Include the page number on each page.
?
Reference or bibliography at the end (use APA referencing guidelines).
Writing requirements:
?
Develop your points in a clear, logical and succinct manner.
?
Be mindful of the target audience/reader. Use language appropriate to the reader’s
expected level of knowledge.
?
Free from grammatical and typographical errors.
?
Provide in-text citations when referencing (use APA referencing guidelines).
?
Include less relevant details as an appendix if necessary.
?
Good overall presentation of the report.
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 2 of 5
ACC202
Group-based Assignment
Question 1
Hercules Ho, a qualified fitness trainer started a firm, Happy Fit Management about 3 years
ago. The firm offers fitness programmes for individuals and companies. Business was good.
Recently, its accountant was seriously injured in an accident and you were approached to help
draw up the adjusted Trial Balance.
Following is the 31 December 2018 unadjusted trial balance:
Account title
Share capital
Retained earnings, 31 Dec 2017
Training equipment at cost
Furniture and fittings at cost
Accumulated depreciation, 31 Dec 2017
– Training equipment
– Furniture and fittings
Prepaid insurance
Rental expense
Insurance expense
Membership fee received
General expenses
Bad debt expense
Wages and salaries
Equipment maintenance expense
Interest and bank charges
Allowance for doubtful debts
Accounts receivable
Accounts payable
Bank
Debit ($)
Credit ($)
125,000
24,688
125,000
50,000
15,000
10,000
9,000
162,500
6,750
302,113
5,090
49,850
13,580
110
195
7,643
3,125
50,208
479,926
479,926
You are given the following additional information all of which is considered material and
(unless stated otherwise) none of which has been taken into consideration in arriving at the
figures shown in the unadjusted trial balance above.
(i)
On 1 October, Hercules Ho sold a treadmill that costs $5,000, with accumulated
depreciation of $2,000 as at 31 Dec 2017 for cash of $3,000. Hercules Ho
deposited the cash into his personal bank account. Hercules Ho forgot to inform
his accountant of this transaction. According to him, the cash taken by him was
to be treated as a loan to him.
Both the cost of the treadmill and the accumulated depreciation were included
in the amount shown for training equipment at cost and the accumulated
depreciation for training equipment in the unadjusted trial balance above. The
residual value of the treadmill was originally estimated to be $500.
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 3 of 5
ACC202
Group-based Assignment
(ii)
As at 31 Dec 2018, the salaries payable to employees were $$2,488.
(iii)
No depreciation has been charged for the year ended 31 Dec 2018. During the
year, no additional non-current assets was purchased. The company depreciates
non-current assets held at 31 Dec 2018 as follows:
?
Training equipment at cost – straight line over five years. The residual
value of the training equipment at cost was estimated to be $15,000.
?
Furniture and fittings – assuming a four-year life and double-decliningbalance depreciation.
(iv)
On 31 December, the amount of membership fee paid in advance by private
members and corporate members were $$5,125. However, these have been
included in membership fee received in the unadjusted Trial Balance.
(v)
It was estimated that 5% of outstanding accounts receivable on 31 December
were uncollectible.
(vi)
The bank statement received from its banker, the Solid Rock Bank Corporation,
revealed that the bank service charge for December of $100 were also not
recorded by the company.
Required:
(a)
Analyse the above and prepare all necessary adjusting entries to describe them. Show
narrations and all workings.
(19 marks)
(b)
Prepare an adjusted trial balance as at 31 December, 2018.
(15 marks)
(c)
Identify the following from the adjusted trial balance:
(i)
The net profit for the year ending 31 December, 2018.
(ii)
The total assets as at 31 December, 2018.
(iii)
The total liabilities as at 31 December, 2018.
(iv)
The total equity as at 31 December, 2018.
You do not need to produce your answers in the format of the income statement or the
statement of financial position. However, you need to show all workings.
(16 marks)
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 4 of 5
ACC202
Group-based Assignment
Question 2
FJ Benjamin Holdings trace its beginning to a small retailing company founded by FJ
Benjamin, a young man in his twenties in 1959. It has since grown to be one of Asia’s biggest
retail brand management companies. It was listed on the Singapore Stock Exchange in
November 1996. Currently headquartered in Singapore, it manages over 20 iconic brands and
operates 220 stores across Singapore, Malaysia and Indonesia. Much of Singapore’s reputation
as a place to shop for international luxury labels can be attributed to the company’s 35 specialty
designer stores carrying luxury brands such as Céline, Givenchy, Guess, La Senza, Loewe,
Marc Jacobs across Singapore’s key shopping districts.
Source:
1.
FJ Benjamin Holdings Ltd 2017/18 Annual Report
2.
SGX: Company Information
Required:
Study the financial statements shown on pages 54 – 58 of FJ Benjamin Holdings Ltd 2017/18
Annual Report (found in the link https://www.fjbenjamin.com/pdf/FJ-Benjamin-AR2018.pdf)
and the accompanying notes to the financial statements on pages 61 – 115.
(a)
Compute ratios base on the financial statements for 2018 and 2017 using the ACC202
Formula Sheet (uploaded in Canvas). For ratios that require the average figures,
students should use the year-end figures for both years even when the average figures
are available for one year only to ensure consistency and comparability.
Make sure the areas of Profitability, Liquidity, Efficiency and Solvency are covered.
Show all workings.
(13 marks)
(b)
Use the results in (a), analyse and comment on the business’s performance and financial
position from the viewpoint of a prospective small retail investor.
(22 marks)
Question 3
Study the Statement of Cash flows of FJ Benjamin Holdings Ltd found on pages 59 – 60 and
the accompanying notes to the financial statements on pages 61 – 115 of the FJ Benjamin
Holdings Ltd 2017/18 Annual Report.
Required:
Comment on FJ Benjamin Holdings Ltd’s cash flows for 2018 and 2017.
(15 marks)
—- END OF ASSIGNMENT —-
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 5 of 5

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