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ACC0006 Business Accounting

Diploma Programmes

Continuous Assessment 1 (Individual Assignment: 50 marks)

20% of Final Grade

Question 1 (10 marks)

Sandie started a retail business selling handphone covers. The following transactions took place in the month of November 2024.

2024
Nov	1	Sandie started the business by depositing $50,000 into the business bank account.
	7	A loan of $50,000 was taken from Alice Tan to further finance the business.
	12	Bought a laptop $3,000 on credit for office use.
	16	Bought $25,000 worth of phone covers from supplier - Ben on credit.
	24	Phone covers were sold to an online shop for $10,000 cheque.
	30	Sandie took $500 worth of phone covers to give to friends as personal gifts.

Required:

Using the format of the table given below, analyse the transactions into various components. Please provide your answers in the following answer template given.

Date Nov	Accounts involved	Type of Account	Nature of Account	Increase/ Decrease	Marks
1	Cash at bank Capital	Assets Equity	Dr Cr	Increase Increase	-
7
12
16
24
30

Question 2 (15 marks)

Jen’s business sells branded laptop bags and was set up on 1 October 2024. It had the following transactions for the month of October:

Oct 1   Jen commenced business with $20,000 in the bank and office furniture worth $15,000.

3   1,000 laptop bags costing $15 each were bought on credit from Techno Mart.

8   20 laptop bags were found with missing logos. They were returned to Techno Mart.

10   Jen took up a short-term bank loan of $20,000 to finance the business operations.

12   Bought $12,000 office equipment by cheque. 

15   Sold 100 laptop bags at $65 each to IT Retail Giant on credit.

16   Sold 20 laptop bags at $65 each to walk-in customers by cheque.

22   IT Retail Giant returned 4 laptop bags with faulty zipper.

27   Paid Techno Mart $14,000 in full settlement of its account.

29   Repaid part of the bank loan with a cheque of $5,000.

21   Jen paid business rental $6,000 and salaries $7,700 by issuing personal cheques.

Required:

Prepare general journal entries in the following answer template given. Ignore narration.

General Journal

Date		Particulars	Debit ($)	Credit ($)	Marks

Question 3 (25 marks)

The following trial balance as at 31 December 2024 has been prepared for Nina Trading.

	Debit ($)	Credit ($)
Advertising & promotion	12,635
Bank charges	2,500
Capital		364,900
Cash at bank	130,900
Discount	16,318	13,975
Donations	4,000
Drawings	5,798
Freight inwards	7,850
Freight outwards	6,490
Furniture & fittings	540,000
Interest expense	3,300
Interest income from bond investment		19,645
Investment in government bonds	120,000
Loan from DBK Bank (due on 31/3/2025)		10,797
Loan from UAB Bank (due in year 2028)		200,000
Loss on disposal of fixed assets	1,230
Motor vehicles	300,000
Office insurance expense	67,340
Office rental expense	5,436
Office repairs expense	11,176
Office salaries	38,887
Opening stock, 1 Jan 2024	71,297
Purchases	135,790
Returns	3,135	6,798
Sales		989,800
Salesmen’s salary & commission	22,991
Shop fire insurance	1,790
Shop rental expense	20,600
Trade creditors		53,000
Trade debtors	88,452
Trademark	41,000
	1,658,915	1,658,915