David Green is going to set up a sole trader business as Decorator. He knows that he would be personally responsible for his business’s debts.
1 Module overview 1.1. Introduction Welcome! This module has been designed for students on the foundation year of the Accounting degree and the Business degrees. While the subject content is generally oriented towards accounting and finance, the module is relevant to both accounting and non-accounting majors. It is designed to give an overview of the accounting and finance process within the general business context. In this module you will learn about how to keep efficient records of business transactions and how to transform this basic data into proper financial statements. You will also learn something about how to analyse this data. As your tutor, I take great pleasure in welcoming you on board.
Module summary content and aims The following is a guide to the content that you will be learning in this module:
Overview of accounting information
The Accounting equation
Profit & Loss Account
Balance Sheet
Legal structure and its effect on business accounts
Annual Reports of companies
Double entry book keeping
The cash book
Credit transactions
Adjustments to financial statements
Financial ratios
This module aims to:
a) Provide you with the basic skills required to keep records of business transactions using appropriate accounting methods.
b) Provide you with fundamental knowledge of financial statements.
c) Enable and encourage you to apply the principles of accounting in practice.
Expectations
Specific expectations students can have of tutors:
Constructive formative feedback on both assignments draft per assessment during week 6 for the assessment 1 and week 16 for the assessment 2.
Lecture slides made available on Blackboard 3 days prior to lecture.
Seminar activities made available on Blackboard 3 days prior to the first seminar group session in a week
Assessment marks and summative feedback given within 3 working weeks from the assessment submission deadline
Specific expectations tutors will have of students:
Attend all classes and arrive at classes punctually
Read case studies provided prior to seminars and prepare answers to questions as per instructions given
Behave professionally in classes and not to cause any disruption that might affect other students’ learning.
Actively participate and engage in class activities
Inform tutor via email when not able to attend any classes
Communicate with tutors in a professional manner
Attempt all assessments by the submission deadline unless there is extenuating circumstances (in which case please contact your Course Leader for extension request or mitigation claim)
Learning outcomes to be assessed
To successfully complete this module you (the student) should have demonstrated the following learning outcomes:
LO1. Knowledge and understanding of double entry bookkeeping
LO2. Knowledge and understanding of books of prime entry
LO3. Knowledge and understanding of the accounting equation and financial statements
LO4. Demonstrate ability to record and summarise accounting information
LO5. Demonstrate ability to maintain accurate books of accounts for a business
LO6. Demonstrate ability to make business decisions using financial information
Indicative Contact Hours
Teaching Contact Hours
42 hours
Independent Study Hours
158 hours
Total Learning Hours
200 hours
Summative Assessment Grid
Type of Assessment
Word Count or equivalent
Threshold
(if Professional Body-PSRB applies)
Weighting
Pass Mark
Indicative Submission week
Method of Submission & Date of Feedback (refer to BB)
Portfolio (1)
1500
N/A
40%
40%
Week 7, Specific date and time will be confirmed after getting confirmed timetable
As per UWL guideline
Portfolio (2)
1500
N/A
60%
40%
Week 14, Specific date and time will be confirmed after getting confirmed timetable
As per UWL guideline
If your course is accredited by a Professional Statutory Regulatory Body (PSRB), the module requirements will specify the elements of assessment that must be passed and may override the University regulations. Please speak to your Course Leader for further advice
Assessment (Insert below type of assessment as per the table above)
Teaching Weeks in which Assessment Support Takes Place (enter each week no. in a new
row)
Outline of Type and Form of Assessment Support to be Provided
Student Preparation Required Prior to or After the Support Session
How will the Support Session to be Delivered
Portfolio (1)
1 to 7
Face to face session/online
Students need to read the learning materials and do the Mock portfolio before they attend the sessions
Seminars
Portfolio (2)
7 to 14
Face to face session/online
Students need to read the learning materials and do the Mock portfolio before they attend the sessions
Seminars
Assessment brief including criteria mapped to learning outcomes The module is assessed through:
A coursework (40% weighting) half way through the semester (The assignment brief will be available in Blackboard under assessment tab as well as on Ulearn)
The final coursework (60% weighting) at the end of the semester. (The assignment brief will be available in Blackboard under assessment tab after week 8 as well as on Ulearn).
For guidance on online submission of assignments, including how to submit and how to access online feedback, please refer to the UWL Blackboard student-help pages at:
http://www.uwl.ac.uk/blackboardhelp
2.2.1 Details for assessment 1: Assignment
Assessment 1: Written assignment AssignmentLearning outcomes:
Learning outcomes tested: 1 - 3
Assessment 1:
Part A.
(1) wants you to consult him in this matter.
Required: Provide steps for starting a new business as Decorator (Maximum of 500 words).
(2) Accounting involves recording, analysing and summarising the transactions of an entity to provide information for decision making.
Required: Consider a large company listed on the London stock exchange and identify who are the decision makers referred to in the above definition (Maximum of 300 words).
Part B.
(1) F Polk, after being in Bakery business for some years without keeping proper records, now decides to keep a double entry set of books. On 1 September 2021 he establishes that his assets and liabilities are as follows: Assets: Van £5,700, Fixtures £2,800, Stock £5,200, Debtors – P Mullen
£105, M Abel £311, Bank £1060, Cash £85. Liabilities: Creditors – Syme Ltd £229, A Hill £80. He is not sure about Journal entries for the following transactions in September 2021 as follows:
Sep 1: A debt of £105 owing from P Mullen was written off as a bad debt
Sep 5: Office Fixtures originally bought by credit for £150 was returned to the supplier Syme Ltd., as it was unsuitable. Full allowance will be given for this.
Sep 10: The business is owed £311 by M. Abel. He is declared bankrupt and we only received
£180 cash in full settlement of the debt
Sep 18: Bought a Machinery from Brown Ltd. to use in the company. The total purchasing value of the machine is £1,800. The owner paid £100 cash, £500 by issuing a cheque and rest of the purchasing value would remain as credit.
Sep 26 The owner paid half of the machinery debt to Brown Ltd. by issuing a cheque.
Sep 28: The owner paid £130 an insurance bill via cheque thinking that it was in respect of the business. We now discover that £70 of the amount paid was in fact insurance of our private house.
Required:
You are required to show the Journal entries (only ) (with narrative) necessary to record the items which occur in Sep 2021.
(2) On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will boldly go and keep their records on a double entry system. Their assets and liabilities at that date were. Their assets and liabilities at that date were: office fixtures £1200, a van £32,000 and £36,800 in the bank account. They have no liabilities at the 1st of August 2021
Their transactions during August 2021 were as follows:
2021
August
2 Maurice & brothers received a loan of £12,400 from Santander Bank and they deposited in their bank account.
3 The amount of £2800 was transferred from bank Account to Cash in hand account.
4 Bought a second-hand Van paying by cheque £6,200
5 Bought office fixtures £3400 from Sharp Office Ltd. They paid £1000 by issuing a cheque and rest of the fixtures value would remain as credit.
8 Bought a new van on credit from Toyota Co. £8,700
15 Bought office fixtures paying by cash £110
19 Paid Toyota Co. a cheque for whole amount of debt
25 Paid £430 of the cash in hand into the bank account
28 Bought new office fixtures paying via bank account £750
Required:
Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12 marks)
Balance up the accounts and extract a Trial Balance as at 31 August 2021. (13 marks
Part 4
Then balance off the accounts and extracted a trial balance for sole trader B Moore. as at 30 September 2021:
B Moore
DR
CR
Trial Balance as at30 September 2021
£
£
Cash at bank
45,000
Cash in hand
6,800
Accounts receivable (Debtors)
8,000
Accounts payable (Creditors)
14,500
Inventory (Stock): 30 September 2020
18,000
Car
25,000
Drawings
7,500
Fixtures and Fittings
18,500
Sales
95,000
Purchases
110,000
Return inwards (Sales Returns)
3,500
Carriage inwards
890
Returns outwards (Purchase Returns)
720
Carriage outwards
500
Motor expenses
1,400
Rent
7,000
Telephone charges
830
Wages and salaries
14,000
Insurance
1030
Office expenses
800
Sundry expenses
250
Capital
158,780
269,000
269,000
Inventory as at 30 September 2021 as £13,000
Required
Prepare an Income Statement for B Moore for the year ending 30th September 2021
The following table shows the profit/loss for B Moore profitable since year 2013.
Year
2013
2014
2015
2016
2017
2018
2019
2020
Profit/Loss
55800
77,100
85,500
98,400
87,600
97,200
112,400
(65,400)
Due to the coronavirus pandemic, comparing the above years Income Statements, explain whether you predict increase/decrease on the loss/profit of the year 2022. (Maximum of 200 words).
2.2.2 Details for assessment 2: Assignment
The final coursework (60% weighting) at the end of the semester. (The assignment brief will be available in Blackboard under assessment tab after week 9. LO1. Knowledge and understanding of double entry bookkeeping
Learning outcomes:
Assessment 1: Written assignment Assignment
Learning outcomes tested: 1 - 6
Part A
Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the 1st of October 2021.
She is going to prepare accounts to 31st of September 2021. She contributed to the business with
£10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are as follows:
2/10 Purchased furniture £5400 for sale on credit from Home Ltd
4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid by cheque.
5/10 Sold goods for £ 2800 and received the money via Bank account
12/10 Paid in Cash £110 for repairing printer 18/10 Part of furniture returned to Home Ltd £25
21/10 The owner received rent £800 for flat and deposited it to the bank account
23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the rest remains on credit.
23/10 Sold goods of £700 to David and received cash
24/10 Bought a new Laptop for business use by issuing a cheque £1700 26/10 Paid the month’s wages to the part-time shopkeeper by cheque £820
30/10 The owner rented an office place in a Business Park near the London on 1st October and paid rent by cheque £850
31/10 The owner has also paid £ 1200 from the business bank account to book a hotel and flight in Scotland for her holiday.
31/10 £150 Cash received from Rayan.
Required:
a) Write double entry record the transactions in T-accounts
b) Balance the accounts and bring down an opening balance
c) Extract a Trial balance as at 31st October 2021
d) Prepare an Income Statement for the period ended 31st October 2021 13 marks The closing inventory is £ 320
e) Prepare a Statement of Financial Position as at 31st October 2020
f) Write a brief letter to Anne explaining what drawings are concerning small business and answering her query concerning her holiday.
PART B
a) According to the information available in Income and Financial position statements in Part A, calculate the following ratios for Anne’s business for October 2021
Competitors Average
Net profit margin
Gross profit margin
Current ratio
Acid test ratio
Accounts receivable collection period
Accounts payable payment
period
Year 2019
0.32
0.55
2.7
1.34
16 Days
27 Days
Year 2020
0.28
0.56
2.6
1.32
28 Days
12Days
Year 2021
0.02
0.08
2.8
1.38
26 Days
17 Days
b. Assuming Anne’s competitor’s ratio averages are as stated above for month October of years 2019, 2020 and 2021: Analyse her performance with reference to the ratios of October 2021 calculated in comparison to those of her competitor. Also, briefly explain the impact of Covid -19 outbreak on the average ratios (Maximum of 500 words).
For guidance on online submission of assignments, including how to submit and how to access online feedback, please refer to the UWL Blackboard student-help pages at: uwl.ac.uk/blackboardhelp LO1. Knowledge and understanding of double entry bookkeeping
Marking grid:
100-80%
79-70%
69-60%
59-50%
49-40%
39-30%
29-0%
The work produced is exceptional in most/all aspects, substantially exceeding expectations for this level.
The work produced is of excellent quality, exceeding expectations for this level in many aspects.
The work produced meets all of the intended learning outcomes and exceeds the threshold expectations for this level in several of them
The work produced meets all of the intended learning outcomes and exceeds the threshold expectations for this level in some of them.
The work produced meets all of the intended learning outcomes at, but rarely exceeding the threshold expectations for this level.
The work produced fails to meet all of the intended learning outcomes and is marginally inadequate for this level.a
The work produced fails to meet all of the intended learning outcomes and is inadequate for this level.
Knowled ge and Understa nding
Exceptional breadth and depth for work at this level;
Explores and evaluates information/id eas from a wide range of sources (may include primary sources);
Excellent understanding of concepts/theori es (some of them abstract) and/or current practice, and several of their applications and implications.
Accurate and coherent in breadth, with depth in many areas;
Explores and deploys information from a wide range of mostly secondary sources ; Thorough understanding of concepts and theories (some of them abstract) and/or current practice, and some of their implications and applications.
Accurate in breadth, with depth in
several areas;
Locates and organises a wide range of information/evi dence;
Clear understanding of concepts and theories (some of them abstract) and/or practice and some of their implications and applications.
Accurate, with depth in some aspects;
Locates and organises a satisfactory range of information/evi dence, some of it beyond the given/familiar;
Satisfactory understanding of the relevant concepts, theories and/or practice;
Shows some ability to deal with unfamiliar and abstract ideas.
Largely accurate across most
areas, with limited depth;
Locates and organises an acceptable range of information/eviden c e mostly from given/familiar secondary sources;
Adequate understanding of the main concepts, theories and/or practice;
Engagement with abstract/unfamiliar ideas or implications and
applications is slight.
Inaccuracies
/omission s in some areas, depth limited;
Range of information limited to the familiar/give n with some errors in organisation;
Occasional errors in understandi ng of main concepts, theories and/or practice;
Struggles to engage with unfamiliar/ab stract
Substantial inaccuracies/o missions/irrelev ancies;
Range of information inadequate and disorganised;
Substantial errors in understanding of concepts, theories and/or practice, or none;
Fails to engage with/address unfamiliar/abstr act ideas and complexities.
ideas and complexities
.
Cognitive Skills
Selects and applies appropriate methods to address/solv e complex and often unfamiliar and unpredictable problems;
Exceptional judgement in selection, analysis and evaluation of information and application of learning to different contexts;
Excellent investigative skills generate wellfounded and evidenced conclusions/p ractica l solutions.
Applies appropriate methods to address/solve complex issues/problem s, some unfamiliar/unpr edi ctable;
Exercises judgement in selection, analysis and evaluation of information and application of learning to a different context;
Thorough investigation generates wellfounded conclusions/pra ctitical solutions.
Uses appropriate given methods to address complex issues/problems, some unfamiliar/unpredi ct able;
Exercises judgement in selection and analysis of information, with some evaluation, and application of learning in a different context;
nvestigation generates wellfounded conclusions/practi ca l solutions.
Uses given methods to analyse issues/problems, some unfamiliar/unpred i catable and complex;
Satisfactory selection and analysis of information, with little evaluation;
Applies some aspect of learning in a different context;
Analysis using given methods is adequate;
Limited ability to apply learning to complex, unfamiliar or unpredictable contexts/issues;
aendency to description and reliance on familiar/given material or approaches.
Superficial analysis;
Some failure to apply learning to complex, unfamiliar or unpredictable issues/contex ts;
Overly descriptive and reliant on familiar/given material or approaches.
Analysis absent or with significant errors/omission s
Fails to apply learning;
Descriptive and heavily reliant on very restricted range of given/familiar material and approaches, poorly understood.
Practical
Competence
Competence in
Competently
Competently uses all of the required specialised practical, technical, creative, scholarly or workrelated skills, with more developed capability in at least one area.
Use of all the
Use of some of the required specialised practical, technical, creative, scholarly or work‐related skills is marginally inadequate.
Inadequate use
and
in all the
all the required
uses all the
required
many/all of the
Professio
required
specialised
required
specialised
required
nal Skills
specialised
practical,
specialised
practical,
specialised
practical,
technical,
practical,
technical,
practical,
technical,
creative,
technical,
creative,
technical,
creative,
scholarly or
creative,
scholarly or
creative,
scholarly or
workrelated
scholarly or
work‐related
scholarly or
work‐related
skills, exceeds
work‐related
skills is
work‐related
skills
expectations
skills, with
adequate.
skills.
exceeds
for this level in
indications of
expectations
some aspects.
more developed
for this level.
ability in some
areas.
Transferr able and Key Skills
Excellent presentation and organisation of work and lucid communicati on in all contexts;
Exemplary referencing/ci tation;
Work demonstrates independenc e and initiative beyond level expectations, setting objectives and taking responsibility for outcomes;
Evidences developed teamworking and indications of leadership ability;
Critical reflection/self evaluation exceptional for this level. LO1. Knowledge and understanding of double entry bookkeeping
Excellent presentation and organisation of work and lucid communication in most contexts;
Extensive, accurate referencing/cita tio n;
Work demonstrates independence and some initiative in setting objectives and taking responsibility for outcomes;
Evidences developed teamworking skills;
Reflection and self‐evaluation often critical and insightful.
Presentation and organisation of work appropriate to context and purpose, communication clear;
Referencing consistent and accurate;
Work demonstrates independence in setting some objectives beyond those given and taking responsibility for outcomes;
Evidences a high level of teamworking skills;
Reflection generates a number of critical insights.
Satisfactory organisation and presentation of work, communications mostly appropriate to the context/purpose;
Referencing mostly consistent/accura t
e;
Work demonstrates satisfactory independence in addressing objectives and taking responsibility for outcomes;
Evidences satisfactory teamworking skills;
Satisfactory reflection with some insights.
Organisation and presentation of work and communications adequate in most contexts, with some mistakes/irreleva nci es;
Some errors in referencing;
Work demonstrates adequate independence in addressing given objectives and taking some responsibility for outcomes;
Tendency to rely on support/direction from others;
Limited teamworking skills;
Limited reflection with few insights.
Elements of disorganisatio n/ poor presentation/ poor or inappropriate communicatio n or expression;
Errors/omissi ons in referencing, or none;
Work demonstrates insufficient independenc e in attempting to address given objectives and taking responsibility for outcomes;
Relies on support/direct ion from others;
Underdevelo ped teamworking skills;
Minimal
reflection lacks insight.
Work is disorganised, poorly presented with poor/inappropri ate communication and expression;
Substantial errors in referencing, or none;
Work fails to address objectives and take responsibility for outcomes;
Fails to engage in/ shows deficiencies in team‐working;
Reflection inadequate/abs ent with no insight.
Learning materials
The reading list for this module is available on Blackboard in the module area and online by searching uwl.rl.talis.com . This shows real-time availability of books in the library and provides direct links to online resources, recommended by your lecturer.
Remember to log into Blackboard and Ulearn daily to receive all the latest news and support available at your module sites!
Subject guides ( subject - guides - libguides ) are also available to help you find relevant information for assignments, with contact details of the Academic Support Librarian for your School.
You are reminded that the University applies penalties to students who commit an academic offence, in which case the Academic Offences Regulations will be used to deal with any cases of academic misconduct including examination offences, plagiarism, use of ghost writing services and other means of cheating to obtain an advantage.
Essential Reading
There are several book-keeping / accounting textbooks that capture the learning requirements of this module however; the following text may be worthwhile having
Frank Wood AND Sheila Robinson: Book-keeping and accounts (eighth edition), Pearson, ISBN 9780273773061
Dyson, J R. Accounting for Non-Accounting Students, 8th edition, Prentice Hall. ISBN ISBN13: 9780273722977 ISBN10: 0273722972
3 Things you need to know
Engagement
Teaching at UWL/UKCBC during the academic year 2021-22 will be conducted using Ulearn and may involve a range of on site and online teaching and learning activities. Whether you are engaging with teaching and learning activities on site or online, we expect the same level of commitment and engagement from you. If you are unable to attend scheduled on site or online activities or complete activities in the time frames set out, you should let your tutors know. You should aim to stick to assessment deadlines; if you are concerned that you will not be able to complete your assessments on time, you should talk to your tutors. Your engagement, whether online or on site, will be tracked and if we see that you are not engaging, we will get in contact with you. However, we encourage you to let us know if you are having problems so we can work with you to find solutions and get you back on track as soon as possible. Give yourself the best possible chance to succeed by engaging with the full range of learning and teaching activities available to you.
All students should refer to the Attendance and Engagement Monitoring Policy particularly if your course is accredited by a professional body, or if you are an International student on a Tier-4 visa, or a student on an Apprenticeship course which have additional requirements. LO1. Knowledge and understanding of double entry bookkeeping
Need help, just ask
The University recognises that there are times when you may encounter difficulties during your course of study and provisions are made to help you. If you think you will be unable to meet deadlines please talk to us, whether it’s your course/module leader, personal tutor or any member of staff, so they can get you the support you need to succeed. You can extend your deadline if you have a good reason why you are not able to submit a piece of coursework on time, apply online for an extension before your deadline.
Please remember late submission without extension or mitigation may result in penalties depending on how late it is, see University Academic Regulations .
You are expected to behave in line with UWL/UKCBC expectations, irrespective of whether your interactions with staff and other students are in person or online. As you will be engaging with others online and with a range of online materials, it is important to consider how to stay safe online and ensure your communications are secure and appropriate.
If you have an issue about the module, you should speak to your Module Leader or Course Leader informally in the first instance. Your Course Representative can also raise your concerns at Course Committees, which take place each semester. If you are unable to resolve it informally, you should refer to the Complaints Procedure which is outlined in the student handbook and consult the Students’ Union about it. The University aims to ensure that issues are resolved informally as quickly as possible to have minimum impact on your studies
Getting support for your studies
Throughout your course of study, you will have access to a wide variety of sources of support depending on your individual circumstances and needs. Your first point of call for getting general academic support is your Personal Tutor. As well as approaching your Module Leader with any questions specifically related to your module and your Course Leader with questions on your Course, do contact your Personal Tutor or Apprenticeship Support Link Tutor for academic advice in relation to your studies and your academic development. LO1. Knowledge and understanding of double entry bookkeeping
Apart from the University-wide support framework, which encompasses the Module Leaders, Course Leader, the Subject Librarian, and your Course Administrator, you will also have at your disposal the SPS Team. The SPS offers One-to-One Academic Support opportunities helping you to develop skills relevant to your degree. Academic Skills Workshops throughout the year include the following:
Essay Planning and Writing
Critical Thinking
Reflective Writing
Group Work and Presentation Skills.
3.4. Module evaluation – have your say!
Towards the end of the module you will be invited to provide some anonymous feedback to the Module Leader through an online survey. This is your opportunity to give some direct feedback about the module through a series of questions and free text. Your constructive feedback will help the Module Leader and teaching team to understand the module experience from your perspective and helps inform the development of the module. LO1. Knowledge and understanding of double entry bookkeeping. At the end of the survey period, a response to the survey will be available so that you can.
Get Fresh Answer: £129 100% Plagiarism Free & Custom Written,
