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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:

  1. 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)
  2. 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) 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. He also would have some accounting responsibilities; however, he does not know about steps for starting a business. As your area of studying is related to the Business, he 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:

  1. Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12 marks)
  2. 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

  1. Prepare an Income Statement for B Moore for the year ending 30th September 2021
  2. 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.


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