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UG03–AB Accounting for Business Assignment Help

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UG03–AB Accounting for Business Assignment Help

UG03–AB Accounting for Business Assignment Help

Notes to candidates:

     ·       Write your name and UWIC Number

     ·       Write your answers in the spaces clearly labelled with red type

     ·       Answer all questions.

     ·       There are five (5) questions

     ·       The number of marks available for each question is shown in (brackets)

     ·       There are 110 marks available in total

     ·       The assessment will be available for 4 hours. It should take you no longer than 2 hours to

          complete

     ·       Upload your finished assessment into the relevant Turnitin assignment.

     ·       Similarity reports will be generated on each submission.

     ·       You must cite and reference any work that isn’t your own.

QUESTION 1 [45 Marks]

Pear mobiles sells mobile phones in the UK and has provided the following financial information from her accounting records after the production of her Income Statement for the year ended 31 December Year 3.

You are to carry out an analysis of the company’s financial performance in Year 3.

Notes:

i. 30% of goods were sold on credit.

ii. all goods were purchased on credit.

PEAR Mobiles

Selected financial data at 31 December Year 3      

 

£

Sales Revenue

152,000

Opening Inventory

5,600

Closing Inventory

6,400

Gross Profit

77,800

NET Profit for the Year

20,300

Opening Equity

80,000

Trade Payables

2,000

Trade Receivables

8,000

Property (at Cost)

60,000

Bank & Cash

2,900 (Dr)

Machinery and Tools (at Cost)

55,000

Provision for Depreciation on Machinery and Tools (1 January Year 3)

7,000

Drawings

10,000

VAT

600 (Cr)

Equipment (at Cost bought in year so not depreciated)

9,600

Bank Loan

2,000

Provision for Doubtful Debts (1 January Year 3)   

400

 

 

 

1.2 Comment on the current position of Pear mobiles in terms of financial viability and would you support investment in this company and why? [15 Marks]

1.3 Pear mobiles is considering entering high end quality mobile phones and selling internationally. This would require a certain level of investment. Write a report outlining four steps that the senior leadership should take to help the company expand internationally. Consideration could be given to (but not restricted to) the following areas: [14 Marks]

·       Business case (strengths, weaknesses, opportunities, threats market, products, pricing)        5 Marks

·       Budgets & Cashflows 3 Marks

·       Investment required 3 Marks

·       Gearing level (current and projected after international expansion) 3 Marks

Question 2 [15 Marks]

2.1 Suggest one way in which any business could improve each of the following ratios (you should give a different suggestion for each ratio). [4 Marks]

a) Trade Receivables Period. 2 marks

Type your answer here: There are some Trade receivables period which are helpful to improve the company. Create and air report and calculate your art.

The first way to control of your collection efforts is to determine the current status of all

 

b) Return on Equity Employed. 2 marks

2.2  Using the figures for liquidity for Years 2 and 3 below, suggest two reasons for the change in liquidity during Year 3. [6 Marks]  

Ratio

Year 2

Year 3

Acid test Ratio

1.6:1

3:1

2.3 How would you interpret the ratios given above for Year 2 and Year 3 in terms of company financial performance for the areas of profitability, liquidity, gearing and asset efficiency? (5 Marks)

Union Coffee Distribution has three production cost centres — Production, Assembly and Packing, and one service cost centre — Human Resources.
Question 3 [20 Marks]

The business has estimated the overheads for Year 4 of her business. (Overhead Analysis Sheet)

3.1 Complete the Overhead Analysis Sheet below. [20 Marks]

Overhead Analysis

Overhead Analysis

Question 4 [20 Marks]

Raj is thinking about starting a new business and has asked you in your role as New Start-Up Mentor for the local Chamber of Commerce for some advice by email. Read Raj’s email and answer each of her queries.

Hi,

I’ve been given you details by a friend as I am thinking about setting up a business and I’ve been told that the local Chamber of Commerce offers free independent advice to would be entrepreneurs like me. 

Firstly, I know someone who would like to come into business with me and I was just wondering what the main benefits would be to start up as a partnership rather than a sole trader? I’ve also been told that I should pay for a book-keeper to maintain my records, could you give me three reasons why I should keep full accounting records? Lastly, if I did set up a Partnership, what accounting information would I need to provide and who should I provide it to?

Thanks

Raj

Write you response below addressing the following points:

a) Main benefits of a partnership compared to being a sole trader 5 Marks

b) Three reasons why full accounting records should be kept 5 Marks

c) What accounting information does a partnership need to provide and to whom? 5 Marks

d) Clear and coherent reply addressing the above points in a fairly accurate and relevant manner. 5 Marks

Dear Raj,

Thanks for your recent email. I would be delighted to assist you be answering your queries. Please see my responses below:

Write your answer here:

Question 5 [10 Marks5.1 Please define the following terms, include an example for both. [4 Marks]

5.2  Depreciation to date is deducted from the cost of a business asset on a balance sheet because of an application of an accounting concept.  Which accounting concept? [2 Marks]

5.3 State 4 purposes of international financial reporting standards when preparing financial statements. [4 Marks]

END of EXAM

You will now need to upload your MS WORD document to the appropriate TURNITIN Assignment. This will be found in the relevant folder for your Tutor and Class.

A similarity report will be generated for all submissions.

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