Marwa -nouf – accounting

see file attached

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	HIGHERCOLLEGE OF TECHNOLOGY
DEPARTMENT: BUSINESS STUDIES
Final Examination: Assignment Based Assessment 1                           Semester: II       A. Y.: 2019 / 2020 Diploma I Year
Start Date: 04th June	Time: 07: 00 pm
Due Date: 06th  June	Time: 07:00 pm
Student Name	Noof ahmed
Student ID
Specialization	Accounting
Section
Level	Diploma Second Year
Course Name	Principles of  Accounting 1
Course Code	BAAC 1102
For official Use Only
Question No.	Max. Marks	Obtained Marks		Question No.	Max. Marks	Obtained Marks
1	1		1	1
2	1		2	2
3	2		3	1
4	1		4	1
5	6.5		5	8
6	7		6	7
7	6.5		7	6.5
8	7		8	7
9	10		9	10
10	8		10	6.5
Grand Total Marks	50			50
First Marker:		Second Marker:
Date:		Date:

Guidelines for Students to Submit the Assignment:

1. The final assessment for semester 2, 2019-20 will be done through comprehensive assignment for a maximum of 50 marks.  The schedule of the final assessment is available in the college website. https://www.hct.edu.om/about/the-college/announcements/final-assessment-timetable-041620
2. All the students are expected to have only one assignment at one time. In case, if the students have more than one assignment on the same day, please report to the exam committee through the following mail id.  exam.bus@hct.edu.om as soon as possible.
3. All students are given 48 hours to complete and submit each assignment from the day, date and time the assignment is uploaded. Students are advised not to wait till the last moment of the deadline to submit the assignment.
4. The students can check the assignment anytime and any number of times from the opening of the assignment. The answer to the assignment need to be uploaded in e-learning within 48 hours.
5. The answer to the assignment can be uploaded only one time. No requests for resubmission of the assignment will be entertained.
6. The students may contact the following mail Ids if they face any difficulties while related to final assignment.

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For Academic related support :Business Courses     For Technical Writing 1   For Technical Writing 2   For Technical Communication	anand.kalimani@hct.edu.omkarri.krishna@hct.edu.om   ramil-ecot@hct.edu.om   khulood.aiadi@hct.edu.om   jocelyn.balili@hct.edu.om
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• Students may contact their respective lecturer through college email (within the 48-hour period given) if they have any doubts and clarifications on the assignments.
• Students should be aware that this assignment is an independent assessment. Students are not allowed to get help from any other person during the assessment period.
• Students assignment will be checked for plagiarism through Turnitin software. This assignment will be assessed as per the College Assessment Policy. Student will be investigated in case of plagiarism as per the College policy and procedures. The maximum acceptable similarity index is 25%.
• In case the students face any technical issues regarding the submission of assignment, the answer to the assignment can be mailed to the concerned lecturer within the 48-hour period using college email.
• 11)Any assignment submitted after the 48-hour period will not be considered for evaluation.
• 12)The assignment should be submitted only with the file in MS Word document. No other format is acceptable at all (e.g. pictures, JPEG, PDF, etc).
• 13)The students need to answer the assignment in the prescribed number of words as mentioned in the assignment.
• 14)The students need to follow the following format while preparing the assignment:
  • Font Style: Times New Roman
  • Font Size: 12 point for body and 14 point for Headings
  • Line Spacing: 1.5
  • Margin: 2.54cm (One inch) on all the sides
  • Page Number: At the bottom right hand corner of each page
  • Colour: All words should be in black colour
• 15)Students who will fail to submit their assignment as per the deadline given are required to make an online appeal along with the valid excuses as the guidelines which will be announced through the college website or e-learning portal within three days from the date of submission deadline.

Instruction:  Answer all the questions with workings in detail.

1. Mr. Ahmed has opened Restaurant in Al Qurum with a Capital of 1 Million and has appointed Mr.Marwan as an Accountant to look after all the financial transactions of the Restaurant. Mr. Marwan follows series of steps for the various transactions. You are required to identify and list in the detail the steps followed by Mr. Marwan in the Accounting books. (1 mark)

• There are three main form of Business organization, if you decide to join business field which form of business will you prefer to join and briefly explain why you didn’t choose the other form of Business organization? ( 1 marks)

• Ali Company borrowed OMR50, 000 in December 2019 for a period of three months from Azzan and will make its interest payment three months later. The total interest for the three months will be OMR 1500. At the end of the year 2019 in the financial statement, the company reported Interest Expense of OMR 500 in Income Statement.
• This action was the result of which accounting principle? Explain. (1 mark)
• Do you think, the borrowed money will increase the assets/ Liabilities of the business? Yes/ No Justify your answer.(1 Mark)

• Mr. Zuhair Started Car cleaning services in Ruwi with a capital of OMR 50,000 and earns a profit of OMR 2,500 at the end of the year. He spends OMR 250 to purchase clothes, OMR 350 to purchase mobile phone for his personal use can Mr. Zuhair records his personal expenses in his Car cleaning service accounting books? Explain the reason by justifying the result which relates to GAAP. (1 Mark)

Use the Following information for the Question Numbers 5 to 10.

Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.
January 1. Mr. Salah invested cash OMR 30,000, computer value OMR 2,000

January 2. Paid OMR  1500 cash for the rent of office space for the next 3 months.
January 3. Purchased other office tools OMR 950 on credit.

January 4. Hired a helper agree salary OMR 700.

January 8. Completed work for a client and immediately collected cash OMR 2,80
January 10.  Perform services for a client and sent a bill OMR 500 to be paid later.
January 12. Purchased supplies OMR 8,000 in cash.

January 14. Mr. Salah has booked an equipment for OMR 999 and the expected delivery of an equipment will be in the month of February.

January 15. Received cash OMR 3000 from a client for the service to be provided for the month of February and March 2020.

January 17. Pay school fees  OMR 450 for the kids from his personal fund.
January 18. Collected OMR 200 on the amount owed by the client.

January 22. Purchased laptop and returned it back on the same day as it was defective OMR 299
January 25. Paid cash OMR 500 for liability on the office tools
January 28. Owner withdrew OMR. 500 cash for personal use.
January 30. Completed work for another client OMR. 600 but paid only for 50% of the amount. The remaining agree to pay later.

January 31. Paid salary of helper. OMR 700.

January 31. Planned to purchase additional supplies of OMR 500.

January 31. Received electricity bill OMR 250.

From the above transaction you are required to prepare:

• Analyze the transaction by using accounting equation. (0.5 Mark*8 marks)
• Prepare the Journal entries for the month of January. (0.25 for each account= 7 marks)
• Post the entries and calculate the balances. (0.5 Mark*13 = 6.5 marks)
• Use the balances to prepare the unadjusted trial Balance. (7 marks)
• After completing the Unadjusted trial balance use the below information to prepare the Adjusted Trial Balance. (10 Marks)

Additional information

1. Rent expense for the month OMR 500
2. Office supplies at the end of the month 4500.
3. Unearned revenue OMR 1500. At the end of the month.
4. The computer has useful life 3 years and residual value OMR  200
5. The earned revenue not recorded at the end of the month OMR 1450.

1. Use the adjusted Trial Balance to prepare Income statement, statement of owners’ equity and statement of financial Position. (6.5 marks)

                                                           Good luck

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