IT Application for Financial Accounting

Module Title:IT Application for Financial Accounting Programme:BSc (Honours) Level:Level 4 Format: Report Any special requirements: All work should be submitted to the Student Portal along with an acceptable Turnitin Report Word Limit: 2,000 words (with 10% plus or minus leeway) Assignment Task On 1.2.2015 Maria commenced a business dealing in fashion wear called Style. She paid £35,000 into the business bank account and the following transactions took place during the first fortnight of February. 1st Bought shop fixtures and fittings 7,000 Purchased inventory for resale 15,000 Bought car 9,000 Paying by cheque for all She also paid by cheque the first fortnight’s rent on the shop 550 She also withdrew from the bank account 200 2nd Purchased for general office use stationary for cash 95 Employed two shop assistants agreeing to a wage of £155 each per week. This was to be paid in cash every Friday of the month in arrears. The amounts paid are included in the list below. 3rd Sold goods for cash 720 Sold goods on credit 240 4th Cash sales 850 Office expenses paid for cash 50 5th Bought goods for resale on credit from Fashionwear Ltd.1,600 Faulty goods were returned and refund given in cash 130 6th Cash sales1,010 7th Wages paid in cash 310 Paid all cash into bank 8th Cash sales 1,200 Credit sales 900 11th Bought inventory for cash 2,500 Bought inventory on credit from Fashionwear Ltd 5,200 Sold inventory for cash 110 Sold inventory on credit 70 12th Cash sales 1,600 13th Cash sales 700 14th Cash sales 2,100 Credit sales 50 Office expenses paid in cash 90 Received cheques from trade receivables660 15th Wages paid in cash 310 Cash sales 1,750 Paid Fashionwear Ltd by cheque 5,000 Paid all cash into bank account The inventory on hand at the commencement of business on 16th February was £14,500. Maria also estimated at this date that during the first fortnight of business she spent £105 on car expenses relating to the business, which she paid out of her own pocket. In addition to the above, Maria drew wages for herself of £500 per week in cash on 8th and 15th. Task 1: SAGE 50 Accounts Financial Statements (60%) of the total marks You’re required to: 1. Design a simple accounting system for "Style Ltd." using SAGE 50 2. Record "Style Ltd." transactions in Sage 50 Accounts 3. Prepare a trial balance 4. Draw up an income statement for the period ending and a statement of financial position as at 15th February 2015 5. Write a report (800 words) to the management of Style comment briefly on the performance of the business in the first fortnight. Include screen shots your SAGE 50 Features in the appendix Task 2 IT application in financial accounting (30%) of the total marks The managing director of Style does not have much experience with accounting software and has asked you to prepare a report on: You are required to: Write a report (1200 words) to the management of Style Ltd. based on your knowledge of IT application in financial accounting covering the following: • A brief explanation on why it is essential that every business keep accounts. • Brief discussion of the business value of Sage50 Accounts to Style Ltd. • Brief explaination of how SAGE 50 Accounts has simplified the double-entry bookkeeping system of recording transactions (10%) of the total marks Properly formatted report with harvard styled reference Marking Scheme: What is expected within students’ answers? The report for each question must begin on a new page with the following headings • SAGE 50 Accounts Financial Statements • IT application in financial accounting • Properly formatted report with harvard styled reference You must include your SAGE 50Accounts features in the appendix. Your financial statements must show: • Double-entry bookkeeping of all "Style Ltd." transactions • Trial balance period ending 15.02.03 • Income statement for the period ending 15.02.15 • Statement of financial position as at 15.02.15 • Brief comment on the performance of the business in the first two weeks Identify the area the managing director needs to review in order to increase the Profit margin. Marks Awarded: Marks SAGE 50 Accounts Financial Statements 60 IT application in financial accounting 30 Properly formatted report with harvard styled reference 10



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