What was your contribution in the proposed assignment

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Reference no: EM131503387

The topic is managing projects.

Prepare basic ledger accounts using double entry system.

Group Task:

Requirement: The students are required to post to the general ledger accounts the journal entries below covering the period from October 1 to 30, 2017 these journal entries were taken from the books of Mowarlah Electronics owned and managed by QASIM. The students must use the general ledgers provided in this assessment paper. They are not required to fill-up the reference columns in the general ledgers.

Here are the General Journal entries. The amounts are in Omani Rial.

 

Date

Particular

Ref.

Debit

Credit

October 2017

1

Cash

 

200,000

 

 

 

QASIM, Capital

 

 

200,000

 

 

To record owner's initial investment.

 

 

 

 

 

 

 

 

 

 

2

Cash

 

400,000

 

 

 

Loans Payable

 

 

400,000

 

 

To record proceeds of loan obtained from HSBC Bank.

 

 

 

 

 

 

 

 

 

 

5

Accounts Receivable

 

320,000

 

 

 

Sales

 

 

320,000

 

 

To record payment for sales made on credit.

 

 

 

 

 

 

 

 

8

Equipment

 

10,000

 

 

Cash

 

 

10,000

 

To record payment for the purchase of equipment

 

 

 

 

 

 

 

 

12

Purchases

 

100,000

 

 

Accounts Payable

 

 

100,000

 

To record purchases on credit extended to Sultan Qaboos

 

 

 

University

To post the journal entries, you are required to use the following GENERAL LEDGERS:

Account: CASH

Account: SALES

Account: ACCOUNTS PAYABLE

Account: ACCOUNTS RECEIVABLE

Account: Loans PAYABLE

Account: PURCHASES

Account: Equipment

Account: QASIM, CAPITAL

Individual Reflection

1 What is the rationale for carrying out these assignment?

2 What was your contribution in the proposed assignment?

3 What principles of accounting did you use in carrying out the assignment?

4. What limitations did you encounter when carrying out the assigned task?

5 Identify and discuss the interest groups likely to benefit from the assigned task?

Verified Expert

This is a group assignment of accounting wherein; the fundamentals of basic accounting practice is learned based on the case study provided. The assignment requires making posting of the journal entries provided in the case study in the ledger accounts and balance amount determined at the end of the month. Another part is the individual reflection based on the learning of this assignment.

Reference no: EM131503387

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Reviews

len1503387

5/22/2017 2:43:09 AM

11. Viva will be conducted when required. 12. Marks awarded in assessment are provisional till approved by the exam board. Marking Scheme in detail: Complete and correct posting (with date, particulars and amount debited or credited) : 6 Marks Incomplete postings for date, particulars and amount of debit and credit will be awarded 2 marks each. - Date entry only : 2 Marks Particulars only : 2 Marks Amount of debit or credit only Any combination of date, particulars and debit/credit entries : 2 Marks

len1503387

5/22/2017 2:42:57 AM

Instructions for the assignment: 1. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white. 2. Last date of submission: End of 12th week of the semester. 3. Max. Marks: 100 4. There must be cover page which indicate the module title, name of student, name of faculty and date of submission. 5. The prescribed general ledger forms must be used for this assignment. 6. Each ledger posting should be complete with date, explanation under the particulars column, and the debit or the credit entries. 7. The account total and balance are not required to be determined after completing all postings. 8. The assignment should be submitted on time through the Moodle. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide.

len1503387

5/22/2017 2:38:11 AM

2. Individual Reflection 60 marks Total marks 100 marks 11. Viva will be conducted when required. 12. Marks awarded in assessment are provisional till approved by the exam board. Marking Scheme in detail: Complete and correct posting (with date, particulars and amount debited or credited) : 6 Marks Incomplete postings for date, particulars and amount of debit and credit will be awarded 2 marks each. - Date entry only : 2 Marks Particulars only : 2 Marks Amount of debit or credit only Any combination of date, particulars and debit/credit entries : 2 Marks

len1503387

5/22/2017 2:37:56 AM

7. The account total and balance are not required to be determined after completing all postings. 8. The assignment should be submitted on time through the Moodle. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide. 9. Plagiarism Policy. Plagiarized documents, in parts or whole, submitted by the students will be rejected. However, if the plagiarism is found to be accidental the student may be advised to re-submit the work only once within one week from the date of rejection. A penalty of 25% of the total marks on the specific coursework assessment component will be imposed on the re-submitted work. If the re-submitted work is also found to be plagiarized, the student will be awarded a zero mark. If the work submitted is found to be intentionally plagiarized to gain an unfair advantage in any form, such work will be automatically rejected and a mark of zero will be awarded. If the student is found to consistently submit plagiarized work, it will be dealt with seriously and may warrant suspension for a period or expulsion as may be recommended by the committee set for the purpose.

len1503387

5/22/2017 2:37:17 AM

1. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white. 2. Last date of submission: End of 12th week of the semester. 3. Max. Marks: 100 4. There must be cover page which indicate the module title, name of student, name of faculty and date of submission. 5. The prescribed general ledger forms must be used for this assignment. 6. Each ledger posting should be complete with date, explanation under the particulars column, and the debit or the credit entries.

len1503387

5/22/2017 2:36:54 AM

I just need the individual reflection of 500 words. Which is at the end. The assignment is already doneStudents should carefully read the assignment details and answer all questions. ? Upon the discretion of the faculty, students may be called for the VIVA-VOCE. Failing to appear for VIVA or to respond to the questions asked during VIVA may lead to fail in the assessment.

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