INAC5111w: Introduction to Accounting - Accounting and Finance Assignment Help

Assignment Task

Question 1
Complete the table below by correctly classify the account by putting an X in the correct column. Duplicate this table in your answer and then add a X in the correct columns.

Question 2
A friend from school wants to open a business and has approached you for some help as he has no accounting experience.
Q.2.1 Your friend has a wealthy aunt, and he wants to ask her for money to start the business. The Aunt can either be an investor in the business or make a loan to the business.
In your own words explain to your friend how his aunt will use the financial information of the business if she is:
• An investor
• A lender
Q.2.2 Your friend is not sure which business form to adopt for his new business. He is aware that his choice in business form will determine his exposure to risk and access to capital amongst others.
Briefly explain to your friend how each of the following five factors will impact his choice of business form.
• Legal personality
• Starting procedures
• Obtaining capital
• Ownership and management
• Distribution of profits
Q.2.3 Which ownership form would you recommend for your friend and why?
Q.2.4 Your friend has heard that there are two branches of accounting. Name the two branches and briefly explain the differences between the two branches.
Q.2.5 Explain to your friend the difference between a journal and a general ledger.

Question 3
Calculate the profit or loss made by Jeff Wilson Wholesalers during December 2022 using the below information:

Assume that no capital was added to the business during the year, and no drawings were made. Your answer must indicate clearly if it is a profit or loss, and all workings must be shown.

Question 4
Houtbay Surfing Shop trades in surfboards and beach apparel. The business started trading on 1 January 2023. The following balances appeared in their books on 1 March 2023:

Debit balances: Bank R75 000
Inventory R35 000
Credit balances: Capital 110 000

The following transactions took place during March 2023. Houtbay Surfing Shop uses the perpetual inventory system. (Ignore VAT).

Required:
Calculate the owner’s equity in the business on 31 March 2023 by showing the effect of each transaction on the accounting equation.
For each transaction, show how the transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected (Ignore VAT). Clearly indicating increases (+) and decreases (-).
Set your answer out as per the example given on the next page.
 

Example: Repay a bank loan of R25 000.

Question 5
The following balances appeared in the books of Saxby Plastics as of 31 January 2023, the last day of the financial year of the business:

Required:

Show all your workings.

Q.5.1 Calculate total income and total expenses

Q.5.2 Calculate total current assets as at 31 January 2023.

Q.5.3 Calculate total non-current assets as at 31 January 2023.

Q.5.4 Calculate total current liabilities as at 31 January 2023.

Q.5.5 Calculate total non-current liabilities as at 31 January 2023.

Q.5.6 Calculate the net profit or loss for the year ended 31 January 2023. Indicate clearly if it is a profit or a loss.

Q.5.7 Calculate the owner’s equity.

Q.5.8 The owner of Saxby Plastics wants to grow the business during 2023. Name three things the owner can do to increase sales in 2023.

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