Pass Mark and Weighting of the Assignment
Pass mark and weighting of the assignment
To pass the assignment you need a mark of at least 40%. The assignment carries a 60 % weighting towards your final mark for the module. Hand in date All assignments must be submitted on turnitin by the due date. Any late submissions will be subject to the penalties laid out below. Work handed in up to 5 working days late will be awarded a maximum of 40 %. Work handed in after that will be given zero.
At the end of each seminar, there will be five minutes free to discuss any problems or ambiguities in the assignment with the group.
a) Write double entry record the transactions in T-accounts
b) Balance the accounts and bring down an opening balance
c) Extract a Trial balance as at 30th September 2019
d) Prepare an Income Statement for the period ended 30th September 2019
**Assuming closing inventory of £ 250.00
e) Prepare a Statement of Financial Position as at 30th September 2019
i. Use the information available in Income and Financial position statement in Part A and calculate the following ratios for James
• Net profit margin 28%
• Gross profit margin 65%
• Current ratio 2.10x
• Acid test ratio 1.50x
• Accounts receivable collection period 47days
• Accounts payable payment period 65 days
ii. Assuming James’s competitor’s ratio averages are as stated above: Analyse his performance with reference to each of the ratios calculated in comparison to those of his competitor.