Asian Corporation Pte Ltd provides the following balances which were from its books of accounts for the year ended: Accounting Assignment, NTU, Singapore

Question 1

Asian Corporation Pte Ltd provides the following balances which were from its books of accounts for the year ended 31st December 2022:

Additional information:

• Depreciation is to be provided at 10% and 25% on the cost of Machinery and Furniture & Fittings respectively.
• The closing stock as of 31 December 2022 was valued at $315,000.
• Prepaid rent of $3,200 was included in the rent.
• Provide for irrecoverable debts on debtors at 1.5%
• Accrued wages $4,000
• Provide for income tax @ 20%

Question 2

“There are definitely errors in the accounts if the Trial Balance is not balanced. However, a balanced Trial Balance does not necessarily mean that there are no errors.”

Citing examples, list and explain five (5) errors not revealed by a Trial Balance.

Question 3

With reference to one of the listed companies on the Singapore Exchange (must be listed in Singapore Exchange, do not select banks, or insurance companies), provide a short analysis of the financial performance of the chosen company. At least one ratio from each group (profitability, liquidity, efficiency, solvency, market) should be used. A two-year analysis (between 2020 – 2022) may be used.