Principles of Accounting Assessment 1: Financial and Management Accounting Applications, Trial Balance, Journal Entries, and Financial Statements Preparation, Singapore

Word Limit
1,500 to 2,000 words

Assignment Format & Submission Guidelines

1. Formatting Requirements

• Assignments must be typewritten.
• Use Arial, font size 12, with 1.5 line spacing.
• Text must be justified (aligned evenly on both sides).
• Include headers and footers with your student name//ID and page numbers on every page.

2. Structure

• Begin with an Introduction that outlines the purpose and scope of the assignment.
• Present answers clearly under relevant question numbers.
• Conclude with a Summary or Conclusion to reflect key learning points.

3. Referencing

• A Reference Page must be included at the end of your assignment.
• Use APA 7th edition referencing style.
• All sources (books, journals, websites, reports) must be appropriately cited both in-text and in the reference list.

4. Marking Criteria

• Refer to the marking rubrics provided for guidance on expectations and grading.

5. Academic Integrity

• Assignments must be your own original work.
• Plagiarism, collusion, or use of uncredited material will result in penalties in line with academic regulations.

6. Submission Instructions

• Submit electronically via the designated platform (e.g., Turnitin, LMS, or email) by the due date.
• Keep a backup copy of your assignment.
• Late submissions may incur penalties.

7. Other Instructions

• Use clear headings and subheadings to structure your answers.
• Ensure correct spelling, grammar, and professional presentation.
• Diagrams, tables, and examples may be included where appropriate to strengthen your answers.

Attempt all questions – Refer to the marking rubrics for the mark allocation.

Question 1

Pomelle Ltd is a retail company currently facing rising operating costs and declining profits. As the company’s accountant, you have been asked by management to guide on how Financial Accounting and Management Accounting information can be used to address these challenges.

Required:
Using relevant accounting concepts and terminology, explain how each type of accounting can assist the company in making informed decisions. Provide at least two practical examples for Financial Accounting and two for Management Accounting to support your answer.

Question 2
The following balances are taken from the books of Emilio Ltd for December 2025:

Required:
Prepare a Trial Balance for Emilio Ltd as at December 2025.

Question 3

Emma Ltd, a newly established company, began operations in January 2025. The business specialises in selling eco-friendly office supplies, targeting both corporate clients and walk-in customers.

The company has kept a record of its transactions since its inception and now wishes to prepare its financial statements for review. The following transactions have been extracted from the books of accounts of Emma Ltd:

1. Started business with capital of $2,000,000 cash.

2. Opened a business bank account and deposited $700,000 cash.

3. Bought furniture for $54,200 for cash.

4. Emma Ltd bought goods worth $154,600 from Annaya Ltd.

5. Sold goods to Ash Ltd for $300,000 on cash terms.

6. Emma Ltd bought office equipment on credit from Goody Wood Furnishings Ltd for $600,000.

7. Emma Ltd paid the company a monthly rent $150,000 in cash.

8. Emma Ltd sold goods worth $100,000 to Alexa Ltd on credit.

9. Emma Ltd returned $4,600 worth of goods to Annaya Ltd as they were defective.

10. Alexa Ltd returned $2,000 worth of goods to Emma Ltd as they were the wrong size.

Required:
Prepare the journal entries for the above transactions.

Question 4

June Ltd is a medium-sized retail company that specialises in lifestyle and household products. Over the past year, the company has expanded its operations by opening two new outlets and investing in modern equipment to improve efficiency. While sales have grown steadily, management is concerned about rising operating expenses and their impact on profitability.

As part of the year-end process for 31 October 2026, the finance team has prepared the trial balance and gathered additional information for adjustments. You have been engaged as the company’s trainee accountant to assist in the preparation of the Income Statement and the Statement of Financial Position.

The following account balances were extracted from the books of June Ltd for the year ended 31 October 2026:

June Ltd
Trial Balance as at 31 October 2026

| | 3,612,500 | 3,612,500 |

Additional Information:

a. Utilities amounting to $3,500 were outstanding as at 31 October 2026.

b. The insurance expense recorded includes a prepayment of $6,500 relating to November 2026.

c. The closing inventory on 31 October 2026 was valued at $132,000.

d. Irrecoverable debts to the value of $27,000 are to be written off.

e. Depreciation is to be provided on the Premises at 10% of the cost.

f. Depreciation on Plant and Equipment for the year amounts to $45,000.

Required:
i. Prepare an Income Statement for the year ended 31 October 2026.
ii. Prepare a Statement of Financial Position as at 31 October 2026.

Total Marks 100 marks