Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP Group Assignment Spring - 2017 Module: Principles of Accounting (BUSS 1003) ID NUMBER Level 4 Max. Marks: 100(Weightage 20) Duration: 3 weeks Instructions to Student:  Students 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. Learning outcomes to be assessed include: Prepare basic ledger accounts using double entry system. Group Task: (Comprised of 4-5 Students) 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. (40 Marks) 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. BUSS 1003(QP) Page 1 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP 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 BUSS 1003(QP) Page 2 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP To post the journal entries, you are required to use the following GENERAL LEDGERS: Account: CASH Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct (19 Marks) Account: SALES Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct. (3 Marks) Account: ACCOUNTS PAYABLE Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016Oct. (3 Marks) Account: ACCOUNTS RECEIVABLE Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct. (3 Marks) BUSS 1003(QP) Page 3 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP Account: Loans PAYABLE Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016Oct. (3 Marks) Account: PURCHASES Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct. (3 Marks) Account: Equipment Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct. (3 Marks) Account: QASIM, CAPITAL Date Particulars Ref. Debit Date Particulars Ref. Credit 2016 Oct. 2016 Oct. (3 Marks) BUSS 1003(QP) Page 4 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP Individual Reflection 1 What is the rationale for carrying out these assignment? (10marks). 2 What was your contribution in the proposed assignment? (10 marks). 3 What principles of accounting did you use in carrying out the assignment? (10 marks). 4. What limitations did you encounter when carrying out the assigned task? (10 marks) 5 Identify and discuss the interest groups likely to benefit from the assigned task (20 marks) (60 Marks) BUSS 1003(QP) Page 5 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP 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. 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. 10. Evaluation criteria: Criteria Marks 1. Ledger accounts preparation 40 marks BUSS 1003(QP) Page 6 of 6 Principles of Accounting–(BUSS 1003) – CW2 – Spring-17 –QP 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 : 2Marks Amount of debit or credit only Any combination of date, particulars and debit/credit entries : 2 Marks Clarification on Plagiarism Policy As per MEC policy, any form of violation of academic integrity will invite severe penalty. Plagiarised documents, in part or in whole, submitted by the students will be subject to this policy. A. First offence of plagiarism a. A student will be allowed to re-submit the assignment once, within a maximum period of one week. However, a penalty of deduction of 25% of the marks obtained for the resubmitted work will be imposed. b. Mark deduction: When the work is resubmitted, the marking will be undertaken according to the marking criteria. In compliance with this policy, the 25% deduction is then made on the marks obtained. For example, in an assessment that carries a maximum of 50 marks, suppose a student were to obtain 30 marks for the resubmitted work, the final marks for that assessment will be 22.5 (after deducting 25% of the marks actually obtained for the resubmitted work). c. Period of resubmission: The student will have to resubmit the work one week from the date he or she is advised to resubmit. For example, if the formal advice to resubmit was communicated to the student on a Sunday (latest by 5 pm), the student will have to resubmit the work latest by next Sunday 5 pm. d. If the re-submitted work is also detected to be plagiarized, then the work will be awarded a zero. : BUSS 1003(QP) Page 7 of 6