Read the instructions in your Student Portal, Course Outline, CA Outline and your Canvas portal carefully. If you still have queries read the FAQ first and then email queries via your student portal. You will be penalized with marks deduction if the instructions are not strictly followed. You are to upload your assignment by the due date through their student portal account. After the due date, your submission will not be entertained. Write your FULL Name AND your NRIC$/$FIN number as in the register on a CA cover. You should a keep a copy of assignment submitted. All workings must be shown. The submitted report must show evidence that this is your own work. No marks will be awarded if there are no workings or reasonable explanations. This report must be type written and submitted in word format. Please be reminded that plagiarism and collusion is a serious offence, and all cases will be referred to the administration. Grades will be withheld if the submission is suspected for plagiarism or collusion till investigations are completed. Penalty Marks for Late Submission of Assignment By one day: $20\%$ to be deducted from total marks More than one day: submission will NOT be graded You may appeal via Live@ Edu email account CA Submission CA $1$ must be submitted online via student portal. Please read instructions provided in the portal carefully. Deadline: $24$ July $2024$ Please be reminded that plagiarism and collusion are serious offences, and all cases will be referred to the administration. You may be penalized leading to failure and termination from the DMS programme. APPENDIX A FORMAT OF WRITTEN ASSIGNMENT Please note the following technical requirements: a$.$ Typed on word processor such as M$/$S Word. b$.$ Use Times New Roman font, size $12.$ c$.$ Paragraphs of text are to be double spaced; d$.$ Financial statements and tables can be single spaced e$.$ Color: Black $($for text$)$ f$.$ Paper: White g$.$ Individual Assignment Submission form to be attached at the FRONT of the assignment, with your full name as per student ID$.$ Important Note: Students caught for Plagiarism and$/$or Collusion will be subjected to heavy penalties. Plagiarism & Collusion The university considers plagiarism & collusion as serious offences that could lead to expulsion from the programme. Students should ensure that the assignments submitted are their own work. Students should check every page and verify that it is their own work. What is Plagiarism: It is the use of someone else$$s work in its entirety or some parts in exact form or in very close form, as your own without acknowledgment to original author$($s$).$ Examples of plagiarism in assignments include the use of other authors: phrases, facts and illustrations, statistics, and assembled materials, without acknowledging them. What is Collusion: It is the use of other person$$s work or ideas with the consent of the other person$($s$),$ without formally acknowledging them in your own work. Although students can discuss their ideas and group projects freely with anyone, when it comes to writing the report, each student or each group must use their own words to produce their respective reports. Sharing the same phrases or paragraphs or sections of texts and illustrations $($without any acknowledgments$)$ in different group reports constitute collusion. INDIVIDUAL ASSESSMENT $1(100$ marks$)$ Question $(100$ marks$)$ First Co$.$ started a business selling perfume since $2020.$ The following adjusted trial balance has been extracted from its business records as at $31$ March $2024$: Unadjusted Trial Balance as at $31$ March $2024$ Accounts Titles Dr $($$$)$ Cr $($$$)$ Motor vehicles, at cost $410,530$ Accumulated depreciation $$ Vehicles $208,416$ Plant and machinery, at cost $307,900$ Accumulated depreciation $$ Plant and machinery $125,0005\%$ Bank Loan, due in $2030200,000$ Capital $$ Felix $400,000$ Drawings $$ Felix $17,010$ Inventory, $1$ April $202371,480$ Cash at bank $274,628$ Trade receivables $324,244$ Trade payables $216,106$ Returns inwards $20,670$ Returns outwards $19,500$ Sales $1,560,000$ Discount $14,50010,900$ Purchases $784,560$ Carriage inwards $17,637$ Carriage outwards $28,693$ Commission income $12,300$ Rent expense $48,000$ Utilities expense $70,150$ Advertising expense $46,392$ Insurance expense $65,128$ Salaries and wages expense $250,7002,752,2222,752,222$ The following additional information was made available from the records towards the end of the financial period. $1.$ Commission income of $$1,900$ for March $2024$ has not been received nor recorded. $2.$ Advertising expense paid for the year included $$15,000$ for advertisements for three months commencing $1$ March $2024.3.$ Excel Co$.$ who owed First Co$.$ $$80,000$ settled the amount early by cheque and was given a $5\%$ cash discount. This transaction had not been recorded by First Co$.4.$ Utilities of $$1,800$ for March $2024$ will be paid on $4$ April $2024.5.$ The $5\%$ bank loan was taken on $1$ October $2$