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You can upload either a Microsoft Word document or a PDF file. You must include a front sheet, which details your name and student number. The coursework must be submitted in a unique file.
1) Why might the directors of a company engage in creative accounting?
                                                                                                                        (25 marks)
2) Explain what is meant by relevance, faithful representation and comparability and how they make financial information useful.
                                                                                                                        (25 marks)
3) Jason Polo set up in business three years ago selling new and reconditioned office equipment. He has enjoyed success and is now looking to expand his operations with an injection of £60,000 of further capital.
The balances on his accounts, as at the end of December 2014, are as shown below:

Account Name
Amount £

Bank (debit)

Petty cash

Furniture and office equipment

Motor van

HMRC (credit)

Sales ledger control

Purchases ledger control

Accumulated depreciation on motor van

Loan from T. Green


The receivables balance consists of the following amounts:


Peter Jackson

Lorna Fetters

Henry Ricketts

Jane Boston


The payables balance consists of the following amounts:


Irma Sheite

Nicola Fenton

Richard Coles

Roger Roughton


The following transactions took place in January 2015:
1/1/2015     J. Polo injected further capital into his business – £60,000
2/1/2015     Equipment for the business costing £22,500 was purchased and paid for by cheque
4/1/2015     Purchased goods costing £13,000 on credit from Black & Sons
6/1/2015     Withdrew £300 from the bank for the till
7/1/2015   Sold goods on credit to P. Jackson for £1,000
9/1/2015    Sold some goods for £5,674 on credit to B. Treadstone
10/1/2015   Paid the rent on the business premises by cheque for £1,600
12/1/2015    Paid motor expenses of £77 in cash
13/1/2015    The owner of the business withdrew £200 from the till for personal use
14/1/2015   B. Treadstone returned some goods and an allowance of £120 was made
17/1/2015 Paid Black & Sons by cheque in full settlement of their invoice for £13,000
20/1/2015   Received news that P. Jackson has gone out of business and there is little likelihood of recovering any outstanding amounts
23/1/2015 The existing motor van was sold for £4,500
27/1/2015 Jason Polo buys a new motor van for £15,000
You are required to:

a) Post the opening balances as at 1st January 2015 into appropriate ledger accounts. You will need to calculate the amount of Jason’s capital. Open separate ledger accounts for each credit customer and supplier.
b) Post the transactions that took place in January 2015 into ledger accounts opening new accounts as needed.
c) Calculate the profit or loss arising from the disposal of the motor van on 23/1/2015 and make the relevant entries in the Disposals A/c.
d) Close off the ledger accounts.
e) Prepare a trial balance as at the end of January 2015.

                                                                                                                        (50 marks)

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