Assignment Requirements
1) Prepare the Income Statement for Just Play Ltd for the year ending 31st December 2013 and the Statement of Financial Position for Just Play ltd as at that date.
2) Evaluate the financial performance of Going Nowhere ltd. You should make use of relevant Accounting ratios and also make reference to any other relevant financial information.
500words
3) Advise Ash as to whether or not Going Nowhere Ltd is worth purchasing. Your answer should take into account your answer from part b, and also make reference to other internal and external business factors.
(650 Words)
Faculty of Business Environment and Society (BES)
185ACC Accounting for Business Managers 2013-14
Coursework Title: Just Play ltd
[Contributes 50% to total module mark]
Issue date: Friday 13th June, 2014 Due date: Friday 27th June, 2014
Submission
This individual assignment must be submitted online, via Turnitin. Please ensure you submit all work through Turnitin, as all marking will be conducted electronically.
Please note:
1. Penalty for late submission is 0% of the mark
2. Extensions will be in accordance with University and Faculty policy.
Submission Checklist
Please ensure that the following are included when submitting your coursework:
Please tick þ
1. Electronic copy submitted via TURNITIN £
Word limit of written sections
Minimum length : 1,250 words
Maximum length : 1,500 words
Style & Format
Style : Essay
Font size : 12 pt (preferably Arial)
Line spacing : 1.5 lines
References : Coventry Harvard style
The marked coursework will be returned to students during the seminars week commencing 7th July 2014. General Feedback will be provided during the lecture and specific feedback will be provided during seminar time.
Learning outcomes assessed:
1. Derive and make use of financial information to evaluate the effectiveness of company performance
Assessment criteria:
Task
% of overall coursework mark
a) Creation of Income Statement and Statement of Financial Position
25%
b) Evaluation of the financial performance of Going Nowhere ltd
25%
c) Advise on whether or not to purchase the company
40%
Other Factors
Use of good English and grammar
5%
Correct Coventry Harvard referencing
5%
Total
100%
You are positively encouraged to use Excel for your calculations.
In parts (b) and (c) I expect you to use academic references so please ensure you use the Coventry Harvard referencing system.
PLAGIARISM WARNING !!!
Coursework assignments should not be copied in part or in whole from any other source, except for any clearly marked up quotations. Students found copying from internet or other sources will get zero marks and may be awarded a zero for this module.
Ash is a sole trader, operating within the sports equipment industry. His company, Just Play ltd, has been operating for many years within the Birmingham area, and has seen profits remain steady over the last 5 years.
The company sells a range of sports equipment for all sports and has established a good relationship with local sport centres, to who he supplies sports equipment.
However, with the recent trend in increased sport activity across the country, and with the forthcoming football world cup looming, Ash is considering expanding upon his business to try and increase profitability, as he believes that participation in sport will increase. He has identified different options available to him and is currently evaluating which option will help him to expand upon his business the most efficiently.
The following trial balance has been extracted from the books of Just Play ltd for the period ending 31st December 2013
Dr
Cr
£
£
Bank
4,000
Capital
20,500
Depreciation as at 1st Jan 2013
Equipment
3,600
Drawings
10,000
Electricity
2,000
Equipment, At Cost
9,000
Insurance
1,500
Motor Expenses
8,000
Rent
15,800
Salaries and Wages
30,000
Miscellaneous Expenses
12,000
Provision for Doubtful Debts
As at 1st Jan 2013
1,200
Purchases
80,000
Sales
150,000
Inventory as at 1st Jan 2013
10,000
Trade Payables
20,000
Trade Receivables
21,000
199,300
199,300
Additional Information:
Inventory as at 31st December 2013 was valued at £15,000
The amount owing for Electricity as at 31st December was £600
As at 31st December, the company had paid £100 in advance for Insurance
Depreciation is to be charged at a rate of 10% straight line on Equipment
At the end of the year, a specific bad debt of £6,000 is to written off
The provision for doubtful debts is to be set at 10% of the year end trade receivables figure
The following summarised financial statements are for Going Nowhere ltd, another sports equipment company, located in Coventry. Ash has identified this business as one which he can take over, and expand upon his market share in the Midlands area. He is considering making an offer for the business.
Summarised Income Statements for Going Nowhere Ltd
2012
2013
Sales
160,000
200,000
Cost Of Sales
– 96,000
– 114,000
Gross Profit
64,000
86,000
Expenses
– 35,000
– 39,000
Operating Profit
29,000
47,000
Summarised Statement of Financial Positions
Non-Current Assets
300,000
320,000
Current Assets
Inventory
15,000
20,000
Trade Receivables
40,000
50,000
Cash and Bank
3,000
1,000
Total Assets
358,000
391,000
Non-Current Liabilities
50,000
50,000
Current Liabilities
25,000
35,000
Capital
283,000
306,000
Total Liabilities and Capital
358,000
391,000
Required:
1) Prepare the Income Statement for Just Play Ltd for the year ending 31st December 2013 and the Statement of Financial Position for Just Play ltd as at that date.
2) Evaluate the financial performance of Going Nowhere ltd. You should make use of relevant Accounting ratios and also make reference to any other relevant financial information.
(500 Words)
3) Advise Ash as to whether or not Going Nowhere Ltd is worth purchasing. Your answer should take into account your answer from part b, and also make reference to other internal and external business factors.
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