Draft the consolidated statement of financial position for Seven Stars Plc and its subsidiary undertaking as at 31 March 2021
Assessment Brief
*This document is for CU Group students for their own use in completing their assessed work for this module and should not be passed to third parties or posted on any website. Any infringements of this rule should be reported to engagement@coventry.ac.uk.
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Module Title: Financial Reporting |
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Module Code: 502AF-209AF
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Assessment Type: Coursework |
Assessment Number: CW1 |
Study Mode: Full-time
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Weighting: 10 credits |
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Submission Date: |
Submission Time: 18:00 |
Campus: CUC-CUL
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Task: |
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INSTRUCTIONS TO STUDENTS PLEASE READ CAREFULLY
Task 1 Seven Stars PLC is a Leicester based exporter of Petroleum products. As part of its strategy to expand its business by acquiring other entities, the company acquired 75% of the issued share capital of Hanover Ltd on 1 April 2020 for £1,960,000. At that date Hanover Ltd had issued share capital of £1,400,000 and retained earnings of £784,000. Extracts from the statements of financial position for the two companies, one year later at 31 March 2021, are as follows:
Additional data
Required Using the template below
You must carry out the necessary research work and provide the relevant references using the APA 7th edition style of referencing to support your answer. Word count is 500. (15 marks) (Total 30 marks)
Workings to support task 1 Task 2 As the Principal Assistant Accountant, part of your role is to prepare the statement of cash flows and statement of changes in equity for Sunrise Ltd for the year ended 31 March 2021. The statement of comprehensive income and statement of financial position and their comparative year of Sunrise Ltd are set out below. Sunrise Ltd – Statement of comprehensive income for the year ended 31 March 2021
Sunrise Ltd Statement of Financial Position as at 31 March 2021
Further information
Required
You mst carry out the necessary research work and provide the relevant references using the APA 7th edition style of referencing to support your answer. Word count is 500. (15 marks) (Total 35 marks) Task 2: Answer Task3: Roselyn Johnson owns a medium sized Soft Furnishing shop and trades as Furnisher Distributors in Sussex for many years. During the year ended 31 December 2020, the business purchased and sold a variety of house hold Furnishing items for sale to small Retailers. The book-keeper for the business was not able to prepare the ledgers for the year 2020, and as a consequence of this, you are asked to do it. It is now April 2021, and you have been asked by Roselyn Johnson to post the following transactions to his ledgers: 25-Jan She sold goods to Kim-Kim Ltd for £73,395 on credit. 26-Apr She bought goods from Sim Silas Ltd for £ 57,225 on credit. 13-Jun She bought goods from Valerie Ltd for £57,509 on credit. 9-Aug She purchased Motor Van for the business by cheque for £8,560. 29-Sep She sold goods to Dorcas Delvin Ltd for £77,000 on credit. 15-Oct Paid Sim Silas Ltd £50,295 for goods; and paid Valerie Ltd for goods, £50,887. 23-Nov Received a cheque from Kim-Kim Ltd for £65,695; and from Dorcas DelvinLtd for £61,106 09-Dec Paid for carriage outwards, £6,513 by cheque. 16-Dec Goods were returned to Valerie Ltd for £5,080. 19-Dec Paid wages and salaries for the year, £20,018. Required Write up the ledgers to record the transactions and then balance off the ledgers. 35 marks |
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Completion of this assessment will address the following learning outcomes: |
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1. |
Demonstrate competence in double entry accounting techniques, financial calculations and maintain accounting records. |
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2.
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Identify and correct omissions and errors in accounting records and financial statements. |
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4. |
Specify the components of financial statements (including consolidation of financial statements and statement of cash flow), and prepare and present non-complex accounts for sole traders, partnerships and limited companies. |
Guidance Notes and Considerations
Referencing
Access, Foundation, Year 1 and Year 2:
You should use APA 7th edition style of referencing.
Referencing guidance can be accessed on the Library’s LibGuides pages.
Use of Sources and Information:
You can access high quality, authoritative information via the library. Use LibGuides to access Locate, BibliU and research guidance.
Academic Writing Resources
There are a variety of academic writing resources available which can be accessed viaLibGuides. These writing guides can help with different types of assessment as well as important writing skills needed for university.
Glossary of Assessment Terms for Assessment Writing – this is an a-z that covers the majority of terms used in assessment briefs, learning outcomes and feedback throughout the CU Group. If you would like any further support with your assessment, you can contact your Academic Writing Developer or visit the Academic WritingLibGuidespage.
If you would like to book an Academic Writing appointment for support with your assessment, you can contact your Writing Developers:
CUC: learningservices.cuc@coventry.ac.uk
CUS: academicskills.cus@coventry.ac.uk
CUL Dagenham: academicwritingservice@cul.coventry.ac.uk
CUL Greenwich: awsgreenwich.cul@coventry.ac.uk
Academic Integrity Guidance
The best way to avoid academic misconduct is to follow appropriate academic and referencing conventions. Further guidance on academic integrity and conduct can be found using LibGuides.
Collusion between students (where sections of your work are similar to the work submitted by other students in this or previous module cohorts) is taken extremely seriously and will be reported to the Academic Conduct Panel. This applies to all coursework and exam answers. If you would like more guidance on understanding collusion, you can find it on LibGuides.
If an assessment suspected of involving a breach of academic integrity is found to display a marked difference in writing style, knowledge and skill level from that demonstrated elsewhere on the course, you may be required to undertake a Viva Voce in order to prove the coursework assessment is entirely your own work.
Proofreading of assessments by CU approved proofreaders is permitted. There is a list of approved proof readers along with guidelines for use. However, please remember that proofreading is a lengthy and detailed process for which there is a cost. If you decide to use a proofreader, please take this into account and contact them at least 10 days in advance of your assessment deadline.
You must not submit work for an assessment that you have already submitted (partially or in full), either for your current course or for another qualification of this university, unless this is specifically provided for in your assessment brief or specific course or module information.
It is important to realise that as a student you should not submit all or part of an assessment for which you have already received academic credit, to be used for an assessment in a different module. Reusing your own work in this way is called self-plagiarism. Where you wish to refer to some of your own work you must reference it in the same way that you reference work by other people.
Submission Guidelines
Late Submission
There should be a title page which clearly identifies the following:
* Name and code of the module
* Title of the Assessment
* Assessment number
* Word count
The word count identified includes quotations and citations. However, it does exclude the list of references and/or the bibliography and, unless specifically stated, encompasses a discrepancy of + or – 10%.
