Business Accounting - 1117 Words

May 14, 2012 [ EXECUTIVE DIPLOMA] EXECUTIVE DIPLOMA IN BUSINESS MANAGEMENT Awarded by the Asia e University Assignment [Business Accounting] Submission due date : 23rd June 2012 by or before 5.30pm 1 May 14, 2012 [ EXECUTIVE DIPLOMA] Assignment Question Scenario You have been recruited to help your uncle’s family to set up and run a supermarket called ‘BeliMurah Mart’ in Petaling Jaya. In the past, they had set up and managed smaller scale businesses, but have mixed up their finances that resulted in some losses. Since you have the knowledge of accounting, they would like to seek your guidance to understand some financial aspects that will help them build the new business into a successful†¦show more content†¦Describe the purpose and use of the Income Statement and Balance Sheet. Explain how gross profit and net profits are calculated. (15 Marks) Task 7 On 1 April 2009 a business purchased a machine costing RM 112,000. The machine can be used for a total of 20,000 hours over an estimated life of 48 months. At the end of that time the machine is expected to have a trade-in value of RM 12,000. The financial year of the business ends on 31 December each year. It is expected that the machine will be used for: 4,000 hours during the financial year ending 31 December 2009 5,000 hours during the financial year ending 31 December 2010 5,000 hours during the financial year ending 31 December 2011 5,000 hours during the financial year ending 31 December 2012 1,000 hours during the financial year ending 31 December 2013 Required: (a) Calculate the annual depreciation charges on the machine on each of the following bases for each of the financial years ending on 31 December 2009, 2010, 2011, 2012 and 2013: (i) the straight line method applied on a month for month basis, (ii) the diminishing balance method at 40% per annum applied on a fu ll year basis, and (iii)the units of output method. (b) Suppose that during the financial year ended 31 December 2010 the machine was used for only 1,500 hours before being sold for RM 80,000 on June. Assuming that the business has chosen to apply theShow MoreRelatedAccounting Is The Language Of Business1286 Words   |  6 PagesAccounting is a major that teaches the language of business, it opens doors to the business world all over the globe, the possibilities with a accounting major is endless in the business field. Whether you want to run your own business or become a certified public accountant majoring in accounting gives you the establishment. A major plus in having a career in business is the flexibility it offers. 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