CIA1001 Group Assignment (20%)
Assume you start up a merchandising business with capital obtained through issuance of shares.
Create 50 Business Transactions For A Period Of 1 Year from the establishment date of your business. Each group member must contribute at least 10 transactions.
The business transactions must cover all of the following main activities:
- Issuance of shares
- Sale of goods on both cash and credit terms Purchases of non-current assets.
- Purchases of inventories on cash and credit terms
- Expenses incurred in running the business
- Notes payable with interest
- Notes receivables with interest
- Payment of liabilities
- Payment received from debtors
- ETc.
Create 30 Additional Information For Adjustment At The End Of Financial Year.
Each group member must contribute at least 6 additional information.
The additional information for adjustment at the end of financial year must cover all of the following activities:
- Depreciation for the non-current assets.
- Provision for doubtful debts, provision for discount allowed
- Prepayments
- Accruals
- ETc
Assume that the applicable income tax rate is 24%. Distribute cash dividend at the end of the financial year, if your company has net income.
Required
(i) State the date of your business establishment and describe your business activities.
(ii) List all of the transactions. You must specify the date of transactions. In addition, state the group member who contributes the transactions.
(iii) Prepare journal entries for each of the transaction and post the journal entries to the ledger accounts.
(iv) Prepare the unadjusted trial balance.
(v) List all the additional information for adjustments. State the group member who contributes the additional information.
(vi) Prepare adjusting entries for additional information and post the adjusting entries to the ledger accounts.
(vii) Prepare the adjusted trial balance, income statement, statement of changes in equity and statement of financial position at the end of the financial period.
(viii) Prepare closing entries and post-closing trial balance.
(ix) Comment on performance of your business after the first year of its operation.
The assignment must be type-written and presented in good form.
Due date: (Friday 19 June 2026 – Week 14)
Names and matrix number of all group members must be placed on the cover page of your report. Each group must comprise of 5-6 members only.
Attach the Turnitin Similarity Report. The similarity should not exceed 20%.
Group Assignment Rubric
| DIMENSIONS | TRAITS | 1 | 2 | 3 |
| ORGANISATION | Introduction | Not clearly stated about the topic | Presents the topic but does not engage the reader | Clearly presents the topic in informative manner |
| Conclusion | Lacks an identifiable conclusion | Summarize and repeat what has been said | Summarize and offer excellent overview of the topic | |
| Logical Flow | No logical flow, confusing, choppy | Sensible flow but inconsistent | Logical and consistent flow | |
| Layout | Poor labelling of sections, subtopics, tables and figures | Improper and inconsistent labelling | Sections, subtopics, tables and figures are clearly labelled | |
| Sentencing | Poor sentence connection, long sentences | Acceptable sentencing but not clear enough | Excellent connection with clear sentences | |
| (CONTENT) | Provision of examples | No example given | Adequate examples with no connection to the ideas | Relevant examples which connect to the ideas |
| Presentation of argument | Repetitive or lack of clear point | Satisfactory argument | Excellent and original
argument |
|
| REFERENCE | No reference | Available but inadequate, no proper referencing | Comprehensive compilation of reference |
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