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Individual Assignment Principles of Accounting 2025

This document outlines the individual assignment for students in the Faculty of Business and Economics at the Institute of Finance Management for the academic year 2024/2025. The assignment focuses on analyzing discrepancies between bank records and a company's cash book, requiring students to correct the cash book, prepare a bank reconciliation, and discuss reasons for preparing such statements. The submission deadline is set for January 25, 2025, and specific formatting and originality guidelines are provided.

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Sharon Ngowi
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19 views2 pages

Individual Assignment Principles of Accounting 2025

This document outlines the individual assignment for students in the Faculty of Business and Economics at the Institute of Finance Management for the academic year 2024/2025. The assignment focuses on analyzing discrepancies between bank records and a company's cash book, requiring students to correct the cash book, prepare a bank reconciliation, and discuss reasons for preparing such statements. The submission deadline is set for January 25, 2025, and specific formatting and originality guidelines are provided.

Uploaded by

Sharon Ngowi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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THE INSTITUTE OF FINANCE MANAGEMENT

FACULTY OF BUSINESS AND ECONOMICS (FBE)

DEPARTMENT OF ACCOUNTING AND FINANCE

BACHELOR OF ACCOUNTANCY(BAC), BACHELOR OF ECONOMIC AND


FINANCE (BEF), BACHELOR OF SCIENCE IN INSURANCE AND RISK
MANAGEMENT(BIRM), BACHELOR OF SCIENCE IN TAXATION (BTX)
BACHELOR OF BANKING AND FINANCE (BBF) AND BACHELOR OF
ACCOUNTING WITH INFORMATION TECHNOLOGY
YEAR 1 2024/2025
INDIVIDUAL ASSIGNMENT
INSTRUCTIONS
1. This assignment contains only ONE (1) question.
2. Your assignment should be typed. Handwritten assignments will NOT be accepted.
3. Students are required to upload their assignment on e-learning platform using their own
accounts.
4. The files should be in Portable Document File (PDF) any other files will not be accepted
and will not be marked. NOTE: SCANNED DOCUMENT WILL NOT BE
ACCEPTED!!!!!!
5. This is individual assignment. You should not copy another student's assignment as
your own. Copied assignment will be severely punished according to the Institute’s
examination regulations
6. The purpose of this assignment is to develop students' ability to learn to identify and
analyse discrepancies between the bank's records and the company's cash book, such as
errors, omissions, or timing differences
7. This assignment accounts for 20 Marks of your total coursework!
The assignment should be submitted not later than 25th January 2025 at 2300hrs. The
deadline is set in e-learning of which after deadline no one will be able to upload his/her
work
QUESTION
You are given the following information extracted from the records of KITU KIZIMA
COMPANY for December,2023
Debit CASH BOOK: BANK COLUMN Credit
Date Particulars Folio Amount Date Particulars Folio Amount
2023 2023
01-Dec Balance b/d 16,491,000 01-Dec Alice 8131782 857,000
02-Dec Astra Lavetta Ltd 962,000 06-Dec David 8131783 221,000
02-Dec Watembo Ltd 1,103,000 14-Dec Pascal 8131784 511,000
10-Dec Chinkwale Ltd 2,312,000 17-Dec Chantal 8131785 97,000
14-Dec Denata &Co 419,000 24-Dec Joseph 8131786 343,000
21-Dec Elite Ltd 327,000 29-Dec Rent 8131787 260,000
23-Dec Cash Sales to Bank 529,000 31-Dec Balance c/d 19,973,000
30-Dec Omari Kitumbo 529,000
22,672,000 22,262,000
The following bank statement was provided for your use as well
WAZAWA Bank Ltd Statement of KITU KIZIMA COMPANY for December,2023
Date Details Payments Lodgements Balance
01-Dec Balance b/fwd 17,478,000
02-Dec Cheque No. 81316780 426,000 17,052,000
02-Dec Direct Transfer 176,000 17,228,000
05-Dec Cheque No. 81316782 857,000 16,371,000
05-Dec Bank Charges 47,000 16,324,000
06-Dec Cheque No. 81316781 737,000 15,587,000
06-Dec Deposit 2,065,000 17,652,000
10-Dec Standing Order 137,000 17,515,000
11-Dec Cheque No.81316783 212,000 17,303,000
13-Dec Direct Transfer 2,312,000 19,615,000
17-Dec Cheque No. 81316784 511,000 19,104,000
17-Dec Deposit 419,000 19,523,000
23-Dec Direct Transfer 327,000 19,850,000
24-Dec Deposit 528,000 20,378,000
28-Dec Cheque No. 81316786 343,000 20,035,000
30-Dec Cheque No. 21310923 297,000 19,738,000

Required
(a) From the above data,
i). Correct the cash book and (30 Marks)
ii). Prepare a bank reconciliation as at 31st December,2023. (40 Marks)
(b) List two (2) the reasons for preparing such a statement. (10 Marks)
(c) Comment briefly upon any aspects of your reconciliation which might require
further investigation (20 Marks)

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