Trial Balance Is A List Of Closing Balances Of Ledger Accounts: Accounting Assignment , UD, UAE

Looking For Plagiarism Free Answers For Your UAE College/ University Assignments.


Trial Balance Is A List Of Closing Balances Of Ledger Accounts: Accounting Assignment , UD, UAE


Answer all the questions


Question 1

Prepare a Trial Balance for Shining Brothers Pvt. on March 31st, 2019


Owner’s equity 1,551
Drawings 560
Machinery 2,850
Sales 2,850
Discount allowed 530
Purchases 1,260
Discount Received 364
Bank Loan 996
Creditors 528
Taxes Paid 720
Cash in Hand 226
Bills Payable 680
Inventory 264
Repair 461
Debtors 98

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. Discuss the purpose of preparing Trial Balance in an organization.

Stuck! We Have Native UAE Tutors Online 24*7 Who can Answer your Assignment & Homework Questions Instant.

Question 2


a)  “Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities”.

1. Importance of Financial Accounting

2. Scope of Accounting

b) Prepare an Income statement and Balance sheet of Hendry Corp as on 31st Dec,


Particulars Amount ($ ‘000)
Sales 74,872
Cash 9,790
Cost of Goods Sold 53,960
Accounts Payable 14,312
Accounts Receivable 11,428
Selling, General and Administrative Expense 7,248
Inventory 17,034
Research and Development Expense 3,964
Plant and Equipment 14,308
Interest expense 900
Long term Liability 40,210
Land 1,962
Income Tax expense 2,200


feeling stressed! Dont Know the answer of your assessment questions? Ask Native UAE Experts & Get 100% Plagiarism free papers

Question 3


a) Robert Industries produces only one Product. The following revenues and cost have been estimated for the forthcoming month:

Selling price, $ 250 per unit (SP)

Variable cost, $ 100 per unit (VC)

Fixed Cost, $ 56,000

The Manager of the firm wishes to know the following:

1. Calculate contribution margin per unit

2. Calculate the contribution margin

3. Calculate BEP in units

4. Calculate BEP in

5. Calculate sales value in $ to earn a profit of $50,000

b) Define the term ‘Break-even’. Explicit the importance of Break-even Analysis which is a critical step in financial analysis

Question 4

 QPR industries are in the Business of manufacturing agro equipment. Prepare the Cash Budget for the Quarter April to June, based upon the following data and additional


Month Sales $ Purchase $ Wages$ Manufacturing Overheads $ Office Overheads$ Selling Overheads$
January 60,000 36,000 9,000 4,000 2,000 4,000
February 62,000 38,000 8,000 3,000 1,500 5,000
March 64,000 33,000 10,000 4,500 2,500 4,500
April 58,000 35,000 8,500 3,500 2,000 3,500
May 56,000 39,000 9,000 4,000 1,000 4,500
June 60,000 34,000 8,000 3,000 1,500 4,500


Need help with UAE academic essays & assignments online?

Additional Information:


 1. The Cash balance on 1 April is $ 800,000.

2. Sales: 40% cash sales & 60% collected in the following

3. Purchases are all on credit and paid after 2

4. A plot of land was purchased in April for $ 87,000.

5. Wages are paid two months in arrear and all overheads settled after a month they are

6. QPR Industries is due to repaying a loan of $ 16,000 in

7. A dividend of $ 80,000 is expected to be received in

b) “Budget is a detailed plan, expressed in the quantitative term that specifies how an organization will acquire and use resources during a particular period of time” – Discuss the advantages and Limitations of Budget.

Question 5

 The Alpine Group, Inc. provides the following data for June 2018, when 15,000 units are manufactured:


Standard Material Cost (Per Unit)           8.50 Kg @ $7.50 / Kg

Actual Material Cost (Per Unit)                6.75 Kg @ $13.5 / Kg

Standard Labour Cost (Per Unit)             5.5 hrs @ $15 / Hr

Actual Labour Cost (Per Unit)                    6.5 hrs @ $12.2 / Hr

a) Calculate:

Direct Material Price Variance

Direct Material Quantity/Usage Variance

Total Material Cost Variance

Direct Labour Rate Variance

Direct labor efficiency variance

Total Labour Cost Variance

b) Calculate variable overhead spending variance if actual labor hours used are 260, the standard variable overhead rate is $10.40 per direct labor hour and the actual variable overhead rate is $9.30 per direct labor hour. Also, specify whether the variance is favourable or unfavorable

c) Calculate the variable overhead efficiency variance using the following figures:


Number of Units Produced 620
Standard Direct Labour Hours Per Unit 0.2
Actual Direct Labour Hours Used 260
Standard Variable Overhead Rate $10.40


Stuck! We Have Native UAE Tutors Online 24*7 Who can Answer your Assignment & Homework Questions Instant.

d)  Variance analysis is especially effective when you review the amount of variance on a trend line so that sudden changes in the variance level from month to month are more readily Variance analysis also involves the investigation of these differences so that the outcome is a statement of the difference from expectations, and an interpretation of why the variance occurred.


Define the term “Variances Analysis” and also highlight the Advantages and Disadvantages of Variances.

Question 6

Define the term Cost. The classification depends on the nature of the organization concerned. Highlight Cost classification terms and also give examples for each of its kind.

Question 7

1.” Too much inventory is expensive and wasteful. Not enough inventories can result in lost sales”-Elucidate.

2. Inventory can be anything from boxes of ice cream cones in the storeroom at a sweet shop to a million-square-foot warehouse full of goods for a big box But in either case, accurate inventory management is a key to that company’s success.

Simply put, inventory is the goods that a business owns that it plans to sell. If your company is an apparel retailer, products become inventory when you take possession of shirts, dresses, suits, and accessories from your suppliers. Those products leave stock when they’re sold to customers. Inventory can be stored on-premises or at warehouses, distribution centers, and other facilities.

Why inventory management is so crucial to a company’s success and How to Manage Inventory?

feeling stressed! Dont Know the answer of your assessment questions? Ask Native UAE Experts & Get 100% Plagiarism free papers


Get help by expert

Are you seeking urgent assignment help on accounting assignment? Then UAE Assignments Help is a desirable platform for this intent. We have highly experienced and skilled Dubai assignment helpers who are committed to providing quality help on accounting assignment. Our experts are available 24/7 hours to provide you instant solutions whenever you need.

sample image
Hire An Assignment Writer

Add attachments