Assessment Feedback 1st Marker’s
Initials Module: FC065 Accountancy
Assessment Type: Coursework 2nd Marker’s
Initials Student No: Task 1st Marker’s Feedback 2nd Marker’s Feedback 1st Marks 2nd Marks Available
Marks Part A 65 Part B 15 Part C 20 NB: Your assessment could be
subjected to second marking,
which may alter your grade Overall Grade Penalties Applied 100 FC065 Assessment Guidelines
Programme Foundation Certificate Module Code and
Title FC065 Accounting Module Teacher Evi Yanti Assessment Type Coursework Weighting 40% of final module score Assessment Title Maplan Ltd Submission Date
and Time Monday 19 June 2017 before 3pm Word Limit N/A Assessment
Requirements Font: Arial, Calibri or Times New Roman – Size 12.
Double-spaced/1.5-spacing with standard document margins.
Appropriate use of headings and sub-headings, models and tables (use headers
on each page of your assignment with your Kaplan ID number, group and module
code) – your name must not appear on your work.
Numbered pages.
Use of Harvard referencing – supporting appendices and bibliography not
included in word count.
You must submit an electronic copy of your assessment to Turnitin on the VLE
before the deadline stated above.
You must submit one copy of your assessment to Reception, using one cover
sheet and placing it in a plastic pocket before the deadline stated above. Please read this entire document – it is your
responsibility to ensure that all the
instructions have been carried out correctly. Task instructions:
Maplan Ltd is a manufacturer and retailer of outdoor leisure products and has produced the following draft
statement of profit or loss for the year ended 30 June 2015 and draft statement of financial position at the
same date.
Statement of profit or loss for the year ended 30 June 2015 (draft)
Revenue
Cost of sales
Gross profit
Administrative expenses
Profit before tax
Taxation
Profit for the year 3,973,000
(1,560,000)
2,413,000
(1,975,000)
438,000
(35,700)
402,300 Statement of financial position as at 30 June 2015 (draft)
ASSETS
Non-current assets
Property, plant and equipment
Intangible assets
Assets
Inventories
Trade receivable
Cash and cars equivalents 394,850
357,600
752,450
346,500
51,000
21,500
419,000
1,171,450 Total assets
EQUITY and LIABILITIES
Ordinary share capital
Irredeemable preference shares
Retained earnings (127,750 + 402,300)
Equity
Non-current liabilities
Bank loan
Current liabilities
Trade and other payables
Taxation
Total equity and liabilities 152,000
180,000
530,000
862,050
150,000
123,700
35,700
159,400
1,171,450 To assists with the finalization of the financial statements the following additional information has been
prepared:
(1) The research and development expenditure relates to a new micro-fiber has been developed for the
late lightweight waterproof Jackets. Of the total amount, £120,000 has been identified as research and
development cost incurred before the product was considered to be commercially viable. The
successful development of the material was completed during February 2015 and jackets were
delivered to shops on 1 March 2015. The jackets have been popular and it is expected that it will be
superseded. (2) On July 2013 repairs costing £25,000 were carried out on some shop fittings and were recognized as
an item of ‘fixtures and fitting’. However, on further investigation this amount did not meet the criteria for
capitalization under IAS 16 Property, Plant and Equipment.
(3) Maplan Ltd rents all of its properties under operating leases. On 1 October 2014 Maplan Ltd entered
into an agreement to rent a new property. The lease is for five years. An initial three-month rent free
period was given to Maplan Ltd followed by monthly payment of £2,500 on the first of each month for
the remainder of the lease period. Maplan Ltd recognised the lease payments in administrative
expenses as they were paid.
(4) Maplan Ltd an agreement with a number of its third party retailer whereby when a new range of clothing
is launched a number of products are provided on a sale or return basis. Retailers pay for items sold on
60 days credit terms and return any unsold items at that date. Maplan Ltd makes a standard 20% markup on all goods sold. Maplan Ltd launched a new clothing range in May 2015. Sales of £27,000 on the
sale or return basis were made and were recognized as part of revenue during Mays 2015.
(5) Depreciation for the year ended 30 June 2015 has not yet been recognized and should be charged of
fixtures and fitting on a reducing balance basis at a rate of 15%pa (per annum). Depreciation should be
presented in administrative expenses.
(6) During the current year, Maplan Ltd introduced an open returns policy whereby goods can be returned
for a full refund within 30 days of purchase. A provision should be recognized based on 10% of sales
made over the last month of reporting period. Sales in June 2015 amounted to £310,000, all of which
were cash sales.
(7) Inventories included in the draft statement if financial position is the figure from the 30 June 2009
financial statements as the inventory count had not been completed in time. However, following
completion of the inventory count, inventories as 30 June 2015 were valued at £375, 600.
(8) On 1 July 2014 Maplan Ltd issued 180,000 5% £1 irredeemable preference shares at par. The payment
of the dividend is mandatory and if it is unpaid at the end of a period it becomes cumulative the
following period. The appropriate dividend in respect of these shares was paid on 30 June 2014 and
was recognized in accordance with its equity treatment made in the draft financial statements.
(9) The bank loan was taken out at the beginning of 2013 and interest is payable at 4%pa (per
annum/year). Interest was paid for the year ended 30 June 2014 but remained unpaid at 30 June 2015. Requirements:
(a) Prepare a revised statement of profit or loss for Maplan Ltd for the year ended 30 June 2010 and a
revised statement of financial position as at that date in a form suitable for publication. (65%)
(b) Explain the meaning of ‘present fairly’ and ‘true and ‘fair view’ and any significant differences between
the two items terms. (15%)
(c) According to the IASB’s (International accounting standard board) conceptual framework, all users
require information regarding financial position, financial performance and change in financial positions.
Explain how the information contained in the financial statements in respect of property, plant and
equipment meets those information needs. (20%) What you will learn from this module and assessment:
Outcomes
Assessed by
this Task Module Learning Outcomes 1. Use double entry methods to enter business transactions into a set of accounts.
2. Construct, from a trial balance listing of accounts, a balance sheet and a Trading and
Profit and Loss Account.
3. Analyse the results of a business using ratios and variances from budget figures.
4. Formulate a cash-flow forecast and use discounting methods to assess capital projects.
5. Use an accounting package to prepare accounts on a personal computer. Submission checklist:
Have you:
Checked your work several times for accuracy, structure, relevance and style?
Word-processed and printed one hard copy of your work and placed it in a plastic pocket?
Submitted an electronic copy to Turnitin on the VLE? (Check with your teachers on how to do this)
Used Times New Roman, Arial or Calibri font type, size 12?
Used 1.5/double-spacing between lines?
Used a header on each page of your assignment with your Kaplan ID Number, Group, and Module Code?
Put page numbers at the bottom of each page?
Stapled all pages together in the top left-hand corner? Late submission penalties:
Number of Working Days Late Penalty Awarded 1 day Minus 15% (multiply original mark by 0.85) 2 days Minus 20% (multiply original mark by 0.80) 3 days Minus 25% (multiply original mark by 0.75) 4 days + Assessment receives 0% Notes:
We have scanned copies of other students’ reports
You may use websites for numerical or statistical data and news items but NOT theory or ideas
o Assignments that make use of websites for such purposes will lose marks for ‘Support’ You may NOT consult with each other
Remember to use academic references to support your position
o We do NOT want to read the phrases “In my opinion…” or “I believe…” or anything similar Avoid being too descriptive
You need to make reference to concepts and literature covered in this course
Choose your theoretical focus carefully – i.e. Choose relevant theories and show how and why they
are relevant
Make sure you relate your theoretical and empirical sections – you need to be careful that these
sections of your report are clearly linked
o Do not just mention concepts in a theory section and then fail to apply them Address all aspects of the issues being posed in the introduction – i.e. You will be assessed on
whether you actually did what you set out to do
Your conclusion should review what your key arguments and contributions are – i.e. What have we
learnt from reading your report?

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