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mgt5014-semester-1-
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Judgement of 5 pages for the course BCom Business Management at BCom Business Management (mgt5014-semester-1-)
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M/MGT5014/JAN2020/5ST MARY’S UNIVERSITY
TWICKENHAM, LONDON
BA/BA(ITT)/BSc Degree Examination students registered for
Level FIVE
Title: Fundamentals of Accounting
Code: MGT5014
Semester: ONE
Date: 9th January, 2020
Time: 9:30 am – 11:30 am
TIME ALLOWED: TWO HOURS
End of module examination (50% weighting)
Candidates are permitted to bring one approved calculator into this examination.
Answer ALL questions in the answer booklet provided.
Page 1 of 5
, M/MGT5014/JAN2020/5
Question 1 (20 marks)
Both Rock Ltd and Gem Ltd are close competitors in jewelry wholesale supplying goods
to retailers.
Table 1 & 2 shows extracts from each company’s final accounts for the financial year
ended 31st December 2019.
Table 1: Extracts from the Statements of Comprehensive Income for year ending 31st Dec
2019
Rock Gem
£ £
Sales 386,400 764,200
Cost of Goods Sold 289,120 648,300
Gross profit 97,280 115,900
Admin Expenses 43,400 37,650
Distribution costs 14,680 24,650
Profit before interest & tax 39,200 53,600
Loan interest 1,400 7,000
Net profit before tax 37,800 46,600
Taxation 4,600 20,000
Ordinary dividend 5,000 6,000
Retained profit for year 28,200 20,600
Page 2 of 5
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