1
ACT 212
Principles of Accounting II
Spring, 2019-2020
Assignment #1
Course Code: ACT212Lec3
Course Name: Principles of Accounting II
Due Date: Thursday March 19, 2019
Instructor:
Due Time: 3:00PM
Email address:
Number of Students: 37
Pages: 3
NAME OF STUDENT: | ID:
INSTRUCTIONS – READ CAREFULLY
▪ Write your answer on this booklet.
▪ Programmable calculators with graphing capabilities are not allowed.
▪ Mobile phones, books, or other communication devices are not permitted in the examination room.
▪ Use of unauthorized material and attempts to cheat or plagiarize will automatically result in a
grade of zero for this examination and appropriate disciplinary measures.
Q1 (5 marks)
Q2 (10 marks)
Total: 15 marks
Cumi Ltd. and Ciki Ltd. are both computer component manufacturers in Longford. You are provided with
the following summarized information in relation to both companies.
Income statements for year ended 31 March 2018
Balance sheets as at 31 March 2018
Cumi Ltd.
Ciki Ltd.
AED’000
AED’000
AED’000
AED’000
Cumi Ltd.
Ciki Ltd.
Revenue
AED’000
1,500
AED’000
2,000
Cost of sales
1,000
1,600
Gross profit
500
400
Operating expenses
150
200
Operating profit
350
200
Interest on debentures
100
50
Profit before tax
250
150
Tax
50
30
Profit after tax
200
120
Dividends
70
100
Retained profits
130
20
3,000
600
150
240
Equity and Liabilities Issued
1,600
4,600
