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Assignment title: Accounting Group Assignment

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Group Assignment (35%) Marks

Part A /24
 - Impact of Bad Debts
- Implications of paying dividends for loss making firms

Part B

- Discuss strategies to reduce receivable turnover days

- Factors to consider before approving/declining loans /22
Part C

- Prepare adjusting entries

- Prepare statement of comprehensive income statement
- Prepare statement of financial position.
/30
-
Part D

- Calculating ratios and analyzing financial ratios /24

TOTAL MARKS /100

Part A

Question 1a

A bad debt is defined as an expense that is incurred in a business where repayment

of money owed by a customer can no longer be collected. In general, a debt becomes
uncollectible when surrounding facts show that there is zero chance the debt will be
paid back (Ibarra, 2012).

Businesses can prevent bad debts by drawing up clear payment terms and penalties.
For instance, aside from sending a copy of invoice to clients which specifies the
payment terms and methods, a company should also state clearly that penalties such as
legal fees will be incurred if clients fail to repay their debt (Adam, 2017). By doing so,
it ensures both parties to build consensus on the payment terms which can effectively
prevent bad debts.

Besides, offering incentives for early payers is also one of the ways to prevent bad
debts for businesses (Rampton, 2017). Companies can offer different levels of
incentives for clients who pay within the payment terms. For instance, companies can
offer 5% incentives for clients who pay within 15 days and 3% incentives for clients
who pay within 30 days. With the presence of incentives, it encourages prompt payment
from clients which will definitely reduce bad debts.

The impact of bad debts is definitely harmful to the businesses. This first reason is
that bad debt will negatively affect the company in terms of profitability as it reduces
the profit margin of the company. As bad debts are directly subtracted from the sales
revenue, a high amount of bad debts will lower the net income of a company which in
turn leaves company lesser funds to reinvest back into the business (CMG, n.d.). With
lesser funds to reinvest back, the company will definitely not be able to fully improve
their products to increase their profitability in the coming years. Next, bad debt will also
disrupt the entire operation of the company as too much bad debt means the company is
not receiving the money that they are supposed to have from their credit sales. With
that, it would lead to a more devastating effect where the company's reduction in cash
inflow is unable to offset their cash outflow. In that case, the company will be forced to
sell off assets or borrow loans to generate cash and pay off their operating expenses, or
else all operating activities are going to be temporarily halted (Ejike, 2018).
 Since bad debt can negatively impact a company, it is important for creditors to
review crucial financial information from the company's annual report in order to come
up with sufficient ways to minimize bad debts. In general, there are two important
financial statements that creditors can obtain and use from the annual report to minimize
bad debt.

The first financial statement is the Cash Flow Statement. Take banks as an example,
banks can be considered as a creditor as they often provide huge loan to companies that
comes with a specific repayment period. Therefore, it is important for banks to assess
the liquidity of a company through the cash flow statement. This is because higher
liquidity indicates that the company has the ability to repay its loans. In this case, by
assessing the company’s liquidity, it can reduce the chances of approving loans to
companies that potentially have trouble paying back which will lead to irrecoverable
debts.

The second financial statement that can be used from the annual report is the
Balance Sheet Statement. Since every company has goods or services sold on credit to
their customers, they can analyse financial ratios from the Balance Sheet Statement
before making credit sales. For instance, a company can analyse the ability of its
customers to pay off short-term obligations by calculating the current ratio using
information found in the Balance Sheet Statement. This is because by having credit
sales with companies that have a higher current ratio, they will have a greater ability in
paying back their creditors which would reduce the chances of a bad debt to occur.

Question 1b

Yes, the company can still pay dividends to its shareholders even if the company
reports a net loss for the year. In general, there are two common ways that are going to
be discussed below on how the company can achieve it. Nonetheless, regardless of
which way the company uses, it will definitely bring some positive implications to the
company if they are able to pay dividends to shareholders. One of the positive
implications is showing a positive sign of the company's financial health. This is
because by paying dividends, it will give investors an impression that the company is
doing well which would attract more investors to invest in the company and
subsequently drives the share price up (Hicks, 2020).

Moving on to how exactly companies can pay dividends even if they have
recorded a net loss. The first way the company can achieve it is by using retained
earnings. Retained earnings are the accumulated amount of profit throughout the life of
the company after all operating expenses and obligations are paid (Carlson, 2019). Since
companies have ups and downs, they might experience profits in some quarters or years
and losses in others. Hence, even if the company suffers a net loss for the year, they can
still use the profit gained from the past to pay dividends. However, there are negative
implications if companies pay dividends using retained earnings. This is because the
reduction of retained earnings also means that there will be lesser funds to conduct
research and development and investment on advanced equipment (Helstrom, n.d.).
With that, the company will lose the opportunities of growing their business and
increasing their profitability even if they have foreseen potential market trends.

Aside from that, a company can still pay dividends by taking up loans (Gleeson,
n.d.). Even if a company reported a net loss on its Statement of Comprehensive Income,
it does not necessarily mean that they do not have a positive cash flow (Entrepreneur,
n.d.). This is because, by taking up loans, it allows companies to generate more cash
inflow to a point where the company has sufficient cash to pay for the dividends.
However, it is extremely risky for companies that originally have low cash flow
problems to do so. This is because loan is a liability that forces companies to experience
more cash outflow due to the need of repaying loans as well as loan’s interests (The
Economic Times, 2019). With more cash needed to repay loans, it will potentially
disrupt the company’s operation or to a certain extent causes bankruptcy due to the
inability in paying off their employees, suppliers and creditors.
Part B

Question 1

One of the strategies that can be implemented to reduce receivable turnover will
be incentives for early repayment clients. This is because with incentives such as cash
discounts provided by companies for early payment, clients will get to save a small
proportion of money which will eventually prompt them to pay earlier (UHY Hains
Norton, n.d.). Moreover, the incentives can also come in the form of free delivery as
well as gift items which are definitely useful in luring customers into making early
repayment. (Harbour, n.d.)

Next, companies can adopt an automation reminder system. This is because

companies often have many credit sales made on many customers which will lead to
their staffs having troubles in reminding each of the customers on their repayment
period. Moreover, in some cases, staff might also be forgetful due to a range of tasks to
perform other than collecting payment. Thus, with an automation reminder system,
various methods can be used for effective collection and one of them will be automated
emails where email containing reminders for credit payments will be sent regularly to
debtors on specific dates set by staff (Anytime collect, n.d.).

In addition, if companies are dealing with larger deals, they can collect a deposit
or upfront payment. This means that a certain percentage of fees will be paid first to the
company and the rest will be paid at agreed stages of the job (UHY Hains Norton, n.d.).
This shows signs of good faith and a kind of indication that money will be received at
the end of the job with lesser delay since customers have already paid an upfront
payment (Rampton, 2015). Nonetheless, by having an upfront payment, it serves as a
warning to potential customers that the company is serious about getting paid (Zarzycki,
2020). With that, it will reduce the chances of companies getting in a deal with
customers that do not treat credit payments seriously.

Furthermore, companies can also improve billing efficiency to reduce receivable

turnover. This means that the producing as well as the sending of invoices must be done
according to a fixed schedule (UHY Hains Norton, n.d.). This is because by doing so,
customers will not receive a relatively high outstanding amount in their invoice. With
that, companies will be able to collect their payments more easily since customers
favour in paying smaller and regular payments.
 Besides, companies enhancing relationships with customers is also one of the
ways to reduce receivable turnover. This can be done by producing quality billing as
well as ensuring both parties agree on the payment term (UHY Hains Norton, n.d.). By
doing so, customers will appreciate and remain loyal to the business by constantly
making payments according to mutually agreed payment terms to avoid jeopardizing
relationships (Australia Government, n.d.).

Lastly, companies can provide a wide range of payment methods in order to

reduce receivable turnover. By having multiple payment methods, customers will be
able to adopt the method that is convenient and preferable by them (Koksal, 2019). Not
to mention, it is also suggested that companies introduce modern payment methods, for
instance credit cards, online bank transfer and other online payment methods as people
these days prefer using them due to the methods being convenient, fast and safe
(Mahadevan, 2019). Hence, with all these payment methods available, it will definitely
prompt customers in making payments on time since they will not need to go through
multiple inconvenient bank transfer.

Question 2

One of the factors to examine about the SME before approving or declining the
loan will be the ability to repay. Bank officers without fail will ask for cash flow
generated by business and secondary resources such as collateral as a support document
to assess the liquidity of the company (all Business, n.d.). With the information
gathered, loans will definitely be approved to the SME if they have promising cash
flow. In contrast, loans will be declined if they are constantly facing cash flow problems
as the inability to maintain a healthy cash flow would eventually lead to business failure
(Zairani and Zaimah, 2013).

The second factor to examine will be business experience which is also one of
the traits that banks will keep an eye on before giving out loans. In this case, even if the
SME is well established, it is still important to review the current business owner’s
experience as SME might also undergo changes in ownership. By having an
experienced owner, he or she will definitely know about the basis of business operations
in which they would properly utilise their funds to manage and grow their business.
However, if the business owner is not qualified, it is required to examine whether the
owner has a partner with proper business experience (all Business, n.d.). Typically, a 3-
year business experience is required in order to approve the loans applied by the SME
as it means that the owner is capable enough to handle a huge amount of money
(Maybank, n.d.).

The third factor to examine will be credit history. Bank officers will always keep
an eye on credit conditions of individuals as well as business credit status which can be
found in the credit score. Therefore, a copy of the customer’s credit report will be
requested during their loan application process in order to assess their credit risk (all
Business, n.d.). After assessing, the loan will only be approved if the result shows that
the SME owner has a low credit risk and a good credit score. In contrast, loans will be
rejected on individuals that constantly missed payments in the past which will directly
affect the scores (Hong Leong Bank, n.d.). By doing so, it will reduce the chances of
approving loans to SME that potentially have trouble in repaying loans.

The fourth factor to examine before approving a loan will be collateral. Loans
will only be approved to the SME if there are sufficient collaterals provided that
matches the loan amount (all Business, n.d.). Collateral is extremely important for banks
as a lender because during uncertain time where the SME fails to repay their loans,
banks can seize over whatever properties or assets that are pledged as collaterals in
order to protect themselves (Ono and Uesugi, 2009).

The fifth factor to examine will be the business plan. Before approving a loan,
the business plan will also be one of the documents to be looked into. The SME’s
business plan will need to be as clear and structured as possible in order to have a higher
chance in obtaining a loan (Khalid and Kalsom, 2014). This is because with a clear plan,
banks will be more convinced that the company will effectively use the loan to make
profits, thus having money to repay them (Berry, 2015). Hence, if the SME has an
extremely clear and structured business plan, the loan will definitely be approved to
them.
Part C

Question 1

Services
General Journal
Date Debit Credit
Accounts and Descriptions
2020 RM RM
2
Aug-31 Bad Debt Expense [(100,600 x 4%)-4,000] 4.00  

  Provision for Doubtful Debt 24.00

  To record increase in bad debt expense.  
     
5,00
31 Salary Expense 0.00  
5,0
  Salary Payable 00.00
  To record salaries payable.  
     
24,00
31 Insurance Expense (36,000 x 8/12) 0.00  
24,00
  Prepaid Insurance Expense 0.00
  To record expired prepaid insurance.  
     
8,00
31 Depreciation Expense-Furniture (40,000-0)/5 0  
8,00
  Accumulated Depreciation-Furniture 0
  To record depreciation for furniture.  
     
12,00
31 Unearned Revenue 0.00  
12,00
  Revenue 0.00
  To record unearned revenue that has been earned.  
     
1,00
31 Interest Expense (100,000 x 6%) x 2/12 0.00  
1,00
  Interest Payable 0.00
  To record interest payable.    
X
 Services
Statement of Comprehensive Income for the Year Ended 31 August 2020

  RM RM
Revenues:
Service Revenue (103,000.00+12,000.00) 115,000.00

Expenses:
Utility Expense 21,000.00
Salary Expense (25,000.00+5,000.00) 30,000.00
Interest Expense (3,000.00+1,000.00) 4,000.00
Insurance Expense 24,000.00
Depreciation Expense-Furniture 8,000.00
Bad Debt Expense 24.00
Total Expenses (87,024.00)
Net Income 27,976.00
Question 2
 Services
Statement of Financial Position as at 31 August 2020.  
          RM RM RM
Non-Current Assets      
Premises   220,000.00  
Furniture 40,000.00    
Less: Accumulated Depreciation-Furniture
(8,000+8,000) (16,000.00)    
Net Book Value of Furniture   24,000.00  

Total Non-Current Assets     244,000.00

       
Current Assets      
Cash at Bank   70,400.00  
Account Receivable 100,600.00    
Less: Provision for Doubtful Debts
(4,000+24) (4,024.00)    
Net Account Receivable   96,576.00  
Prepaid Insurance (36,000-24,000)   12,000.00  

Total Current Assets     178,976.00

Total Assets     422,976.00

       
Non-Current Liabilities      

Loan @ 6% interest     100,000.00

       
Current Liabilities      
Accounts Payable   80,000.00  
Unearned Revenue (24,000-
12,000)   12,000.00  
Salary Payable   5,000.00  
Interest Payable   1,000.00  

Total Current Liabilities     98,000.00

Total Liabilities     198,000.00

       
Owner's Equity      
Capital, Services, September 31, 2019   200,000.00  
Add: Net Income   27,976.00  
    227,976.00  

Less: Drawings   (3,000.00)  

Capital, Service, August 31, 2020     224,976.00

 Total Liabilities and Owner's Equity     422,976.00
               
Question 3
Part D

Question A

(Figures taken from both financial statements are in Euro in millions.)

Ratio Volkswagen Group BMW Group

Activity Ratios

1 Trade Receivables Collection 365/{252,632/ 365/{104,210/

Period:  [(17,941+17,888)/2]} [(2,518+2,546)/2]}

365/Receivables Turnover = 25.88 Days = 8.87 Days

= 26 Days = 9 Days

2 Trade Payable Payment

Period:

365/Payables Turnover 365/{203,490/ 365/{86,147/

[(22,745 + 23,607)/2]} [(10,182 + 9,669)/2]}

= 41.57 Days = 42.05 Days

= 42 Days = 43 Days

Profitability Ratios

3 Net Profit Margin:

(Net Profit/Net Sales) X100 (14,029/252,632)X100 (5,022/104,210)X100

= 5.55% = 4.82%

4 Return on Equity:

(Net income–Preferred (14,029 - 1,353)/ (5,022 - 143)/

Dividends)/ Average [(123,651+117,342)/2] [(59,907 + 57,829)/2]
Common Stockholders’ = 0.1052 = 0.0829
Equity = 10.52% = 8.29%

5 Return on Assets:

(Net income + Interest (14,029 + 2,524)/  (5,022 + 499)/

Expense)/ Average Total [(488,071 + 458,156)/2] [(228,034 + 208,938)/2]
Assets = 0.0350 = 0.0253
= 3.5% = 2.53%

Leverage Ratios
6 Debt to Assets Ratio:

Total Liabilities/Total Assets 364,421/488,071 168,127/228,034 

= 0.75 = 0.74

7 Interest Coverage:

Operating Income/Interest 16,960/2,524 7,411/ 499

Expense = 6.72 = 14.85

Liquidity Ratios

8 Current Ratio:

Current Assets/Current 187,463/167,924 90,630/82,625

Liabilities = 1.12  = 1.10

Question B

The two companies that we chose are Volkswagen (VW) Group and BMW
Group. Since both companies belong in the automotive manufacturing industry where
they mostly produce luxury cars, it is reasonable to compare their financial statements.

Activity Ratios

Trade receivables collection period

In this ratio, Volkswagen recorded 26 days whereas BMW recorded 9 days. This means,
Volkswagen collects trade receivables in every 26 days whereas BMW does it every 9
days. From that, it can be analysed that BMW has significantly more quality customers
than Volkswagen since they collect their trade receivables more efficiently than
Volkswagen. However, for Volkswagen, 26 days is not considered as a bad figure either
as it is still within a month.

Trade payable payment period

In this ratio, Volkswagen recorded 42 days whereas BMW recorded 43 days. This
means Volkswagen pays trade payables in every 42 days whereas BMW does it every
43 Days. From these similar figures, 42 or 43 days may seem like a bad figure due to
longer repayment period, however from a financial perspective, it is not necessarily it as
both companies might be successful at negotiating better payment terms which in turn
led to infrequent repayment.
Profitability Ratios

Net Profit Margin

In this ratio, Volkswagen recorded 5.55% whereas BMW recorded 4.82%. This means,
in every euro of sales, Volkswagen generates a higher net profit of €0.0555 compared to
BMW that generates €0.0482 of net profit. From that, it can be analysed that
Volkswagen has slightly better pricing strategies and lower expenses compared to
BMW which had led to the slightly higher net profit margin. In general, although both
companies’ net profit margin is quite low, in terms of the whole automotive industry,
these figures are acceptable as they are actually considered above industry average
(Munoz, 2019).

Return on Equity (ROE)

In this ratio, Volkswagen recorded 10.52% whereas BMW recorded 8.29%. This means
Volkswagen uses €1 of common stockholders’ equity to generate a higher income of
€0.1052 compared to BMW that generates €0.0829 in income. Since ROE indicates
how effective companies are using its capital to make profit, from both figures above, it
can be seen that Volkswagen makes better management decisions on investing capital in
productive assets which in turn led to higher ROE.

Return on Assets (ROA)

In this ratio, Volkswagen recorded 3.5% whereas BMW recorded 2.53%. This means
Volkswagen uses €1 of total assets to generate a higher income of €0.035 compared to
BMW that generates €0.0253 in income. From both figures above, aside from knowing
Volkswagen is slightly better in using total assets to generate income, it can also be
analysed that BMW is slightly more capital-intensive compared to Volkswagen.
Moreover, since both companies’ ROA is lower than ROE, they can be considered
trading on the equity where they are able to increase shareholders’ earnings through
making more income on borrowed money than the interest expense.

Leverage Ratios

Debt to Assets Ratio

In this ratio, Volkswagen recorded 0.75 whereas BMW recorded 0.74. This means for
Volkswagen, 75% of the assets are financed with debt whereas for BMW, 74% of assets
are financed with debt. In other words, for every euro of assets, Volkswagen has €0.75
of debts whereas BMW has €0.74 of debts. With that, although both companies own
more assets than liabilities, BMW still has a slightly lower ratio compared to
Volkswagen, meaning BMW is less leveraged and has higher financial flexibility. In
general, although both companies’ debt to assets ratio is quite high, they are still healthy
considering that they are capital-intensive companies which require huge funds in the
form of debt to finance their costly assets.

Interest Coverage Ratio (ICR)

In this ratio, Volkswagen recorded 6.72 times whereas BMW recorded 14.85 times.
This means BMW’s earnings before interest and taxes can cover interest expense more
at 14.85 times compared to Volkswagen at only 6.72 times. From that, it can be
analysed that BMW has better financial health in terms of meeting its short-term interest
obligations better since the company’s interest coverage is higher than Volkswagen. In
general, although Volkswagen recorded a lower interest coverage ratio, the company is
still considered to be in an extremely good shape. This is because even though
Volkswagen’s debt to asset ratio is high, their ICR is actually still higher than the
average ICR of all businesses in the US which is 3.71 times (Palomino et al., 2019).
Thus, both companies should have no problem in taking up new loans as lenders would
trust their ability in meeting their debt obligations.

Liquidity Ratios

Current Ratio

In this ratio, Volkswagen recorded 1.12 whereas BMW recorded 1.10. This means
Volkswagen has a slightly more current assets of €1.12 to cover every €1 of current
liabilities compared to BMW with €1.10 in current assets. From that, it can be analysed
that Volkswagen is slightly more capable of paying its short-term obligations compared
to BMW. Nonetheless, both companies figure of around 1.10 is considered to be healthy
as it also means that they did efficiently use their current assets to grow their business.

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