Write a report to evaluate the profitability, efficiency, liquidity, and financial structure
of ASOS over the financial periods 2018 to 2021.You should use the accounting ratios
shown below and any other information relevant to ASOS PLC. Information can be
accessed from the annual report and accounts and any other source of evidence that
you believe helps to explain the company’s performance and position. (40Marks)

Question 1 (49 Marks)
Ovid Ventures run a small private company selling swimwear from China. The owner
of the Venture asked you to prepare set of financial statement for the year ended 31
December 2021 as soon as possible as the previous accountant left the company at
very short notice.
Dr Cr
£ £
Audit and Accountancy 500
Advertising 900
Bank 1,500
Creditors 8,900
Long Term Bank Loan 2,200
Debtors 41,350
Delivery 8,500
Electricity 2,800
Insurance 1,700
Fixtures and Fittings:
At Cost 80,000
Accumulated depreciation (at 1.1.2021) 40,000
Motor Vehicle:
At Cost 25,000
Accumulated depreciation (at 1.1.2021) 1,350
Office expenses 700
Ordinary £1 shares (issued and fully paid) 20,000
Profit and loss account (at 1.1.2021) 13,200
Purchases 160,000
Rent and rates 7,500
Sales – 280,000
Stock (at 1.1.2021) 14,000
Wages and salaries 21,000
Bank Interest 200
£365,650 £365,650
AC4052QA Financial Accounting – NOV21INTAKE Assignment Brief
5
Additional Information:

  1. Stock at 31st December 2021 valued at cost amounted to £18000.
  2. Depreciation is to be provided on fixtures and fittings at 25% on cost
    and 10% on reducing balance method for motor vehicle.
  3. The electricity consumed but not paid for the period is £250.
  4. Insurance paid in advance at 31st December 2021 amounted to £400.
    Required:
     Prepare Income statement for the year ended 31st December 2021.
    (26 Marks)
     Prepare Balance Sheet as at 31st December 2021. (23 Marks)
    Question 2 (11Marks)
  5. Briefly explain to Mr Ovid the owner of Ovid Ventures the impact of the
    following adjustments on Profit & Loss Account and Balance sheet:
    a. Prepaid Expenses
    b. Accrued Expenses
    c. Prepaid Income
    d. Accrued Income
    (8 Marks)
  6. Briefly explain to the Mr Ovid the owner of Ovid Ventures why the following
    items will be added back or deducted from the cash flow statement using the
    indirect method:
    a. Depreciation
    b. Disposal of non-current asset
    c. An increase in inventories

Sample Solution

Sample solution

Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell. 

In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.

God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.

Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.

To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.

 

References

Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.

Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies4(8), 487.

Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.