ACC100 – Group Assignment (15 marks)
Your group (3-4 students) is appointed to prepare a special-purpose financial report for the start-up one-person accounting practice owned by Alex Chae. Your group can use the financial plan template provided by Alex, your group can modify the provided financial plan template and use the modified financial template, or your group can use any format of financial plan.
Basic information
• Business structure: Sole Trader
• Business Industry: Accounting and bookkeeping Service
• Start date: 1 April 2018
• Start-up fund: $200,000 (on 1 April 2018)
• Ignore GST and Income tax
Required:
A. Determine a business name; Check a business name availability by using the check business name availability search in ASIC Connect
B. Your group report includes:
? Executive Summary (5%)
? Mission / Goal (5%)
? Services provided (5%)
? Keys to success (5%)
? Financials for the year ended 30 June 2018 based on Accounting cycle (20%)
? Group opinion including recommendations/conclusion (20%)
? Group activity Report including minutes and summary (15%), References (5%)
C. Group Presentation (20%)
The above allocated marks are based on the rubrics in ACC100 subject outline.
Details of financial plan: When your group preparing the following accounting cycle, your group should use pen or pencils.
1. Chart of accounts of the business- Given
2. Financial transactions are given. Please enter any amounts that should be different from the amounts entered in the group assignment sample.
3. Journalise the general financial transactions
4. Post the journal entries to the general ledger accounts
5. Record the unadjusted trial balance on the worksheet
6. Record adjustment transactions on the worksheet
(no adjusting/closing journals are required)
7. Complete the worksheet
8. Prepare the financial statements (P&L, Changes in equity and B/S)
Note: Your worksheet should include the 10 columns for: Unadjusted Trial balance, Adjustments, Adjusted Trial balance, Income statement and Balance Sheet
Details work activity report
1. Must include at least three group meeting minutes and meeting minutes summary
2. Group opinion including achievement and value of studying accounting