Recent Question/Assignment

Individual Assignment
Unit: ACC101 - Fundamentals of Accounting I
Deadline: 12 August 2018 11:59 PM
Total Marks: The assignment is worth 30% of the total marks
Instructions:
1. You are required to answer all attached questions.
2. Your answer must be uploaded to through Moodle, NO hard copy is required.
3. You need to support your answers with appropriate Harvard style references where necessary.
4. The Business Report should be consistence with one writing style in length with a table of contents.
5. Only include information in your appendixes that has been directly referred to in the body of your document.
6. Include a title/cover page containing the subject title and code and the name, student id numbers.
7. You will need to support your answers with appropriate references if necessary.
8. Please save the document as ACC101_first name_Surename_Student Number
Eg: ACC101_John_Smith_20150000
Part A
Make General Journal Entries (10%)
Australia Enterprise has appointed you as an Accountant on a fixed term contract to investigate, identify and adjust their financial entries that require your immediate attention. You are asked to review the following transactions as at 30 June 2017, which is the current year before any adjusting entries have been made.
Debit Credit
Prepaid Rent $ 12,000
Stationary $990
Plant & Equipment $9,000
Unearned Revenue/Income $ 6,000
Wages & Salaries $35,000
Additional information
(a) Prepaid Rent represents rent paid for 1 year paid on 1 May.
(b) Supplies of $300 were on hand at 30 June.
(c) Plant & equipment, which had been purchased on 1 May, is expected to last 5 years.
(d) The business received 3 months’ income in advance on 1 June from a number of customers.
(e) Accrued salaries not recorded as at 30 June are $5,500.
Requirement: You are required to record all the necessary journals preferably in Excel by following the template below.
Australia Enterprise
General Journal
Particulars Debit Credit


PART B
Prepare a Tax Invoice (10%)
You are an Assistant Accountant at Elite Enterprise. You are required to prepare a Sales Tax Invoice by using the details below. It is a requirement that the tax invoice is completed in accordance with Australian Accounting Standard. You MUST show the total amount including GST where appropriate. You should prepare it in either Microsoft Word or Excel.
Name of your business: Elite Enterprise Pty Ltd
Address: 900A George St, Sydney NSW 2000
Phone No: 9999 2222, Fax No: 9999 2223
Email: accounts@ee.com.au
Website: www.eliteenterprise.com.au
ABN: 91 000 111 888
Invoice No: A5101
Invoice Date: 27 March 2018
Description of the products:
Qty Description of Supply Unit Price GST Total
3 Computers 1300.00
4 Printer Cartridge 250.00
6 Stationary 9.90
1 Cleaning item 28.50
Customer details:
XYZ Enterprise Pty Ltd
99 Wynyard St, Sydney NSW 2000
Terms & Conditions:
Payment should be made in 14 days
Payment can be made via EFT
BSB: 012999 Account no: 500999000
Account Name: Elite Enterprise Pty Ltd
or
The cheque payable to
Elite Enterprise Pty Ltd

PART C
Prepare a Profit & Loss statement (10%)
You are an accountant of Elite Consultancy Group. This is now the end of financial year 2017. You are required to compile the financial data below to prepare a Statement of Financial Performance in Excel.
Trial balance
Account Debit Credit
Cash at bank $48,907.71
Petty cash $4,000.00
Stock on hand $36,942.00
Deposits $3310.00
Trade debtors $43,437.00
Plant and equipment $46,502.29
Motor vehicle $52,500.00
Account depreciation – Plant and equipment $6,540.00
Bank loans $58,500.00
Trade creditors $92,000.00
GST collected $15,303.00
GST paid $43,171.18
Payroll liabilities $2,767.00
Owner capital/issued capital $15,000.00
Owner drawings $35,195.00
Retained earnings $65,500.00
Sales goods and services $363,684.00
Interest received $1,050.00
COGS $80,000.01
Accounting and audit fees $4,772.73
Advertising and marketing $5,600.00
Bank fees $2,112.50
Computer expenses $2,727.27
Consultancy $954.55
Hire purchase/lease charges $1,909.10
Insurance general $1,954.54
Internet
Legal fees $4,636.36
$1,000.00
Motor vehicle expenses $1,104.55
Postage/courier $2,685.45
Printing and stationary $711.82
Repairs and maintenance – office $2,522.72
Rent – office premises
Salaries – office $30,000.00
$150,005.40
Travel $4,636.37
Telephone expenses $3,545.45
Utilities
Depreciation
Accumulated Depreciation m/v $5,500.00
7500
7500
Total: $620,344.00 $620,344.00

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