Question:
1.Elite 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.
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.
2.Prepare a Tax Invoice
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.
3.Prepare a Profit & Loss statement (20%) 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.
End of the Assignment
Answer:
1.
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Elite Journal
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General Journal
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Particulars
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Debit
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Credit
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Rent expenses a/c
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2,000.00
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Prepaid rent a/c
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2,000.00
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(Rent amount has been adjusted.)
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Supplies a/c
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300.00
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Office supplies
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300.00
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(suuplies amount has been adjusted.)
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Depreciation a/c
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1,800.00
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Plant and equipment
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1,800.00
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(Depreciation amount has been charged.)
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Unearned revenue a/c
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2,000.00
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Revenue a/c
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2,000.00
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(Unearned revenue has been adjusted.)
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Salaries a/c
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5,500.00
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Accrued salaries
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5,500.00
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(Salary amount has not been paid.)
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2.Elite Enterprises Pty Ltd]
ABN: [: 91 000 111 888]
900A George St] [Sydney NSW 2000]
[Phone No: 99992222, Fax No.: 99992223]
[Email Address: [email protected]]
Sales Invoice
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Bill To
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[XYZ enterprises Pty Ltd]
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Invoice Number
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A5101
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[99 Wynyard St]
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Date
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27/3/2018
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[Sydney NSW 2000]
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Due Date
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10/4/2018
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Description
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Quantity
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Unit price
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Amount
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Computer
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3
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$1,300.00
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$3,900.00
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Printer Cartridge
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4
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$250.00
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$1,000.00
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stationery
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6
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$9.90
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$59.40
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Cleaning items
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1
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$28.50
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$28.50
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Total without GST
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$4,987.90
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GST
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$498.79
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Total with GST
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$5,486.69
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Paid Amount
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$0.00
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Balance Due
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$5,486.69
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Terms and condition:
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
3.
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Income Statement
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Elite Enterprises
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For the year ending 2017
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Sales
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363684
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Less: Cost of goods sold
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80000.01
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Gross profit
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283684
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Other revenue:
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Interest received
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1050
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GST collected
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15303
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Total revenue
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16353
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Expenses:
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GST paid
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43171.18
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Accounting aand audit fee
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4772.73
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Advertising and marketing
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5600
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Bank fees
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2112.5
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Computer expenses
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2727.27
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Consultancy
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954.55
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Hire purchase
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1909.1
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Insurance general
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1954.54
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Internet
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4636.36
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Legal fees
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1000
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Motor vehicle expenses
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1104.55
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Postage
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2685.45
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Printing and stationery
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711.82
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Repairs and maintainenace
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2522.72
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Rent office premises
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30000
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Salaries
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150005.4
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Travel
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4636.37
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Telephone expenses
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3545.45
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Utilitiees
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5500
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Depreciation
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7500
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Total expenses
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277050
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Net profit
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22987
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