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ACC101-Fundamentals Of Accounting

tag 0 Download 3 Pages / 548 Words tag 29-07-2020

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

 

 
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