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ACC101 Introduction Of Financial Accounting

tag 0 Download 2 Pages / 379 Words tag 10-12-2020
  • Course Code: ACC101
  • University: Colorado College
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    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: United States

Question:

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.

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.

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.

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

 

 

PART C

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.

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

Provision – employee Entitlement

 

$38,00.00

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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