Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

ACC101 Introduction Of Financial Accounting

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

  • Country: United States


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:


Description of Supply

Unit Price









Printer Cartridge










Cleaning item





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




Cash at bank



Petty cash



Stock on hand






Trade debtors



Plant and equipment



Motor vehicle



Account depreciation – Plant and equipment



Bank loans



Trade creditors



Provision – employee Entitlement



GST collected



GST paid



Payroll liabilities



Owner capital/issued capital



Owner drawings



Retained earnings



Sales goods and services



Interest received






Accounting and audit fees



Advertising and marketing



Bank fees



Computer expenses






Hire purchase/lease charges



Insurance general




Legal fees




Motor vehicle expenses






Printing and stationary



Repairs and maintenance – office



Rent – office premises

Salaries – office







Telephone expenses





Accumulated Depreciation m/v










Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Unique Document

Under Evaluation

Get Money
into Your Wallet

Total 2 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Introduction Of Financial Accounting. Retrieved from

My Assignment Help (2020) Introduction Of Financial Accounting [Online]. Available from:
[Accessed 27 May 2022].

My Assignment Help. 'Introduction Of Financial Accounting' (My Assignment Help, 2020) <> accessed 27 May 2022.

My Assignment Help. Introduction Of Financial Accounting [Internet]. My Assignment Help. 2020 [cited 27 May 2022]. Available from:

At, we are committed to deliver quality assignment assistance in the fastest way possible. To make our service delivery fast, we have hired subject matter experts to work on different subject specific assignments. We have hired experts who owe in-depth knowledge in their respective subjects. As per their expertise, they provide geography assignment help, Physics assignment help, Strategic assignment help, history assignment help, art architecture assignment help and assistance with other subjects as well.

Latest Finance Samples

ACC204 Corporate Accounting And Reporting

Download : 0 | Pages : 5
  • Course Code: ACC204
  • University: Kings Own Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia

Answer: "Impairment Loss for Cash Generating Units excluding Goodwill" Impairment Loss: - Impairment loss occurs when carrying amount of asset or cash generating unit exceeds the recoverable value of asset or cash generating unit. Then, carrying value of the asset is required to be reduced by the difference. This reduced amount will be recognized as an Impairment loss. The same statement can be described through the following formula: Impair...

Read More arrow

FIN20013 Banking Operations And Governance

Download : 0 | Pages : 9

Answers: Question 1  What is repricing gap? In using this model to evaluate interest rate risk, what is meant by rate sensitivity? Banks use repricing gap as a risk management technique that is used to evaluate the uncertainty of income accrued from the net interest income primarily attributable to interest from payments of loans and advance s less interest paid on customer deposits subject to change in interest rates. It is also th...

Read More arrow Tags: Singapore Accounting Marketing Singapore University 

FINC20018 Managerial Finance

Download : 0 | Pages : 9

Answer: Case Study 1: Financial markets From the point of view of Northwest Capital management, the process of buying treasury bonds and energy stocks is taking indirect securities. As an hedge fund manager it is the primary market which is direct market for me, while in secondary market like stocks, ETF, MF are indirect markets. The main markets where a hedge fund manager focusses on are IPO, primary dealing in debt space. The company's scop...

Read More arrow Tags: Australia Pascoe Vale Management Business Investments University of Queensland MBA 

FIN200 Corporate Finance Management

Download : 0 | Pages : 8
  • Course Code: FIN200
  • University: Kings Own Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia

Answers: Answer: A In recent times, retirement arranges are essential for employees to secure their future after retirement. Moreover, defined benefit plans as well as investment choice plans are two major types of investment plans that tertiary sector employees have to invest their superannuation contributions in an appropriate manner. These plans are mainly required for employees because of workers do not have work securities for their whol...

Read More arrow Tags: Australia Ashfield Management Business and Financial management in Aged Service University of Sydney MBA 

FIAC214 Financial Accounting

Download : 0 | Pages : 5
  • Course Code: FIAC214
  • University: Kent Institute Australia
    icon is not sponsored or endorsed by this college or university

  • Country: Australia

Answer: Introduction  About the company  Domino’s Pizza is an international company with its base in the United States and is the second largest food chain across the world. We are studying the annual report of the year 2016 according to which the company has 13800 stores in over 85 countries (Pizza 2016). The company operates as a franchise model and also sells pizza through company owned stores. The majority revenue comes f...

Read More arrow

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on then please raise the content removal request.

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

callback request mobile
Have any Query?