ACG11 (Accounting for Business) SP3 2019
Assignment Part B
79 Marks – Weighting 15%
Due 8:00pm Adelaide time (ACST/ACDT)
on Tuesday 5 November 2019
Please aim to complete this assignment a few days prior to the due date to allow for any unforeseen circumstances such as illness, holidays, family issues, work commitments etc. You may submit the assignment early if you have other commitments around the due date.
The due date and time is stated in the subject outline, on the subject website and above. All times listed are local (South Australia) times. Please ensure you factor in any time difference between Adelaide (South Australia) and your location when submitting your assignment, to avoid incu
ing any late submission penalties.
Please note the following important instructions relating to the assignment format and submission:
IMPORTANT - Failure to follow these instructions may result in your assignment not being marked, so please read them carefully.
1. You must complete your assignment using the assignment Word document provided.
2. There is no need to delete any part of this template.
3. Do not convert this document into any other format (.docx or .doc are the only permissible file formats than can be uploaded).
4. You can only submit this one file.
5. If you use Excel for calculations, ensure you only copy and paste as a table. Do not ‘embed spreadsheets in the assignment Word document.
6. Do not include any files as pictures within the assignment Word document.
7. You cannot scan handwritten responses and submit. All assignments must be word processed.
8. Remember to fill out the assignment coversheet which is the second page of this assignment Word document.
9. All assignments must be lodged via Learnonline page (link located on same page as assignment).
10. Assignments submitted via e-mail (or any other method) will NOT be accepted.
11. Make sure that you upload the co
ect file. If you discover (after the due date) that you have uploaded a draft version or the wrong file completely, you will not be allowed to submit a second file.
Note that this is an individual piece of assessment. Pay particular attention to the student declaration which forms part of the coversheet. You must type your name and the date in the appropriate field in this declaration.
Please also be aware that extensions to assignment due dates will only be approved in exceptional circumstances and for reasons that could not have been foreseen at the commencement of the study period. All applications for extensions must be submitted via the “Extensions” link provided on the subject website and must include an explanation of the circumstances under which the extension is being sought and relevant supporting documentation must be included with the original application. Please note that circumstances such as usual workload (university or employment), taking a holiday, being overseas or any situation within the control of the student do not qualify as grounds for an extension.
Please note that extension requests made with 7 days of the due date must also include a draft of the work you have completed to that point.
Best of luck with your assignment.
Accounting for Business Assignment – Learning Outcomes
The Assignment is a further opportunity to apply the knowledge and skills that you are developing. The Assignment also develops learning outcomes which are highly valued by the employers of accounting graduates: Knowledge, Judgement, Critical analysis and Problem solving skills, and Communication skills. Learning outcomes are the knowledge and skills that graduates are expected to know, understand and be able to do as a result of their learning. Go to the Commerce home page to find out more about these important learning outcomes.
Communication skills
Employers want graduates who are strong communicators. Communication skills rank among the most important selection criteria that employers use when recruiting graduates (Source: Graduate Careers Australia). These three aspects of your written communication skills development will be assessed in the assignment to a maximum of 9 marks:
· Paraphrasing,
· Being relevant and the art of selection, and
· An introduction to writing for a professional business audience.
Please refer to the resource Developing written communication skills in Accounting for Business on the subject learnonline site. It has information about the three aspects of your written communication skills development and links to resources that will assist you develop your skills. As you use the resources in your assignment, remember that your studies is the perfect time to start developing these skills and appreciating their importance in your career.
Assignment Cover Sheet
for OUA Students
An Assignment Cover Sheet needs to be included at the front of each assignment submitted.
Address details
Full name: Katie Hewson
Address:
XXXXXXXXXXPostcode:
Personal details
UniSA Student ID:
UniSA Email: @mymail.unisa.edu.au
Assignment details
Unit code:
Unit name:
Assignment no.
Due date:
Extension due date (if applicable):
Assignment topic (as stated in the Unit Outline):
Student Declaration
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.
I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a database to be used in future to test work submitted by others.
I understand that I can obtain further information on this matter at https:
lo.unisa.edu.au/mod
ook/view.php?id=252142&chapterid=39190
Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed statement.
Student Signature:
Date:
LODGING YOUR ASSIGNMENT
Please note: All text based assessment tasks should be submitted electronically using learnonline Gradebook.
OFFICE USE ONLY
Date received:
Received by:
Academic staff member:
Assessment/grade:
Date recorded and dispatched to student:
Recorded and dispatched by:
QUESTION 1: Balance Day Adjustments (20 marks)
Debit ($)
Credit ($)
Wrap It Up
Trial Balance
30 June 2019
Cash at Bank
24 071
Shop Cleaning Expense
29 200
Water Expense
11 876
Gas Expense
12 517
Delivery Van
14 250
Sales Returns & Allowances
530
Electricity Expense
13 700
Shop Furniture
15 000
Pip Li, Capital
132 238
Cook’s Wages Expense
20 730
Office Cleaning Expense
10 000
Interest expense
14 600
Shop Staff Wages Expense
24 545
Discount Received
1 290
Unearned Sales
4 335
Industrial Steame
8 100
Pip Li, Drawings
29 033
Accounts Receivable
4 400
Loan
177 943
Inventory (1 July 2018)
29 475
Purchases
126 500
Rent Expense
21 000
Advertising Expense
12 350
Sales
120 218
Accounts Payable
6 252
Office Supplies
1 175
Refrigeration Equipment
32 000
Discount Allowed
650
Cooking Oil Disposal Expense
6 342
Repairs and Maintenance Payable
5 375
Accumulated Depreciation – Refrigeration Equipment
16 313
Insurance Prepaid
1 920
Totals
463 964
463 964
Pip Li owns and operates a busy street food and catering business. As the business accountant, Pip has emailed you the following list of account information related to the year ended 30 June 2019:
1. On the 29th June 2019, Wrap It Up provided finger food at the Winter Racing Carnival, this job was invoiced for $2,400 and it had been recorded as Unearned Revenue when it was received on the 1st June 2019.
2. The cook’s wages payable but not recorded as at 30 June are $980.
3. The industrial steamer was purchased on 1 September 2018 and will be depreciated at 20% per annum and will have no residual value (calculate and record the depreciation expense).
4. The Office Supplies on hand at 30 June 2019 was $58.
5. On 30 June, Pip Li estimated 2% of Accounts Receivable will not be collected as this amount has been outstanding for 180 days.
6. The Refrigeration Equipment is expected to have a useful life of four years and have a $4 000 scrap value (calculate and record the depreciation expense for the year).
7. Rent was paid on 1 July 2018 for an 18 month period ending 31 December 2019.
8. The 6 month Insurance policy (policy # XXXXXXXXXXof $1 920 was paid on 1 April 2019.
9. The Delivery Van was purchased on 1 October 2018 and is expected to have a useful life of five years and have a residual value of $2850.
10. The bank has approved an overdraft facility offor $1 500 for Wrap it Up, a street food and catering business.
REQUIRED:
Prepare the Balance Day Adjustment Journals for Wrap It Up where required. Include na
ation (explanation) for each journal entry. (20 marks)
Wrap It Up
General Journal
Date
Details
Debit ($)
Credit ($)
QUESTION 2: Financial Statement (20 marks)
Mr Brandt owns and manages an art supplies business called “The Night Watch Art Studio”, specialising in the retail of fine art supplies. The following Trial Balance for The Night Watch Art Studio has been prepared at year end by Mr Brandt.
THE NIGHT WATCH ART STUDIO - TRIAL BALANCE
AS AT 30 JUNE 2019
Debit ($)
Credit ($)
Accounts Receivable
2,591
Inventory (1 July 2018)
15,720
Allowance for Doubtful Debts
196
Cash at Bank
4,877
Prepaid Insurance
1,538
Shop Shelving
26,700
Doubtful Debts Expense
196
Accumulated Depreciation Shop Shelving
8,700
Office Furniture and Fittings
9,600
Accumulated Depreciation Office Furniture & Fittings
2,850
Depreciation Exp – Motor vehicle
600
Motor Vehicle
12,000
Accumulated Depreciation Motor vehicle
600
Depreciation Expense – Office Furniture & Fittings
960