ACC20015 Accounting Information Systems AssignmentSemester 2, 2022 Submission information: Due Date:...

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ACC20015 Accounting Information Systems AssignmentSemester 2, 2022 Submission information: Due Date: END OF WEEK 10 This assignment counts 25% towards your final assessment. The assignment must be compled in a group of 2 students. This assignment requires you to use computer accounting software (XERO) for a small business to record business transactions for a small business. It covers many of the common transactions of everyday business in Australia, including Goods and Service Tax (GST). It is not meant to be a data entry exercise. You are required to carefully understand each transaction, how the software records the transactions in ledgers and how reports are created. You must strictly follow the assignment guidelines and must use the XERO education version (the access given by the convenor) when recording the data in XERO education accounting package (do not use your own XERO trial version). Your assignment will not be considered for marking I you use your own version or the XERO 30-day free trial, as the convenor does not have the access to your selected XERO trial versions.General information Adrian Ariel recently purchased a carpet business for $100,000. Since then, the business has grown into a successful importer and seller of fine carpets and rugs. AAA Carpets and Rugs (ABN XXXXXXXXXXis situated at 133 Clare Street, Boydtown, Melbourne, Vic 3957. AAA Carpets and Rugs purchase their inventory from a number of suppliers. In addition to sales to individual customers the business also supplies some local carpet and rug

Rochak · Accepted Answer

Balance Sheet AAA Carpets and Rugs                                                                                                                                                                                                                                                               
Balance Sheet
AAA Carpets and Rugs
As at 30 September 2022
30 SEP 2022
Assets
Bank
Business bank account 452.85
Total Bank 452.85
Current Assets
Accounts Receivable 15,774.00
Cleaning material 412.00
Interest income receivable 120.00
Inventory 24,150.00
Prepayments 3,600.00
Total Current Assets 44,056.00
Fixed Assets
Cash register 1,400.00
Delivery van 28,000.00
Less Accumulated Depreciation on Cash register 12.83
Less Accumulated Depreciation on Delivery van (1,730.00)
Less Accumulated Depreciation on Shop fittings (1,637.50)
Shop fittings 4,500.00
Total Fixed Assets 30,545.33
Total Assets 75,054.18
Liabilities
Current Liabilities
Accounts Payable 11,988.00
Adrian Ariel capital 31,700.00
Adrian Ariel Drawings (2,000.00)
GST 1,360.26
Total Current Liabilities 43,048.26
Non-current Liabilities
Loan - Eastern Bank 17,500.00
Total Non-current Liabilities 17,500.00
Total Liabilities 60,548.26
Net Assets 14,505.92
Equity
Current Year Earnings 14,505.92
Total Equity 14,505.92

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