ACC101 - Assessment 02 Details
General information about the assignment
Due in Week XXXXXXXXXXMay 2022 Wednesday, before 4pm)
Total Marks: 25
Weightage: 25% of the unit
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Case Study
The post-closing trial balance at 30 June 2019 of Payneham Professional Services is shown below.
Transactions completed during the year ended 30 June 2020 are summarised below.
1. Collections on accounts receivable totalled $82 060.
2. Consulting fees of $88 150 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay.
3. Rent paid in advance was $14 580.
4. Office supplies were purchased during the year for $380 in cash and $420 plus GST on credit.
5. Tat withdrew $25 000 for private use.
6. Salary payments amounted to $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020.
7. Advertising totalling $3360 was purchased on credit.
8. Electricity expense of $3600 was paid.
9. Accounts payable of $2880 were paid.
The following additional information should be considered for adjusting entries.
10. Unused office supplies on hand at the end of the year totalled $760.
11. Depreciation on the furniture and equipment is $4600.
12. Salaries earned but not paid amount to $1180.
13. Rent paid in advance in transaction 3. Rent for 6 months of $7290 plus GST was
paid in advance on 1 August and 1 Fe
uary.
The ledger accounts of Payneham Professional Services are shown below
Cash at Bank
1100
1/7/19 Balance
d
14 800
(3) Prepaid rent.
14 580
(1) Accounts receivable
82 060
(4) Office supplies
380
(5) T. Chiang, Drawings
25 000
(6) Salaries exp/payable
31 940
(8) Electricity exp
3 600
(9) Accounts payable
2 880
30/6/20 Balance c/d
18 480
96 860
96 860
1/7/20 Balance
d
18 480
Accounts Receivable
1101
1/7/19 Balance
d
9 440
(1) Cash at bank
82 060
(2) Consulting fees rev
88 150
30/6/20 Balance c/d
15 530
97 590
97 590
1/7/20 Balance
d
15 530
Prepaid Rent
1102
1/7/19 Balance
d
1 220
(14) Rent expense
14 585
(3) Cash at bank
14 580
30/6/20 Balance c/d
1215
15 800
15 800
1/7/20 Balance
d
1215
Office Supplies
1106
1/7/19 Balance
d
1 320
(11) Office supplies expense
1360
(4) Cash/accounts payable
800
30/6/20 Balance c/d
760
2 120
2 120
1/7/20 Balance
d
760
Furniture and Equipment
1110
1/7/10 Balance
d
28 720
Accum. Depreciation – Furniture &Equipment
1111
30/6/20 Balance c/d
14320
1/7/19 Balance
d
9 720
(12) Depreciation expense
4600
14320
14320
1/7/20 Balance
d
14320
Accounts Payable
2200
(9) Cash at bank
2 880
1/7/19 Balance
d
5 440
30/6/20 Balance c/d
6 340
(4) Office supplies
420
(7) Advertising
3 360
9 220
9 220
1/7/20 Balance
d
6 340
Salaries Payable
2201
(6) Cash at bank
420
1/7/19 Balance
d
420
30/6/20 Balance c/d
1180
(13) Salaries expense
1180
1600
1600
1/7/20 Balance
d
1180
Tat Chiang Capital
3000
(d) T. Chiang, Drawings
16 000
1/7/19 Balance
d
37 040
30/6/20 Balance c/d
25 200
(c) P or L Summary
18 070
41 200
41 200
1/7/20 Balance
d
25 200
Tat Chiang, Drawings
3301
(5) Cash at bank
25 000
(d) T. Chiang, Capital
25000
Profit or Loss Summary
3320
(b) Expenses
60205
(a) Income (Revenues)
88150
(c) T. Chiang Capital
27945
88150
88150
Consulting Fees Revenue
4400
(a) P or L Summary
88150
(2) Accounts receivable
88 150
Salaries Expense
5500
(6) Cash at bank
31 520
(b) P or L Summary
32700
(13) Salaries payable
1180
32700
32700
Electricity Expense
5503
(8) Cash at bank
3 600
(b) P or L Summary
3600
Advertising Expense
5504
(7) Accounts payable
3 360
(b) P or L Summary
3360
Depreciation Expense – Furniture and Equipment
5505
(12) Accum. depreciation
4600
(b) P or L Summary
4600
Rent Expense
5512
(14) Prepaid rent
14585
(b) P or L Summary
14585
Office Supplies Expense
5513
(11) Office supplies
1360
(b) P or L Summary
1360
Required
(a) Prepare a 10-column worksheet for the year ended 30 June 2020.
(b) Prepare a Statement of Profit or Loss for the year ended 30 June 2020.
(c) Prepare a Statement of Changes in Equity for the year ended 30 June 2020.
(d) Prepare a Statement of Financial Position as at 30 June 2020.
(e) Make any necessary adjusting and closing entries for 30 June 2020
(f) Make any suitable reversing entries on 1 July 2020.
(g) Prepare a post-closing trial balance as at 30 June 2020.
(h) Do you think Payneham Professional Services is in good financial position? Analyse and explain (500 words)
Chapter 5: Completing the accounting cycle-closing and reversing entries
ACC101 Assessment 02 – Marking Ru
ics for Case Study
ULOs
Criteria
High distinction
85 – 100%
Distinction
75 – 84%
Credit
65 – 74%
Pass
50 – 64%
Fail
0-49%
2, 3, 4
Worksheet (20%)
Shows a well-developed understanding of the principles of preparing worksheet accurately in the appropriate format. No e
ors in worksheet
Shows a good understanding of the principles of preparing worksheet accurately in the appropriate format. Few e
ors in worksheet
Shows little to no understanding of the principles of preparing worksheet accurately in the appropriate format. Many e
ors in worksheet
Transactions appear incomplete. Shows little to no understanding of the principles of preparing worksheet accurately in the appropriate format.
Unable to prepare worksheet
Income Statement (10%)
Shows a well-developed understanding of Income statement. No e
ors. Extremely well organised; logical format that was easy to follow.
Shows a good understanding of Income statement. Few e
ors. The work Presented in a thoughtful manner.
Shows little understanding the Income statement.
Many e
ors. Somewhat organised
Shows very little to no understanding of Income statement. Choppy and confusing; format was difficult to follow
Unable to prepare Income statement.
Statement of Changes in Equity (10%)
Shows a well-developed understanding of Statement of Changes in Equity. No e
ors. Extremely well organised; logical format that was easy to follow.
Shows a good understanding of Statement of Changes in Equity. Few e
ors. The work Presented in a thoughtful manner.
Shows little understanding the Statement of Changes in Equity.
Many e
ors. Somewhat organised
Shows very little to no understanding of Statement of Changes in Equity. Choppy and confusing; format was difficult to follow
Unable to prepare Statement of Changes in Equity
Balance Sheet (10%)
Shows a well-developed understanding of balance sheet. No e
ors. Extremely well organised; logical format that was easy to follow.
Shows a good understanding of balance sheet. Few e
ors. The work Presented in a thoughtful manner.
Shows little understanding of balance sheet.
Many e
ors. Somewhat organised
Shows very little to no understanding of balance sheet. Choppy and confusing; format was difficult to follow
Unable to prepare balance sheet
Post-Closing Trial Balance (10%)
Shows a well-developed understanding of Post-Closing Trial Balance. No e
ors. Extremely well organised; logical format that was easy to follow.
Shows a good understanding of Post-Closing Trial Balance. Few e
ors. The work Presented in a thoughtful manner.
Shows little understanding of Post-Closing Trial Balance.
Many e
ors. Somewhat organised
Shows very little to no understanding of Post-Closing Trial Balance. Choppy and confusing; format was difficult to follow
Unable to prepare Post-Closing Trial Balance.
Adjusting, closing and reversing entries (20%)
Shows a well-developed understanding of the principles of journalising accurately in the appropriate journal. No e
ors in journalising
Shows a good understanding of the principles of journalising accurately in the appropriate journal. Few e
ors in journalising
Shows little to no understanding of the principles of journalising accurately in the appropriate journal. Many e
ors in posting
Transactions appear incomplete. Shows little to no understanding of the principles of journalising accurately in the appropriate journal.
Unable to generate journal entries
Comments on the main findings and the financial position of the company (10%)
Especially skilful identification and analysis of accounting concepts. Fully developed and supported assertion.
Clear and competent use of accounting concepts Developed and supported assertions
Accurate but limited use of accounting concepts Assertions exist but are not developed or supported adequately
Limited grasp of accounting concepts Assertions exist but are not developed or supported accurately
Inaccurate use of accounting concepts Lack of assertions, development and/or support
Language (10%)
Uses a wide range of vocabulary and grammatical structures with full flexibility and accuracy
Rare minor e
ors occur only as ‘slips’
Uses a wide range of vocabulary and grammatical structures to convey precise meanings
The majority of sentences are e
or-free
Uses a sufficient range of vocabulary and complex sentence forms to allow some precision
May produce occasional e
ors in word choice, spelling, word formation, grammar and punctuation
Uses an adequate range of vocabulary for the task and a mix of simple and complex sentence forms
Makes some e
ors in spelling, word formation, grammar and punctuation but they do not impede communication
Uses a limited range of vocabulary and grammatical structures which are minimally adequate for the task
May make noticeable e
ors in spelling, word formation, grammar and punctuation that may cause some difficulty for the reader