The assignment information will require students to analyse data and to prepare a written report...

Question

The assignment information will require students to analyse data and to prepare a written report based on their analysis of that data. Task length: 1500 words You are required to form a group of three. In case you can’t find a partner to form a group the task can be done by an individual. Before you start the assignment, you must email ( XXXXXXXXXX) to your lecturer the following information: • Student ID, name, email address and mobile phone number of the group members Upon receipt of your email you will get a reply from you lecturer confirming which Assignment Practice Set you will use to complete the assignment. Assignment Practice Set 1 – Trial balance as at 31st May 2016 Assignment Set 2 – Trial balance as at 31st May 2016 The following business transactions and business events relate to Violet Chan’s Consultancy Pty Ltd. You are required the complete 6 (six) tasks using the following information. Transaction of June XXXXXXXXXXJune Violet contributed $15 000 in her business given to her by her Aunt Kate. 4 June Purchased new computer for her business $1200 on credit 5 June Received $500 for services rendered 6 June Paid offie rent $400 7 June Negotiated with Olivia possible casual employment contracts totalling $1500 8 June Aunt Kate injected a further $2000 gift into Violet’s business 9 June Billed a client $500 for services rendered 10 June Received an invoice for new reception desk $ XXXXXXXXXXJune Paid salary $ XXXXXXXXXXJune Paid telephone bill $65 16 June Sent a quote for a large prospective job $ XXXXXXXXXXJune Paid office cleaning bill $231 20 June Paid offie rent $400 23 June Received $250 for consultation work completed 24 June Sent invoice for service rendered for $ XXXXXXXXXXJune Paid salary $ XXXXXXXXXXJune Paid in full for the reception desk bought on 10 June XXXXXXXXXXJune Paid for advertising $200 Adjusting entries 30 June Depreciation for computer is $170 30 June Depreciation for furniture is $130 You must follow the following formats to complete the required tasks for this assignment. Task 1: Complete all journal entries required for the month of June. Date Account Dr Cr 1/6/2016 Cash XXX Capital XXX Task 2: Complete general ledger and calculate the closing balance of each account. (Hints: Don’t forget to take the opening balance from the trial balance of May.) Dr Cash Cr Date Account Amount Date Account Amount 1/6/2016 Balance b/d XXX 3/6/2016 Rent XXX 2/6/2016 Capital XXX 30/6/2016 Balance c/d XXX XXX XXX Task 3: Complete the trial balance as at 30 June XXXXXXXXXXFollow the same format from information above and use standard trial balance format.) Task 4: Complete the profit and loss statement for the year ended 30 June 2016. Income Consulting Fees XXX Expenses Rent XXX Exp 1 XXX Exp 2 XXX Exp 3 XXX Exp 4 XXX Total Expenses XXX Net Profit (Loss) XXX

Robert · Accepted Answer

Assessment item 2 – Group Assignment: Assignment Practice Set 1
Task 1: Violet Chan’s Consultancy Pty Ltd _Journal Entries for the transactions of June 
2016 
Date  Account  Dr  (in $) Cr (in $) 
1/6/2016  Cash  15,000  
 Capital   15,000
4/6/2016 Computer 1,200  
 Accounts Payable  1,200
5/6/2016 Cash 500  
 Consulting Fees  500
6/6/2016 Rent 400  
 Cash  400
8/6/2016 Cash 2,000  
 Capital  2,000
9/6/2016 Accounts Receivable 500  
 Consulting Fees  500
10/6/2016 Furniture 3,400  
 Account Payable  3,400
11/6/2016 Salary 1,500  
 Cash  1,500
15/6/2016 Telephone 65  
 Cash  65
16/6/2016 Office Cleaning 231  
 Cash  231
20/6/2016 Rent 400  
 Cash  400
23/6/2016 Cash 250  
 Accounts Receivable  250
24/6/2016 Accounts Receivable 4,800  
 Consulting Fees  4,800
26/6/2016 Salary 1,500  
 Cash  1,500
28/6/2016 Account payables 3,400  
 Cash  3,400
30/6/2016 Advertising 200  
 Cash  200
30/6/2016 Depreciation 170  
 Computer-Accum Dep  170
30/6/2016 Depreciation 130  
 Furniture-Accum Dep  130
TASK 2: Violet Chan’s Consultancy Pty Ltd _General Ledger Balances as on 30 June 2016 
1.       (in $) 
Dr  Cash Cr  
Date  Account  Amount  Date  Account  Amount  
1/6/2016  Balance b/d  24,000.00 6/6/2016  Rent  400.00 
1/6/2016  Capital 15,000.00 11/6/2016 Salary 1,500.00 
5/6/2016 Consultancy 
services 
500.00 15/6/2016 Telephone 65.00 
8/6/2016 Capital 2,000.00 16/6/2016 Office Cleaning 231.00 
23/6/2016 Accounts 
Receivable 
250.00 20/6/2016 Rent 400.00 
   26/6/2016 Salary 1,500.00 
   28/6/2016 Non Trade Payables 3,400.00 
   30/6/2016 Advertising 200.00 
    30/6/2016 Balance c/d 34,054.00 
41,750.00  41,750.00
2.       (in $) 
Dr  Capital Cr  
Date  Account  Amount  Date  Account  Amount  
30/6/2016  Balance c/d 47,000.00 1/6/2016  Balance b/d 30,000.00 
   1/6/2016 Cash 15,000.00 
   8/6/2016 Cash 2,000.00 
47,000.00  47.000.00
3.       (in $) 
Dr  Accounts Receivable Cr  
Date  Account  Amount  Date  Account  Amount  
1/6/2016  Balance b/d 3,500.00 23/6/2016  Cash 250.00 
9/6/2016 Consultancy 
Services 
500.00 30/6/2016 Balance c/d 8550.00 
24/6/2016 Consultancy 4800.00    
Services 
8800.00  8800.00
4.      (in $) 
Dr  Computer-at cost Cr  
Date  Account  Amount  Date  Account  Amount  
1/6/2016  Balance b/d 8,000.00    
4/6/2016  Accounts 
Payable 
1,200.00 30/6/2016 Balance c/d 9200.00 
9200.00  9200.00
 5.       (in $) 
Dr  Computer-Acc Dep Cr  
Date  Account  Amount  Date  Account  Amount  
   1/6/2016  Balance b/d 2,000.00 
30/6/2016  Balance c/d 2170.00 30/6/2016 Depreciation 170.00 
2170.00  2170.00
6.      (in $) 
Dr  Furniture-at cost Cr  
Date  Account  Amount  Date  Account  Amount  
1/6/2016  Balance b/d 5000.00    
10/6/2016  Accounts 3400.00 30/6/2016 Balance c/d 8400.00 
Payable 
8400.00  8400.00
7.      (in $) 
Dr  Furniture- Acc Dep Cr  
Date  Account  Amount  Date  Account  Amount  
   1/6/2016  Balance b/d 1,500.00 
30/6/2016  Balance c/d 1630.00 30/6/2016 Depreciation 130.00 
1630.00  1630.00
 8.

The assignment information will require students to analyse data and to prepare a written report based on their analysis of that data. Task length: 1500 words You are required to form a group of...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment