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ACG11 Accounting for Business
Question
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.
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.
Joy Spark is the sole owner of ‘Keep Me Tidy’ a business specialising in home storage. Joy’s business was recently show-cased on a tv home show and as a result the demand for her unique home storage system has increased dramatically.Joy is so busy with the growth of the business that she is unable to attend to the bookkeeping, so she has recently hired Michell & Jones Accounting Specialists Pty Ltd to take over the accounting function. You are the graduate accountant working at Michell & Jones Accounting Specialists Pty Ltd and are now responsible for preparing the monthly journals for ‘Keep Me Tidy’. The following is a list of transactions that took place during the month of September 2020 that she would like you to record journals for.
September 2 A new range of stackable storage baskets was purchased from ‘Fabulous Basket Weaves Ltd’ for $24,000. A part payment of $18,000 was paid in cash whilst the remaining amount was on credit.
September 3 ‘Keep Me Tidy’ borrowed $12,300 from ABC Bank.
September 10 Spic ‘n’ Span Cleaning Co cleaned the shop and warehouse and left an invoice for $250 on the counter.
September 12 Joy sold 55 transparent shoe boxes to the local Ice Arena for storing the hire skates. Each transparent shoe box was sold to the Ice Arena for $15. The Ice Arena has not made any cash payment and have put the entire amount on their account with ‘Keep Me Tidy’. The terms of the sale require full payment to be made within 30 days.
September 18 Joy paid $25 from her personal bank account for lunch at the ‘The Corner Store’ a local café.
September 27 The Ice Arena paid for 25 of the transparent shoe boxes purchased on the 12th September.
September 30 The remaining amount owing to the ‘Fabulous Basket Weaves Ltd’ was paid in cash.
Required:
Record the General Journal entries in the proforma provided on the following page to record each of the following transactions where required. Remember to format the journals correctly and include narration (explanation) for each journal entry.
2. Although Joy now pays Michell & Jones Co Accounting Specialists Pty Ltd to manage the accounting function of the business, she likes to prepare a few journals when she has time. The following general journal entries for the business ‘Keep Me Tidy’ were prepared by Joy for transactions occurring in December, however she needs your assistance in posting them to the General Ledger. Joy has posted the opening balances into the general ledger and they are correct.
Required:
Post the General Journals recorded below to the General Ledger provided on the following page. Remember to foot each ledger to determine the ledger balance.
3. You have been so helpful to Joy that she has recommended you to a friend of hers, Rhee Moov. Rhee set up ‘Mini Skips 2 U’ on the 30 June 2019 which hires out mini skips for rubbish removal. Rhee completed a basic bookkeeping course before he commenced his business and is able to prepare his business’s accounting information up to the point of the Trial Balance which he is aware is out of order but requires your assistance in preparing the financial statements.
Please note there is no requirement for you to reorder the Trial Balance.
|
Mini Skips 2 U Trial Balance for the year ended 30th June 2020 |
Debit ($) |
Credit ($) |
|
Telephone Expense |
8 100 |
|
|
Cash at Bank |
208 260 |
|
|
Loan Payable |
285 600 |
|
|
Drawings |
100 000 |
|
|
Accountants Fees |
8 000 |
|
|
Trucks |
600 000 |
|
|
Capital |
1 050 000 |
|
|
Council Rates Expense |
2 520 |
|
|
Supplies on Hand |
39 270 |
|
|
Legal Fees |
23 400 |
|
|
Accounts Payable |
13 020 |
|
|
Business Premises |
240 000 |
|
|
Vehicle Registration |
2,400 |
|
|
Sales |
185 640 |
|
|
Accounts Receivable |
102 690 |
|
|
Mini Skips |
75 600 |
|
|
Staff Wages |
90 000 |
|
|
Fuel Expense |
34 020 |
|
|
Totals |
1 534 260 |
1 534 260 |
Required:
On the following page, prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet with information from the Trial Balance provided above. Insert additional pages if required
Please note the client has not provided you with a template. You are expected to prepare the financial statement format yourself, however the client does prefer the use of a table.
Ensure that the financial statements are not embedded as pictures (see assignment requirements listed on page 1). (assignment continues over the page)
4: Conceptual Framework (10 marks)
Required
Please write a letter in your own words, using the Harvard** referencing system wherever appropriate, addressing the following queries raised by Joy Spark (the client).
Joy Spark has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 28th December (see question 2). When Joy discussed this transaction with her friend Rhee Moov, he told her that she should debit the account “Accounts Payable” but she does not know why as she only thought you should credit the account “Accounts Payable” and she is a bit embarrassed to ask her friend to explain.
Explain with reference to the appropriate accounting definitionthe accounting element* that was debited on the 28th of December. Ensure you also explain why the account was debited. (4 marks)
Rhee Moov was having a coffee with Joy and explained to her that he is considering purchasing two new Mini Skips to expand his business, but he is confused about which model to choose. Joy remembers you explaining a process for working through issues such as this.
(In your own words identify and explain the five steps in the Decision-Making model (as covered in Accounting for Business).
ACG11 Accounting for Business
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