ACC100 Principles of Accounting Assignment

Assignment Help Accounting Basics

Reference no: EM132411716

ACC100 Principles of Accounting - Polytechnic Institute Australia

Task Description

Students' are, firstly, required to manually record and post business transactions to accounts and prepare financial statements of the following hypothetical company called <Group Name> Limited. Based on the information provided (see over the pages for the question), you are required to complete journal entries, ledger accounts, trial balance, statements of profit or loss and financial position (Balance Sheet).

Secondly, students are to collect financial statements information of a company listed in Australian Stock Exchange (ASX). A company will be assigned to you by your lecturer.

You are supposed to carry out analyses and interpretations of the assigned company. In particular, you need to calculate relevant ratios based on the financial statements provided in the annual report in the context of the assigned company's profitability, liquidity, efficiency, solvency, gearing and investment performance (related lecture topic Week 6 - Analysis and interpretation of financial statements). Each group only needs to carry out two selected areas out of these five areas.

What needs to be carried out to do these ratio analyses:
• Down load the annual report 2016 of the assigned company from asx website
• Do not print all the annual report - it is too long. Just read the relevant sections and print, if required.

In this section, you need to interpret the company's performance on the selected two areas from the above five areas. The structure of this section should include company background, analyses on two selected areas, conclusions and findings, and recommendations. Please note that all the sources used in the body of the written assignment must be acknowledged and properly referenced. Please go through the subject outline for all other requirements on the submission of this assignment.

Part A:

You have received an invitation from your lecturer to register in XERO. After the completion of the registration complete the following tasks.

• Task 1: Change the organisation details in "Organisation settings"
o Display name : <Group Name> Limited.
o Legal/Trading name : <Group Name> Limited.
o Organisation type : Company

• Task 2: Make the following changes in the chart of accounts:
o Add a new current assets account #601 and name it "ANZ Bank - <Group Name>"
o Change the name of the account #970 to "Capital".
o Change the name of the account #473 to "Electricity".

• Task 3: The following are the extract of <Group Name> Limited on 31 October 2019. Enter these account balances in XERO and take a print out of the balance sheet. [Hints: Conversion month: October 2019.]

Trial Balance 31 October 2019

Code	Name	DR	CR
601	ANZ Bank	*
620	Prepayments	7,700.00
710	Computer	7,500.00
711	Less Accumulated Depreciation on Computer		1,250.00
720	Motor Vehicle	20,000.00
721	Less Accumulated Depreciation on Motor Vehicle		6,000.00
970	Capital		?
* Total of the last 5 digits of the group members student ID.

Task 3: Enter the following transaction in XERO. These transactions took place during the month of November 2019: (All sales & purchases amounts are tax inclusive, so make sure you do it accordingly in XERO)

Nov 1 Owner contributed additional $15,000 in the business. (Manual journals)
Nov 4 Purchased a new computer for $2000 from Officeworks on credit. (Products & services - Bills to pay)
Nov 5 Received purchase invoice from supplier XYZ Ltd. for inventory $8,000 (Item Name: "Learn XERO", Cost price $50, Sale price $70). (Products & services - Bills to pay)
Nov 5 Received telephone bill $300 from Optus. (Products & services - Bills to pay - Account #489 - Telephone & Internet)
Nov 6 Received electricity bill $250 from Dodo. (Products & services - Bills to pay - Account #473 - Electricity)
Nov 6 Sold 32 units of "Learn XERO" book to ABC Pty Ltd. (Invoices - Account #200 - Sales)
Nov 8 Sold 40 units of "Learn XERO" book to EF Ltd.
Nov 10 Received purchase invoice from supplier XYZ Ltd. for inventory $4,400 (Item Name: Book "Principles of Accounting", Cost price $40, Sale price $70). (Products & services - Bills to pay)
Nov 12 Sold 20 units of "Learn XERO" book to MN Pty Ltd. (Invoices - Account #200 - Sales)
Nov 13 Sold 30 units of "Principles of Accounting" book to MN Pty Ltd. (Invoices - Account #200 - Sales)
Nov 15 Paid telephone bill to Optus.
Nov 15 Received payment from ABC Pty Ltd for the sale on Nov 6.
Nov 16 Paid electricity bill to Dodo.
Nov 16 Received payment from EF Ltd for the sale on Nov 8.

Nov 18 Paid rent to P&P Real Estate for the month $2200. (Products & services - Bills to pay)
Nov 20 Paid for Advertisement expenses $500 to Ad Co Ltd. (Products & services - Bills to pay)
Nov 21 Paid to suppliers XYZ Ltd. for books purchased on Nov 5.
Nov 21 Received an invoice from XYZ Ltd. for "Learn XERO" book. Total invoice amount
$6,000.
Nov 21 Paid to suppliers XYZ Ltd. for books purchased on Nov 10.
Nov 21 Sold 70 units of "Learn XERO" book to RPO Ltd.
Nov 24 Sold 70 units of "Principles of Accounting" book to RPO Ltd.
Nov 24 Paid the bill of computer purchased on Nov 4 from Officeworks.
Nov 25 Sent a quote for a Prospective Pty Ltd. for 30 "Principles of Accounting" book and 40 "Learn XERO" book.
Nov 26 Received payments from MN Ltd for the sales on Nov 12 & Nov 13.
Nov 27 Received payments from RPO Ltd. for the sales on Nov 21 & Nov 24.
Nov 30 Prospective Pty Ltd. accepted the quotation. Send them the invoice with the delivery.

Adjusting Entries
Nov 31 Insurance expense for November $250 is adjusted from prepayments.
Nov 31 Depreciation for motor vehicle to be recorded for the month $1150.
Nov 31 Depreciation for computer to be recorded for the month $1500.

Task 4: Print the journal entries for all the above transactions.

Task 5: Print the Trial Balance.

Task 6: Print the statement of profit or loss

Task 7: Print the Balance Sheet as at 31 November 2019.

Task 8: Hand in all the printouts with the coversheet signed by each members of the group

Part B: Complete the following tasks:

Task 1: Get approval from your lecturer for ASX listed company.
Task 2: Download the annual report.
Task 3: Select 2 areas for ratio analysis.
Task 4: Calculate the ratio, write your interpretation of the ratio analysis in a report.
Task 5: Submit submission of the word file for this section by due date.
Task 6: Hand in the printout of the word file with cover page to your lecturer.
Task 7: Prepare a PowerPoint presentation and present in class at your allocated time in week 11 or 12.

Attachment:- Principles of Accounting.rar

Reference no: EM132411716

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