Reference no: EM132512715

MBS544 Accounting Processes - Murdoch University

Instructions:

You are required to complete this assignment which is worth 20 marksin groups of 3 students. The assignment is due for submission on Monday 17 May 2020by 5pm. The assignment is to be submitted via the submission portal set up on LMS under session 10. Each assignment will be carefully marked by the same person and students are advised to make sure they reference their written work appropriately to avoid any problems with plagiarism or collusion. It is important that students do this assignment themselves and do not copy from other students. If you are unsure about any aspects of this assignment, please email your tutor for assistance. Only one submission is required for each group but individuals are advised to do the assignment themselves so they understand the process which will be examined at the end of the course. It is each group's responsibility to ensure that the final report is neatly presented, marks will be deducted for poor presentation. You are expected to use references where appropriate to support your analysis. Students are encouraged to work in groups and to maintain contact via email or social media. Groups are not expected or required to meet in person. Any students who are adversely affected by this requirement are advised to contact the Unit Coordinator.

External students can choose to do the assignment with another external student or they can complete the assignment on their own. External students are required to submit their assignment through the assignment portal set up on LMS.

• You are required to create your own accounting records to record this information. You can use Word or Excel. If you have any doubts about how to set up any accounting records, please refer to your textbook. Chapter 6 of your textbook is relevant for special journals and control accounts. Please ensure that your final submission is in a suitable format for printing. List general ledger accounts underneath each other rather than across the page so that if your assignment needs to be printed for marking, it does not have to be reformatted. You may be penalised if your assignment has to be reformatted for printing.
• Record the transactions in the appropriate journals for the month of June 2019. The special journals should have the following headings as a minimum: Sales journal -> Date, Account, Invoice No., Sales, GST Collected, Accounts Receivable. Purchases Journal -> Date, Account, Purchases, GST Paid, Accounts Payable. Cash Receipts Journal -> Date, Account, Ref., Cash, Discount Allowed, GST Collected, Accounts Receivable, Sales, Other Accounts, GST Collected. Cash Payments Journal -> Date, Account, Ref, Cash, Discount Received, GST Paid, Accounts Payable, Office Supplies, Other Accounts, GST Paid.
• Total all special journal columns and post to the appropriate General and Subsidiary ledger accounts at the end of the month. Use T accounts for the General Ledger and Running Balances for the Subsidiary Ledger (see Textbook pg. 366). The General Ledger accounts should follow the numbering system and order of the Chart of Accounts. Any new accounts should be in line with the Chart of Accounts information (See pg. 3).
• Prepare the unadjusted Trial Balance as at 30 June using a worksheet. The worksheet should include the following columns -> Account No. Account Name, Trial Balance, Adjustments, Adjusted Trial Balance, Statement of Profit or Loss, Statement of Financial Position.
• Prepare the adjusting entries for the information provided below and post to the relevant ledger accounts. Then enter the adjustments in the relevant worksheet columns and prepare an adjusted Trial Balance.
• A stocktake on 30 June 2019 indicates that the balance of closing inventory is $1,416,492. Use this information to complete the remaining columns of the worksheet.
• Prepare a classified Income Statement (Statement of financial performance) and Balance Sheet (Statement of financial position) for the year ended 30 June 2019. Round all amounts to whole $ in the financial statements.
• Prepare a Schedule of Accounts Receivable and Schedule of Accounts Payable. Ensure the balances agree with the totals in the control accounts.
• Prepare closing entries and post to the relevant general ledger accounts.
• Prepare a post-closing Trial Balance as at July 2019.

Additional Information
a) The Showroom Fittings were installed on 1 July 2018. They have a useful life of 9 years and no salvage value.
b) The Equipment was installed on 1 July 2013. They have a useful life of 10 years and estimated salvage value of $3,150.
c) Twelve months of store rent was prepaid on 1 March. Of the original prepaid amount, $246,537 worth of store rent has now expired.
d) A count of store supplies indicates that $85,365 remain on hand at year end.
e) A one-year insurance policy was purchased on 1 November 2018 for $11,340.
f) Interest on the ANZ Bank Loan is charged at 7% per annum and is paid annually on 1 August. The ANZ Bank Loan was originally taken out on 1 August 2018.
g) The Company has been informed that Beethoven Trumpets has been declared bankrupt and the Company has agreed to write off the amount owing as uncollectible.
h) A telephone bill for $7,068.60 for June was received on 4 July 2019. The amount has not yet been recorded. The Company records this type of expense as utilities expense.
i) Office staff are paid $73,458 once per month. The office staff were last paid on 15 June. Exactly half of one month. Office staff wages are still owing.
j) Sales staff are paid fortnightly and work 7 days per week. The sales staff were last paid on the 29th June, one days of the wages bill is still owed to the sales staff.
k) The estimated tax payable for the year ended 30 June 2019 is $86,400. The amount is to be paid on 31 October 2019.

Attachment:- Assignment instructions.rar