Prepare a special-purpose financial report

Assignment Help Accounting Basics

Reference no: EM131991855

Question: Your group (3-4 students) is appointed to prepare a special-purpose financial report for the start-up one-person accounting practice owned by Alex Chae.

Basic information: • Business structure: Sole Trader

• Business Industry: Accounting and bookkeeping Service

• Start date: 1 April 2018

• Start-up fund: $100,000 (on 1 April 2018)

• Ignore GST and Income tax

Required: A. Determine a business name; Check a business name availability by using the check business name availability search in ASIC Connect

B. Your group report includes:

- Executive Summary

- Mission / Goal

- Services provided

- Keys to success

- Financials for the year ended 30 June 2018 based on Accounting cycle

- Group opinion including recommendations/conclusion

- Group activity Report including minutes and summary, References

C. Group Presentation

Details of financial plan

1. Chart of accounts of the business- Given

2. Financial transactions are given. Please enter any amount.

3. Journalise the general financial transactions

4. Post the journal entries to the general ledger accounts

5. Record the unadjusted trial balance on the worksheet

6. Record adjustment transactions on the worksheet (no adjusting/closing journals are required)

7. Complete the worksheet

8. Prepare the financial statements (P&L, Changes in equity and B/S)

Note: Your worksheet should include the 10 columns for: Unadjusted Trial balance, Adjustments, Adjusted Trial balance, Income statement and Balance Sheet Details work activity report

1. Must include at least three group meeting minutes and meeting minutes summary

2. Group opinion including achievement and value of studying accounting

Information related to above question is enclosed below:

Attachment:- Accounting1.rar

Reference no: EM131991855

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