ACCT 20070 Accounting in Australia Written assignment
Central Queensland University
ACCT 20070 Accounting in Australia Written assignment
Assessment No: 1
ACCT20070|Accounting In Australia
Student’s Score cards
Written Assessment Component (Excel spreadsheet) - 15% of the total (On-campus students and DST students)
This is a group assignment and must be done in the same group as you are currently presenting your presentation component of the assignment.
Please note the Flex/DST students can compete the assignment in a group or submit the written assessments individually. However, you must have formed the group already for presentation component of the assignment. In addition, DST/Flex students must take all responsibility for their groups as no exceptions will be provided for late or incomplete submission in case of difficulties managing group members in different time zones or with varied work - life commitments. Late submissions are penalised as per CQU policies. If a student in a group has not contributed in assignment, any group member can inform the lecturer.
You must complete the assignment using Excel spreadsheet with appropriate formats and formulas. You need to use appropriate format for all 3 financial statements. You cannot simply calculate answers on calculator and key in the results. The formulas need to be embedded in the excel sheet. Links to external resources and videos have been provided on the Moodle site to help you with the Excel skills.
Prepare complete answers (both in Excel and Word) for the following questions using the business transactions provided for Dave Chang Pty Ltd in Table 1 including information for adjustments.
- Record transactions in the general journal. Give narrations. (17 Marks)
- Complete the ledger accounts. (15 Marks)
- Complete the Trial Balance as at 30 June 2019 without taking into accounts of the information for adjustments. (9 Marks)
- Record the transactions in the adjusting entry journal. (6 Marks)
- Compete the Adjusted Trial Balance as at 30 June 2019. (9 marks)
- Prepare an income statement and a statement of changes in equity (proper format) for the year ended 30 June 2019. (12 Marks)
- Prepare a statement of financial position (proper format and classification) as at 30 June 2019. (7 Marks)
- Compete Excel worksheet clearly showing, Trial balance, adjustments, adjusted trial balance, and all 3 financial statements – income statement, changes in equity and balance sheet, in ONE Sheet. (25 marks)
Table 1. Business transactions
|Date||Business transactions||Amount ($)|
|1 July 2018||Dave Chang invested his own money to set up business and named it ‘Dave Chang Pty Ltd’||150,000|
|1 July 2018||Prepaid public liability insurance for 3 years||3,600|
|1 July 2018||Prepaid office rent for 18 months as per tenancy agreement||9,000|
|1 Aug 2018||Purchased office supplies paying cash||1,100|
|1 Aug 2018||Purchased office computers. It is expected to have useful life of 5 years with no salvage value||3,000|
|1 Aug 2018||Paid for office fixture and furniture. This is to be deprecated annually assuming the useful life of 10 years||12,000|
|1 Oct 2018||Paid staff salary for Jul to Sep quarter||11,500|
|5 Oct 2018||Paid all utilities expenses for Jul to Sep quarter||900|
|15 Oct 2018||Received cash for service provided||44,500|
|2 Jan 2019||Paid staff salary for Oct to Dec quarter||13,000|
|7 Jan 2019||Paid utilities for Oct to Dec quarter||1100|
|10 Feb 2019||Invoiced customer for service provided||55,000|
|1 Apr 2019||Paid staff salary for Jan to Mar quarter||14,500|
|1 Apr 2019||Purchased a car for company use from borrowing the money from ANZ bank at 9% interest loan. The loan is for the term of 5 years at fixed interest rate.||22,000|
|8 Apr 2019||Paid utilities for Jan to Mar quarter||1,150|
|15 Apr 2019||Received cash from customer for invoice sent on 10 Feb||55,000|
|10 May 2019||Owner withdrew cash from the business accounts||2,500|
|1 Jun 2019||Received cash for service. However, service for 50% of the cash received is yet to be provided.||60,000|
|Information for adjustments at 30 June 2019.|
- Apply formulas where requires. Journal entries can have account names as words.
- For good spreadsheet design, it is very important that you need to separate data and solution/report sections. A good spreadsheet solution format allows the solution to be completely formula driven. There should be no word or data in the report/solution area in your financial statements.
- Name the worksheet tag(s) at the bottom of the Excel screen with the question number. Use a separate worksheet page for each question that needs to be completed in Excel.
- Where appropriate, use the 'IF function' to provide built in checks of balances, net profit/net loss etc. =IF(I33>H33,"Profit","Loss") Save your workbook with the cursor in cell A1 of the first spreadsheet.
Assignment submission requirements:
- Only one Moodle submission from each group.
- Your Moodle submission will consist of two files: a Word file and an Excel file. Paste the 'normal' view and 'formula' view of each spreadsheet solution into your Word file, displaying row and column headings. Thus, your Word file will provide a complete answer to every question.
- To show the formula view in excel: press “ctrl” plus “tilde” keys together (tilde is a character ( ~ ) on keyboards below the escape or Esc key).
- The pasted formula view may need to have adjusted column widths to display formulas correctly.
- Name your assignment as follows. A student named John Smith, Group 1, Monday workshop would name the assessment as JohnSmith_G1_Monday-excelassessments.xlsx. and word file as John Smith_G1_wordassessments.docx.
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