ACC106 ATMC Task 2 Assignment Business Scenario and Instructions

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Cover Page

DO YOU KNOW WHAT ACADEMIC MISCONDUCT IS?
As per section 6.2 of the USC Student Academic Integrity – Governing Policy
academic misconduct includes (but is not limited to) plagiarism, collusion, cheating and fraud.
If any part of this work is not your own, do not submit it!
ACC106 ATMC Task 2 Assignment
Semester 2, 2018
Student First Name:
Student Last Name (Surname):
Student ID Number:
IMPORTANT: Please give your Assignment file uploaded to Blackboard a File Name following USC convention:
last name_first name_student ID_course code_task no._semester_year
eg: garvie_leanda_99999_ACC106_Task2_semester2_2018

MAGIC Sports SP MAGIC Retro RR MAGIC Racer CC

MAGIC Mufflers

https://www.usc.edu.au/explore/policies-and-procedures/student-academic-integrity-governing-policy

Feedback and marks

Chart of Accounts

Chart of Accounts
Account Name Account Type Usual Balance Account Type
Cash at Bank Asset Debit Current Asset
Accounts Receivable Asset Debit Current Asset
Allowance for Doubtful Debts Contra - Asset Credit Contra - Current Asset
Supplies Asset Debit Current Asset
Inventory Asset Debit Current Asset
Prepaid rent Asset Debit Current Asset
GST Paid Asset Debit Current Asset
Office Equipment Asset Debit Non Current Asset
Accum Dep - Office Contra - Asset Credit Contra - Non Current Asset
Computer Systems Asset Debit Non Current Asset
Accum Dep - Computer Contra - Asset Credit Contra - Non Current Asset
Vehicles Asset Debit Non Current Asset
Accum Dep - Vehicles Contra - Asset Credit Contra - Non Current Asset
Accounts Payable Liability Credit Current Liability
GST Collected Liability Credit Current Liability
Unearned Service Revenue Liability Credit Current Liability
PAYG Tax Payable Liability Credit Current Liability
Superannuation Payable Liability Credit Current Liability
Private health Payable Liability Credit Current Liability
Wages Payable Liability Credit Current Liability
N Gee, Capital Equity Credit Equity
N Gee, Drawings Equity Debit Equity
Sales Revenue Revenue Credit Revenue
Discount Received Revenue Credit Revenue
Service Revenue Revenue Credit Revenue
Cost of Sales Expenses Debit Expenses
Advertising Expense Expenses Debit Expenses
Electriciy Expense Expenses Debit Expenses
Doubtful Debts expense Expenses Debit Expenses
Discount Allowed Expense Expenses Debit Expenses
Wages Expense Expenses Debit Expenses
Supplies Expense Expenses Debit Expenses
Rent Expense Expenses Debit Expenses
Depreciation Expense Expenses Debit Expenses
Income Summary Temporary only N/A Temporary only

CRJ

CASH RECEIPTS JOURNAL—JUNE
Date Particulars Debits Credits
Cash at Bank Cost of Sales Discount Allowed Expense Accounts Receivable (inc GST) Inventory Sales Revenue Service Revenue Unearned Service Revenue Other Accounts GST Collected
GST Collected Net Account Name Amt ex GST
1-Jun Est business 120000.00 Capital 120000.00
7-Jun All Purpose & Suede sale 6732.00 0.00 0.00 6120.00 612.00
9-Jun
12-Jun
13-Jun
21-Jun
21-Jun
25-Jun
Total columns here 126732.00 0.00 0.00 6120.00 120000.00 612.00
126732.00 126732.00
DR 126,732.00
CR 126,732.00
difference 0

CPJ

CASH PAYMENTS JOURNAL—JUNE all other acc's not listed
Date Details Credits Debits
Cash at Bank Discount Received Wages Accounts Payable (inc GST) Inventory Prepaid Rent Supplies Wages Expense Drawings Advertising Exp Electricity Other Accounts GST Paid
GST Paid Net PAYG Tax Payable Private Health Payable Employer Super Payable Account Name Amt ex GST
2-Jun Paid rent in advance 2860.00 2600.00 260.00
5-Jun
10-Jun
11-Jun
14-Jun
19-Jun
21-Jun
26-Jun
27-Jun
28-Jun
Total columns here 2860.00 2600.00 0.00 260.00
2860.00 2860.00
DR 2,860.00
CR 2,860.00
difference 0

SJ

SALES JOURNAL—JUNE
Credit Debit Credit Debit
Date Details Sales Revenue GST Collected Accounts Receivable Inventory Cost of Sales
5-Jun Clancey's Pony Club 3200 320.00 3,520.00 0.00 0.00
8-Jun
9-Jun
20-Jun
21-Jun
Total columns here 3,200.00 320.00 3,520.00 0.00 0.00
DR 3,520.00
CR 3,520.00
difference 0

PJ

PURCHASES JOURNAL —JUNE
Debit Debit Credit
Date Details Inventory Vehicles Computer Systems Office Furniture GST Paid Accounts Payable
1-Jun Tmart Purchase 21,200.00 2,120.00 23,320.00
2-Jun
2-Jun
3-Jun
7-Jun
23-Jun
Total columns here 21,200.00 2,120.00 23,320.00
23,320.00 23,320.00 difference
DR 23,320.00
CR 23,320.00
difference 0

General Journal

GENERAL JOURNAL
Date Details Debit Credit
ADJUSTING ENTRIES
June 30 Supplies Expense 1332
Supplies 1332
Supplies used up during the year
DR 1,332.00
CR 1,332.00
difference 0
1332.00 1332.00
CLOSING ENTRIES
June 30 Sales Revenue 43690.91
DR 43,690.91
CR 0.00
difference 43,691
43,690.91 - 0

Sub Ledger AR AP

Schedule of Accounts Receivable Schedule of Accounts Payable
as at 30 June 2018 as at 30 June 2018
Account Name Amount 5% Account Name Amount
Clancey's Pony Club 3,520.00 Tmart 0.00
Total 3,520.00 Total 0.00
Amount showing in Accounts Receivable General Ledger Trial Balance Amount showing in Accounts Payable General Ledger Trial Balance
Difference between Schedule total and General Ledger balance 3,520 Difference between Schedule total and General Ledger balance 0
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Clancey's Pony Club Tmart
Date Details Debit Credit Balance Date Details Debit Credit Balance
6/5/18 1x Suede Seat 3,520.00 3,520.00 6/1/18 Office Furniture 23,320.00 0.00
3,520.00 0.00
3,520.00 0.00
3,520.00 0.00
3,520.00 0.00
Date Details Debit Credit Balance Date Details Debit Credit Balance
Date Details Debit Credit Balance
Date Details Debit Credit Balance

Sub Ledger Inventory

Inventory Reconciliation
30-Jun-18
Item Number On Hand $
All Purpose Saddle 2,430.00
Total 2,430.00
Link to General Ledger Inventory
Difference 2,430
All Purpose Saddle Purchases Cost of Sales Inventory on Hand
Date Unit No. Unit Cost Total cost Unit No. Unit Cost Total Unit No. Unit Cost Total cost
Cost
2-Jun 4 810 3,240.00 4 810.00 3,240.00
7-Jun 0.00 1 810.00 810.00 3 810.00 2,430.00
7-Jun 0.00 0.00 ERROR:#DIV/0! 2,430.00
8-Jun 0.00 0.00 ERROR:#DIV/0! 2,430.00
9-Jun 0.00 0.00 ERROR:#DIV/0! 2,430.00
21-Jun 0.00 0.00 ERROR:#DIV/0! 2,430.00
0.00 0.00 ERROR:#DIV/0! 2,430.00
0.00 0.00 ERROR:#DIV/0! 2,430.00
Purchases Cost of Sales Inventory on Hand
Date Unit No. Unit Cost Total cost Unit No. Unit Cost Total Unit No. Unit Cost Total cost
Cost
2-Jun
5-Jun
7-Jun
10-Jun
20-Jun
Purchases Cost of Sales Inventory on Hand
Date Unit No. Unit Cost Total cost Unit No. Unit Cost Total Unit No. Unit Cost Total cost
Cost
10-Jun
13-Jun
21-Jun

General Ledger

GENERAL LEDGER
ASSETS LIABILITIES OWNERS' EQUITY REVENUE EXPENSES
Cash at bank Accounts Payable Capital Sales Revenue Cost of Sales
Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance
30-Jun CRJ $ 126,732.00 126,732.00 June - 0 - 0 - 0 0.00
CPJ 2,860.00 123,872.00 - 0 - 0 - 0 0.00
123,872.00 - 0 - 0 0 0.00
123,872.00 - 0 - 0 0 0.00
123,872.00 - 0 - 0 0 0.00
123,872.00 - 0 0 0.00
123,872.00 - 0 0 0.00
123,872.00 - 0 0 0.00
Drawings
Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance Date Details Debit Credit Balance
- 0 - 0 - 0 - 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0 0.00
- 0 - 0 - 0 0.00

Trial Balance

Trial Balance
As At 30/6/2018
Account Name Dr Cr
Cash at Bank 123,872.00
DR 0.00
CR 0.00
difference 0

Worksheet

Worksheet for Financial year end 30 June
Unadj Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash at Bank 140,678.64
377,658.22 377,658.22 - 0 - 0 - 0 - 0 $ - 0 $ - 0 $ - 0 $ - 0
Profit or Loss 0 0 0 0
$ - 0 $ - 0 $ - 0 $ - 0
Loss
DR 377,658.22 DR 0.00 DR 0.00
CR 377,658.22 CR 0.00 CR 0.00
difference 0 difference 0 difference 0

Fin Statements

FINANCIAL STATEMENTS

Payroll

Jun-18
Mon Tues Wed Thurs Fri Sat Sun
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
Jul-18
Mon Tues Wed Thurs Fri Sat Sun
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31
Credit Debit
6/14/18 Pay Date per week per hour no. hours Gross Pay Less PAYG P Health Net Pay Em'r Super Wage Exp
B Gee $ 990.00 $ 990.00 $ 179.00 $ 22.00 $ 789.00 $ 94.05 $ 1,084.05
N Rider 38 18 $ 684.00 $ 76.00 $ 608.00 $ 64.98 $ 748.98
Wage Payable $ 255.00 $ 22.00 $ 1,397.00 $ 159.03 $ 1,833.03
Credit Debit
6/21/18 Pay Date per week per hour no. hours Gross Pay Less PAYG P Health Net Pay Em'r Super Wage Exp
Credit Debit
6/28/18 Pay Date per week per hour no. hours Gross Pay Less PAYG P Health Net Pay Em'r Super Wage Exp
6/30/18 Credit Debit
Pay Date per week per hour no. hours Gross Pay Less PAYG P Health Net Pay Em'r Super Wage Exp

Payroll calculator

QUICK SEARCH: Enter weekly earnings in the green cell (A5) to display the amount to withhold With tax-free threshold and No tax-free threshold in the yellow fields (B5 and C5).
Weekly earnings 1 $ With tax-free threshold 2 $ No tax-free threshold 3 $
0 0
LOOKUP TABLES LOOKUP TABLES LOOKUP TABLES
SCALE 1 SCALE 5 SCALE 8 Single
$ a b $ a b $ a b
0 0.1900 0.1900 0 0.0000 0.0000 0 0.0000 0.0000
66 0.2337 2.9035 355 0.1900 67.4635 580 0.1900 110.3481
361 0.3477 44.1189 711 0.3277 165.4423 620 0.3150 187.9418
932 0.3450 41.6024 1,282 0.3250 161.9808 658 0.4150 253.7957
1,323 0.3900 101.1408 1,673 0.3700 237.2692 711 0.5527 351.7745
3,111 0.4700 350.0639 3,461 0.4500 514.1923 823 0.4727 285.9207
963 0.3477 165.4423
1,282 0.3450 161.9819
1,673 0.3900 237.2704
3,461 0.4700 514.1935
LOOKUP TABLES LOOKUP TABLES LOOKUP TABLES
SCALE 2 SCALE 6 SCALE 9 Illness
$ a b $ a b $ a b
0 0.0000 0.0000 0 0.0000 0.0000 0 0.0000 0.0000
355 0.1900 67.4635 355 0.1900 67.4635 561 0.1900 106.6942
416 0.2900 109.1077 702 0.2400 102.5990 601 0.3150 181.8841
520 0.2100 67.4646 711 0.3777 200.5779 658 0.4150 247.7380
711 0.3477 165.4435 878 0.3377 165.4425 711 0.5527 345.7168
1,282 0.3450 161.9819 1,282 0.3350 161.9810 823 0.4727 279.8630
1,673 0.3900 237.2704 1,673 0.3800 237.2694 915 0.3477 165.4423
3,461 0.4700 514.1935 3,461 0.4600 514.1925 1,282 0.3450 161.9819
1,673 0.3900 237.2704
3,461 0.4700 514.1935
LOOKUP TABLES LOOKUP TABLES LOOKUP TABLES
SCALE 3 SCALE 10 Couple SCALE Actors Actors
$ a b $ a b $ a b
0 0.3250 0.3250 0 0.0000 0.0000 0 0.0000 0.0000
1,673 0.3700 75.2885 517 0.1900 98.2712 443 0.1520 67.4635
3,461 0.4500 352.2115 557 0.3150 167.9202 520 0.2320 109.1077
658 0.4150 233.7740 650 0.1680 67.4646
711 0.5527 331.7529 889 0.2782 165.4435
803 0.4277 231.2962 1,602 0.2760 161.9819
823 0.3477 165.4423 2,091 0.3120 237.2704
1,282 0.3450 161.9819 4,326 0.3760 514.1935
1,673 0.3900 237.2704
3,461 0.4700 514.1935
ML Adjustment S2 ML Adjustment S6
Weekly earnings threshold 416 Weekly earnings threshold 702
Weekly earnings shade-in threshold 520 Weekly earnings shade-in threshold 878
Medicare levy family threshold 36,541 Medicare levy family threshold 36,541
Weekly Family Threshold divisor 52 Weekly Family Threshold divisor 52
Additional child 3,356 Additional child 3,356
Shading Out Point multiplier 0.1000 Shading Out Point multiplier 0.0500
Shading Out Point divisor 0.0800 Shading Out Point divisor 0.0400
Weekly Levy Adjustment factor 416.4400 Weekly Levy Adjustment factor 702.7100
Medicare levy 0.0200 Medicare levy 0.0100
Number of Children Threshold Reduction Number of Children Threshold Reduction
0 878 702.7100 0 878 702.7100
1 959 767.2500 1 959 767.2500
2 1,039 831.7900 2 1,039 831.7900
3 1,120 896.3300 3 1,120 896.3300
4 1,201 960.8700 4 1,201 960.8700
5 1,281 1,025.4000 5 1,281 1,025.4000
6 1,362 1,089.9400 6 1,362 1,089.9400
7 1,443 1,154.4800 7 1,443 1,154.4800
8 1,523 1,219.0200 8 1,523 1,219.0200
9 1,604 1,283.5600 9 1,604 1,283.5600
10 1,685 1,348.1000 10 1,685 1,348.1000
Additional 81 64.5400 Additional 81 64.5400
SCALE HELP TFTR SCALE HELP NTFT SCALE FS TFTR SCALE FS NTFT
$ a b $ a b $ a b $ a b
0 0.000 0.0000 0 0.0000 0.0000 0 0.0000 0.0000 0 0.0000 0.0000
1,074 0.040 0.0000 724 0.0400 0.0000 1,074 0.0200 0.0000 724 0.0200 0.0000
1,196 0.045 0.0000 846 0.0450 0.0000 1,319 0.0300 0.0000 969 0.0300 0.0000
1,319 0.050 0.0000 969 0.0500 0.0000 1,872 0.0400 0.0000 1,522 0.0400 0.0000
1,388 0.055 0.0000 1,038 0.0550 0.0000
1,492 0.060 0.0000 1,142 0.0600 0.0000
1,616 0.065 0.0000 1,266 0.0650 0.0000
1,701 0.070 0.0000 1,351 0.0700 0.0000
1,872 0.075 0.0000 1,522 0.0750 0.0000
1,995 0.080 0.0000 1,645 0.0800 0.0000
SCALE NTFN SCALE TFN
$ a b $ a b
Resident 0.4700 0.0000 Resident 0.1300 0.0000
Foreign resident 0.4500 0.0000 Foreign resident 0.3250 0.0000

Depreciation

Depreciation reducing balance method
R/B rate R/Val Life/yrs Net value
Office Furniture $ 2,200.00 10 $ 23,320.00
R/B Rate B/Val Dep/yr Acc Dep C/V 1 month
1 20.00% $ 23,320.00 $ 4,664.00 $ 4,664.00 $ 18,656.00 $ 388.67
2 20.00% $ 18,656.00 $ 3,731.20 $ 8,395.20 $ 14,924.80 `= 0.210
3 20.00% `= 20%
4 20.00%
5 20.00%
6 20.00%
7 20.00%
8 20.00%
9 20.00%
10 20.00% $ (2,200.00)
Computer Sys S/Val Life/hrs Net value Straight Line
S/L $ - 0 4 1 month
Actual Dep/yr Acc Dep
1
2
3
4
5
$ - 0
Vehicles R/B rate R/Val Life/yrs Net value reducing balance method
R/B
Rate B/Val Dep/yr Acc Dep C/V
1 23.00% 1 month
2 23.00%
3 23.00%
4 23.00%
5 23.00% `= ERROR:#DIV/0!
6 23.00% `= 23%
7 23.00%
8 23.00%