FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

T1 2018

Assessment 1

DUE DATE AND TIME:	14 April 2018, 5:00pm
PERCENTAGE OF FINAL GRADE:	20% consists. Part A (20 marks)
Learning Outcome Details
Unit Learning Outcome (ULO)		Graduate Learning Outcome
		(GLO)
ULO 1: Comprehend accounting as a language of business	GLO1: Discipline-specific
		knowledge
		and capabilities
ULO 2: Understand the nature of the accounting information	GLO3: Digital Literacy
systems; record transactions in journals and ledgers;
incorporate end of the year adjustments; and prepare
financial statements of small and medium scale business
organisations.

Part A: Manual Preparation of Financial Records

Use the MAA261 Pro Forma Journals and Ledgers file to complete Part A of the assignment. This file contains the journals, ledgers, Adjusted Trial Balance, Statement of Financial Performance and Statement of Financial Position. Note that this file is supplied in “word” format so that you can adjust the columns or add ledgers if you wish to do so.

1. Sort all transactions in date order and record them in date order.

2. Using the information provided record the opening balances and then record all transactions for the month of July in the:

a. General Journal and then

b. General ledger

c. Prepare a stock card to determine cost of sales.

3. Please acquire a thorough understanding about the recording process before you enter transactions (please refer the relevant lecture and tutorial material and the text book for further information).

4. You are then required to record the end of month balance day adjustments in the general journal and post to the relevant general ledger accounts.

5. Prepare an adjusted trial balance as at 31st July, i.e. after posting all balance day adjustments. If the trial balance does not balance do not proceed until it does.

6. Prepare an Income Statement for the month ended 31st July, and a Statement of Financial Position as at 31st July.