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Accounting PrinciplesAssessmentsBAC101

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Assessment Cover SheetFaculty of Business, Design & I.T. PO Box 42, Holmesglen VIC 3148CONFIDENTIAL Holmesglen: AL 2-May-2020 L:TeachingSharedDegree & Grad CertsBachelor – Multiple Degree Subjects2020Sem 2BAC101 Accounting PrinciplesAssessmentsBAC101Assignment 2 2020 Sem 1.docx

Student Name

Student ID No.

Teacher Name
 Alan Lindsay

Teacher Contact
Alan.lindsay@holmesglen.edu.au
T 9564 1867

Program Name
Bachelor of Business (Accounting)Bachelor of Business AdministrationBachelor of Business (Marketing Management)

Program Code
BACC16, BBA14, BBMM14, BIS17

Subject Name
Accounting Principles

Subject Code
BAC101

Department
Graduate and Degree Programs

Semester & Year
Semester 1 2020

Time Allowed/Due Date
Start of Tutorial in Week 12Week commencing 1 June 2020

Assessment Type
Case Study

Value of Assessment
20% of Final Grade

Assessment Conditions
Individual workLate Penalty 10% of marks for every working day late.Assignments received after 10 days will be accepted but graded aszero

Special Requirements
None

DECLARATION1. I am aware that penalties exist for cheating, plagiarism (copying) and unauthorisedcollusion with other students, or external consultants.2. I am aware of the requirements covering style and layout standards as designated by myteacher/tutor.3. For assessments other than those conducted in-class, I have retained a copy. Iunderstand that uncollected assessments will be destroyed.

Student’s signature: ………………………………………………………. Date: ………………….

Questions
PossibleMarks
Actual Marks

Total
200

Convert to
20

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx2 of 11 | page

BAC101 Accounting Principles

Assignment 2 Marking Guide

Student Name………………………………………………Student ID Number………………………………………….

Possible Mark
Actual Mark

a)
Journals

 Cash Receipts Journal
10

 Cash Payments Journal
16

 Credit Sales Journal
11

 Credit Purchases Journal
5

b)
Balance Day Adjustments
12

c)
Ledgers Accounts
40

d)
Accounts Receivable SubsidiaryLedger & Listing
18

e)
Accounts Payable SubsidiaryLedger & Listing
8

f)
Trial Balance
40

g)
Income Statement
20

 minus 1 if include drawings

 minus 1 for each foreigner

 minus 1 for incorrect profit

 minus 1 poor layout

h)
Statement of Financial Position
20

 minus 3 if not fully classified

 minus1 poor layout/ presentation

 minus 5 if does not balance

Total
200

Convert to
20

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx3 of 11 | pageHunny PotsBackgroundWinnie T. P. Bear runs a small ceramic honey pot store at “The Woods” shoppingprecinct. The business, called the “Hunny Pots”, sells two types of pots, Large andSmall.The Business has registered for GST and has an ABN 40 741 258 639. It pays GSTquarterly to the Australian Tax Office.Accounting systemThe company has financial year end 30 June and prepares adjusting entries at theend of the each month. The firm uses the following journals to maintain its accountingrecords


Sales Journal:Purchased Journal:Cash Receipts Journal:Cash Payments Journal:General Journal:
to record all credit sales of inventoryto record credit purchases of inventoryto records all cash receiptsto records all cash paymentto record all transactions other than the above

The company maintains a general ledger for each account. Subsidiary ledgers areused to record separate details that Accounts Receivable and Accounts Payable.The company uses a perpetual inventory recording system.Goods and services tax (GST)The company is registered for GST and therefore is required to pay GST on itspurchases and collect GST on its sales. All prices include GST unless specificallyexcludedUnadjusted Trial Balance and Chart of AccountsThe unadjusted Trial Balance as at 29 February 2020 and a Chart of Accounts ispresented on the next page.Accounting ProceduresThe transactions are recorded by you, the accountant for Hunny Pots on a daily basisin the appropriate journal. Transactions are posted daily from the General Journal.Transactions are also posted daily to the Accounts Receivable and Accounts Payablesubsidiary ledgers. Total of the Special Journals are posted to the appropriateaccounts at the end of the account period.NOTE : All amounts should be recorded to Whole DollarsF:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx4 of 11 | page

Hunny Pots

Chart of Accounts & Trial Balance

as at 31 March 2020

Type
AccNo
Name
Debit
Credit

CurrentAssets
1-110
Cash at Bank- Fashion Bank
72,760

1-120
Accounts Receivable Control
6,816

1-210
Inventory – Large Pots
10,233

1-220
Inventory – Small Pots
6,475

1-350
Prepaid Insurance

1-360
Prepaid Advertising

1-370
Prepaid Rent

NonCurrentAssets
1-500
Furniture and Fittings
39,960

1-510
Acc Depn – Furniture & Fittings
8,658

1-600
Office Equipment
30,000

1-610
Acc Depn – Office Equipment
13,750

1-700
Motor Vehicles
55,000

1-710
Acc Depn – Motor Vehicles
9,640

CurrentLiabilities
2-110
Accounts Payable Control
10,800

2-210
GST Collected
3,860

2-220
GST Paid
1,945

2-400
Accrued Wages

NonCurrentLiabilities
2-510
Loan from Ashdowb Forest Bank
45,000

OwnersEquity
3-100
Winnie T. P. Bear – Capital
100,000

3-200
Winnie T. P. Bear – Drawings
1,300

Income
4-100
Sales – Large Pots
180,600

4-200
Sales – Small Pots
57,640

Cost ofsales
5-100
Cost of Goods Sold – Large Pots
81,309

5-200
Cost of Goods Sold – Small Pots
23,200

Expenses
6-110
Advertising
1,200

6-120
Bank Charges and Fees
220

6-130
Cleaning
850

6-140
Electricity Expenses
7,850

6-150
Insurance Expense
1,680

6-160
Interest Expense
3,000

6-170
Rent Expense
12,600

6-180
Office Supplies
2,275

6-190
Telephone Expenses
9,540

6-200
Wages Expense
39,185

6-510
Depreciation – Furniture & Fittings
6,660

6-520
Depreciation – Office Equipment
6,250

6-530
Depreciation – Motor Vehicles
9,640

Total
$429,948
$429,948

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx5 of 11 | pageF:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx6 of 11 | pageAccounts Balances Subsidiary Ledgers as at 29 February 2020Accounts Receivable Subsidiary Ledger

Customer
Amount Due

Heffalump Hardware
$2,395

Owl Garden Centre
1,988

Kang & Roo Gift Shop
646

Tigger Garden World
1,787

Total
$6,816

Accounts Payable Subsidiary Ledger

Supplier
Amount Due

Piglett Pottery
$6,280

Eeyore Ceramics
$4,520

Total
$10,800

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx7 of 11 | pageTransactions

March1
Bought stationery for cash from Amy’s Stationery $462including GST
Cheque 42078

Paid All Cover Insurance $792 including GSTThis pays the insurance for the 6 months to 31 October(Note Allocate to expense account)
Cheque 42079

2
Opened account for new credit customer Gopher Florist.They bought Large Pots for $850 plus GSTCost of Large Pots sold $525
Invoice 1143

3
Paid Piglett Pottery $417
Cheque 42080

Paid Green Thumb News $990 including GST for March andApril advertising. (Note allocate to expense account)
Cheque 42081

Received payment from Owl Garden Centre for balanceoutstanding as at February 29 2020
Receipt 928

Received payment from Heffalump Hardware for balanceoutstanding as at February 29 2020
Receipt 929

Bought office furniture for cash, $3,168 including GST fromOutfield Office Furniture
Cheque 42082

6
Received payment from Tigger Garden World for balanceoutstanding as at February 29 2020
Receipt 930

7
Sale on credit to Heffalump HardwareLarge Pots $960 and Small Pots $760 plus GSTCost of Large Pots sold $440 Cost of Small Pots sold $333
Invoice 1144

8
Drew a cash cheque for wages $4,900 (GST Fee)
Cheque 42083

9
Received payment from Kanga & Roo Gift Shop for balanceoutstanding as at February 29 2020
Receipt 931

Purchased Small Pots on credit from Piglett Pottery $1,400plus GST
Purchase Order522

Purchased Large Pots on credit from Eeyore Ceramics $2,450plus GST
Purchase Order523

10
Sale on credit to Owl Garden CentreLarge Pots $1,800 and Small Pots $890 plus GSTCost of Large Pots sold $720 Cost of Small Pots sold $330
Invoice 1145

13
Sale on credit to Kanga & Roo Gift ShopLarge Pots $880 Small Pots $410 plus GSTCost of Large Pots sold $375 Cost of Small Pots sold $259
Invoice 1146

14
Received payment from Gopher Florist for Invoice 1143
Receipt 932

15
Sale on credit to Tigger Garden WorldLarge Pots $1,350 plus GSTCost of Large Pots sold $660
Invoice 1147

Winnie (Owner) withdrew cash of $800 (GST Free)
Cheque 42084

17
Paid Eeyore Ceramics for Purchase Order 523
Cheque 42085

Paid Piglett Pottery for Purchase Order 522
Cheque 42086

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx8 of 11 | page

20
Sale on credit to Gopher FloristSmall Pots $680 plus GSTCost of Small Pots sold $295
Invoice 1148

Received payment from Heffalump Hardware for Invoice 1144
Receipt 933

22
Purchased on credit Large Pots from Eeyore Ceramics $2,090including GST
Purchase Order524

Received payment from Owl Garden Centre for Invoice 1145
Receipt 934

Drew a cash cheque for wages $4,100 (GST Free)
Cheque 42087

23
Sale on credit to Owl Garden Centre;Large Pots $1,250, Small Pots $860 plus GSTCost of Large Pots sold $495 Cost of Small Pots sold $280
Invoice 1149

24
Received payment from Kanga & Roo Gift Shop for Invoice1146
Receipt 935

Sale on credit to Heffalump Hardware;Large Pots $1,770, Small Pots $760 plus GSTCost of Large Pots sold $672 Cost of Small Pots sold $329
Invoice 1150

26
Paid Mac’s Cleaning service’s for Office cleaning $660 plusGST
Cheque 42088

Purchased on credit from Piglett Pottery;Small Pots $2,390 plus GST
Purchase Order525

Sale on credit to Kanga & Roo Gift Shop;Large Pots $1,750 Small Pots $770 plus GSTCost of Large Pots sold $820 Cost of Small Pots sold $410
Invoice 1151

Received payment from Tigger Garden World for Invoice 1147
Receipt 936

28
Purchased on credit Small Pots from Piglett Pottery $1,770plus GST
Purchase Order526

29
Monthly loan repayment to Bank of Ashdown ForestPrincipal $2,000 Interest $300; Total $2,300 (GST free)
Cheque 42089

30
Sale on credit to Owl Garden Centre;Large Pots $3,870, Small Pots $2,130 plus GSTCost of Large Pots sold $1.440 Cost of Small Pots sold $980
Invoice 1152

Sale on credit to Tigger Garden World;Large Pots $870, Small Pots $540 plus GSTCost of Large Pots sold $375 Cost of Small Pots sold $233
Invoice 1153

Paid Ring Ring for March telephone expenses $407 includingGST
Cheque 42090

Paid Bright Sparks for electricity for March $450 plus GST
Cheque 42091

31
Cash sales $2,590 for Large Pots and Small Pots $320 plusGSTCost of Large Pots sold $820 Cost of Small Pots sold $95
Receipt 937

Paid rent to Kezwell Real Estate $4,200 plus GST for 3months March to May (Note Allocate to expense account)
Cheque No 42092

The Bank statement from Bank of Ashdown Forest had Bankcharges of $29 (GST free)
BS 29

F:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx9 of 11 | pageAdditional Information


The payroll office identified that there are $680 of sales wages accrued andunpaid as at 31 March 2020Calculate and record depreciation for the month using the rates shown belowand rounding the amount calculated to the nearest dollar:

All non-current assets are to be depreciated as followso Office Equipment 25% pa Straight Lineo Furniture & Fittings 20% pa Straight Lineo Motor Vehicles 25% pa Diminishing Value Adjustments for expenses that have been prepaid.o Insuranceo Rento AdvertisingNote: There is no GST involved when the entries are internal adjusting entriesF:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx10 of 11 | pageInstructions1. Record the March transactions in the appropriate Journal on a daily basis.Transactions recorded in the general ledger of the should be posted at the endof the month. Post daily are transactions to the Accounts Receivable and theAccounts Payable subsidiary ledgers.2. Total the special journals across and cross check total to ensure that thejournals cross add.3. Post special journals to the appropriate general ledger accounts.4. Hunny Pots prepares adjusting entries at end of each month. You are toassume all the adjusting entries for the prior months have been recordedcorrectly. Enter the adjustments above in the general journal and post to theappropriate ledger account.5. Record the adjusting entries and enter into the appropriate Journal and postthe entries to the general ledger account6. Prepare an adjusted Trial Balance as at 31 March 20207. Prepare an Income Statement and a classified Statement of Financial Position.as at 31 March 20208. Using the subsidiary ledger complete the Reconciliation of AccountsReceivable and Reconciliation of Accounts Payable ensure the totals agreewith the balance in the control accountsWHAT TO HAND IN1. Assignment Cover Sheet2. Marking Guide3. March Transactions


Cash Receipts Journal


Cash Payments Journal


Sales Journal


Purchases Journal

4. General Journals for balance day adjustments5. General Ledger Accounts6. Trial Balance as at 31 March 2020 including to Balance Day Adjustments7. A Income Statement for the month of March 20208. A classified Statement of Financial Position as at 31 Mach 2020.9. A Reconciliation of Accounts Receivable as at 31 March 2020 and thesubsidiary ledger10. A Reconciliation of Accounts Payable as at 31 March 2020 and the subsidiaryledgerF:W Drive_Holmesglen2020 Sem 1Accing PrinciplesAssessmentsAssignmentAssignment 2BAC101 Assignment 2 202010 Pots.docx11 of 11 | pageASSIGNMENT SUBMISSION/EXTENSIONSAll assignments should be submitted by the due date as determined by the tutor. Allassignments to be handed into your tutor in the tutorial or submitted through theBusiness and Finance Office (C1.2.51) an be placed in the Assignment Return Boxlocated near the Business and Finance Office Reception with an official assessmentfront sheet attached. The Assignment Return Box is cleared at 12 noon and 5.00pm each day.If circumstances prevent this, a request for an extension must be made in writing toeither the lecturer or course leader prior to the due date – extensions will not begranted on or after the due date. Where the lecturer/course leader is satisfied thatyour reason for an extension is valid, a date for submission will be agreed. Computerfailure, work and family related pressures do not normally constitute sufficient reasonfor the granting of extensions.Documentary evidence such as a medical certificate or statutory declaration isexpected to accompany any application.Please note: The agreed date becomes the final date for submission.Unless otherwise stated, pro rata reductions in the awarded mark, (10% perworking day) may be made for assignments received late without a grantedextension. However, assignments received more than two weeks from the duedate without an extension having been granted will not be marked.
The post Accounting PrinciplesAssessmentsBAC101 appeared first on My Assignment Online.

  

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