ACC 101 Fundamentals of Accounting Assignment Help

ACC 101 Fundamentals of Accounting Assignment Help

ACC 101 Fundamentals of Accounting Assignment Help

Introduction

This ACC 101 fundamentals of accounting assignment help has the complete understanding upon how we make various data as per the given manner in order to prepare a financial statement according to the international financial statement account rules and regulation.

ACC 101 Fundamentals of Accounting Assignment Help, online assignment help, assignment help australia

Task-1

Record the November transactions (round amounts to the nearest dollar) in appropriate special journals and the general journal.

General Journal (Journal proper):- This is the journal in which only those transactions are recorded that cannot be recorded in special journal.

Special journal- It is the journal in which only sub transactions are recorded so that no entries could be remained out of the ambit of recording into other trading and other accounts for preparing financial accounting of the company on the periodical manner.

Date

Particular

Dr

Cr.

1

Purchase a/c dr.

   To M. Merlow

     To insurance cover

6600

 

4800

1600

2

Bank  a/c Dr.

   To Sales

110

 

110

3

Lenny Ltd a/c Dr.

  To Bank

2980

 

2980

4

Stock a/c Dr.

To laws Ltd

4800

 

4800

5

M. Merlow a/c Dr.

To bank

3300

 

3300

6

Rent A/c Dr.

To bank

1080

 

1080

7

Law Ltd a/c Dr.         

 To bank

3280

 

3280

8

Bank a/c Dr.

 To T. tremble

2860

 

2860

9

D draper

 a/c dr.

 To sales

9600

 

9600

10

Purchase a/c

To Lenny ltd

7920

 

7920

11

Salary a/c Dr.

To bank a/c

2400

 

2400

12

Cash a/c Dr.

 To sales

18400

 

18400

13

T. tremble a/c Dr.

  To sales

930Introduction

This report has the complete understanding upon how we make various data as per the given manner in order to prepare a financial statement according to the international financial statement account rules and regulation.

 

 

 

Task-1

Record the November transactions (round amounts to the nearest dollar) in appropriate special journals and the general journal.

 

General Journal (Journal proper):- This is the journal in which only those transactions are recorded that cannot be recorded in special journal.

Special journal- It is the journal in which only sub transactions are recorded so that no entries could be remained out of the ambit of recording into other trading and other accounts for preparing financial accounts of the company on the periodical manner.

Date

Particular

Dr

Cr.

1

Purchase a/c dr.

   To M. Merlow

     To insurance cover

6600

 

4800

1600

2

Bank  a/c Dr.

   To Sales

110

 

110

3

Lenny Ltd a/c Dr.

  To Bank

2980

 

2980

4

Stock a/c Dr.

To laws Ltd

4800

 

4800

3

0

 

 

9300

14

 Sales return a/c Dr.

   To Lenny

154

 

154

15

GST a/c to

 To Bank

3000

 

3000

16

Purchased a/c Dr.

To bank

10800

 

10800

17

Bank a/c Dr.

  To D. Draper

1320

 

 

1320

18

Salaries a/c Dr.

 To bank

2400

 

2400

19

Lenny Ltd a/c Dr

 To bank

2980

 

2980

20

Electricity a/c  Dr.

  To Bank

420

 

420

21

Cash a/c Dr.

   To sales

18000

 

18000

22

Purchase a/c Dr.

 To Lenny Ltd

7260

 

7260

B. Open running balance accounts in the subsidiary ledgers and their control accounts in the general ledger, and enter the opening details of these accounts

Account Receivables (Draper)

Date

Dr

Cr.

Balance

28 October

 

 

 

4 200

 

 

 

 

 

 

 

 

4200

(Hand)

Date

Dr

Cr.

Balance

30 October

 

 

 

4 620

 

 

 

 

 

 

 

 

4620

(T. Tremble)

Date

Dr

Cr.

Balance

18 October

 

 

 

5720

 

 

 

 

 

 

 

 

5720

(Account payable- Law Ltd)

Date

Dr

Cr.

Balance

19 October

 

 

 

3 280

 

 

 

 

 

 

 

 

3280

(M. Merlow)

Date

Dr

Cr.

Balance

10 October

 

 

 

5 300

 

 

 

 

 

 

 

 

5300

(Lenny Ltd)

Date

Dr

Cr.

Balance

23 October

 

 

 

2980

 

 

 

 

 

 

 

 

2980

(Cash at bank)

Date

Dr

Cr.

Balance

23 October

 

120 000

 

 

120 000

 

 

 

 

 

 

 

 

120000

 (Salary)

Date

Dr

Cr.

Balance

23 October

 

2400

 

 

2400

 

Sales ledger

Date

Dr

Cr.

Balance

23 October

 

 

 

110

 

 

 

110

Purchase ledger

Date

Dr

Cr.

Balance

24 October

 

6600

 

6600

 

 

 

6600

C. Post relevant data from the journals to the appropriate running balance subsidiary ledger accounts

(Cash at bank)

Date

Dr

Cr.

Balance

23 October

 

120 000

 

 

120 000

 

 

18400

 

138400

 

 

18000

 

156400

 (Salary)

Date

Dr

Cr.

Balance

23 October

 

2400

 

 

2400

 

Sales ledger

Date

Dr

Cr.

Balance

 

 

 

110

 

 

9600

9710

 

 

 

18400

28110

 

 

9300

27956

 

154

18000

46110

Purchase ledger

Date

Dr

Cr.

Balance

 

6600

 

6600

 

10800

 

17400

 

 

7920

 

25320

 

10800

 

36120

D. Prepare schedules of accounts receivable and accounts payable as at 30 November 2012, and reconcile to the appropriate subsidiary ledger control accounts in the general ledger

 Account Receivables (Draper)

Date

Dr

Cr.

Balance

28 October

 

 

 

4 200

 

 

9600

 

13800

 

 

1320

12480

(Hand)

Date

Dr

Cr.

Balance

30 October

 

 

 

4 620

 

 

 

 

 

 

 

 

4620

(T. Tremble)

Date

Dr

Cr.

Balance

18 October

 

 

 

5720

 

 

 

2860

2860

 

9300

 

12160

(Account payable- Law Ltd)

Date

Dr

Cr.

Balance

19 October

 

 

 

3 280

 

 

 

4800

8080

 

 

3280

 

4800

(M. Merlow)

Date

Dr

Cr.

Balance

10 October

 

 

 

5 300

 

 

 

4800

10100

 

 

3300

 

6800

(Lenny Ltd)

Date

Dr

Cr.

Balance

23 October

 

 

 

2980

 

 

 

7260

10240

 

 

 

 

 

E. Prepare the GST Collections

GST collections is one of out of the liability account that is being incurred accrue GST on sales, Where as GST outlays is a current asset account to accrue GST on purchase.

GST collection will be charged @ 10% on all the purchase and sales of the goods and services made by the company in the periodical year given

Entry for GST collection account would be

Cash a/c Dr.                  4441

                 To GST collection on sales    4441

GST Collection Account A/c Dr. 2252

                                          To cash                                2252

(GST Collection Account)

Date

Dr $

Cr. $

Balance

19 October

 

 

10

10

 

Nov 10

-

818

828

 

Nov 11

-

260

1088

Nov 12

-

872

1960

Nov 18

-

845

2805

Nov 30

-

1636

4441

Total payable

-

4441

-

GST Payable Account

(GST outlays Account)

Date

Dr $

Cr. $

Balance

Nov 1

 

436

 

436

 

4

436

-

872

 

13

720

-

1592

30

660

-

2252

TASK-2

A. In two columns and ignoring GST, prepare general journal entries to record the transactions assuming:

1. A perpetual inventory system is used-

Date

Particular

Dr

Cr.

April-1

Trading stock a/c Dr.

   To opening stock a/c

960

 

960

April

3

April    4

Purchase a/c dr.

   To

EXW supplier's warehouse

Freight  a/c Dr.

  To Bank

    

1600

 

 

 

60

 

1600

 

 

 

 

60

April

5

 

Customer  a/c Dr.

   To Sales

1640

 

1640

April

5

 

Freight  a/c Dr.

  To Bank

30

 

30

April

9

 

EXW supplier's warehouse a/c Dr.

To purchase return

400

 

400

April        9

EXW supplier's a/c Dr.

To bank

1200

 

1200

April     10

Sales return   A/c Dr.

To customer

210

 

210

April  13

Purchase a/c dr.

   To

EXW supplier's warehouse

 

800

 

800

April

14

 

Bank a/c Dr.

 To customers  

1430

 

1430

April   19

Cash a/c Dr.

     To sales

2340

 

2340

April

20

 

Sales return dr.

 To cash

240

 

240

April

22

 

EXW supplier's warehouse  a/c  Dr  

To cash

800

 

800

April 30

Trading stock a/c Dr.

     To closing stock

800

 

800

A. In two columns and ignoring GST, prepare general journal entries to record the transactions assuming:

1. A periodical inventory system is used

Date

Particular

Dr

Cr.

April

3

April    4

Purchase a/c dr.

   To

EXW supplier's warehouse

Freight  a/c Dr.

  To Bank

    

1600

 

 

 

60

 

1600

 

 

 

 

60

April

5

 

Customer  a/c Dr.

   To Sales

1640

 

1640

April

5

 

Freight  a/c Dr.

  To Bank

30

 

30

April

9

 

EXW supplier's warehouse a/c Dr.

To purchase return

400

 

400

April        9

EXW supplier's a/c Dr.

To bank

1200

 

1200

April     10

Sales return   A/c Dr.

To customer

210

 

210

April  13

Purchase a/c dr.

   To

EXW supplier's warehouse

 

800

 

800

April

14

 

Bank a/c Dr.

 To customers 

1430

 

1430

April   19

Cash a/c Dr.

     To sales

2340

 

2340

April

20

 

Sales return dr.

 To cash

240

 

240

April

22

 

EXW supplier's warehouse  a/c  Dr 

To cash

800

 

800

April 30

Trading stock a/c Dr.

     To closing stock

800

 

800

B. Repeat requirement and assume the business is registered for the GST.

There will be no changes if the business is registered for the GST because as per the indirect taxation there is automation in the registration procedure once a business fall in the specified criteria then there will not be any requirement for the registration of GST. But there will be made following changes in the journal entries as fellows

Date

Particular

Dr

Cr.

April

3

April    4

Purchase a/c dr.

GST outlays

   To

EXW supplier's warehouse

Freight  a/c Dr.

  To Bank

    

1600

160

 

 

 

60

 

 

1760

 

 

 

 

60

April

5

 

Customer  a/c Dr.

   To Sales

   To sales a/c

1804

 

1640

164

April

5

 

Freight  a/c Dr.

  To Bank

30

 

30

April

9

 

EXW supplier's warehouse a/c Dr.

To purchase return

400

 

400

April        9

EXW supplier's a/c Dr.

To bank

To GST outlays

1320

 

1200

120

April     10

Sales return   A/c Dr.

To customer

210

 

210

April  13

Purchase a/c dr.

 

   To

EXW supplier's warehouse

To GST outlays

 

880

 

800

 

 

 

80

April

14

 

Bank a/c Dr.

GST collection

 To customers 

1430

143

 

1573

April   19

Cash a/c Dr.

GST collection

     To sales

2340

234

 

 

2574

April

20

 

Sales return dr.

 To cash

240

 

240

April

22

 

EXW supplier's warehouse  a/c  Dr 

To cash

To GST Outlays

880

 

800

80

April 30

Trading stock a/c Dr.

     To closing stock

800

 

800

C. Assuming Star bright closes its accounts at month-end; prepare relevant entries to close the accounts under both inventory systems.

When periodical inventory system is used

Trading stock A/c DT,

To closing stock a/c

When perpetual inventory a/c is used

Trading stock a/c Dr.

To closing stock a/c

D. Prepare two separate income statements showing gross profit and profit for April, assuming that:

1. The perpetual inventory system was used

Trading stock A/c & Income statement showing gross profit when perpetual inventory system was used

DR.                                                                                                                                          CR. 

Date

Particular

Amount $

Date

Particular

Amount $

April-1

Opening stock

960

 

 

 

April-3

stock

1600

April-5

Sales

1540

April-4

Freight(60+30)

90

April-9

Purchase return

400

April-10

Sales return

210

April- 19

Cash sales

2360

April-30

Gross profit

2240

April- 30

Closing stock

800

 

 

5100

 

 

5100

Therefore in this inventory System Company is earring gross profit of $ 2240 for the business.

Perpetual inventory systemis the system that helps company to identify the actual storage of the stocks in the business entity throughout the time. This system is beneficial for the company which has been running its business and having lot of closing stock at the end of the year on consistent basis.

B-Trading stock A/c & Income statement showing gross profit when periodical inventory system was used

DR.                                                                                                                                             CR.

DATE

PARTICULAR

AMOUNT

DATE 

PARTICULAR

AMOUNT

April-3

Stock

1600

April-5

Sales

1540

April-4

Freight(60+30)

90

April-9

Purchase return

400

April-10

Sales return

210

April- 19

Cash sales

2360

April-30

Gross profit

 

April- 30

Closing stock

800

 

 

 

 

 

 

Conclusion

In this assignment project report I have gained so much knowledge related with accounting concepts and GST payment and collection methods. Various levels of understanding starting form recording transaction and posting them into generals for the purpose of preparing financial statement account of the company. Now I would like to conclude up my worlds by saying that Business in order to peruse a higher goals and objective has to prepare accounts in well systematic and ethical manner so that they would comply with the government issued rules and regulation for recording and keeping transaction in systematic manner. This assignment mainly put emphasis upon the keeping data in journal books and how income statement is prepared in order to compute new profit throughout the time.

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