ACCT5023 Financial Accounting Assignment -University of South Australia.

Subject Code & Title : ACCT5023 Financial Accounting
Weighting : 25%
Assessment Type : Individual Assignment
Length: 2,000 words on a Microsoft Word file (the assignment will be marked electronically using Word; hence no other file format is appropriate).
ACCT5023 Financial Accounting Assignment -University of South Australia.

ACCT5023 Financial Accounting Assignment-University of South Australia

This assessment is designed to develop the Australian Quality Framework (AQF) Threshold Learning Standard for Accountants of:

CO1. Understand the advanced theoretical and technical knowledge, conceptual, statutory and professional requirements that impinge upon the preparation of general-purpose financial reports.
CO2. Apply findings from accounting information and communicate to stakeholders.
CO3. Critically apply technical accounting knowledge and skills to solve advanced accounting problems.

Remember :
• If information contained in the assignment is not your own words or ideas you must acknowledge the source within the text of the paper as well as in the reference list.

• If you use another person’s words (i.e. you quote) you must indicate that this is a direct quote (usually by quotation marks) and reference the source (including the page number) within the text of the paper. Including the source in the reference list or bibliography is not sufficient. Changing,deleting, adding only a few words, or rearranging the sentence/paragraph does not negate that fact that you are quoting.

If paraphrasing, you still need to include an in-text reference (which includes the page number). And take care that the paraphrasing is not ‘too close’ to the original; i.e. that it is in fact a quote.

• The fact that the source of the material is from an Internet site, and/or the specific author cannot be identified does not negate the need to acknowledge the source of the ideas or words, or to reference correctly.

Instructions:
Assume that you are a facilitator of Financial Accounting, an accounting course of the postgraduate accounting programs, and have been asked to present a workshop to students who are currently enrolled in the course. As a facilitator, your main role is to guide your students through the practical experience requirement by supporting and preparing them, for life-long learning in pursuit of personal development and excellence in professional learning.

1.Refer to the question and solutions provided in this document.

Required:
You are required to provide detailed explanations for all of the following requirements:

1.From the solutions provided, provide detailed explanations about how postings to the journals, specialised journals, ledgers and trial balance have been prepared. You must use your own words to provide explanations about the rationale that the transactions have been posted to the relevant journals/ledgers. Marks will not be awarded for direct quotes of explanations from textbooks as this is considered to be plagiarism.

2.Refer to Topics 1 & 2 that we have covered in the course. You are required to provide a detailed overview of technical accounting knowledge covered in these topics to help in students understanding of recording transactions. You are required to include examples from the solutions provided above to illustrate how the Accounting Conceptual Framework has been incorporated into materials provided in the solutions.

3.Prepare a one-page mind-map to consolidate Topics 1 & 2 that we have covered in the course. You need to be creative and precise as your task is to provide an overview of technical accounting knowledge covered in these topics to help students understanding of recording transactions.

Limit: 2,400 Words. This includes any headings etc. There is no leeway. As the limit is 2,400 words,
nothing will be marked beyond that. The limit includes all in-text referencing and the reference list.

Poppy Ltd uses sales, purchases, cash receipts, cash payments and a general journal along with subsidiary ledgers for accounts receivable and accounts payable. Poppy Ltd’s financial year ends on 31 December 2020. The post-closing trial balance as at 30 June 2020 and schedules of balances of the subsidiary ledgers are presented below.
POPPY LTD
Post-closing Trial Balance
as at 30 June 2020

The following transactions occurred in July 2020:

July 1 Received a cheque from Moor man Ltd for payment on account, $3 600.
2 Paid rent for July, $3 700, by inter bank transaction to Buildings Ltd.
3 Sold inventory to Kemp Ltd on credit, invoice 342, $4 200, terms 2/10, n/30.
5 Purchased inventory on credit from F. Falla, $4 900, invoice 243, terms 2/10, n/30.
7 Paid G. McClure for inventory purchased previously (no discount), $5 150, by inter bank transfer.
Received payment from Kemp Ltd for full settlement of invoice 342.
10 Received an adjustment note from F. Falla for inventory returned, $200.
11 Paid F. Falla in full for invoice 243 by inter bank transfer.
12 Paid sales commissions, $9 580, by inter bank transfer.

ACCT5023 Financial Accounting Assignment-University of South Australia

ACCT5023 Financial Accounting Assignment-University of South Australia

15 Received a cheque from Lo Ltd in part payment of the account, $3 600, no discount applicable.
16 Paid $14 000 for new office equipment, cheque no. 304.
18 Cash sales, $2 620.
19 Sold inventory on credit to Moor man Ltd, $4 430, invoice 343, terms 2/10, n/30.
20 Sold inventory on credit to C. Gable, $2 200, invoice 344, terms 2/10, n/30.
24 Paid Ventura Ltd for inventory purchased in May, $8 240, cheque no. 305.
25 Cash sales, $2 800.
26 Issued cheque no. 306 to pay sundry expenses, $1 280.
30 North Ltd directly credited Zhang’s bank account for $4 630, for payment of account.
30 Received a cheque from C. Gable in payment of invoice 344.

Required :
A. 1. Journalise the transactions in the appropriate journals.
2.Make all necessary postings for the month.
3.Prepare a trial balance of the general ledger as at 31 July 2020, and reconcile subsidiary ledgers with their control accounts.
B. Rework requirements A.1, A.2 and A.3 assuming that recording of GST is required. Add 1-800 GST Receivable and 2-250 GST Payable to the post-closing trial balance (assume both accounts have zero balances). Round amounts to the nearest dollar. Sales commissions do not incur GST.

A (without GST)
1.

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