need task 1 6 pages and part 2 in excel, example template given as the template file
Assessment #1: Assessment Code: BUS503_A1_V1 Assessment Name: Assessment Type: Subject Code: Subject Name: Practical Demonstration Group Assessment BUS503 (Level 5; Credit 15) Fundamentals of Accounting Briefing Date: Week 1 Submission Date: Week 5 Weighting: Marking: 50% 100 marks Aims: Identify, define and explain accounting, accounting process, and some management accounting techniques. The assessment will be a practical demonstration based on simulated situation provided below. Brief Overview: This assignment focuses on applying knowledge of the different accounting standards practised in New Zealand and record transactions in the accounting system. The learners will use management accounting techniques such as break-even analysis for problem solving and decision-making. Submission Format: The submission will be in the form of a typed document providing answers to the questions posed. A final soft copy of all assignments must be submitted via Turnitin on NZSE-Moodlerooms online. Standard of English for Level 5 Business Assessments · All student work that is submitted for assessment must meet the English requirements for Level 5 business writing. · Any submitted assessment or part of an assessment that falls below the acceptable standard of the English requirements for Level 5 business writing will not be marked. · If you have any questions regarding the English requirements for Level 5 business writing, please talk to your tutor. Referencing · You must correctly reference all submitted assessments according to APA 6th ed. conventions for both in-text citations and in your reference list. · You are required to reference because it is important to acknowledge the original source of other people’s ideas, research and opinions, as well as providing evidence of having undertaken independent research to support your own opinion/point of view/hypothesis/argument. · Your tutor can provide further information and guidance on referencing and also direct you to referencing guides and resources. · Wikipedia is not considered an acceptable source of reference. Plagiarism · Plagiarism is where you use another person’s words, ideas, diagrams or other original creations without acknowledging or giving credit to that person. · Any submitted assessment or part of an assessment which has plagiarised content will not be marked. · All cases of plagiarism and/or cheating will be investigated and dealt with according to A08: Misconduct in Assessment Policy. · If you have any questions regarding plagiarism, please talk to your tutor. Assessment conditions: · This is an open book assessment, you may use your references from Moodlerooms resources and/or any other notes you have taken while studying this topic. · This is a group assessment. Select a group of three members and register your group with your tutor. You need to develop a contract which details the rules that will apply to all group members. · Write your full names and student IDs on the Title page of the assignment as well as at the bottom of the page on the header of your assignment. · Don’t forget to also attach a reference list at the end of the assignment. Learning Outcomes: The learning outcomes associated with this assessment are: LO1 Explain the need for accounting information in businesses LO2 Analyse, classify, and record general ledger transactions in an accounting system. LO3 Explain the accounting cycle and correlate the effects of transactions on different accounts. LO4 Understand different accounting standards and their application in New Zealand. LO6 Use management accounting techniques for problem solving and decision-making. Your group will assume that you have created on 1st July 2018, a hypothetical New Zealand based business for which your group members had contributed the initial capital (be realistic with your dollar amounts!). The business can be from an industry in which your group members have some interest. Your assignment cover page must show: · An appropriate name (e.g. Sweet Menu Café Limited or Sweet Menu Café) with a hypothetical IRD Number for the business. · The name of each owner, the amount of start-up capital contributed by each and the ownership structure to be adopted for the business. · The Business Industry Classification Code (https://businessdescription.co.nz/#/home) for ACC Levy purposes. You will be required to analyse, classify and record hypothetical but realistic transactions using a manual accounting system developed in Excel spreadsheet for the first accounting period (e.g. monthly or quarterly accounts) of operations of the business. In your records you must show: 1. A chart of accounts suitable for your industry 2. Appropriate opening Journal entries required at the start and during the first month. 3. Minimum of 20 hypothetical and realistic transactions during the month showing journal entries and ledger transactions in both general ledger and other subsidiary ledgers (e.g. accounts receivable ledger, accounts payable ledger and stores ledger) if relevant. 4. Adjusting entries at the end of the month. 5. All financial statements including a cash flow statement 6. Closing Journal entries at the end of the accounting period. Think about: · What is needed in terms of Assets to start up a business · Loans, personal investments, physical assets · Typical transactions that occur in a day for the first few month of operations. · Any other information that you think will be pertinent for you to complete the assignment. Task 1 – Word document (LO1, LO2 & LO3) (15 marks) Create a new small business (either as a Partnership of three or a Company with three shareholders) and prepare your accounting records as instructed below: Steps: In Microsoft Word save your document as: businessname-A1-BUS503 e.g. SweetMenuCafe-A1-BUS503 1. Explain your business: include what your business provides to the customers, how it started, what are your business goals, etc. The first part of this section should include the Business Name that will be registered with IRD and/or NZ Companies Office. Your IRD number is used for all tax purposes (GST and Business Tax). You'll also need an IRD number to register as an employer and administer PAYE Tax. 2. Create a chart of accounts that the business would need to use. There must be a minimum of 30 accounts – 4 current assets, 3 fixed assets, 2 current liabilities, 1 long term liability, 3 capital accounts, 3 current accounts, 2 revenue accounts and 8 expense accounts and 4 or more other accounts. · Your capital accounts should have your individual capital contributions as opening balances. · You must include GST paid and GST collected & prepaid insurance. 3. Create a minimum of 30 transactions (or more) that would likely occur in your business. a) Make sure your sentences contain all the necessary information of the transactions: Source document name (with a soft copy in appendix) with dollar values, GST number, date etc. b) Your first transaction must describe the owners’ initial investment of cash or other assets into the business. c) Make at least eight of your transactions more complicated by involving more than two accounts e.g. performed service and received partial payment, the remainder put on account. Be creative! 4. Include SIX common types of adjusting entries of which: a) Two adjustments must be for depreciation. Reducing balance method using the recommended IRD tax depreciation rates. b) Two of them must be an Accrued expense and the other a Pre-paid insurance adjustment. c) Two other adjustments such as bad/doubtful debt adjustments and an error adjustment. Task 2 – Excel Template (LO2 & LO3) (35 marks) Prepare your accounting records as instructed below: In Microsoft Excel use the template file called businessnameExcel-A1-BUS503 found in the Moodlerooms resources under week 2 and save your document as businessnameExcel-A1-BUS503. e.g. SweetMenuCafe-Excel-A1-BUS503 Develop an answer key for the above transactions you created in step 3 above which should include: a) Journal entries with narratives b) Posting to the General Ledger c) Trial Balance (unadjusted) d) Worksheet that includes the adjustments (be sure to journalise in the Journals) e) Income statement (Statement of Financial Performance) f) Classified Balance Sheet g) Notes to the accounts h) Closing entries as of end of the accounting period. Task 1 and 2 are to be submitted into Turnitin submission page where you will upload your Task 1-word file under the Word Tab and your Task2-Excel file under the Excel Tab on the submission page. · Your word document will contain the business name, description paragraph, Chart of Accounts and a minimum of 30 transactions (or more). · Your Excel worksheet will contain the Journal, General Ledger, Trial Balance, Adjustments worksheet, Income statement, Balance sheet, Post closing Trial balance. Task 3 to 6 are to be submitted into Turnitin submission page where you will upload your Task 3 to 6-PPT file under the PPT Tab on the submission page. Due Date: in Week 6. Exact date and time to be announced on the Assignment 1 submission page of the Moodlerooms. Penalties apply for late submissions! Marking Rubric for Tasks 1 & 2: Excellent Good Satisfactory Poor Unacceptable Knowledge (5 marks) · Creates a new business · Creates a chart of accounts Meets all requirements and uses additional accounts (5 marks) Meets all requirements (4 marks) Meets most requirements (2 – 3 marks) Meets some requirements (1 mark) Meets a few requirements (0 mark) Thinking (10 marks) · Creates a minimum 30 transactions Same as level 3 plus: · 30 or more transactions · Some transactions use more than two accounts · Excellent variety and originality (9 – 10 marks) 20 – 30 transactions · Transactions use all accounts; · Capital increases and decreases · Initial transaction is balanced · Both Dr and Cr are used · Good variety and originality · Includes GST (6 – 8 marks) 10 – 20 transactions · Use all types of accounts; · Some variety and originality in transactions · No GST (4 – 5 marks) 10 transactions or · Transactions of the same type or · Transactions use same accounts (1 – 3 marks) Less than 10 transactions (0 mark) · Includes GST · Includes all accounts · Adjustments Communication (10 marks) · Transactions are clear and easily understood. · No spelling and grammar mistakes All requirements met to a high degree (5 marks) Most requirements met. (4 marks) Some requirements met. (2 – 3 marks) Limited requirements met. (1mark) Little clarity or legibility or many spelling and grammar errors (0 mark) Statements · are balanced · Have correct