Practical as well as report need to be done.I have send format of excel on that format task need to need to be done. So need to worry about making tables.Acc1 files includes questions, practical assignment.Acc2 file includes theory assignment.Excel.xlsx is the format where practical needa to be done.ThankYou
Financial Report (900 words; Word document; structure below) Requirement - Prepare a brief report that summarises the financial position of Marvel Landscaping, addressing the following considerations: a. Financial Statements – include and summarise the Financial Statements from the Excel document (Income Statement, Balance Sheet, Statement of Changes in Equity) You may choose to include the Financial Statements in the main body of the report (Section 2.0), or in the Appendix. Please give them titles and introduce each of them. You should refer to them in the report. They are not included in the word count. It is okay if the figures in your Financial Statements are not the same as the solution or other submissions – you should discuss them based on what your figures are. b. Comment on the financial performance AND financial position of the business after its first year of operations. Refer to your included Financial Statements. What policies or strategies might the business consider changing or adopting to increase its future profits? Again, this should directly refer to the figures in YOUR statements. When discussing financial performance and position, think about the statement that best reflects this information. You may want to lists these as sub-headings in section 2. c. Marvel Landscaping expects to invest in further assets in the coming year. Briefly describe the depreciation methods available and the main differences and benefits of each. Please answer this question in section 2, with a sub-heading. Break this question down to make sure you answer all parts of it. Look at the depreciation methods and expense that your business has used and provide independent advice. Look back at the lecture slides and textbook for ideas. d. The business used the weighted average Perpetual inventory method for FY 2018. What other methods could be used and how might they impact on the financial position of the business at the end of the period? Once again, please answer this in Section 2, and consider an appropriate sub-heading. Think about what financial position means and how the different inventory methods might change it. If the business didn’t use weighted average, what method could it used and why might it consider one of these? e. What internal control mechanisms do you recommend (eg Bank Reconciliation; cash controls)? Refer to the textbook and lecture slides for ideas. Think about the particular business model when you are making recommendations and justify it. Eg ‘It is recommended that the business conduct regular bank reconciliations as a way of ensuring internal control over cash. This recommendation is made on the basis that the business has significant assets held as cash.’ Report Structure: Title Page Table of Contents – consider making links like has been done in the EXCEL tip sheet. You may want to include any subheadings 1.0 Introduction – should be brief 1-2 paragraphs 100-200 words. Introduce the business and what this report is 2.0 The Report (use subheadings) – this is the main body and should contain most of the words, 500-600 words. It should have sub-headings (see above) and should answer ALL of the questions at a.-e. above. You must refer to the data found in YOUR financial statements as well as information about the business in the Instructions document. This section should contain references – see the Harvard Referencing guide in Blackboard for how to do this. You must reference in-text eg ‘accounting controls include the methods and procedures that safeguard assets’ (Nobles et al 2016) 3.0 Conclusion (including Recommendations)- should be one to two paragraphs. It should be based on your findings in the report. When you answer the questions in the report, you will most likely identify some things the business could or should do eg conduct regular bank reconciliations. It would be a good idea to refer to these recommendations (briefly) in the conclusion. This could be dot points or in paragraph form. 4.0 List of References – using Harvard Style. You would probably only need a few, perhaps 3 or 4. See the style guide in Blackboard, ask your teacher or academic skills for advice Eg: Noble, T, Mattison, B, Matsumura, E, Best, P, Fraser, R, Willet, R 2016, Horngren’s Accounting, 8th edn, Pearson Australia, Melbourne. Appendix (not included in word count) – anything you refer to that might add more substance to your argument but is too bulky for the body. You may choose to include the financial statements here. Eg Appendix I: Marvel Landscaping Balance Sheet Microsoft Word - ACC506 ATMC Task 2 Instructions S1 2019.docx Chalkboard Supplies – Task 2 Instructions 1 ACC506 ATMC Task 2 – Semester 1, 2019 1. ChalkBoard supplies–Introduction 1.1 Introduction B. Dusty is the sole proprietor of Chalkboard Supplies - a GST-registered independent office furniture supplies business that began operations on 1 July 2017. The business focuses mostly on supplying office and study desks to small businesses. It performs some additional services including deliveries. Dusty is an astute business owner who prides herself on delivering an excellent service whilst aiming to grow a profitable and successful business. Towards the end of the financial year, Dusty employed some staff including a sales assistant and bookkeeper. Dusty is continuing with the MS Excel spreadsheet system that she has been using to record the accounting transactions and manage her accounts and financial reports. 1.2 Accounting policies and other details Like all Australian businesses, Chalkboard Supplies uses the financial year: 1 July to 30 June, withholds PAYG for its employees, and pays GST on sales to the Australian Government. The business uses a GST paid (Asset account) and GST collected (Liability account) to record its GST. Unless otherwise stated, assume all transaction amounts are inclusive of GST (10%). Dusty makes an annual withdrawal of funds from the business for private purposes. Chalkboard Supplies uses the Accounts listed in the Chart of Accounts. Chalkboard Supplies uses the accrual accounting method. Chalkboard Supplies uses a perpetual inventory system with weighted average. Chalkboard Supplies depreciates computer equipment using reducing balance method at the rate of 25%. Chalkboard Supplies depreciates vehicles using straight line method, with a residual value of $7000 and the end of its effective life of 7 years. Fortnightly wages, from June 2018, are paid on the Wednesday for the previous fortnight. Employees work Monday to Friday. (Eg wages paid on 20/6/18, are full fortnight’s pay for work 4/6/18 to 15/6/18.) Doubtful debts are adjusted at 30 June each year, such that the provision equates to 5% of Accounts Receivable balance at the end of the year. Chalkboard Supplies – Task 2 Instructions 2 1.3 The business records the following transactions in the accounts: Details Jul-17 1 B Dusty contributes $67 000 to the business bank account to establish the business. July 3 Purchase of a Toyota Landcruiser ute (asset) on credit for $48 510 (incl GST). July 28 Purchased inventory: 12x Workmate desks for $585 each (not incl GST) and 8x Highrise swivel chairs for $175 each (not incl GST). Bought on credit from Homeworks. Aug 1 Dusty takes a business loan from Trusty Bank for $42 000. Funds are deposited into the business bank account. Aug 5 Sold 3x Workmate desks on credit to Ace Accountants for $3520 (gross total). Credit terms 6/15 n30. Aug 12 Purchased inventory: 18x Workmate desks for $612 each (not incl GST) on credit from Homeworks. Aug 19 Received full payment less discount from debtor of Aug 5. Sept 1 Paid cash for insurance Invoice in the amount of $5500. (Invoice amount covers insurance for 12months - 1 Sept 17-30 Aug 18, and includes GST). Sept 2 Paid Homeworks account in full for July/August purchases. Sept 20 Sold 8x Workmate desks and 3x Highrise Chairs for a total of $16 456 on credit to a customer, Electrical Training. Credit terms 8/30 n60. Oct 1 Purchase of a computer system (asset) on credit for $22 231 (incl GST). Oct 4 Bought 10x Highrise Chairs for $262 each (not incl GST) on credit from Homeworks. A shortage of steel lead to this sharp increase in stock price. Oct 9 Performed services (service revenue) including delivery and installation for $1991 (incl GST) on credit to customers. Oct 17 Received full payment from Electrical Training for sale of 20 Sept (discount applies). Nov 7 Sold 5x Highrise Chairs for $2 629 (incl GST) cash. Jan 5 B Dusty withdrew 12 200 from the business. Mar 12 Paid Homeworks account for purchases in October. April 1 Purchase of a computer system (asset) on credit for $22 231 (incl GST). April 23 Bought general supplies for the business. Paid $2640 (incl GST) cash. June 6 Paid fortnightly wages: sales assistant, A Marker received $525 (net pay) (PAYG $55). June 20 Paid fortnightly wages:Marker received $604 (net pay) (PAYG $76); and Staples received $448 (net pay) (PAYG amount $21). TRANSACTIONS Date Chalkboard Supplies – Task 2 Instructions 3 1.4 Chart of Accounts: 1.5 June & July 2018 calendar dates (for payroll): Jun-18 Mon Tues Wed Thurs Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Jul-18 Mon Tues Wed Thurs Fri Sat Sun 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Account Name Account Type Usual Balance Cash at Bank Asset Debit Accounts Receivable Asset Debit Provision for Doubtful Debts Contra - Asset Credit Supplies Asset Debit Inventory Asset Debit Prepaid Insurance Asset Debit GST Paid Asset Debit Vehicles Asset Debit Accum Dep - Vehicles Contra - Asset Debit Computers Asset Debit Accum Dep - Computers Contra - Asset Credit Accounts Payable Liability Credit GST Collected Liability Credit Loan Payable Liability Credit Interest Payable Liability Credit PAYG Tax Payable Liability Credit Wages Payable Liability Credit B Dusty, Capital Equity Credit B Dusty, Drawings Equity Debit Sales Revenue Revenue Credit Sales Discount Contra - Revenue Debit Service revenue Revenue Credit Cost of Goods Sold Expense Debit Bad Debts expense Expense Debit Depreciation Expense Expense Debit Insurance Expense Expense Debit Inventory Loss Expense Debit Interest Expense Expense Debit Supplies Expense Expense Debit Wages Expense Expense Debit Profit and Loss Closing Temporary only N/A Chart of Accounts Chalkboard Supplies – Task 2 Instructions 4 1.6 Journals, Ledgers and other records The business uses the following journals and ledgers: General Journal - to record all