Group Assignment Cover Sheet and Financial Report for A-Z Accounting Services
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This report covers the financial analysis of A-Z Accounting Services, including mission, goal, services provided, keys to success, and financial information such as chart of accounts, financial transactions, general journal, general ledger, and worksheet.
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KING’S OWN INSTITUTE* Success in Higher Education GROUP ASSIGNMENT COVERSHEET Subject Name: _____________________________________________________________ Lecturer’s Name: __________________________ Tutor’s Name: _____________________ Assignment Title: ___________________________________________________________ Declaration (This declaration must be completed by the student or the assignment will not be marked.) I certify the following: I have read and understood the Plagiarism Policy This assignment is my own work based on my personal study and or research. I have acknowledged all material and sources used in the preparation of this assignment including any material generated in the course of my employment. The assignment has not previously been submitted for assessment. I have not copied in part or in whole or otherwise plagiarised the work of other students. I have read and I understand the criteria used for assessment. The assignment is within the word and page limits specified in the unit outline. The use of any material in this assignment does not infringe the intellectual property / copyright of a third party. I understand that this assignment may undergo electronic detection for plagiarism, and an anonymous copy of the assignment may be retained on the database and used to make comparisons with other assignments in future. By completing this coversheet in full and submitting this assignment electronically, I am bound by the conditions of the KOI's Plagiarism Policy and the declaration on this coversheet. Family NameGiven NameStudent IDTutorial CodeSignature Student 1 Student 2 Student 3 Student 4 Student 5 ______________________________________________________________________________________ Assignment Receipt Subject Name: _______________________________ Lecturer’s Name: __________________________________ Assignment Title: _____________________________ Tutor’s Name:_______________________________ Family NameGiven NameStudent IDTutorial CodeSignature Student 1 Student 2 Student 3 Student 4 Student 5 0|P a g e
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ACC100 GROUP assignment XXXXXXXXXXXX Special-purpose Report for the year ended 30 June 2018 Trimester 1, 2018 prepared by: Student 1 Name (Student ID) Student 2 Name (Student ID) Student 3 Name (Student ID) Student 4 Name (Student ID) Student 5 Name (Student ID) Table of contents 1.0 Executive Summary3 2.0 Mission & Goal3 1|P a g e
Mission3 Goal3 3.0 Services provided3 4.0 Keys to Success3 5.0 Financial Information4 5.1 Chart of Accounts4 5.2 Financial Transactions4 General Transactions during the June quarter 20184 Adjustment Transactions as at 30 June 20184 5.3 General Journals5 5.4 T-Accounts6 5.5 Worksheet8 5.6 Financial Statements9 Income statement for the year ended 30 June 20189 Statement of Changes in Equity for the year end 30 June 20189 Balance Sheet as at 30 June 201810 6.0 Group Work Activity Report11 6.1 Meeting Minutes11 6.2 Summary Report14 Meeting Minutes Summary14 Group opinion14 7.0 References15 2|P a g e
1.0 Executive Summary A business report has been prepared as a special purpose financial report which will be serving a particular purpose. The financial analysis of the sole trader has been done which is starting its business with the start-up capital of $200,000. Furthermore, the mission, vision, business structure and services provided by the company has also been covered. The financial analysis basically includes the journals for the financial transactions, posting the same in journal, preparation of unadjusted trail balance, posting the adjustment entries, completing the worksheet and finally preparation of balance sheet, profit and loss account and statement of changes in equity. 2.0 Mission & Goal Mission The business is named A-Z accounting services and therefore the goal of the business is to provide overall accounting and book-keeping services with best quality reporting in the financial statements, compliance with laws and rules and expanding the areas of Australia. Goal The long term goal of the business is to expand to different areas of Australia and come in with several other activities related to accounting and book-keeping like due diligence, taxation, etc. Furthermore, the other goals of the firm include to deliver the deliverables timely, to be cost effective for the client and adding value to the client’s business(Alexander, 2016). 3.0 Services The business A-Z accounting services in the nature of sole proprietorship firm which will be having a single owner Alex Chae and he willing be taking help of people in the firm from other assistants to get the work completed. The general services being offered by the firm will be accounting work, maintenance of regular accounts, tax filings, book-keeping, tax returns preparation, auditing, consulting, speciality services and tax planning services. It will be covering the wide areas of accounting including the monthly and quarterly compliance activities as per the standards and laws of Corporation Act, 2001. 3|P a g e
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4.0 Keys to Success The Keys to success will be delivering the best value to the client such the that the accounting, planning and forecasting activity adds value to the client and helps to plan the business and profits in a better way rather than just doing the redundant activity of recording and posting of the activities in journal and finally the financial statements. Some of the keys indicators of success that the firm will be focusing at is: 1.Delivering the accounts and other actionables in time. 2.Correctly recording all the transactions and not missing out on the same 3.Highlighting the risks and opportunities in the market based on the status of the financial statements(Dichev, 2017). 4.Proper due diligence in case of any acquisition or take over is being done so that the correct valuation is being done. 5.Having a client eccentric approach and using technology to the best. 6.Specializing in few areas and partnering with others beyond that 7.Making use of cloud computing and protection of data and its management. 5.0 Financial Information 5.1 Chart of Accounts #Account Name#Account Name 101Cash at Bank301Alex Chae, Capital 102Accounts Receivable302Alex Chae, Drawings 103Office Supplies401Service Revenue 104Prepaid Subscriptions501Utilities Expense 110Office Furniture502Wages Expense 111Accumulated Depreciation-Furniture503Depreciation Expense-Furniture 201Accounts Payable504Supplies Expense 202Unearned Service Revenue505Subscriptions Expense 204Interest Payable506Interest Expense 211Loan Payable 5.2 Financial Transactions Financial Transactions during the year DateTransactionsAmount 1/04/2018Alex Chae invested cash into his business$100,000 1/04/2018Borrowed money from Namaste Bank. Interest rate is 4% per annum.$100,000 1/04/2018Purchased office furniture in cash. The furniture has a useful life of 5 years with no salvage value. The business uses a straight-line method$30000 15/04/201 8Purchased office supplies on account$22000 4|P a g e
1/05/2018Received 6 months bookkeeping service fee, and recorded the advanced payment on two balance sheet accounts$36000 13/05/201 8Paid the bill received on 15/04/2018$22000 1/06/2018 Paid for 12-month subscription. Alex recorded the payment as a debit to Prepaid subscriptions and a credit to Cash. The subscription started from June 2018 $48000 23/06/201 8Provided services on account$23000 30/06/201 8Paid wages to a short-term contract employee$14000 30/06/201 8Received an invoice for utilities used$20000 30/06/201 8Alex made withdrawal from business account$25000 Adjustment Transactions as at 30 June 2018 DateTransactions 30/06/2018Depreciation Expense for office furniture 30/06/2018During the period the business used one third of supplies 30/06/2018Adjustment of unearned service revenue 30/06/2018Subscription fee expired 30/06/2018The interest on loan for the month of June is not paid yet 5.3 General Journal DateAccountsDebitCredit 1/04/2018Cash at Bank A/C100000 To Capital A/C100000 Investment by the owner 1/04/2018Cash at Bank A/C100000 Loan from Namaste Bank A/C100000 Loan borrowed 1/04/2018Furniture A/C30000 To Cash at Bank A/C30000 Purchased office furniture in cash 15/04/2018Office Supplies22000 To Accounts Payable22000 Purchased supplies on account 1/05/2018Cash at Bank36000 To Unearned service revenue36000 Advanced Receipt of 6-month service 13/05/2018Accounts Payable22000 5|P a g e
To Cash at bank22000 Payment of outstanding bill 1/06/2018Prepaid Subscriptions48000 ToCash at Bank A/C48000 Prepayment for 12 months subscription 23/06/2018Accounts Receivable23000 To Services Revenue23000 Service Rendered in cash 30/06/2018Wages14000 To Cash at Bank A/C14000 Wages expense paid 30/06/2018Utilities20000 To Accounts Payable20000 Utility expense incurred 30/06/2018Drawings25000 To Cash at Bank25000 Withdrawal by the owner 5.4 General Ledger Cash at Bank 1/04/2018Capital1000001/04/2018Furniture30000 1/04/2018Loan from Namaste Bank A/C10000013/05/2018Accounts Payable22000 1/05/2018Unearned service revenue360001/06/2018Prepaid Subscriptions48000 30/06/2018Wages14000 30/06/2018Drawings25000 236000236000 EB97000 Accounts Receivable 23/06/2018Services Revenue2300023000 2300023000 EB23000 Office Supplies 15/04/2018Accounts Payable2200022000 2200022000 6|P a g e
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EB22000 Prepaid Subscriptions 1/06/2018Cash at bank4800048000 4800048000 EB48000 Office Furniture 1/04/2018Cash at bank30000Balance c/f30000 3000030000 EB30000 Alex Chae, Capital Balance c/d1000001/04/2018Cash at Bank100000 100000100000 100000 7|P a g e
Alex Chae, Drawings 30/06/2018Cash at Bank2500025000 2500025000 EB25000 Accounts Payable 13/05/2018Cash at bank2200015/04/2018Office Supplies22000 30/06/2018Utilities20000 4200042000 EB20000 Loan Payable Balance c/f1000001/04/2018Cash at Bank100000 100000100000 EB100000 Unearned Service Revenue 360001/05/2018Cash at Bank36000 3600036000 EB36000 Service Revenue 2300023/06/2018Accounts Receivable23000 2300023000 EB23000 Wages Expense 30/06/2018Cash at bank1400014000 1400014000 EB14000 Utilities Expense 30/06/2018Accounts Payable2000020000 2000020000 EB20000 8|P a g e
5.5 WorksheetXXXXXXXX Accounting Worksheet for the year ended 30 June 2018 Account Name Unadjusted Trial BalanceAdjustmentsAdjusted Trial BalanceIncome statementBalance sheet DebitCreditDebitCreditDebitCreditDebitCreditDebitCredit Cash at Bank970009700097000 Accounts Receivable230002300023000 Office Supplies2200073331466714667 Prepaid Subscriptions4800040004400044000 Office Furniture300003000030000 Accum. Depreciation- Furniture150015001500 Accounts Payable200002000020000 Unearned Service Revenue36000120002400024000 Interest Payable100010001000 Loan Payable100000100000100000 Alex Chae, Capital100000100000100000 Alex Chae, Drawings250002500025000 Service Revenue23000120003500035000 Utilities Expense200002000020000 Wages Expense140001400014000 Depreciation Expense- Furniture150015001500 Supplies Expense733373337333 Subscriptions Expense400040004000 Interest Expense100010001000 Total27900027900025833258332815002815004783335000233667246500 Profit (Loss) for the period(12833)(12833) 9|P a g e
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5.6 Financial Statements XXXXXXXXX Accounting Income Statement for the year ended 30 June 2018 Income Service Revenue35000 Total Income35000 Expenses Utilities Expense20000 Wages Expense14000 Depreciation Expense-Furniture1500 Supplies Expense7333 Subscriptions Expense4000 Interest Expense1000 Total Expenses47833 Net Income/(loss) before Tax(12833) XXXXXXXXX Accounting Statement of changes in Equity for the year ended 30 June 2018 Alex Chae, Capital- Beginning100000 Add: Additional contribution Add: Net Income (Loss) during the period-12833 Less: Drawings25000 Increase or Decrease in Equity-37833 Alex Chae, Capital- Ending62167 XXXXXXXX Accounting 10|P a g e
Statement of financial position As at 30 June 2018 ASSETS Cash at Bank97000 Accounts Receivable23000 Office Supplies14667 Prepaid Subscriptions44000 Office Furniture30000 28500Accumulated Depreciation-Furniture1500 Total Assets207167 LIABILITIES Accounts Payable20000 Unearned Service Revenue24000 Interest Payable1000 Loan Payable100000 Total Liabilities145000 Total Assets - Total Liabilities62167 EQUITY Alex Chae, Capital62167 Total Equity62167 6.0 Group Work Activity Report 11|P a g e
6.1 Meeting Minutes Meeting - Project Name:Meeting 1 Date of Meeting:Time: Meeting Facilitator/s:Location: 1. Meeting Objective To decide on the name of the business through the ASIC connect, discuss on the projects timelines, the detailed services that the accounting firm will be offfering to the customers and clients, it goals and mission and the vision of the company 2. Attendees NameE-mailStudent IDPhone 3. Meeting Agenda TopicDutyAssistance Finalization of the name of the acocunting firm Discussion on the project timelines Detailed discussion on the services that the accounting firm will be offfering to the customers and clients Goals and mission and the vision of the company 4. Task for individual Part on researchResponsible 12|P a g e
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Meeting - Project Name:Meeting 2 Date of Meeting:Time: Meeting Facilitator/s:Location: 1. Meeting Objective To discuss on what will the expenses and income of the accounting firm will be The funding requirements and preparaton of the journal entries and the unadjusted trial balance Preparation of balance sheet, profit and loss account and the statement of changes in equity based on the above. 2. Attendees NameE-mailStudent IDPhone 3. Discussion Point TopicDutyAssistance Discussion on the incomes and expenses of the firm. Discussion on the funding requirements Preparaton of the journal entries and the unadjusted trial balance Preparation of balance sheet, profit and loss account and the statement of changes in equity based on the above 4. Preparation on next session Additional workloadActive duty 13|P a g e
Meeting - Project Name:Meeting 3 Date of Meeting:Time: Meeting Facilitator/s:Location: 1. Meeting Objective To review what has been prepared above and correct the inefficiencies and errors, if any. Review the results and discuss on the same as to how the firm can improve the results in the coming period. 2. Attendees NameE-mailStudent IDPhone 3. Meeting Agenda TopicDutyAssistance Review of the accounts what has been prepared above Review the results and discuss on the same How the firm can improve the results in the coming period Key point of presentation 14|P a g e
6.1 Meeting Minutes Summary and Group Opinion The meeting were held on the respective dates with full participation at the allotted workplace and the major issues mentioned in the objectives of the meetings were discussed extensively with views flowing in from all the group participants. The following were the conclusion derived at post discussion and analysis: 1.The name of the business firm will be “A-Z accounting services”and itwillbe situated in the heart of Australia in the city named Sydney. This will help in attracting the major customers(Choy, 2018). 2.The sole proprietorship concern will be providing diverse accounting services and it will also have expansion plans in the future. 3.Some of the major services being provided by the firm would be accounting work, maintenance of regular accounts, tax filings, book-keeping, tax returns preparation, auditing, consulting, speciality services and tax planning services. 4.Some of the key areas in which the company needs to focus to grow in the futurewerealsodiscussed.Someofthesewerespecialization,cloud computing, highlighting of the risk and opportunities in advance, having a client eccentric approach and diverse use of technology, etc.(Bromwich & Scapens, 2016) 5.Final accounts including the posting of the journal entries, posting the same to theledgersorT-accounts,preparationoftheunadjustedtrialbalance, recording the adjustment journals, preparation of the final accounts like profit and loss account, the balance sheet and the statement of changes in equity was also being done. 6.The performance of the firm over the period of 3 months was being reviewed and discussed. 15|P a g e
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7.0 References Alexander, F., 2016. The Changing Face of Accountability.The Journal of Higher Education,71(4), pp. 411-431. Bromwich, M. & Scapens, R., 2016. Management Accounting Research: 25 years on. Management Accounting Research,Volume 31, pp. 1-9. Choy, Y. K., 2018. Cost-benefit Analysis, Values, Wellbeing and Ethics: An Indigenous Worldview Analysis.Ecological Economics,p. 145. Dichev, I., 2017. On the conceptual foundations of financial reporting.Accounting and Business Research,47(6), pp. 617-632. 16|P a g e