Group Assignment Cover Sheet and Financial Report for A-Z Accounting Services

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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GROUP ASSIGNMENT COVERSHEET
Subject Name: _____________________________________________________________
Lecturer’s Name: __________________________ Tutor’s Name: _____________________
Assignment Title: ___________________________________________________________
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including any material generated in the course of my employment.
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 The use of any material in this assignment does not infringe the intellectual property / copyright
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the conditions of the KOI's Plagiarism Policy and the declaration on this coversheet.
Family Name Given Name Student ID Tutorial Code Signature
Student 1
Student 2
Student 3
Student 4
Student 5
______________________________________________________________________________________
Assignment Receipt
Subject Name: _______________________________ Lecturer’s Name: __________________________________
Assignment Title: _____________________________ Tutor’s Name: _ ______________________________
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Student 2
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Student 4
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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 Summary 3
2.0 Mission & Goal 3
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Mission 3
Goal 3
3.0 Services provided 3
4.0 Keys to Success 3
5.0 Financial Information 4
5.1 Chart of Accounts 4
5.2 Financial Transactions 4
General Transactions during the June quarter 2018 4
Adjustment Transactions as at 30 June 2018 4
5.3 General Journals 5
5.4 T-Accounts 6
5.5 Worksheet 8
5.6 Financial Statements 9
Income statement for the year ended 30 June 2018 9
Statement of Changes in Equity for the year end 30 June 2018 9
Balance Sheet as at 30 June 2018 10
6.0 Group Work Activity Report 11
6.1 Meeting Minutes 11
6.2 Summary Report 14
Meeting Minutes Summary 14
Group opinion 14
7.0 References 15
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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.
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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
101 Cash at Bank 301 Alex Chae, Capital
102 Accounts Receivable 302 Alex Chae, Drawings
103 Office Supplies 401 Service Revenue
104 Prepaid Subscriptions 501 Utilities Expense
110 Office Furniture 502 Wages Expense
111 Accumulated Depreciation-Furniture 503 Depreciation Expense-Furniture
201 Accounts Payable 504 Supplies Expense
202 Unearned Service Revenue 505 Subscriptions Expense
204 Interest Payable 506 Interest Expense
211 Loan Payable
5.2 Financial Transactions
Financial Transactions during the year
Date Transactions Amount
1/04/2018 Alex Chae invested cash into his business $100,000
1/04/2018 Borrowed money from Namaste Bank. Interest rate is 4% per annum. $100,000
1/04/2018 Purchased 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
8 Purchased office supplies on account $22000
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1/05/2018 Received 6 months bookkeeping service fee, and recorded the
advanced payment on two balance sheet accounts $36000
13/05/201
8 Paid 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
8 Provided services on account $23000
30/06/201
8 Paid wages to a short-term contract employee $14000
30/06/201
8 Received an invoice for utilities used $20000
30/06/201
8 Alex made withdrawal from business account $25000
Adjustment Transactions as at 30 June 2018
Date Transactions
30/06/2018 Depreciation Expense for office furniture
30/06/2018 During the period the business used one third of supplies
30/06/2018 Adjustment of unearned service revenue
30/06/2018 Subscription fee expired
30/06/2018 The interest on loan for the month of June is not paid yet
5.3 General Journal
Date Accounts Debit Credit
1/04/2018 Cash at Bank A/C 100000
To Capital A/C 100000
Investment by the owner
1/04/2018 Cash at Bank A/C 100000
Loan from Namaste Bank A/C 100000
Loan borrowed
1/04/2018 Furniture A/C 30000
To Cash at Bank A/C 30000
Purchased office furniture in cash
15/04/2018 Office Supplies 22000
To Accounts Payable 22000
Purchased supplies on account
1/05/2018 Cash at Bank 36000
To Unearned service revenue 36000
Advanced Receipt of 6-month service
13/05/2018 Accounts Payable 22000
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To Cash at bank 22000
Payment of outstanding bill
1/06/2018 Prepaid Subscriptions 48000
To Cash at Bank A/C 48000
Prepayment for 12 months subscription
23/06/2018 Accounts Receivable 23000
To Services Revenue 23000
Service Rendered in cash
30/06/2018 Wages 14000
To Cash at Bank A/C 14000
Wages expense paid
30/06/2018 Utilities 20000
To Accounts Payable 20000
Utility expense incurred
30/06/2018 Drawings 25000
To Cash at Bank 25000
Withdrawal by the owner
5.4 General Ledger
Cash at Bank
1/04/2018 Capital 100000 1/04/2018 Furniture 30000
1/04/2018 Loan from Namaste
Bank A/C 100000 13/05/2018 Accounts Payable 22000
1/05/2018 Unearned service
revenue 36000 1/06/2018 Prepaid
Subscriptions 48000
30/06/2018 Wages 14000
30/06/2018 Drawings 25000
236000 236000
EB 97000
Accounts Receivable
23/06/2018 Services Revenue 23000 23000
23000 23000
EB 23000
Office Supplies
15/04/2018 Accounts Payable 22000 22000
22000 22000
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EB 22000
Prepaid Subscriptions
1/06/2018 Cash at bank 48000 48000
48000 48000
EB 48000
Office Furniture
1/04/2018 Cash at bank 30000 Balance c/f 30000
30000 30000
EB 30000
Alex Chae, Capital
Balance c/d 100000 1/04/2018 Cash at Bank 100000
100000 100000
100000
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Alex Chae, Drawings
30/06/2018 Cash at Bank 25000 25000
25000 25000
EB 25000
Accounts Payable
13/05/2018 Cash at bank 22000 15/04/2018 Office Supplies 22000
30/06/2018 Utilities 20000
42000 42000
EB 20000
Loan Payable
Balance c/f 100000 1/04/2018 Cash at Bank 100000
100000 100000
EB 100000
Unearned Service Revenue
36000 1/05/2018 Cash at Bank 36000
36000 36000
EB 36000
Service Revenue
23000 23/06/2018 Accounts Receivable 23000
23000 23000
EB 23000
Wages Expense
30/06/2018 Cash at bank 14000 14000
14000 14000
EB 14000
Utilities Expense
30/06/2018 Accounts Payable 20000 20000
20000 20000
EB 20000
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5.5 Worksheet XXXXXXXX Accounting
Worksheet
for the year ended 30 June 2018
Account Name
Unadjusted Trial
Balance Adjustments Adjusted Trial Balance Income statement Balance sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash at Bank 97000 97000 97000
Accounts Receivable 23000 23000 23000
Office Supplies 22000 7333 14667 14667
Prepaid Subscriptions 48000 4000 44000 44000
Office Furniture 30000 30000 30000
Accum. Depreciation-
Furniture 1500 1500 1500
Accounts Payable 20000 20000 20000
Unearned Service Revenue 36000 12000 24000 24000
Interest Payable 1000 1000 1000
Loan Payable 100000 100000 100000
Alex Chae, Capital 100000 100000 100000
Alex Chae, Drawings 25000 25000 25000
Service Revenue 23000 12000 35000 35000
Utilities Expense 20000 20000 20000
Wages Expense 14000 14000 14000
Depreciation Expense-
Furniture 1500 1500 1500
Supplies Expense 7333 7333 7333
Subscriptions Expense 4000 4000 4000
Interest Expense 1000 1000 1000
Total 279000 279000 25833 25833 281500 281500 47833 35000 233667 246500
Profit (Loss) for the period (12833) (12833)
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5.6 Financial Statements
XXXXXXXXX Accounting
Income Statement
for the year ended 30 June 2018
Income
Service Revenue 35000
Total Income 35000
Expenses
Utilities Expense 20000
Wages Expense 14000
Depreciation Expense-Furniture 1500
Supplies Expense 7333
Subscriptions Expense 4000
Interest Expense 1000
Total Expenses 47833
Net Income/(loss) before Tax (12833)
XXXXXXXXX Accounting
Statement of changes in Equity
for the year ended 30 June 2018
Alex Chae, Capital- Beginning 100000
Add: Additional contribution
Add: Net Income (Loss) during the period -12833
Less: Drawings 25000
Increase or Decrease in Equity -37833
Alex Chae, Capital- Ending 62167
XXXXXXXX Accounting
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Statement of financial position
As at 30 June 2018
ASSETS
Cash at Bank 97000
Accounts Receivable 23000
Office Supplies 14667
Prepaid Subscriptions 44000
Office Furniture 30000
28500Accumulated Depreciation-Furniture 1500
Total Assets 207167
LIABILITIES
Accounts Payable 20000
Unearned Service Revenue 24000
Interest Payable 1000
Loan Payable 100000
Total Liabilities 145000
Total Assets - Total Liabilities 62167
EQUITY
Alex Chae, Capital 62167
Total Equity 62167
6.0 Group Work Activity Report
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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
Name E-mail Student ID Phone
3. Meeting Agenda
Topic Duty Assistance
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 research Responsible
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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
Name E-mail Student ID Phone
3. Discussion Point
Topic Duty Assistance
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 workload Active duty
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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
Name E-mail Student ID Phone
3. Meeting Agenda
Topic Duty Assistance
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
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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 it will be
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
future were also discussed. Some of these were specialization, 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
the ledgers or T-accounts, preparation of the unadjusted trial balance,
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.
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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.
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