ACCT1008 Accounting for Business Assignment Part A

ACCT1008
Accounting for Business, SP 2 2018
Assignment Part A
50 marks – Weighting 10%
Due 9:00am Adelaide time (ACST) on Monday 26th March, 2018
Here are the details for assignment part A.
Please aim to complete the assignment a few days before the due date to allow for any unforeseen circumstances
such as illness, family issues, work commitments etc. You may submit the assignment early if you have other
commitments around the due date.
The due date and time is stated in the Course Outline, on the course website and above. Please note it is your
responsibility to ensure you factor in any time difference between Adelaide (South Australia) and your location
when submitting your assignment.
Please note the following important instructions relating to the assignment format and submission:
1. You must complete your assignment using the assignment Word document provided.
2. Do not convert this document into any other format (.docx or .doc are the only permissible file formats than can be
uploaded).
3. You can only submit this one file.
4. Do not ‘embed’ other files (Excel for example) as pictures within the assignment Word document.
5. You cannot scan hand written responses and submit. All assignments must be word processed.
6. Remember to fill out the assignment coversheet which is the second page of assignment Word document.
7. All assignments must be lodged via Learnonline page (link located on same page as assignment).
8. Assignments submitted via e-mail (or any other method) will NOT be accepted.
9. Make sure that you upload the correct file. If you discover (after the due date) that you have uploaded a draft
version or the wrong file completely, you will not be allowed to submit a second file.
IMPORTANT - Failure to follow these instructions may result in your
assignment not being marked, and you will receive a zero grade.
Please note that this is an individual piece of assessment. Pay particular attention to the student declaration which
forms a part of the coversheet. You must type your name and the date in the appropriate field in this declaration.
Best of luck with your assignment.
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Accounting for Business Assignment – Learning Outcomes
The Assignment is a further opportunity to apply the knowledge and skills that you are developing. The Assignment
also develops learning outcomes which are highly valued by the employers of accounting graduates: Knowledge,
Judgement, Critical analysis and Problem solving skills, and Communication skills. Learning outcomes are the
knowledge and skills that graduates are expected to know, understand and be able to do as a result of their learning.
Go to the Commerce home page to find out more about these important learning outcomes.
Communication skills
Employers want graduates who are strong communicators. Communication skills rank among the most important
selection criteria that employers use when recruiting graduates (Source: Graduate Careers Australia). These three
aspects of your written communication skills development will be assessed in the assignment to a maximum of 9
marks:
 Paraphrasing,
 Being relevant and the art of selection, and
 An introduction to writing for a professional business audience.
Please refer to the resource Developing written communication skills in Accounting for Business on the course
learnonline site. It has information about the three aspects of your written communication skills development and
links to resources that will assist you develop your skills. As you use the resources in your assignment, remember
that your studies is the perfect time to start developing these skills and appreciating their importance in your career.
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Assignment Cover Sheet
An Assignment Cover Sheet needs to be included at the front of each assignment submitted.
Address details
Full name:
Address:
Postcode:
Personal details
UniSA Student ID:
UniSA Email: @mymail.unisa.edu.au
Assignment details
Course code: Course name:
Assignment no. Due date:
Extension due date (if applicable):
Assignment topic (as stated in the Course Outline):
Student Declaration
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.
I authorise the University to test any work submitted by me, using text comparison software, for instances of
plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a
database to be used in future to test work submitted by others.
I understand that I can obtain further information on this matter at http://w3.unisa.edu.au/ltu/integrity/default.asp
Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same
authority as a signed statement.
Student Signature: Date:
LODGING YOUR ASSIGNMENT
Please note: All text based assessment tasks should be submitted electronically using learnonline Gradebook.
OFFICE USE ONLY
Date received: Received by:
Academic staff member: Assessment/grade:
Date recorded and dispatched to student: Recorded and dispatched by:
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QUESTION 1: General Journal, General Ledger, Trial Balance (34 marks)
Part A (19 marks)
Required:
Record the General Journal entries in the proforma provided on the following page to
record each of the following transactions where required. Remember to format the
journals correctly and include narration (explanation) for each journal entry.
Claude Cogsworth is the sole proprietor of Classic Clocks. He has been operating Classic
Clocks successfully and has now decided to expand his business to include a watchmaking
school. The following is a list of transactions that took place during the month of November
2017.
Nov 1 Classic Clocks received $1,540 from a new student who has enrolled in the
watchmaking school.
Nov 2 Claude Cogsworth visited a physiotherapist for a sore back as a result of an
injury sustained while coaching the local soccer team. He paid $183 for the
appointment using the business bank account.
Nov 4 Classic Clocks sold and delivered 4 new silver framed wall clocks to the
Hilton Hotel for their foyer for $2 520 each. The Hilton Hotel paid 20% in cash
and would pay the remaining amount within 30 days.
Nov 13 Classic Clocks purchased a new laptop for $2,760 cash.
Nov 14 Busy Bee Cleaners Ltd cleaned the shop and left invoice #6435 for $120 with
payment terms of 30 days.
Nov 17 Classic Clocks purchased 7 new adjustable tables for the watchmaking
school. The adjustable tables cost $896 each, 50% of the purchase was paid
for in cash, with the balance payable in 30 days.
Nov 29 Classic Clocks paid the business electricity bill for the quarter which
amounted to $1376.
Nov 30 Classic Clocks received the outstanding amount from the Hilton Hotel from
the sale of the silver framed wall clocks on November 4th.
(continued over the page)
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