ACCT1008 Accounting for Business Assignment Part A

The ACCT1008 Accounting for Business Assignment Part A is a 50 marks assignment with a weightage of 10%. The assignment includes recording General Journal, General Ledger, Trial Balance, and explaining accounting elements. The communication skills of the student will also be assessed. The assignment must be submitted in the provided Word document format via Learnonline page. The due date is 9:00 am Adelaide time (ACST) on Monday 26th March, 2018.

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 $1376.
Nov 30 Classic Clocks received the outstanding amount from the Hilton Hotel from
the sale of the silver framed wall clocks on November 4th.
(continued over the page)
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General Journal
Date Details Debit ($) Credit ($)
Nov, 1 Cash 1540
To Revenue - fees 1540
(To record enrolment fees received from
student)
Nov, 2 Drawings 183
To Cash 183
(To record personal expenses incurred by
proprietor)
Nov, 4 Cash 2016
Accounts Receivable 8064
To Revenue - sale 10080
(To record sale of clocks)
Nov, 13 Laptop 2760
To Cash 2760
(To record purchase of laptop)
Nov, 14 Cleaning expenses 120
To Accounts payable 120
(To record receipt of invoice for cleaning
services)
Nov, 17 Table 6272
To Cash 3136
To Accounts payable 3136
(To record purchase of table for school)
Nov, 29 Electricity expense 459
Electricity payable 917
To Cash 1,376
(To record payment of electricity bill)
Nov, 30 Cash 8064
To Accounts receivable 8064
(To record balance amount received)
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Part B (10 marks)
Required:
Post the General Journals recorded below to the General Ledger provided on the
following page. Remember to foot each ledger to determine the ledger balance.
Hints to assist in completing the ledgers:
 Do not delete the opening balances given.
 The ledgers are formatted using tables therefore it is best to navigate through the ledgers using the ‘tab’
function.
 When using tables it is often easier to click on the “¶” function so you are able to see the formatting.
 It is quite acceptable to shorten account names i.e. Cash at Bank becomes CAB
Date Details Debit ($) Credit ($)
1 Dec Shop Fittings 54 000
Cash at Bank 15 000
Loan 39 000
(The business purchased shop fittings)
4 Drawings 15
Cash at Bank 15
(The owner took money from the
business for his own use)
9 Cash at Bank 23 500
Computer 1 500
Capital – C Cogsworth 25 000
(The owner contributed a computer and
cash to the business)
18 Loan 15 800
Cash at Bank 15 800
(The business repaid $15 800 off the
loan)
24 Cash at Bank 11 980
Accounts Receivable 3 200
Sales 15 180
(The business sold a ladies Rolex watch
for $15 180 and has received $11 980 in
cash. The remaining amount is to be
collected from the customer)
26 Advertising 1 250
Advertising Payable 1 250
(The business has signed up for an
advertising campaign in the Watch
Journal and must pay within 30 days)
Post the journals from above to the General Ledger provided below. All ledgers below must
be footed.
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Cash at Bank (CAB)
December 1 Balance 44 668 December 1 Shop Fittings 15,000
December 9 Capital – C
Cogsworth
23,500 December 4 Drawings 15
December 24 Sales 11,980 December 18 Loan 15,800
December 31 Balance c/d 49,333
80,148 80,148
Accounts Receivable (A/R)
December 1 Balance 8 656 December 31 Balance c/d 11,856
December 24 Sales 3,200
11,856 11,856
Shop Fittings
December 1 Balance 26 850 December 31 Balance c/d 80,850
December 1 Cash at bank 15,000
December 1 Loan 39,000
80,850 80,850
Computer
December 9 Capital – C
Cogsworth
1,500 December 31 Balance c/d 1,500
1,500 1,500
Accounts Payable
December
31
Balance c/d 1,250 December 26 Advertising
expense
1,250
1,250 1,250
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Loan
December 18 Cash at bank 15,800 December 1 Shop Fittings 39,000
December 31 Balance c/d 23,200
39,000 39,000
Drawings
December 1 Balance 40 400 December 31 Balance c/d 40,415
December 4 Cash at bank 15
40,415 40,415
Capital
December 31 Balance c/d 153,708 December 1 Balance 128 708
December 9 Cash at bank 23,500
December 9 Computer 1,500
153,708 153,708
Sales
December 31 Profit & Loss
A/c
170,731 December 1 Balance 155 551
December 24 Cash at bank 11,980
December 24 Accounts
receivable
3,200
170,731 170,731
Advertising
December 1 Advertising 1,250 December 31 Profit & Loss 1,250
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payable A/c
1,250 1,250
Part C (5 marks)
Required:
Post the General Ledger balances from Part B to the Trial Balance below.
Complete the Unadjusted Trial Balance provided below. Please total both the debit and
credit column on completion.
Debit ($) Credit ($)
Classic Clocks
Trial Balance
31-December-18
Electricity Expense 9 165
Telephone Expense 1 555
Motor Vehicle 31 150
Cash at Bank 49 333
Advertising Expense 1 250
Accounts Payable 1 250
Office Supplies Expense 1 713
Drawings – Cogsworth 40 415
Office Gas Expense 2 275
Water Expense 2 661
Capital – Cogsworth 153 708
Accounts Receivable 11 856
Loan 23 200
Accumulated Depreciation – Motor Vehicle 14 489
Stock / Clocks 65 256
Shop Fittings 80 850
Repairs and Maintenance Payable 4 913
Sales 170 731
Accumulated Depreciation – Cash Register and Scanning
Equipment 15 042
Cash Register and Scanning Equipment 22 542
Discount Allowed 919
Rent Expense 52 354
Repairs and Maintenance 3 637
Sales Returns & Allowances 473
Interest expense 4 429
Computer 1 500
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Totals 383 333 383 333
QUESTION 2: Conceptual Framework (10 marks)
**(Element: Asset, Liability, Revenue, Expense, Equity)
Claude Cogsworth has written to the managing partner of the accounting firm you work at
because he is confused about some of the transactions you have recorded in question 1
Part A.
REQUIRED:
Please write a letter in your own words to the managing partner of your accounting firm
explaining the following with reference to your journal entries in question 1 Part A:
 Explain with reference to the appropriate accounting definition the accounting
element** that was credited on the 14th of November. (4 marks)
 Identify which accounting assumption is relevant to the transaction which occurred on
November 2nd and explain in your own words how this assumption is relevant to
recording the transaction.
(3 marks)
Up to an additional 3 marks will be awarded for following the formatting requirements below.
Formatting hints:
 Date your letter 3rd December
 Address your letter to Dan Stevens (Managing Director), Mandeville Accounting Solutions Pty
Ltd, 1800 Adelaide Terrace, Adelaide, SA, 5000
 Any formal letter format is acceptable
 Consider an appropriate way to sign off your letter
 Set out your letter with subheadings to separate each part of your letter as you address the
criteria required
 Marks will be allocated for your use of appropriate accounting terminology and reference in
your letter to the journals in question 1 Part A.
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The following aspects of students’ written communication skills development are also awarded a
total of 6 marks.
PARAPHRASING
 Presenting ideas and information that the student read in their own words,
 Not simply taking what someone else has written and changing a few words. It is about
translating another person’s ideas into the student’s own words.
Mark (maximum 2):
BEING RELEVANT
Does what is written contribute to answering the question(s)
 Setting out to specifically answer the question(s) by using relevant information,
 Staying ‘on track’ with answers,
 Avoiding straying from the question and going off on irrelevant tangents.
Mark (maximum 2):
WRITING FOR A PROFESSIONAL BUSINESS AUDIENCE (including good presentation)
 The written work is clear and understandable,
 Where applicable, the written work is based on the facts and available evidence,
 Exaggeration and bold statements which are not supported by the facts and evidence are
avoided.
Good presentation
 The written work contains no spelling and grammatical errors. Obvious evidence of editing
displayed. (Where the work contains any spelling and grammatical errors, it cannot be awarded
more than 5 marks),
 Any headings and sub-headings display properly, and are used consistently throughout the
document,
 Page numbering is used. It is usual for page numbering to commence on page 2 of a business
document as “2”,
 Font size and font style are used consistently throughout the document,
 If applicable, requested templates are used.
Mark (maximum 2):
TOTAL WRITTEN COMMUNICATION SKILLS MARK (maximum 6)
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