Accounting for Business Assignment 2022

ACG 11
Accounting for Business, SP2 2019
Assignment Part B
70 marks - Weighting 15%
Due 8:00pm Adelaide time (ACST) Tuesday, 6 August, 2019
Here are the details for assignment part B.
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 Subject Outline, on the subject 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 the subject 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 cover sheet. You must type your name and the
date in the appropriate field in this declaration.
Best of luck with your assignment.

Assignment Cover Sheet
for OUA Students
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UniSA Email: @mymail.unisa.edu.au
Assignment details
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Assignment no. Due date:
Extension due date (if applicable):
Assignment topic (as stated in the Subject 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:

Developing knowledge and skills in the assignment
The Assignment is a further opportunity to apply the knowledge and skills that
you are developing in the subject. The Assignment also develops learning
outcomes which are highly valued by the employers of accounting graduates:
Knowledge, Judgement, Application 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 and as
you work on the Assignment remember that they are sought after by business
and accounting employers.
Communication skills
Employers want graduates who are good communicators. Communication skills
consistently rank in the most important selection criteria that employers use to
recruit graduates (
Source: Graduate Careers Australia). The following three
aspects of your written communication skills development will be assessed in the
assignment to a maximum of 6 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 subject learnonline page. 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 working on these skills and appreciating their importance in
your career.

QUESTION 1: Balance Day Adjustments (20 marks)
Louise Lace owns and operates a successful textile business specialising in
cushions and quilt covers. The business also sells a memory foam pillow that is
made only for The Best Sleep Ever Company that has recently featured in a
number of health and wellbeing magazines. As a result of the recent positive
media coverage of the excellent products sold by The Best Sleep Ever Company,
Louise is too busy to undertake any record keeping for the company and has
handed the record keeping over to the accounting practice where you work as a
graduate accountant.
The Best Sleep Ever Co
Trial Balance
As at 30 June 2019
$ $
Cash 8,160
Accounts Receivable 48,960
Inventory (1 July 2018) 58,480
Prepaid Rent 2,448
Delivery Van 21,760
Accumulated Dep’n Delivery Van 4,352
Vacuum Packing Equipment 5,440
Accumulated Dep’n Vacuum Packing
Equipment 2,720
Accounts Payable 43,860
L Lace, Capital (1 July 2018) 78,880
L Lace, Drawings 17,000
Sales 282,608
Sales Returns & Allowances 3,060
Discount Allowed 544
Purchases 190,672
Interest Revenue 1,224
Electricity Expense 2,924
Water Expense 1,632
Sales Staff Wages 32,640