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Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR

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Added on  2021-06-17

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SALZBRUCK MUSICAL INSTRUMENTS PTY LTD – ACCOUNTING PRACTICE SET Leo Langa, 2018 Accounting & Finance UWA Business School The University of Western Australia Crawley WA 6009 INTRODUCTION 6 Company Background 6 Accounting System Information 6 UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS 7 As at 31 May 20187 SUBSIDIARY LEDGERS 8 Schedule of Accounts Receivable8 As at 31 May 20188 Schedule of Accounts Payable 8 As at 31 May 20188 TRANSACTION

Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR

   Added on 2021-06-17

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TeamAssignmentCoverSheetFAMILYNAMEFIRSTNAME(PRINT CLEARLY)...................................................................................................................................................................................................................................STUDENTID.NUMBER......................................................................................................................................................................................................UNITNAMEUNITCODEDUEDATETUTORIAL OR LECTURE DAY&TIME(ifapplicable)TEAM NUMBER(ifapplicable)NAMEOFTUTOR(ifapplicable)TITLE/TOPICOFASSIGNMENTWORDCOUNTNAMEOFLECTURERLate assignments submitted outside office hours will be receipted at 8.30 a.m. the followingworking day.
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_1
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Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_2
SALZBRUCK MUSICAL INSTRUMENTS PTY LTD –ACCOUNTING PRACTICE SET
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_3
Leo Langa, 2018Accounting & FinanceUWA Business SchoolThe University of Western AustraliaCrawley WA 6009
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_4
Table of ContentsINTRODUCTION................................................................................................................................................................6Company Background................................................................................................................................................6Accounting System Information.................................................................................................................................6UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS...............................................................................7As at 31 May 2018...........................................................................................................................................7SUBSIDIARY LEDGERS...................................................................................................................................................8Schedule of Accounts Receivable..............................................................................................................................8As at 31 May 2018...........................................................................................................................................8Schedule of Accounts Payable...................................................................................................................................8As at 31 May 2018...........................................................................................................................................8TRANSACTIONS................................................................................................................................................................9For June 2018.............................................................................................................................................................9Instructions...............................................................................................................................................................10ADJUSTING ENTRIES.....................................................................................................................................................11 General Journal.................................................................................................................12Cash Receipts Journal...............................................................................................................................................15Cash Payments Journal.............................................................................................................................................16Sales Journal.............................................................................................................................................................18Purchases Journal.....................................................................................................................................................19LEDGERS..........................................................................................................................................................................20Accounts Receivable Subsidiary Ledger..................................................................................................................20Accounts Payable Subsidiary Ledger.......................................................................................................................21General Ledger.........................................................................................................................................................22WORKSHEET....................................................................................................................................................................31FINANCIAL STATEMENTS............................................................................................................................................33Schedules of Subsidiary Ledgers..............................................................................................................................33Income Statement.....................................................................................................................................................34Statement of Changes in Equity...............................................................................................................................36Balance Sheet...........................................................................................................................................................37Post-closing Trial Balance........................................................................................................................................38WRITTEN COMPONENT................................................................................................................................................39STUDENT DECLARATION FOR COMPLETION OF WORK......................................................................................43
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_5
INTRODUCTIONTheobjectiveofthisAccountingpracticesetistoprovidestudentswithaninsightintotheprocessofrecordingtransactions,completingadjustingandclosingentries,andpreparingfinancialstatements foraretailbusiness.Company BackgroundSalzbruck Musical Instruments Pty Ltd has been in business in Sydney since July, 2012. The company wasstarted by William Jacques and operates a shop which sells musical instruments on a wholesale basis to otherbusinesses on credit and cash terms. The company's share capital consists of 1,134,000 ordinary shares, issued at$1 each, that are owned by various members of the Jacques family. The company employs a combination ofboth sales and administration staff to operate the business.Accounting System Information & ProceduresThe company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year.To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintainits accounting records:1.Sales Journal (SJ): to record all sales of inventory oncredit2.PurchasesJournal(PJ):torecordallpurchasesofinventoryoncredit3.Cash Receipts Journal (CRJ): to record all cashreceipts4.Cash Payments Journal (CPJ): to record all cashpayments5.GeneralJournal(GJ):torecordalltransactionsotherthantheabove.Business transactions are recorded for Salzbruck Musical Instruments on a daily basis in one of these fivejournals in the accounts.Additionally, the company maintains a general ledger to record postings from the journals. Subsidiary Ledgersare used to record the separate details of Accounts Receivable and Accounts Payable. Transactions are postedimmediately to the relevant ledger account if they are entered into the general journal, the “other” column of theCash Receipts Journal or Cash Payments Journal, or if they affect any of the Accounts Receivable or AccountsPayable subsidiary ledger accounts. Apart from these transactions, totals of the special journals are taken at theend of the month and then posted to the appropriate accounts. The company uses a periodic inventorysystem.In practice, the company would be required to collect and pay Goods and Services Tax (GST) on its sales andpurchases. However, for the purposes of this exercise, GST has been excluded.Please Note: All amounts in this practice set should be rounded to the nearest dollar.
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_6
UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTSAs at 31 May 2018Acc. No.AccountDebit ($)Credit ($)100Cash at Bank614,628101Accounts Receivable Control238,140102Store Supplies151,011103Inventory781,200104Prepaid Store Rent (paid 1 March 2018)739,620105Prepaid Insurance (paid 1 Nov. 2017)11,340150Showroom Fittings510,300151Accumulated Depreciation-Showroom Fittings160Equipment173,250161Accumulated Depreciation - Equipment85,050200Accounts Payable Control153,594201Interest Payable202Utilities Payable203Wages Payable204Salaries Payable205Tax Payable206Dividend Payable250Mortgage Loan (due 31 July 2042)606,942300Share Capital1,134,000301Retained Profits (1 July 2017)963,522302Dividends Declared303Profit and Loss Summary400Sales Revenue4,045,734401Sales Discounts (Discount Allowed)31,059402Sales Returns and Allowances8,757500Purchases1,926,855501Purchase Discounts (Discount Received)24,192502Purchase Returns and Allowances10,143600Freight-Out2,898601Wages Expense - Sales Staff968,121602DepreciationExpense - Showroom Fittings603Depreciation Expense - Equipment604Supplies Expense605Rent Expense606Insurance Expense607Advertising Expense43,848608Interest Expense609Utilities expense58,464610Tax Expense611Sundry Expenses3,024612SalariesExpense– Office Staff760,662613Bad Debts Expense7,023,1777,023,177
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_7
SUBSIDIARY LEDGERSSchedule of Accounts ReceivableAs at 31 May 2018Note: Salzbruck Musical Instruments offers all customers Credit Terms 2/10, n/30, unless otherwise statedAcc. No.AccountInvoicedateAmount ($)101-1Amadeus Cellos27 May95,256101-2Bach Guitars16 May48,132101-3Chopin Pianos23 April65,142101-4Ludwig Trumpets11 May29,610$238,140Schedule of Accounts PayableAs at 31 May 2018Acc. No.AccountInvoice dateCredit termsAmount ($)200-1Schubert Synthesisers29 May2/10, n/6043,470200-2Wagner Violins22 May1/10, n/45110,124$153,594
Team Assignment Cover Sheet |FAMILY NAME FIRST NAME |STUDENT ID. NUMBER |TUTORIAL OR LECTURE DAY & TIME |TEAM|NAME OF TUTOR_8

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