1. Read the information provided in this assignment to gain familiarity with the various source documents, business operations, accounting policies and procedures, accounting system and GST.
2. Prepare a chart of accounts from the trial balance provided in figure 1.4. Identify the account number and account name and what element it is. For assets and liabilities, identify whether the element is current or non-current. Make sure you allow for additional items that may arise after the 31^st October trial balance but which will be in the general ledger or final accounts (for example profit or loss summary).
3. Record the opening balances at 1 November 2017 in the appropriate accounts in the general ledger.
4. Record the opening balances of customers (figure1.1), suppliers (figure1.2) and inventory items (figure1.3) in the appropriate subsidiary ledgers.
5. Prepare and post reversing general journal entries in accordance with accounting procedures and office memoranda.
6. Record the transactions in the appropriate general or special journals for the month of November. Record and post all transactions in accordance with accounting procedures.
7. Enter all details of stock movements on the inventory cards.
8. Check the cash journals against the bank statement and prepare a bank reconciliation statement at the end of the month.
9. Complete and post all journals.
10. Prepare schedules of accounts receivable, account payable, and inventory as at 30 November 2017, and reconcile these with the control accounts in the general ledger.
11. Prepare a trial balance at as 30 November 2017 on the worksheet provided.
12. Record balance-day adjustments and complete the worksheet.
13. Record the balance-day adjustments in the general journal and post to the general ledger.
14. Prepare a statement of profit or loss for the period 1 July to 30 November 2017 and a balance sheet (Statement of Financial Position) as at 30 November 2017.
15. Prepare and post, closing general journal entries for the period.
16. Prepare a post-closing trial balance.
17. Final Submission - only one final submission is required for each group. Please make sure the final submission has the working papers in the correct sequence as shown on the assignment. General ledger accounts should follow the order in your chart of accounts. A cover sheet from the Business & Governance School is also required with the signatures of all group members. The assignment can be handed in at the commencement of the seminar session on the due date. Note you will need to submit a hard copy of this Assignment.