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TACC601 Principles of Accounting Term 1, 2020 Individual Assignment Instructions: This assignment involves completing the accounting records for a small sole trader business for one month and completing the year-end procedures. It is worth 20% of your final grade. It is due by 5 pm Monday 18 May 2020. No rubric will be provided as the assignment is completely practical in nature (there is no written component) and as such the answers will be either correct or incorrect. However, a marking scheme showing the marks to be allocated to each part of the assignment is attached at the end of this document. To begin the assignment, you should open the Excel spreadsheet provided. Save it immediately with your name as part of the filename. This is an individual assignment. Under no circumstances should you share your workings or any part of your assignment with other students - this constitutes academic misconduct and actions will be taken. All similarity reports on Turnitin will be thoroughly checked for matching with other assignments. NOTE: You must use the spreadsheet that was provided. If you do not use the spreadsheet provided to you YOUR ASSIGNMENT WILL NOT BE MARKED and you will receive ZERO. You must complete ALL the assignment using the Excel spreadsheet document and this is the file you will submit on Moodle. Basic proformas have been created for you. Across the bottom of the Excel file you will see different worksheets for each journal, ledger, trial balance, etc. Where possible, you should attempt to use some basic formula such as the SUM function when totalling journals. If you are having issues with the use of Excel you should, in the first instance, try to use the Help function or Google and watch YouTube videos. 1 Information Concerning the Business: ABC Supplies is a business based in the Huon Valley, supplying apple trees to a number of retail nurseries in Tasmania. The business is registered for GST. The owner David Branch is a qualified horticulturalist and manages the nursery organising shipments and managing a small retail store selling to the public direct. David's bookkeeper has just retired and he asks you if you can help him to record the transactions for June. As you are studying accounting he also asks you to finish off the books for the year and prepare some financial statements for him. The bookkeeper has been keeping the records manually but David is keen for you to use Excel to complete the various records each month. Other Information: David sells three varieties of apple trees, Pink Lady, Royal Gala and Golden Delicous. Credit terms are 2/10, n/30. All transactions are recorded on the day they occur. Assume transactions are on credit unless it is stated otherwise. Transaction amounts are \"GST inclusive\" were relevant. David uses a perpetual inventory system and the First-in, First-out method to assign costs to Cost of Goods Sold. All cash payments are initially recorded as an expense or revenue. Any work not completed or unused portion is adjusted at the end of the month. Expenses that are incurred but not paid at the end of the month are entered the general journal at the end of the month. For convenience, round all figures to the nearest dollar (you can get Excel to do this for you by showing no cents). 2 The Trial Balance as at 31 May 2018 prepared by the old bookkeeper is as follows: Account Name Cash at Bank Accounts Receivable Control Allowance for Doubtful Debts Inventory Control Office Supplies Prepaid Insurance Prepaid Advertising Land Building Accumulated depreciation - Building Bank Term Deposit Accounts Payable Control Accrued Expense Payable GST Collected GST Paid Long-term Loan Payable T Branch, Capital T Branch, Drawings Profit and Loss Summary Sales Sales Returns and Other Allowances Interest Revenue Discount Received Cost of Goods Sold Advertising Expense Salaries and Wages Expense Telephone and Internet Expense Electricity Expense Insurance Expense Office Supplies Expense Rent Expense Bank Fee Expense Bad Debts Expense Discount Allowed Inventory Write-off Expense Acc No 1-1100 1-1104 Debit 72 500 19 030 2 057 1-1105 1-1115 1-2121 1-2125 1-2126 1-3150 1-3160 1-3161 1-3200 39 480 40 000 8 800 68 344 2-1200 2-1215 2-1345 2-1346 56 949 164 234 2-2260 3-1300 3-1310 154 600 703 440 3-9000 4-1000 4-1005 4 300 235 4-8410 4-8420 5-1000 6-1520 6-2540 6-2545 6-2547 6-2550 6-2555 6-3570 6-3580 6-3590 6-3595 6-3600 Credit 429 822 7 600 48 000 5 810 10 248 13 660 1 510 36 000 495 7 106 947 110 947 110 3 Schedule of Accounts Receivable at 31 May 2018 Acc No Account 101 Danta Trees 102 Mendez Plants 103 Errol Nursery 104 Fruit Specialist 105 Arch&Bow Amount 6 600 1 760 5 500 3 080 2 090 19 030 Schedule of Accounts Payable at 31 May 2018 Acc No Account 201 Environment Gardens 202 Sapling Supplies 203 Planter Plus Inventory Subsidiary Ledger at 31 May 2018 Item No Product Name Units 01 Pink Lady 200 02 Royal Gala 160 03 Golden Delicous 190 Amount 8 800 8 800 Unit Cost 85 55 72 Amount 17 000 8 800 13 680 39 480 Transactions for the month of June are as follows: June 1 Cash sales, 70 Golden Delicous @ $132 each. Tax invoice 301. 1 Paid the annual insurance premium of $858, Cheque No 940 Credit sales to Danta Trees of 150 Pink Lady @ $176 each and 80 Royal Gala @ $110 each. Tax invoice 302 Paid Environment Gardens the amount owing to them and received 2% discount for 4 early payment. Cheque No 941 2 6 Received payment in full from Errol Nursery (for credit sale 30 May). Receipt No 601. Purchased 125 Pink Lady @ $94.60 each from Sapling Supplies (terms 3/10, 0 /30). Tax invoice number 898. Returned 20 Pink Lady purchased from Sapling Supplies because the plants were 7 damaged in transit. Sapling Supplies sent a credit note $1 892. 6 8 Paid wages owing for the fortnight $1 800. Cheque No 942. 14 Received $20 000 from Danta Trees. Receipt No 602. 14 Received $ 500 from Mendez Plants. Receipt No 603 15 Paid electricity bill of $451. Cheque No 943. Purchased 100 Golden Delicous @ $82.50 each from Planters Plus (terms 3/10, 0/30). Tax invoice No 753. Credit sales to Fruit Specialists of 70 Royal Gala @ $110 each and 75 Golden Delicous 18 @ $132 each. Tax invoice 303. 16 4 Paid $ 4 400 for advertising campaign to appear in the monthly agricultural newspaper, 18 Farm News. The advertisement is to appear in the July to November issues of the newspaper. Cheque No 944 Fruit Specialist returned 10 Royal Gala as they had over ordered. Credit note issued to 19 Fruit Specialist. The trees were returned to inventory. 21 Paid for office supplies $1 430. Cheque No 945. 22 Paid wages owing for the fortnight $1 800. Cheque No 946. Cash sale 35 Pink Lady @ $176 each and 55 Golden Delicous @ $132 each. Tax invoice 304. Purchased 55 Royal Gala @ $66 each from Environment Gardens (terms 0/30). Tax 24 invoice 674. Receive advice that Arch&Bow has gone into liquidation, the full amount of owing 25 written of as bad debt. 23 26 David contributed a further $10 000 capital to the business. 28 Credit sales to Errol Nursery of 70 Pink Lady @ $176 and 20 Royal Gala @ $110 each. Tax invoice 305. 29 Received $10 000 from Fruit Specialists. Receipt No 604. The business finalised a purchase agreement for the land and building that it currently rents. The business borrowed $700 000 from the AgBank for the purchase of the land 30 and building. The bank paid this directly to the property agent. The value given for the land is $290 000 and the buildings are valued at $410 000. Rent has been paid up to the date of purchase. End of Month adjustments Insurance policy paid 1 June each year. The previous insurance payments cover the financial year. Advertising costs Wages owing at 30 June $ 1 200. A stocktake in the office reveals that Office Supplies are $1 640. 30 The Telephone and Internet account for June for $250 has not been received or paid. Allowance for Doubtful Debts needs to be adjusted to equal 5% of Accounts Receivable Control at 30 June. Ten of the Royal Gala trees have perished and must be written off. You are required to: 1. Record accurately all transactions in the correct journals. You will need to complete the Inventory Subsidiary Ledger cards for the three items of inventory as you go so that you can calculate the Cost of Goods Sold for each lot of sales. 2. Post the journals to the general ledger at the end of the month (and post to the subsidiary ledger daily). The ledger accounts have been created for you but you will firstly need to enter the opening balances in each account on 1st June. NOTE: the income and expense accounts will have 5 an opening balance at this point as they are only closed off using closing entries at the end of the financial year. You should get these from the Trial Balance and Schedules above. 3. Reconcile your accounts receivable, accounts payable and inventory subsidiary records with control accounts. 4. Complete the adjusted Trial Balance (do this BEFORE completing and posting closing entries). 5. Record closing entries necessary at the end of the accounting period and post them to the Ledger. Balance the Balance Sheet accounts. 6. Complete an internal Income Statement and Balance Sheet. You should put aggregated amounts and a \"Note\" for the following items: Sales and Sales Returns Cost of Sales Accounts Receivable and Allowance for Doubtful Debts GST T Branch, Capital (incorporate drawings and profit in the note) 6 Submission of Assignment: Upload your completed spreadsheet file to the Moodle. There will be no paper submission. You may only submit your assignment to the Moodle. The date stamp on the electronic submission will determine if your assignment has been submitted on time. Late work WILL be penalised unless you have been granted an extension by the unit coordinator. Remember, you MUST use the individual spreadsheet that was provided to you. Assignment Marking Allocation Section Possible Mark Financial Statements 24 3 3 6 6 5 3 10 15 5 7 13 TOTAL 100 General Journal Sales Journal Purchases Journal Cash Receipts Journal Cash Payments Journal Accounts Receivable Ledger Accounts Payable Ledger Inventory Ledger General Ledger Schedules of Subsidiary Ledgers Trial Balance Mark Achieved 7 General Journal FiveDate GJ10 Particulars Debit $ Post Ref Credit $ Sales Journal Debit Date Particulars Inv No SJ15 Dr/Cr Credit Accounts Post Ref Receivable Sales GST Collected COGS 0 0 0 0 Posting references 0 0 0 9,250 Purchases Journal PJ15 Debit Date Particulars Terms Inv No Post Ref Inventory Credit GST Paid Accounts Payable 0 0 0 0 Posting references 0 0 Cash Receipts Journal CRJ10 Debits Date Particulars Rec No Post Ref Discount Allowed Cash at bank 0 Credits Accounts GST Receivable Collected Other Accounts Sales 0 0 0 Posting references 96% 0 0 COGS 0 Cash Payments Journal Date CPJ10 Particulars Chq No Post Ref Debits Salaries and GST Paid Wages Accounts Payable 0 Posting references 0 Credits Other Accounts 0 0 Discount Received Cash at Bank 0 0 Danta Trees Date 101 Particulars Post. Ref Debit Credit Particulars Post. Ref Debit Credit Balance Particulars Post. Ref Debit Credit Balance Particulars Post. Ref Debit Credit Balance Particulars Post. Ref Debit Credit Balance Mendez Plants Date 102 Errol Nursery Date 103 Fruit Specialist Date 104 Arch&Bow Date Balance 105 TOTAL ACCOUNTS RECEIVABLE - Environment Gardens Date 201 Particulars Post. Ref Debit Credit Particulars Post. Ref Debit Credit Balance Particulars Post. Ref Debit Credit Balance Sapling Supplies Date 202 Planter Plus Date Balance 203 Inventory Card Item Number: 5001 Description: Pink Lady Method: First-in First-out In (Purchases) Date Particulars No Unit Cost Out (COGS) Total Cost No Unit Cost Balance Total Cost No Unit Cost Total Cost 0 0 - OB Inventory Card Item Number: 5002 Description: Royal Gala Method: First-in First-out In (Purchases) Date Particulars No Unit Cost Out (COGS) Total Cost Inventory Card Item Number: 5003 No Unit Cost Balance Total Cost No Unit Cost Total Cost Description: Golden Delicous Method: First-in First-out In (Purchases) Date Particulars No Unit Cost Out (COGS) Total Cost No Unit Cost Balance Total Cost No Unit Cost Total Cost Cash at Bank Date 1-1100 Post. Ref Amount Date Particulars Post. Ref Amount Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Accounts Receivable Control Date Particulars Allowance for Doubtful Debts Date 1-1105 Inventory Control Date 1-1115 - Office Supplies Date Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Prepaid Insurance Date Prepaid Advertising Date 1-2126 Land Date 1-3150 Building Date 1-3160 Accum Depn - Building Date 1-3161 Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Bank Term Deposits Date 1-3200 Accounts Payable Control Date 2-1200 Accrued Expense Payable Date 2-1215 GST Collected Date 2-1345 GST Paid Date 2-1346 Long-term Loan Payable Date 2-2260 T Branch, Capital Date 3-1300 T Branch, Drawings Date 3-1310 Sales Date 4-1000 Particulars Post. Ref Amount Date Particulars Post. Ref Amount - - Sales Returns and Other Allowances Date 4-1005 Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Interest Revenue Date 4-8410 Discount Received Date 4-8420 Cost of Goods Sold Date 5-1000 Advertising Expense Date 6-1520 Salaries and Wages Expense Date Particulars 6-2540 Telephone and Internet Expense Date 6-2545 Electricity Expense Date 6-2547 Insurance Expense Date 6-2550 Office Supplies Expense Date 6-2555 Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Particulars Post. Ref Amount Date Particulars Post. Ref Amount Post. Ref Amount Date Particulars Post. Ref Amount Rent Expense Date 6-3570 Bank Fee Expense Date 6-3580 Bad Debts Expense Date 6-3590 Discount Allowed Date 6-3595 Inventory Write-off Expense Date Particulars 6-3600 0 0 Adjusted Trial Balance of Grove Garden Supplies as at 30 June 2018 Account Name Acc. No. Trial Balance Dr Cash at Bank Accounts Receivable Control Allowance for Doubtful Debts Inventory Control Office Supplies Prepaid Insurance Prepaid Advertising Land Building Accum Depn - Building Bank Term Deposits Accounts Payable Control Accrued Expense Payable GST Collected GST Paid Long-term Loan Payable T Branch, Capital T Branch, Drawings Profit and Loss Summary Sales Sales Returns and Other Allowances Interest Revenue Discount Received Cost of Goods Sold Advertising Expense Salaries and Wages Expense Telephone and Internet Expense Electricity Expense Insurance Expense Office Supplies Expense Rent Expense Bank Fee Expense Bad Debts Expense Discount Allowed Inventory Write-off Expense Cr 1-1100 1-1104 1-1105 1-1115 1-2121 1-2125 1-2126 1-3150 1-3160 1-3161 1-3200 2-1200 2-1215 2-1345 2-1346 2-2260 3-1300 3-1310 3-9000 4-1000 4-1005 4-8410 4-8420 5-1000 6-1520 6-2540 6-2545 6-2547 6-2550 6-2555 6-3570 6-3580 6-3590 6-3595 6-3600 - - Schedule of Accounts Receivable as at 30 June 2018 Account No. 101 Danta Trees 102 Mendez Plants 103 Errol Nursery 104 Fruit Specialists 105 Arch&Bow Account Name Amount - Schedule of Accounts Payable as at 30 June 2018 Account No. Account Name 201 Environment Gardens 202 Sapling Suplies 203 Planter Plus Amount - Schedule of Inventory as at 30 June 2018 Inventory No. 5001 5002 5003 Account Name Pink Lady Royal Gala Golden Delicous Quantity Amount - Income Statement of Grove Garden Supplies for the year ended 30 June 2018 Note INCOME Net Sales Interest Revenue Total Income Less: Expenses 0 0 0 0 0 0 0 0 0 0 Total Expenses NET INCOME 1 Balance Sheet of Grove Garden Supplies as at 30 June 2018 Note Current Assets Cash at Bank Accounts Receivable Inventory Office Supplies Prepaid Insurance Prepaid Advertising 2 Non-Current Assets Land Building Bank Term Deposits Total Assets Current Liabilities Accounts Payable Control Accrued Expense Payable GST Collected 3 Non-Current Liabilities Long-term Loan Payable Total Liabilities NET ASSETS NOTES TO THE FINANCIAL STATEMENTS Note 1: Net Sales: Sales Sales Returns & Allowances Discounts Allowed Cost of Goods Sold Discounts Received Note 2: Accounts Receivable: Accounts Receivable Gross Less: Allowance for Doubtful Accounts Note 3: GST Collected GST Collected Less: Paid Note 4: T Branch, Capital Beginning Capital Add: Additional Capital invested Add: Net Profit for the period Less: Drawings Ending Capital 4 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $