AC101: Wello Waterfalls - Sally Agapantha - Lisa Smart Case Study - Accounting Assignment Help

Assignment Task:

Background and Facts (AC101)

Sally Agapantha is the owner of The Great Outdoors, a specialty outdoor pot business she started several years ago.  Her business is GST-registered.

She provides 3 ranges of pots at any time which she designs herself.  She operates the business herself and employs one person full-time to assist her.  

The business is operated from a commercial building which she purchased two years ago. 

She has a variety of clients with whom she has built up a strong relationship. She offers them terms of 30 days.  Sally submits her Business Activity Statements quarterly on an accruals basis.

Currently, the business uses a manual accounting system but plans to test an MYOB accounting system in August.

Accounting Information (AC101)

Wello Waterfalls uses the following specialized and general journals to record its’ business transactions.

• Sales Journal                  -  to record all invoices issued for credit sales of inventory
• Sales Returns Journal     -  to record all credit notes issued for returned inventory
• Purchases Journal           -  to record all credit purchases of inventory
• Cash Receipts Journal    -  to record all cash received
• Cash Payments Journal  -  to record all cash payments
• General Journal              -  to record all other transactions

The Wello Waterfalls uses a general ledger in the form of a 4 column running balance. An Accounts Receivable and Accounts Payable subsidiary ledger is also used in this format.

Financial Statements are prepared at the end of each month.  The accounts are closed off at the end of each month.

All necessary pro-formas are included and are to be used to complete the manual practice set for July.  If you wish to use a T account format then you will need to generate your own forms to fill out.  The assignment may be done electronically in Excel or manually in word based on the templates provided.

This  AC101 - Accounting Assignment has been solved by our Accounting Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.