ACC203A Financial Accounting Recording Transactions

Based on the Case Study Scenario, you will be expected to create a set of accounts using Xero accounting software, post required transactions, prepare financial statements and to write a short report.

You will receive an invitation to set up Xero Software account and enter opening account balances at 31 May 2021. You need to enter transactions incurred during June 2021 in manual journal entries into Xero.

After entering the transactions, you are expected to submit the following reports generated from Xero in pdf format:

a) Profit & Loss Statement – 1 July 2020 to 30 June 2021

b) Balance Sheet - As at 30 June 2021

c) Journal Report - 1 July 2020 to 30 June 2021 Ordered by Journal date 

You are then expected to write a short report analysing the impact of different accounting treatments of the transactions you have posted into the Company’s accounts, especially the transactions 7, 8 and 9.

a) Regarding the transaction No 7, Jones Ltd is hoping to reverse impairment loss incurred during COVID19. Advise whether the impairment loss can be reversed in the future with reference to the applicable accounting standards

b) Regarding the transaction No 8, explain why you recorded the costs as “research expenses” or “development intangible assets” with reference to the applicable accounting standards.

c) Regarding the transaction No 9, explain why you believe the lease is either operating lease or finance lease with reference to the relevant accounting standards.

Complete the payment schedule and provide journal entries from 1 July 2020 to 30 June 2023. Assume Givealease Ltd sold the asset for $4,000 upon returning from Jones Ltd. Record the journal entry for Jones Ltd regarding the asset disposal.

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