ACC5FAS: Create a New Business - Distributes Study-Mate Notebooks - Report Writing Assessment Answer

Code: ACC5FAS

BusinessAssessment Answer

Assignment Task: ACC5FAS This assignment requires you to create a new business, input transactions, and generate financial statements and reports using Xero. This assignment question sheet should be used in conjunction with the weekly Xero help-sheets which explain in more detail the steps required to complete the exercises below. Task Overview - ACC5FAS The company for which you will be working in this assignment distributes Study-mate notebooks, it commenced business on 1st May 2019. You will be recording transactions for the month of May 2019. The assignment contains five separate sections, one for each week of May. You should work though these sections sequentially. Once you have completed all the exercises you should prepare the deliverables listed on page 7. Finally you are required to submit your work via the assignment submission box on the LMS. You are required to submit your assignment by 11.59pm, Friday 17 May 2019. Week 1: May 01st to May 5th, 2019 You are the accountant and owner of a new business which started up business on 1st May 2019. This business is operating as a sole trader and is registered for GST. Set up Company - ACC5FAS Your first task is to set up a new business in Xero - you must use your Student ID Number and Name as the Business name. Refer to the Workshop 5 Help-sheet if you need detailed help to set up a new company in Xero. Record initial capital contribution - ACC5FAS Once you have the business set up you need to record the initial capital contributions into the business. To get the company underway you contributed $500,000 of your own money and borrowed $300,000 from the Westpac Financial Services. The loan is a 5-year secured business loan, with an interest rate of 7% and monthly repayments of $5,940 recorded at the end of each month. Both the capital contribution and the loan are GST exempt transactions. You should use journal entries to record this initial capital transaction. Refer to the Workshop 5 Help-sheet if you need detailed help to record journal entries in Xero. (Hint: Make sure you set up your ‘cash at bank’ account as per the instructions in week 5) Record transactions for Week 1 - ACC5FAS The final task for this week is to record transactions for the company. To do this you will need to create new inventory items, suppliers, and customers as required for the transactions. You may also need to add or edit accounts when recording the transactions. Refer to the Workshop 2 & 3 Help-sheets if you need detailed help to add suppliers and inventory items and record purchases of inventory. Refer to the Workshop 4 Help-sheet if you need detailed help to add customers, record sales and create receipts. Refer to the Workshop 5 Helpsheet if you need detailed help to edit or add new accounts. Week 2: May 6th to May 12nd, 2019 - ACC5FAS The task for this week is to record transactions for the company, you may need to create new accounts, inventory items, suppliers, and customers as required for the transactions. For detailed help refer to the Xero help-sheets. Week 3: May 13th to May 19th, 2019 - ACC5FAS The task for this week is to record transactions for the company, you may need to create new accounts, inventory items, suppliers, and customers as required for the transactions. For detailed help refer to the Xero help-sheets. Week 4: May 20th to May 26th, 2019 - ACC5FAS The task for this week is to record transactions for the company, you may need to create new accounts, inventory items, suppliers, and customers as required for the transactions. For detailed help refer to the Xero help-sheets. Week 5: May 27th to May 31st, 2019 - ACC5FAS The task for this week is to record transactions for the company, you may need to create new accounts, inventory items, suppliers, and customers as required for the transactions. For detailed help refer to the Xero help-sheets. Adjusting Journal Entries - ACC5FAS 31st May This is the final day of the calendar month, and your main task is to prepare the month end accounting entries. For any adjustments required you will need to prepare a general journal entry. If you depreciate any assets you should use the straight-line depreciation method. The adjusting journals that you will need to enter are as follows - round to TWO decimal places: 1. Loan & interest payment at month end 2. Rent expense amount for the month of May 3. Office furniture depreciation for May 4. Interest earned at month end 5. Delivery Van depreciation for May 6. Advertising expense amount for the month of May 7. Insurance expense amount for the month of May 8. Estimate of doubtful debts is 10% of Accounts Receivable as at 31st May 9. Liberty Petrol fuel card accrual adjustment 10. Office supplies adjustment given that the supplies on hand total is $220 incl. GST 11. Accrued wages at 31 May 2019 is $8,000 (No GST ). Assignment Deliverables (Please ensure all reports have correct dates) - ACC5FAS 1. A Trial Balance report dated 30th May 2019. This is your ‘unadjusted’ Trial Balance. 2. A Journal Report for 31st May 2019. An example from Demo Company is shown below. 3. A Profit and Loss report for the period 1st May 2019 to 31st May 2019. 4. A Balance Sheet report as at 31st May 2019. 5. A professionally presented short written report (maximum 1,000 words) designed for an internal user of the accounting information. Your report will explain the financial results for May 2019. It is up to you to decide what information you include in your report and how you conduct the analysis. You must include at least 3 graphs of financial data in your report. The written report must be properly referenced.

This ACC5FAS: Business Assessment has been solved by our Business 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.