ACD 10403: Financial Accounting - Partnership Business - Accounting Assignment Help

Assignment Task:

Introduction: 
In a group of 6 to 7 members, you are required to address the issues below: 

Part A 
1. Set up a partnership business (which consist of 2 to 3 partners only). 
2. Set out a partnership agreement. 

Part B 
1. Create a situation where there is a change in the partnership business. 
2. Consequently, revalue the assets of the partnership with the remaining 2 to 3 partners only. 

Part C 
1. Create a situation where the partners decide to dissolve the business. 

Submission instruction: 
At the end of the accounting period of the business, prepare a report that includes the following: 

Part A should include the followings: 

1. Partnership business profile 
• Types of business entity 
• Nature of business/principal activity 
• Type of services and facilities offered 
• Accounting period 
• Business location 

2. A trial balance consisting of a list of 20 — 30 accounts. These accounts must include all categories of Assets, Liabilities, Expenses, Revenues, and Equity. 

3. The agreement should state the followings: 
• Capital contribution 
• Loans made by a partner to the business 
• Drawings made by a partner 
• Interest on capital 
• Interest on loans 
• Interest on drawings 
• Remunerations 

4. Recording of transactions (for items in the partnership agreement that need adjustments) 
• General Journal 
• General Ledger (including Capital Account and Current Account) 

5. Preparation of financial statement 
• Statement of Profit or Loss 
• Appropriation Statement 
• Statement of Financial Position 

Part B should include the followings: 

6. Recording of transactions 
• General Journal 
• General Ledger (including Revaluation Account) 

7. Preparation of financial statement 
• Statement of Profit or Loss 
• Statement of Financial Position 

Part C should include the followings: 

8. Recording of transactions 
• General Journal 
• General Ledger (including Realisation Account) 

Additional information: 
9. You are required to use times new roman, font 11, justified paragraph and single spacing to prepare for your assignment. 

10. You can refer to Rauf, Abu and Mahmud (2020) and Arshad, Umar, Arif and Muhammad (2009). 

11. Please attach the assignment with a cover which fulfils the following criteria: 
a) include in the cover with a proper UniSA logo 
b) course name and code 
c) group number 
d) name of lecturer 
e) name of each member in the group and; 
f) the date of submission 

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