BFA507: Accounting and Finance - Manual Accounting System - Report Writing Assessment Answer

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Accounting and Finance Report Writing Assessment Answer

Internal Code: 1AHIFI Code: BFA507

Accounting and Finance Report Writing Assessment Answer

Assignment Task: BFA507 The objective of this assignment is for you to become familiar with the process of entering transaction data into a manual accounting system and to test your understanding of accounting concepts and practice. To undertake this assignment, you need to enter the transaction data contained in this information sheet in the appropriate journals and ledgers, prepare the required reports and answer the additional questions detailed below. Manual Accounting Required: BFA507 Complete the following tasks for the month of June 2018 for Borderline Ltd.

Read the attached information carefully.
Enter the transactions into the appropriate journals – you are expected to use General and Special Journals.
Post the transactions to the General Ledger accounts and balance the Accounts. (I recommend you also prepare a trial balance at this stage to check your work). Enter Subsidiary Ledgers as appropriate.
Prepare a bank reconciliation, along with any general journal entries required.
Complete any required adjusting and closing journal entries and prepare a post-closing trial balance.
Prepare a Statement of Financial Performance for June and a Statement of Financial Position as at 30 June 2018.

You must submit the following information: BFA507

All journals and the full set of T accounts.
Post Closing Trial Balance at 30 June
Statement of Financial Performance for June
Statement of Financial Position as at 30 June
Bank Reconciliation at 30 June

Company information for Borderline Ltd - BFA507 Borderline Ltd run a small to medium sized wholesale business that sells building supplies to local builders and other retailers in Tasmania. The business was set up by James and Jess Jordenson who registered the company on 1 July 2016 by issuing 60 000 $1 par shares. James and Jess were allotted 52% of share capital and the balance to the general public. The company has not yet declared or paid any dividends. In the first year of its life the company made a profit after tax of $33 730. Borderline Ltd uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for debtors and creditors. The majority of their customers pay in cash but they do offer credit to a handful of valued customer. When Borderline makes credit sales, the terms are 3/10, n/10. Borderline rent a local warehouse and shopfront paying rent of $1500 per month. BFA507 The company’s shop fittings are being depreciated over 10 years with an estimated residual value of $5 400. The company’s one Motor Vehicle, a delivery van, is being depreciated over 5 years with an estimated residual value of $5 000. The loan is a 5-year loan fully payable in five years time with interest to be paid at 9% per annum in arrears on the 1st July each year. Interest for the year to date (up to 31 May) has already been recorded in the accounts. Provision for doubtful debts is always adjusted at the end of each month to equal 3% of the value of total debtors at the end of that month. The company account for GST on an accrual basis and reconcile and pay GST every quarter. All figures are GST inclusive. GST was last paid in April this year and is next due to be paid in July 2018. Joenhysen Ltd prepares their financial reports on a monthly basis at a cost of $250. All the transaction information provided includes GST unless otherwise indicated. All figures are to be rounded to the nearest dollar.

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BFA507: Accounting and Finance - Manual Accounting System - Report Writing Assessment Answer

Accounting and Finance Report Writing Assessment Answer

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BFA507: Accounting and Finance - Manual Accounting System - Report Writing Assessment Answer

Accounting and Finance Report Writing Assessment Answer

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