HA1020 Accounting Principles and Practices Assignment
Task:
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
• Understand the logic and assumptions of accounting procedures;
• Record business transactions in the journals and ledgers that make up a business accounting system;
• Prepare financial statements; and
• Analyse and interpret financial statements.
Question 1
Required:
a) Prepare an Income Statement for Sandox Retail for the financial year 2019-2020.
b) Prepare a Balance Sheet as of 30 June 2020.
c) Prepare the closing journals for Sandox Retail
Question 2
1) Prepare journal entries for these transactions.
2) State the balance of the following accounts via T-ledger for the year ended 31 December 2019:
a) Accounts receivable
b) Allowance for doubtful debts
Question 3
Required:
a) Ignoring GST and narrations, create and complete the inventory stock record shown above for transactions during the month of May.
b) Calculate the cost of inventory on hand as at 31 May and the cost of sales as at 31 May.
Question 4
Required:
Perform a bank reconciliation.
a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020.
b) Based on your analysis, propose the adjusting entries (if any).
Question 5
Required:
Calculate the depreciation expense for the 3rd year using each of the depreciation methods: a), b) and c) stated below. (Show ALL of your workings and calculations)
a) Straight-line
b) Diminishing balance at 20% p.a.
c) Units-of-activity
