Assessment 1 - Case study
For this assessment, you are required to go through the case study and answer the questions that follow case study.
A2Z Solutions
You are employed at A2Z Solutions as an Assistant Accountant. Your duties include creating and maintaining Asset Registers for each of the company's fixed assets and the associated Depreciation Schedule. The company policy for depreciating assets is dimension depreciation method for accounting period. Estimated life for the company photocopier machine is 6 years and the motor vehicle is 10 years.
In solving the case study, take into account the key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations, such as:
- Australian Taxation Office regulations
- Accounting and auditing standards
- Goods and Services Tax (GST) regulations
- Anti-discrimination legislation
- Ethical principles
- Codes of practice
- Finance legislation
- Privacy laws
- Occupational health and safety
A2Z Solutions purchased two assets. The details are below:
|
Asset
ID
No.
|
Asset
Depreciation
|
General
Ledger
Acct.
|
Date
Purchased
|
Cost
Including
GST
|
Disposal
|
Residual
Value
|
Depreciation
method/rate
|
|
1400
|
Motor
Vehicle
|
1-2300
|
1/1/2011
|
66,000
|
Sold by
Auctions
for $
20,000 on
1/07/2014
|
Price at
disposal
|
reducing
balance/25%
|
|
2200
|
Photo Copier
Machine
|
1-2400
|
1/7/2010
|
11,000
|
|
Nil; Will
be
|
reducing
balance/33%
|
|
|
|
|
|
|
written off ar the end of year 6
|
|
Q1. In preparation for balance day, the senior Accountant requires you to create asset registers and the associated depreciation schedule for each of the two assets. Bear in mind that the cost of the assets includes GST but depreciation should be based on the asset value excluding GST.
Q2. You are the assistant at A2Z Solutions and today is 30 June 2014 at the end of the first year of trading and it is balance day.
Assessment 2 - Assessment Requirement
You need to answer all questions of the Project task.
The following information relates to the retail business of A2Z solutions for the year ended 30 June 2014. You are required to:
1. Post balance day adjustment entries to general ledger as at 30th June 2014.
2. Prepare an adjusted trial balance as at 30th June 2014.
3. Explain the difference between income statement and balance sheet.
Attachment:- Assignment.rar