Assessment Information Title of Report

Overview

To be successful in the 5 competencies which make up the manual & computerised accounting cluster of 5 (listed on page 1) you must complete two assessment tasks and be deemed competent to industry standard in all parts of each task.  Once you are deemed competent you will be further graded

Comprehensive Case Study

For this assessment task you are an assistant accountant who has been asked to set up a new accounting system for a client, "Foppi's Bike Shop" first manually & then on MYOB & then to process all transactions, including year-end transactions for that client.  You have also been asked to prepare all reconciliations & final reports. Submissions will be made both manually & using MYOB in three parts over the semester.

Part A - set up of the manual accounting system for Foppi's Bike Shop; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance.

Part B - set up of a computerised accounting system for Foppi's Bike Shop; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance.

Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Foppi's Bike Shop. Due for submission on Monday 18th May.

Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions.

You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.

2. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.

The story so far:

You are an assistant accountant working with the accounting firm ACC4U.  Your manager (teacher) has given you the responsibility for recording all transactions for a sole proprietorship business which sells bicycles in Brunswick.

You have now recorded all transactions for Foppi's Bike Shop for the month of June 2013, both manually & on MYOB.

PART C:

It is now 30th June 2013 & your manager has asked you to complete all adjusting & closing entries for Foppi's Bike Shop, then to prepare a fully classified Income Statement & Balance Sheet.

Your detailed instructions are as follows:

Task 1a:

1. Manually prepare general journal entries for the following Balance Day Adjustments & year-end transactions;

2. Manually prepare general journal entries for the following fixed asset transactions;

3. Manually prepare a fixed asset register.

Task 1b:

1. Prepare general journal entries in MYOB for the balance day adjustments; year-end transactions & fixed asset transactions listed below.

2. "send to PDF" the transaction journal for MYOB balance day adjustments.

3. Upload the PDF file to blackboard.

Task 2a:

1. Using the Adjusted Trial Balance, manually prepare general journal entries to close all revenue & expense accounts to the Trading Account & Profit & Loss Account.

2. Manually prepare general journal entries to close off the Profit & Loss Account & the Drawings Account to the Shareholder's Capital account.

Task 2b:

1. In MYOB "send to PDF" the Income Statement for the year ending 30th June 2013, ensuring that both Gross Profit/Loss & Net Profit/Loss are clearly shown.

2. In MYOB "send to PDF" the Balance Sheet as at 30th June 2013 ensuring that headings & totals are shown for the following:

• Current & Non-current assets
• Current & Non-current liabilities
• Owner's Equity
• Each non-current asset which has accumulated depreciation
• Accounts receivable less Allowance for doubtful debts
• GST Collected less GST Paid

3. Upload the PDF file to blackboard.

Task 3a:

1. Manually prepare the Income Statement for the year ending 30th June 2013, ensuring that both Gross Profit/Loss & Net Profit/Loss are clearly shown.

2. Manually prepare the Balance Sheet as at 30th June 2013, ensuring that headings & totals are shown for the following:

• Current & Non-current assets
• Current & Non-current liabilities
• Owner's Equity
• & totals are shown for:
• Each non-current asset which has accumulated depreciation
• Accounts receivable less Allowance for Doubtful Debts
• GST Collected less GST Paid

3. In the General Journal, manually prepare any reversing entries required on 1st July 2011.

Task 3b:

In MYOB "Start a new financial year" and print the Trial Balance immediately following the "rollover".

HINT: DO NOT "Start a new financial year" until you have saved a PDF version of the Income Statement & Balance Sheet as at 30 June 2013.

Attachment:- Assignment.rar