Reference no: EM132634171

ACC100 Principles of Accounting -  Polytechnic Institute Australia

Assessment Details and Requirements:

This assignment consists of eight tasks to be completed through your XERO account Out of these eight tasks, first seven tasks should be done individually and only task 8 should be done in a group of maximum 3 members.

Students' are required to manually record and post business transactions to accounts and prepare financial statements of the following hypothetical company called <Your Name> W11 Limited. Based on the information provided.

You have received an invitation from your lecturer to register in XERO through. After the completion of the registration start doing the following tasks.

Task 1 to Task 7 should be done individually:

Task 1: Change the organisation details in 'Organisation settings"
m Display name <Your Name> W11 Limited.
o LegaVTrading name <Your Name> W11 Limited.
o Organisation type Company
o Address 233 Castlereagh Street. Sydney. NSW 2000
o Phone Your phone number
o Email infoevour name cum au
• Logo of the business : Your picture in a square frame

Task 2: Make the following changes in the chart of accounts:
o Add a new current assets account #601 and name it "ANZ Bank <Your Name Ltd>"
m Change the name of the account #970 to 'Capital".
• Change the name of the account 8473 to "Electricity'.

Task 3: The following are the extract of <Your Name> W11 Limited on 31 March 2020. Enter these account balances in XERO and take a print out of the balance sheet. (Hints: Conversion month: March 2020.)

Trial Balance
31 March 2020

Task 4: Enter the following transaction in XERO. These transactions took place during the month of April 2020: (All sales & purchases amounts are tax inclusive, due dates should be +7 days from the invoice/bill date. So make sure you do it accordingly in XERO)
April 4 Purchased a new computer for $2000 from Officeworks on credit. (Products & services
- Bills to pay)
April 5 Received purchase invoice from supplier XYZ Ltd. for inventory $8,000 (Item Name:
"Learn XERO". Cost price $50. Sale price $70). (Products & services - Bills to pay)
April 6 Sold 32 units of 'Learn XERO" book to ABC Pty Ltd. (Invoices - Account #200 - Sales)
April 8 Sold 40 units of "Learn XERO" book to EF Ltd.
April 10 Received purchase invoice from supplier XYZ Ltd. for inventory $4,400 (Item Name: Book -Principles of Accounting". Cost price $40. Sale price $70). (Products & services -Bills to pay)
April 12 Sold 20 units of "Learn XERO" book to MN Pty Ltd. (Invoices - Account #200 - Sales)
April 13 Sold 30 units of Principles of Accounting" book to MN Pty Ltd. (Invoices - Account #200 - Sales)
April 21 Received an invoice from XYZ Ltd. for -Learn XERO' book. Total invoice amount $6.500.
April 21 Sold 10 units of "Learn XERO" book to RPO Ltd.
April 24 Sold 10 units of 'Principles of Accounting" book to RPO Ltd.
April 25 Sent a quote for a Prospective Pty Ltd. for 5 'Principles of Accounting" book and 5 Learn XERO- book.
April 30 Prospective Pty Ltd. accepted the quotation. Send them the invoice with the delivery.
After completing all the transactions, email for the bank statement. When you receive the bank statement, upload the file in Xero and complete bank reconciliation for May 2020.

Adjusting Entries
April 31 Insurance expense for April $250 is adjusted from prepayments.
April 31 Depreciation for motor vehicle to be recorded for the month $1150.
April 31 Depreciation for computer to be recorded for the month $1500.
• Task 4: Print (PDF file) the joumal entries for all the above transactions.
• Task 6: Print (PDF file) the statement of profit or loss
• Task 7: Print (PDF file) the Balance Sheet as at 30 April 2020.
Only this task is completed in group:

Task 8: You need to collect financial statements information of a company listed in Australian Stock Exchange (ASX). A company will be assigned to you by your lecturer.

You are supposed to carry out analyses and interpretations of the assigned company. In particular, you need to calculate relevant ratios based on the financial statements provided in the annual report in the context of the assigned company's profitability, liquidity, efficiency, solvency, gearing and investment performance. Each group only needs to carry out two selected areas out of these five areas.
What needs to be carried out to do these ratio analyses:
• Down load the annual report 2019 of the assigned company
o Do not print all the annual report - it is too long. Just read the relevant sections and print, if required.

In this section, you need to interpret the company's performance on the selected two areas from the above five areas. The structure of this section should include company background. analyses on two selected areas. conclusions and findings, and recommendations. Please note that all the sources used in the body of the written assignment must be acknowledged and properly referenced. Please go through the subject outline for all other requirements on the submission of this assignment.