Reference no: EM132502767

BFA507 - Accounting Framework Assignment - University of Tasmania, Australia

Topic - Meg's Magic Rugs Ltd

Part A - Manual Accounting

Required - Complete the following tasks for the month of June 2019 for Meg's Magic Rugs Ltd in the following order:

Step 1. Read the Company Information Sheet carefully and look through the blank accounts

Step 2. Review the GST information

Step 3. Enter the transactions into the appropriate journals - you are expected to use the general and the special journals provided ie: Sales, Purchases, Cash Receipts and Cash Payments journals. You should put the monthly transactions through the special journals ie: sales will go into the Sales Journal, Purchases in the Purchases journal and so forth. The general journal can be used for any transactions that don't fit naturally into one of the special journals.

Step 4. Balance the special journals and post the balances for the month from the journals to the subsidiary ledgers, and to the general ledger T accounts. Balance the accounts and prepare a trial balance to check your work. The sum of the debit balance accounts should equal the sum of the credit balance accounts.

Step 5. Prepare a bank reconciliation at the end of the month, and enter any necessary journal entries to record adjustments to the company records. These entries can be entered into the general journal then posted to the General Ledger accounts.

Please Note:

Please provide a brief narration for all entries entered in the general journal and a description for entries in all other journals, as this is what you would do in the real world.

Each transaction should be entered in ONE journal type ONLY. DO NOT enter transaction in both a special journal and the general journal. Use the general journal for any entries you think don't fit neatly into one of the special journals.

GST is included in this assignment to provide you with an opportunity to learn how GST is accounted for when entering transactions in the accounts. You are not expected to know everything about GST, just how to account for transactions with a GST component.

Marks will be earned or not according to the extent to which you have the correct final account balances shown in the trial balances, prepared the required financial reports, and completed all the other tasks as required.

It will not be possible to mark your assignment unless you submit all of the required reports. You can submit the parts of the assignment as separate files in Word, Excel or PDF format, but make sure that you check your file(s) before submission, to ensure the accounts and all required reports are readable. DO NOT compress your files before uploading.

Part B - Reflective Journal - 750 words

You must complete one (1) reflective journal

Please complete your reflective journal AS you work through the assignment (using the template below)

You will get lose marks if you do not consistently complete the journal each time you work on the assignment

Your journal will be marked based on evidence that you have participated in all parts of the assignment process through regular journal entries outlining;

- when you met/worked with your team members

- which tasks you worked on

As you work through the assignment comment on the following:

- how you found the experience of using the different journals

- was it useful to complete a trial balance at different points in the process?

- anything you learnt about the business by preparing the accounts.

You will receive full marks for completing the journal in your own words over the time it takes you to complete the assignment.

Attachment:- Accounting Framework Assignment File.rar