Reference no: EM132312170

Principles Of Accounting Assignment -

Task rationale and description: This assessment is set on practical exercises to assess students' ability to apply theoretical learning concerned with use of accounting information and its analyses and interpretation using 'real-world' situation.

Assessment Details and Requirements -

This assignment consists of two parts: Part A and Part B. Part A involves written assignment and Part B involves written report and group oral presentation on selected topics from the financial analyses of an ASX listed company's performance.

Task Description - Students' are, firstly, required to manually record and post business transactions to accounts and prepare financial statements of the following hypothetical company called <Group Name> Limited. Based on the information provided (see over the pages for the question), you are required to complete journal entries, ledger accounts, trial balance, statements of profit or loss and financial position (Balance Sheet).

Secondly, students are 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 (related lecture topic Week 6 - Analysis and interpretation of financial statements). 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 2016 of the assigned company.
• 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.

Part A: You have received an invitation from your lecturer to register in XERO. After the completion of the registration complete the following tasks.

Task 1: Change the organisation details in "Organisation settings"

• Display name : <Group Name> Limited.
• Legal/Trading name : <Group Name> Limited.
• Organisation type : Company

Task 2: Make the following changes in the chart of accounts:

• Add a new current assets account and name it "ANZ Bank"
• Change the name of the account #970 to "Capital"

Task 3: The following are the extract of <Group Name> Limited on 28 February 2019. Enter these account balances in XERO and take a print out of the balance sheet. [Hints: Conversion month: Feb 2019.]

You need to add 1 invoice for accounts receivable $4725 and 1 bill for accounts payable for $8500 to complete the process of conversion balances.

Task 3: Enter the following transaction in XERO. These transactions took place during the month of March 2019: (All sales & purchases amounts are tax inclusive, so make sure you do it accordingly in XERO)

Mar 1 Owner contributed additional $15,000 to his business <Group Name> Ltd.

Mar 4 Purchased new office equipment for $2000 from Officeworks.

Mar 5 Received purchase invoice from supplier XYZ Ltd. for inventory $8,000.

Mar 5 Received telephone bill $300 from Optus.

Mar 6 Received electricity bill $250 from Dodo.

Mar 6 Sales for the day - cash sales $2,000 and credit sales 3,000 (ABC Ltd.)

Mar 8 Billed an invoice for $5,000 to a new credit customer EF Ltd.

Mar 10 Paid salaries $3,000.

Mar 12 Sales for the day - cash sales $3,000 and credit sales $2,000 (MN Ltd).

Mar 13 Received a cheque from EF Ltd. for the sales on Mar 8.

Mar 15 Paid telephone bill.

Mar 16 Paid electricity bill.

Mar 18 Paid rent to P&P Real Estate for the month $2200.

Mar 20 Paid for Advertisement expenses $500.

Mar 21 Paid to suppliers XYZ Ltd. for inventory purchased on Mar 5.

Mar 21 Received an invoice from XYZ Ltd. for inventory purchase $6,000.

Mar 21 Sales for the day - cash sales $4,000 and credit sales $5,000 (RPO Ltd.).

Mar 24 Paid salaries $2000.

Mar 25 Sent a quote for a Prospective Pty Ltd. for $10,000

Mar 27 Received payment from RPO Ltd. for the sale on Mar 21.

Mar 30 Sales - cash $2,000 and credit $5,000 (KPM Ltd.).

Adjusting Entries

Mar 31 Insurance expense for March $250 is adjusted from prepayments.

Mar 31 Depreciation for office equipment to be recorded for the month $1150.

Mar 31 Depreciation for computer equipment to be recorded for the month $1500.

Mar 31 Inventory on hand counted at the end of the month $100,500.

Print the journal entries for all the above transactions.

Task 4: Print the Trial Balance.

Task 5: Print the statement of profit or loss.

Task 6: Print the Balance Sheet as at 31 March 2019.

Task 7: Hand in all the printouts with the coversheet signed by each members of the group.

Part B: Complete the following tasks:

Task 1: Get approval from your lecturer for ASX listed company.

Task 2: Download the annual report.

Task 3: Select 2 areas for ratio analysis.

Task 4: Calculate the ratio, write your interpretation of the ratio analysis in a report.

Task 5: Submit submission of the word file for this section by due date.

Task 6: Hand in the printout of the word file with cover page to your lecturer.

Task 7: Prepare a PowerPoint presentation and present in class at your allocated time in week 11 or 12.

Attachment:- Assignment File.rar