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FND100 – ACCOUNTING

Trimester 1, 2023

A2: Module 2 Assignment 30% available Week 8 after class, due Tuesday Week 9 at 5PM

INSTRUCTIONS: PLEASE READ CAREFULLY

· The following assignment is based on Module 2

· This content was covered in weeks 6, 7 and 8

· The assignment will be available week 8 after class and is due Tuesday of week 9 by 5 pm

· The assignment is an individual project which will take you approximately 4 hours to complete.  Please note there are several versions of this assignment so your figures will not be the same as another student’s

STEP 1

· The student will download this word document and answer 5 sets of questions, including prepare the journal entries, post to ledger accounts, trial balance, income statement and balance sheet, and financial statement analysis calculations, for a retail entity including GST

· You can begin STEP 1 as soon as your assignment becomes available in week 8

· Please ‘save as’ your student id

· The ending balances of each ledger account have been provided as a double check for you. You will use the provided end balances to complete Questions 3, 4 and 5, even if your own entries don’t balance.  Please ensure you still provide your own balances in the ledger accounts

STEP 2

· The student will access the quiz option 2 “Assessment” tile and enter the solutions to the questions from your prepared assignment.  This option will only be selected when you have completed this assignment, as once you select it you have 4 hours

· This completed assignment document (including the student’s solution) will be uploaded in the final option of your quiz prior to final submission

· Please note your solution will be in red.  Please do not change the format of your initial document

· Questions 1 and 2 will be marked out of 20 marks (10 marks each)

· Questions 3, 4 and 5 will be marked out of 10 marks

· 30 marks in total for 30%

Terry’s Toy Store is a retail entity, using the perpetual system to account for purchases and sales of inventory.  The entity accounts for GST

This is a continuing business, so there are beginning balances in the some of the ledger accounts

Debit entries must be first

Question 1

Journalise the following transactions in the general journal provided

Narrations are not required

Question 2

Post the above journal entries to their relevant column format ledger accounts, provide your own balance of each ledger account.  Please note some ledger accounts have beginning balances as this is a continuing business.  If you DO NOT balance with the given balances, you need to go back and double check your question 1 journal entries