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ACCT10002 Introduction to Financial Accounting

Tutorial 2

2.1 Group discussion (Your group will need to share their answers)

Introduction

The inclusion of certain transactions in one or more of our financial statements is due to the transaction meeting certain criteria. Refer to the Lecture 3 Notes and other material provided to assist in completing the table.

When selecting the account type a drop box has been created.

The explanation should refer to the Lecture Notes and in particular the Elements of Financial

Statement.

There is no need to go beyond two (2) account types. For example, a sales transaction may also include an inventory effect. Only enter the initial effect on the account type.

Complete the following table by identifying whether the transaction results in the recognition of an Asset, Liability, Equity, Income (Revenue) or Expense.

Transaction	Account Type 1	Account Type 2	Explanation
Example Issued shares	Equity	Assets	Shares issued by the company; cash received
Cash Sale	Choose an item.	Choose an item.
Purchased equipment on finance	Choose an item.	Choose an item.
Purchased inventory on credit	Choose an item.	Choose an item.
Paid wages	Choose an item.	Choose an item.
Paid dividends	Choose an item.	Choose an item.
Revalued building	Choose an item.	Choose an item.
Sold inventory on credit	Choose an item.	Choose an item.
Received Rent invoice	Choose an item.	Choose an item.
Paid Insurance premium	Choose an item.	Choose an item.
Bank charges	Choose an item.	Choose an item.

2.2

Record the following transactions using a general journal (No GST applicable)

a) 7/1 Share issued and paid, 10,000 x $1 fully paid

b) 7/1 Inventory purchased from Supplier1 Qty 80 x $40 on credit (INV1235)

c) 8/1 Paid stationery $500 by EFT

d) 13/1 Paid Supplier1 full account

e) 14/1 Sale of Inventory Qty50 x $80 (Item INV01) to Customer1 on credit

f) 15/1 Paid wages $5,863 (Gross $10,000; PAYG $4,167); Superannuation payable $1,050

g) 20/1 Customer1 paid their account in full

h) 21/1 Bank fees of $40 debited to bank account

(Use the journal template to record the transactions)

Answer the following questions:

(i) What is the profit for the period?

(ii) What is the balance of the bank account?

(iii) What must be done to obtain both the profit and balance of the bank account?

2.3

For each transaction identify the accounts and amounts to be adjusted. (Use the journal template)

a) An electricity account for $280 has not been recorded and will not be paid until next month

b) Salaries and wages of $2,100 are owed at the end of the month

c) Insurance for 12 months of $24,000 was paid at the beginning of the month

d) Services of $3,600 were performed during the month but were not invoiced

e) A client paid an amount of $5,000 this month for services to be performed next month. This amount was recorded as income.

2.4

Calculate the ‘net GST’ position (accrual method) of the following transactions :

Transaction	GST Paid/Receivable
Invoiced customer $3300
Invoiced customer $3520
Supplier invoice received for $6600
Purchased new vehicle $44000 (Financed)
Customer paid account of $3,300
Net GST Position	$

Will your business receive a refund or must pay?

Will this amount be an asset or liability?

2.5

Jack is ‘old school’ . He likes everything in writing and doesn’t really trust computers and technology. He is a self-proclaimed “Luddite.” Your problem is that Jack’s business is growing, and labour costs are prohibitive to process the increased paperwork that has accompanied this growth.

Required:

Provide, in bullet point format, the advantages and disadvantages of a computerised system of accounting.

2.6

From the ledger balances below, prepare a trial balance for Sideways Pty Ltd as at 30 June 2022. (Use the blank Trial Balance below)

Accounts Payable Cash

Share Capital

Dividends paid

Equipment

$ 7 550 6 400 30 000 1 500 23 700