MA501 Master of Professional Accounting - Assignment Help

Assignment Help on Transactions, Journals, Ledgers ,Trial Balance and Financial Statements

Assessment Details and Submission Guidelines
School	School of Business
Course Name	Master of Professional Accounting
Unit Code	MA501
Unit Title	Foundations of Accounting
Trimester	T1 2022
Assessment Author	Dr Jayasinghe Hewa Dulige
Assessment Type	Individual
Assessment Title	Transactions, Journals, Ledgers ,Trial Balance and Financial Statements and brief report regarding basic accounting recording process
Unit Learning Outcomes Addressed:	a. Demonstrate technical skills in recording financial information. b. Analyse and record accounting transactions and events. c. Generate financial statements consistent with the conceptual framework and accounting standards.
Weighting	20%
Total Marks	40 Marks
Word Limit	6^th question: 750 words
Release Date	11 April 2022
Due Date	27 April 2022
Submission Guidelines	· All work must be submitted on Moodle by the due date (as above) along with a completed Assignment Cover Page. · The assignment must be in MS Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings. · Reference sources must be cited in the text of the Assessment Task, and listed appropriately at the end in a Reference List using APA 6^th edition for the School of Business. https://library.mit.edu.au/referencing/APA
Extension / Special Consideration	If an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted online via your Academic Management System (AMS) login: https://online.mit.edu.au/ams. The Application for Special consideration must be submitted no later than three (3) working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration. In the case of serious illness, loss or bereavement, hardship or trauma students may be granted special consideration.
Academic Misconduct	Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at: https://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/AcademicIntegrityPolicyAndProcedure. For further information, please refer to the Academic Integrity Section in your Unit Description.

Assessment Cover Sheet

Student ID Number/s:	Student Last name/s:	Student First name/s:




Course: Master of Professional Accounting		School: Business
Unit code: MA501	Unit title: Foundations of Accounting
Due date: 27 April 2022	Date submitted:	Campus: Online
Lecturer’s Name: Dr Jayasinghe Hewa Dulige		Tutor: Dr Jayasinghe Hewa Dulige

Assessment Task Description

You are required to complete the following assessment. This task has six requirements for a total of 40 marks. Answer all six requirements.

Glory Pty Ltd starts the new financial year with only two accounts balances. Cash $40 000 and Share capital $40 000. The following transactions occurred during the July 2021.

July	1	Glory deposited $200 000 cash in the bank account.
	5	Paid monthly rent on equipment, $900.
	9	Paid $110 000 cash to purchase land for an office site.
	10	Purchased office supplies on credit, $5 000.
	19	Took out a $70 000 loan from the bank for business use.
	22	Paid $4 000 on account.
	28	Service Revenues earned during the month included $12 000 cash and $ 40 000 on credit.
	28	Paid employees’ salaries $7 500, office rent $3 000, and electricity and gas $1 500. (Make a single compound entry.)

The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Loan payable; Owner’s equity (or capital); Share capital, Service revenue; Salary expense; Rent expense; Electricity and gas expense.

Requirements

Prepare journal entries for the above transactions for July 2021. Narrations (Explanations) are not required. (10 marks)

Use the following table for your journal entries.

Date	Accounts	Debit	Credit

Post the transactions to the ledgers using T-accounts or running balance, using transaction dates as posting references. Label the balance of each account as ‘Bal’, and make sure all details are shown in each T-account. (13 marks)

Here is a T-account you can “copy and paste” for each account balance

Prepare the trial balance of Glory Pty Ltd, as at 31 July 2021. (2 marks)

“Insert” (i.e. create) a table in the form of a trail balance

Prepare the Income Statement for Glory Pty Ltd, for the month ending 31 July 2021. (3 marks)
Prepare the Balance Sheet for Glory Pty Ltd, as at 31 July 2021. (2 marks)

Writing a brief report (10 marks)

Assume that you are nearing graduation and that you have applied for a job with a local bank. As part of the bank’s evaluation process, you have been asked to take an examination that covers several fundamental accounting analysis techniques. You are required to write a one and half page report (maximum) regarding the followings.

Define Accounting.
Illustrate the basic accounting equation.
Explain the basic steps in the recording process.

Marking criteria:

Assessment criteria are shown in the following table. Marks are allocated as follows:

Assessment criteria to be met and assessed	Detailed Description of the Assessment Criteria	Breakdown Marks
Criteria 1	Journalise transactions	10
Criteria 2	Post transactions to the ledgers	13
Criteria 3	Prepare a trial balance, an Income Statement and a Balance Sheet	7
Criteria 4	Writing a brief report regarding basic accounting recording process	10
Total		40