Using Xero | My Assignment Tutor

Page 1 of 8ACC201 S1 2021 Assessment 3 v1.docx ACC201 – ASSESSMENT 3 (S1 2021)Assignment titleUsing XeroAssessment Type:Written SubmissionRequirementsUsing Xero, entering data, analysis, writingPrescribed word limitThe following reports from Xero:• Trial Balance;• Balance Sheet;• Profit & Loss Statement• All JournalsReport – 500 words(10% variation is acceptable)Referencing styleHarvard Referencing System Style GuideAssignment weight15%Assignment due dateSunday, 11.59 pm, end of Week 12.Submission modePIA assignment coverpagemust be attached and signedbefore it submitted by due date. Attach pdf reports fromXero as well as your written report in Word format. Any student may receive an extension of up to one-week. To obtain an extension, email theSubject Coordinator, Lee Ridge, prior to the due date requesting an extension and providingyour reasons. Extensions greater than one week require a formal application through the PIAsystemPart AYou are the new Financial Controller of MyJones Limited and have been asked to review thefollowing information to determine if any adjustments need to be made to the financialstatements.Input the following Trial balance as set out in Appendix 1.Part BUsing the information and Journal entries (1-4) that were calculated in Assessment 2, Part2, input these entries into Xero using the relevant date as well as the additional information(5 – 8) set out below – “Additional information”Section BPrepare the relevant General Journal entries that are appropriate for the relevant informationbelow.1. During the year, the company developed a new brand strategy “Shop to you drop”.The costs incurred were $17,000 on salaries and $5,000 in other costs such asartwork, consumer surveys etc. These costs have been capitalised as an intangibleasset as the previous financial controller wanted to maintain the profitability of thecompany.2. On 30 June, 2020, MyJones undertook a review of its Intangible assets. Goodwill, witha carrying value at 30 June 2020 of $14,300, was determined to have suffered animpairment loss of $5,300.3. MyJones has been involved in a project to develop a smart sensor to be attached tomerchandise that is invisible to the eye, with the aim of reducing the losses due to theftPage 2 of 8ACC201 S1 2021 Assessment 3 v1.docxas well as sell this to other retailers. It started the project in August 2019. Between thestarting date and 31 January 2020, the company spent $17,400 on the project. At 30June 2020, there was no indication that the project would be commercially feasible,although the company had made significant progress and was sufficiently sure offuture success that it was prepared to outlay more funds on the project.a. After spending a further $7,000 during February 2020, the company had built aprototype that appeared to be successful.b. The prototype was demonstrated to a number of engineering companies duringApril 2020, and several of these companies expressed interest in the furtherdevelopment of the device.c. Convinced that it now had a product that it would be able to sell, the company spenta further $4,000 during May 2020 adjusting for the problems that the engineeringfirms had pointed out.d. On 1 June 2020, the company applied for a patent on the device, incurring legaland administrative costs of $500. The patent had an expected useful life of 5 yearsand was renewable for a further 5 years upon application.e. All of these costs have been capitalised as an “R&D” intangible asset.4. MyJones entered into a 5-year agreement to lease an item of equipment fromCannards Leasing Ltd on 1 July 2019. The equipment has a fair value of $67,000 atthe inception of the lease and it is expected to have an economic life of 5 years,after which time it will have a residual value of $6,000. The lease agreement detailsare as follows: – Length of lease5 yearsCommencement date1 July 2019Annual lease payment, payable 30 June eachyear commencing 30 June 2020$ 15,000Residual value at the end of the lease term$ 6,000Interest rate implicit in the lease6% This transaction has not been entered into the financial statements as at 30 June2020. You are requested to journalise this transaction including the first lease paymentfor the period to 30 June 2020 and any other related journal entries.Additional information5. After a review of inventory – inventory which cost $19,500 had a net realisablevalue of 30% less than cost;6. There was a flood in one of the warehouses. Inventory costing $12,100 cannot besold due to the water damage.7. You have reviewed the Company’s loan liabilities and you have found that anamount of $7,450 has been classified as Non-current when it is due for payment inMay 2021.8. The Company’s policy with respect to bad debts is that the Allowance for DoubtfulDebts should be 20% of the Trade receivables balance.Page 3 of 8ACC201 S1 2021 Assessment 3 v1.docxRequirements Short Report(30 marks)(Length guide: ≈500 words)Short report A short report describing and quantifying (you can usefinancial statement ratios) the impact of different accountingtreatments of the transactions you have posted into the Company’saccounts: –• The profitability of the organisation (Statement of FinancialPerformance)• Balance sheet of the organisation (Statement of FinancialPosition).Xero Reports (70 marks)(Length guide: General journalentries required• Set out the relevant General Journal entries for 1-8 above. Showcalculations.General requirement A(10 marks)• Quality and clarity of writing• Express your discussion and ideas clearly and logically.• Provide an integrated and flowing discussion.• Adhere to length guide.• Presentation guide• Use a 12pt font size in a clear font such as Calibri.• Use ≥1.15 line spacing.• Provide a title for the report.• Use subheadings if you wish to do so.• Include page numbers.• Include your name, student number, and class time at the top ofpage 1.• Use correct spelling and grammar (check before submitting). Each submission must also include a signed and scanned student declaration form. See thesubject Moodle page for a copy.The relevant reports from Xero should be uploaded as PDF files and the Short Report aseither a PDF or Word file.You must upload both the signed and scanned academic integrity student declaration form(scanned, PDF or image) and the fully completed report (Word document or PDF) toTurnitin.Page 4 of 8ACC201 S1 2021 Assessment 3 v1.docxMarking ElementWordsMarksRequirements – See BelowShort report A short report describing and quantifying (you canuse financial statement ratios) the impact of different accountingtreatments of the transactions you have posted into theCompany’s accounts: –a. The profitability of the organisation (Statement ofFinancial Performance)b. Balance sheet of the organisation (Statement of FinancialPosition).301. Profit and Loss Statement – 31 May to 30 June 2020152. Balance Sheet Balance sheet – As at 30 June 2020153. All Journals 1 June 2020 to 30 June 2020104. Trial Balance 31 May to 30 June 202020A: Quality and clarity of writing and presentation (includingintegration of discussion)10TOTAL MARKS (to be scaled to a final mark out of 15)100 Page 5 of 8ACC201 S1 2021 Assessment 3 v1.docx CriteriaHD(85-100)D(75-84)CR(65-74)PASS(50-64)FAIL(0-49)Short Report 30marksExcellent level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Poor level of knowledge andcomprehension as indicated by themark achieved in accordance withthe attached marking guide for therelevant question in the Assignment.Profit and LossStatement15 marksExcellent level ofknowledge andcomprehension as indicatedby the mark achieved inaccordance with theattached marking guide forthe relevant question in theAssignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Poor level of knowledge andcomprehension as indicated by themark achieved in accordance withthe attached marking guide for therelevant question in theAssignment.Balance Sheet15 marksExcellent level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in the Assignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Poor level of knowledge andcomprehension as indicated bythe mark achieved in accordancewith the attached marking guidefor the relevant question in theAssignment. Page 6 of 8ACC201 S1 2021 Assessment 3 v1.docx All Journals10 marksExcellent level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Poor level of knowledge andcomprehension as indicated bythe mark achieved in accordancewith the attached marking guidefor the relevant question in theAssignment.Trial Balance20 marksExcellent level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attached markingguide for the relevantquestion in theAssignment.Poor level of knowledge andcomprehension as indicated bythe mark achieved in accordancewith the attached marking guidefor the relevant question in theAssignment. The two terms in the descriptor (top line) indicate the scale within each category. E.g. “Marginal to satisfactory”, with 4–6 marks indicates that ‘marginal’answers are closer to 4 marks, while ‘satisfactory’ answers are closer to 6 marks out of 10.Page 7 of 8ACC201 S1 2021 Assessment 3 v1.docxAcademic MisconductEthical conduct and academic integrity and honesty are fundamental to the mission ofPIA and academic misconduct will not be tolerated by the Institute. Please refer to theInstitute’s Academic Integrity Policy for further details.Academic integrity means putting values into practice by being honest in the academicwork you do at the Institute, being fair to others, taking responsibility for learning, andfollowing the conventions of scholarship. It is the responsibility of every student tomake sure that they understand what constitutes academic misconduct and to refrainfrom engaging in it.For example, “cutting and pasting” from the Internet and representing this asyour own work, is regarded as academic misconduct.it is your responsibility to ensure that you demonstrate academic integrity. Take thetime to find out more by visiting PIA’s Policies and Procedures site.By submitting your assessments, you acknowledge that this is your own work – thatyou have undertaken the assessments yourself and without any assistance from anyother person or any website or other resources which are not specifically permitted.Also, you have not shared any aspect of your assessments or answers with otherstudents or provided assistance to them in any way.Page 8 of 8ACC201 S1 2021 Assessment 3 v1.docxAppendix 1ACC201 – Assessment 3 – Additional informationYou are the new Financial Controller of MyJones Limited and have been asked to review thefollowing information to determine if any adjustments need to be made to the financialstatements.The first step is to set log into learn.xero.com and use Blank Slate Limited and change thecompany name to MyJones Limited and add your student number. Once you have set upthe company then the enter the Trial Balance below.MyJones LimitedTrial balance as at 31 May 2020Dr Cr Sale of goods2,345,057Other operating revenue153,576Cost of goods sold1,336,194Selling expenses822,832Administration expenses281,109Restructuring and store exit costs12,458Finance costs11,525Income tax (expense)/benefit10,041Cash and cash equivalents47,450Trade and other receivables (use another account31,114number than 610)Inventories (use another account number than 630)346,940Derivative financial instruments5,688Property, plant and equipment383,487Intangible assets467,604Derivative financial instruments101Other non-current assets4,228Trade and other payables372,653Provisions64,386Deferred income8,295Derivative financial instruments132Current tax liabilities5,280Other liabilities373Borrowings – Non-Current86,134Provisions12,273Deferred income80,158Deferred tax liabilities54,869Derivative financial instruments3Contributed equity738,759Accumulated losses163,115Reserves1,938 3,923,886 3,923,886—– End —–

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Leave a Reply

Your email address will not be published. Required fields are marked *