QUEENSLAND UNIVERSITY OF TECHNOLOGY
QUT Business School
School of Accountancy AYN416 Financial Accounting 1
Semester 1 2017 Integrated Accounting Project
(Weighting Total – 20%)
Due: Thursday 4 May 2017 by 12:00 pm (midday) Submissions: 1. Electronic submission through Blackboard/ Assessment/ Assessment
Item 2/ Integrated Accounting Submission link of
a) Excel file
b) Combined 1 PDF file of 8 Reckon Reports or PDF files of 8 individual
reports and
c) Reckon file with file extension .QBW.
2. Completion of Excel quiz in Blackboard Type: Individual This assessment item assesses the following learning outcomes:
Knowledge & Technical Skills (KS)
1.2 Apply technical, technological and technical research skills to organise and interpret discipline
knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and
synthesis of discipline knowledge, including theory and practice.
___________________________________________________________________
QUT’s late assignment policy applies for all units. If you do not hand in your assignment by the due
date, it will not be marked and you will receive a grade of 1 or 0%. You may apply for an extension
BEFORE the due date. If you do not have an approved extension (i.e. if you have applied but have not
heard, or if your application for an extension has been denied), submit the work you have completed
by the due date and it will be marked against the assessment criteria.
You should be aware of the MOPP in relation to academic integrity specifically
http://www.mopp.qut.edu.au/C/C_05_03.jsp. Failure to maintain academic integrity also includes
resubmission of your own work. AYN416 Semester 1, 2017 AYN416 Integrated Accounting Project (to be completed individually)
Objectives:
The objectives of this project are for students to demonstrate:
1. Skills and knowledge in the preparation of manual financial statements (AOL KS 1.2) 2. Incorporate use of a computerised accounting package (AOL KS 1.2)
3. Compare and reconcile the manual and computerised financial statements (AOL HO 2.1)
This Accounting Project consists of completing the accounting cycle for a sole trader retail business
for April 2017 using both manual records and Reckon accounting software.
Submission:
• The assignment must be submitted via Blackboard no later than 12 midday (12 pm) on
Thursday 4 May 2017. (Refer assessment section: Assessment Item 2.) • Complete the 20 minute 15 question quiz* relating to the Excel component on Blackboard no
later than 12 midday (12 pm) on Thursday 4 May 2017. (Refer quiz link under the
assessment section: Assessment Item 2). *Excel quiz must be completed for your mark for Part A – The Excel mark is from your quiz mark
only and the spreadsheet is not marked. If you submit an Excel file only, you will receive 0.
Note that you should start the submission process and quiz before 11am on the due date as the
submission can take some time and late submissions are not accepted.
Please upload via Blackboard:
Note: keep all file names to less than 15 characters e.g. ‘Excel Template’ as Blackboard does
add your student number automatically to the file name:
- your Excel file (the quiz on the Excel component is completed via Blackboard) - Combined 1 PDF file of 8 Reckon Reports or PDF files of 8 Reckon reports* with file names less
than 12 characters * (eg TB.pdf) (see page 12) - your Reckon file with file extension .QBW. (Files with .TLG and .ND extensions are not needed) *Reckon reports must be submitted – if you submit a Reckon file only, it will not be marked and you
will receive 0 for the Reckon component.
Assessments submitted after the due date without an approved extension will not be marked and will
receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due
date, you can apply for an extension. If you don’t have an approved extension you should submit the
work you have completed by the due date and it will be marked against the assessment criteria.
Students are reminded to regularly check the Announcements of the AYN 416 Blackboard site
for updates and clarifications to the Accounting Project. A Frequently Asked Questions section will
be created in Blackboard and updated as required.
1 AYN416 Semester 1, 2017 Requirements:
The Assignment comprises three (3) compulsory parts – Part A (7.5%), B (7.5%) and C (5%). Part A
and B are worth 7.5% each and Part C is worth 5%. Total weighting is 20%,
Assessment Criteria
The total assessment for this Assignment is based on Assurance of Learning Criteria and is worth
20% of the total marks for the semester. The CRA sheet is provided at the end of this document.
Part A – Compulsory (7.5% weighting): Excel Quiz
Part A requires you to complete the requirements set out in the manual financial accounting task that
follows. It is to be expected that you will demonstrate a comprehensive understanding of relevant
concepts, principles and practice in the manual preparation and presentation of financial statements.
Journal, ledger and an Excel worksheet template for this problem are available under the assignment
folder in the assessment section on Blackboard.
The Excel component will be assessed by a 20 minute, 15 question quiz on Blackboard using your
printed Excel worksheet pages. Students are required to type in answers without formatting if it
is a number (e.g. no $ or , or decimals) or enter free text (e.g. x for question 3 below). Do not insert
any symbols and use English in any text responses.
Excel Quiz Question Examples & Answers (no number formats used)
1. What is the total sales revenue for the month of April? 38600
2. What is the total of the non-current assets as at 31 March on the Comparative Statement of
Financial Position? 24212
3. What Posting Reference appears below the total of the “Other Accounts” column in the Cash
Payments Journal? A cross or x
4. What is the amount of the credit posting in the accounts receivable general ledger account on 30
April? 43200
5. What is the balance of the accounts receivable general ledger account on 30 April? 51202
6. How much did The Gap High School owe to Grooving Guitars as at 30 April? 18470
7. How many individual Administrative Expenses are listed in the Classified Income Statement? 8
8. In the Accounts Receivable general ledger account, what is the posting reference in the Jnl Ref
column for the credit entry on 30 April? CRJ17
Part B – Compulsory (7.5% weighting): Reckon Software
Part B requires you to complete the requirements set out in the computerised financial accounting task
that follows. It is to be expected that you will demonstrate a comprehensive understanding of relevant
concepts, using Reckon software. Demonstration videos, exercises and other supporting materials
are available under Learning Resources/ Reckon Software Materials on Blackboard.
Part C – Compulsory (5% weighting): Reconciliation of Manual and Reckon Accounting Task
Part C requires you to critically evaluate Excel and Reckon reports to initially identify any differences
and ultimately to reconcile to each other. 2 AYN416 Semester 1, 2017 PART A
BACKGROUND AND FACTS
Ross Buck is the owner of a music store business located in Paddington. He established the business 3
years ago and operates as a sole trader.
Ross submits his Business Activity Statements (GST Return) quarterly on an accruals basis.
Ross is currently using a manual system to prepare his financial records. He has come to you to
implement Reckon software. To ensure the accuracy of the software implementation, he has asked you
to prepare both manual records and records in Reckon for the month ending 30 April, 2017.
Chart of Accounts and Trial Balance as at 31 March, 2017
Refer to Chart of Accounts below when preparing journals.
Account No.
101
110
112
115
116
118
130
131
135
136
200
201
203
205
301
302
307
401
402
501
503
505
506
510
520
542
560
580
582
585 Account Name
Cash at Bank - ANZ
Accounts Receivable
Inventory
Prepaid Insurance
Prepaid Rent
Office Supplies
Store Equipment
Accumulated Depreciation - Store Equipment
Computer Equipment
Accumulated Depreciation - Computer Equipment
GST Clearing (Tax Payable GST)
Accounts Payable
Wages Payable
PAYG Tax Payable
Capital
Total
Drawings
Profit or Loss Summary
Sales Revenue
Sales Returns & Allowances
Cost of Goods Sold
Bank Charges
Depreciation Expense - Computer Equipment
Depreciation Expense - Store Equipment
Electrical Repairs Expense
Insurance Expense
Office Supplies Expense
Rent Expense
Telephone and Internet Expense
Utilities Expense
Wages Expense Balance
DR
14,870
56,518
24,480
15,000
1,520
29,080 CR 14,040
24,460 165,928 15,288
12,450
28,970
5,180
90,000
165,928 *PAYG Tax Payable is tax withheld from staff wages owed to the government.
**GST Clearing (Tax Payable GST) is the account set up for the GST owing. Reckon will also add
another account named Tax Payable as you process transactions with GST. You will have 2 GST
accounts when your assignment is complete: GST Clearing (Tax Payable) will have a zero balance
and Tax Payable should have the same balance as your 1 general ledger account for GST in Excel. 3 AYN416 Semester 1, 2017 Accounts Receivable Subsidiary Ledger as at 31 March
Creative Industries
Kelvin Grove High School
The Gap High School
Total 23,120
7,448
25,950
56,518 Accounts Payable Subsidiary Ledger as at 31 March
Able Accountants
Fender Guitars
Insight Computers
Yamaha
Total 3,850
16,500
4,520
4,100
28,970 Inventory Balances as at 31 March
Grooving Guitars sells inventory items indicated below and uses a perpetual inventory system.
The stocktake at 31 March showed:
Item Description Units on Hand Acoustic Guitar
Bass Guitar
Electric Guitar
Student Pack Unit Cost
(excl GST)
$ 64
23
20
35 Total Value
(excl GST)
$
180
170
190
150 11,520
3,910
3,800
5,250
24,480 Unit Selling
Price
(excl GST)
$
360
340
380
300 Cost price of inventory items remains constant for the month and thus the inventory cost flow method is
irrelevant for this assignment.
Accounting Information
The business uses the following specialised journals to record its business transactions:
•
•
•
•
• A Sales Journal is used to record the sale of inventory on credit during the month (not sales
returns).
A Cash Receipts Journal is used to record all cash received.
A Cash Payments Journal is used to record all cash paid.
A Purchases Journal is used to record all purchases of inventory on credit (not purchase
returns).
A General Journal is used to record all other transactions. All invoices received for expenses
incurred and owing are recorded in the general journal at the time of receiving the invoice.
(Narrations are not required for general journal transactions.) The business uses a general ledger, an accounts receivable subsidiary ledger and an accounts payable
subsidiary ledger. The 4 column running balance form of ledger account is used.
The business does use a Sales Returns and Allowances account in the current manual system to record
sales returns from customers. Note that there is no ability in our Reckon student version software to
record Sales Returns separately. Instead the software will process a sales return as a reduction from
Sales Revenue. Do not create a separate Sales Returns account in Reckon.
NOTE: There is an extra column in the ledger accounts to make a note of source document numbers etc.
We do not have such information so you may leave this column blank.
Financial statements are prepared at the end of each month. The accounts are closed off at the end of
each month.
4 AYN416 Semester 1, 2017 An Excel template is available on Blackboard to complete the manual accounting task. Reckon is
to be used to prepare computerised records in Part B to ensure they agree for Part C.
The business transactions that occurred in April 2017 are as follows: (refer Chart of Accounts for
account names and numbers. Do not make up your own account names).
1. April 1 Paid for electrical repairs $330 (including GST $30) with cheque number 46.
2. April 1 Purchased an Apple MacBook Pro on credit from Insight Computers for $1,342 (including
GST $122).
3. April 2 Purchased office supplies with cheque number 47 for $770 (including GST $70).
4. April 2 Sold 30 acoustic guitars on credit to Creative Industries, invoice number GG32 $11,880
(including GST $1,080).
5. April 3 Purchased 40 acoustic guitars on credit from Yamaha $ 7,920 (including GST $720).
6. April 4 Paid for prepaid insurance of $1,320 for 12 months effective 1 April (including GST $120)
with cheque number 48.
7. April 4
C324. Sold 4 electric guitars as a cash sale for $1,672 (including GST $152), receipt number 8. April 4 Ross withdrew $1, 000 cash for personal use with cheque number 49 (no GST is
applicable.)
9. April 4 Paid the monthly net wages of the staff of $3,400 with cheque number 50 (no GST is
applicable.)
10. April 10 Sold 6 bass guitars and 30 students packs on credit to Kelvin Grove High School Invoice
Number GG33 $12,144 (including GST $1,104).
11. April 11 Purchased 20 student packs on credit from Fender $ 3,300 (including GST $300).
12. April 14 Paid Able Accountants the balance owing of $3,850 with cheque number 51.
13. April 21 Paid Fender Guitars $15,400 with cheque number 52 as part payment of prior month
purchases of inventory.
14. April 21 Issued a credit note to Kelvin Grove High School for return of 2 student packs, Credit
Number 14 $660 (including GST $60).
15. April 22 Received $15,200 from Creative Industries as payment on account.
16. April 26 Paid the monthly telephone and internet expense with cheque number 53 for $275
(including GST $25).
17. April 26 Invoiced The Gap High School for 20 student packs and 20 acoustic guitars, Invoice
Number GG34 for $14,520 (including GST $1,320).
18. April 28 Received $6,000 on account from Kelvin Grove High School.
19. April 28 Returned 2 acoustic guitars to Yamaha and received a credit of $ 396 (including GST
$36).
20. April 28 Sold 6 bass guitars as a cash sale for $2,244 (including GST $204), receipt number C325.
21. April 30 Ross lodged his quarterly Business Activity Statement (BAS return) and paid cheque
number 54 to the ATO for a total of $17,630. This represented the March quarter net GST payable
of $12,450 and also the previous month PAYG tax payable of $5,180 (record each transaction on
a separate line).
5 AYN416 Semester 1, 2017 22. April 30 Paid for utilities expense for April with cheque number 55 for $286 (including GST $26). 23. April 30 Paid for electrical repairs $143 with cheque number 56 (including GST $13).
24. April 30 Received $22,000 from The Gap High School as payment on account.
25. April 30 Bank Statement: Paid bank charges of $25 (no GST applicable)
26. April 30 Record a general journal entry for $1,020 for the total PAYG tax withheld on the monthly
wages. (Debit wages expense and credit PAYG Tax Payable).
27. April 30 Ross contributed $2,500 of capital into the business bank account. EXCEL CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of the Unadjusted Trial Balance Columns of the Worksheet
Total of the Adjustments Columns of the Worksheet $185,744
$8,588 Total of the Adjusted Trial Balance Columns of the Worksheet
Net profit for April $187,382
$5,027 Please ensure you have done all the homework questions for topics 2 to 6 especially topic 6 special
journals before attempting this assignment. Before Starting Excel Component:
It is vital that you complete Problem 7.5 from the textbook which covers special journals and
the required postings before you start the Excel component of this assignment otherwise you
may waste significant amounts of time.
Useful Tips
• Proofs have been inserted in the journals to help you identify that Total Debits = Total Credits.
(Each Proof should display 0). • Formulas exist in some areas of the template to assist students but other formulas are required (eg
general ledger accounts balances for Profit or Loss Summary, drawings, revenue and expenses) • To insert a √ for your subsidiary ledger postings, use Insert Symbol and scroll down to find the tick. • To minimise errors and maximise efficiency, it is recommended to enter values in the journal area
only, then use Excel formula links to post to general ledger and/or subsidiary ledger and other
areas of the template. • The 2nd column of the General Ledger and Subsidiary Ledger accounts is to be left blank. • Enough space has been provided in the Excel template – do not insert extra rows or columns. 6 AYN416 Semester 1, 2017 Part A EXCEL Accounting Task Instructions (1 – 9) 7.5% 1) Open the Excel student template provided on Blackboard and enter your name and student number
into the footer section on the first tab (Chart of Accounts)
2) Record April transactions in the journals: cash payments, cash receipts, purchases, sales and
general journal. (Opening balances at 31 March have been entered into the general ledger and
subsidiary accounts).
3) Postings are done either daily or monthly. Post daily to the subsidiary ledgers. Post daily from the
general journal. Post the monthly totals of the special journals to the general ledger. Include
posting references in the journals. (There will be only 2 postings to ANZ Bank Account – total
receipts and total payments).
NOTE: For posting reference purposes in the ledgers, please use the journal abbreviation and
relevant page numbers indicated next to the journal title (eg SJ18, PJ18, CPJ25, CRJ17, GJ62, GJ63,
GJ64).
4) Prepare a trial balance as at 30 April 2017, in the trial balance columns of the worksheet.
5) Complete the worksheet using the required adjusting entries below for the month of April :
A) Accrued Wages
Wages owing as at 30 April are $600.
B ) Insurance
Noted in the transactions above, Ross prepaid 12 months of insurance on April 4.
C ) Depreciation – Store Equipment
Annual Depreciation on Store Equipment has been calculated at $5,616.
D ) Depreciation – Computers
Annual Depreciation on Computers has been calculated at $6,840.
E) Office Supplies Expense
On 30 April, Ross performed a stocktake of office supplies and noted that there was $370 of
supplies remaining.
F) Rent
Ross prepaid 3 months of rent on March 31. (Refer Prepaid Rent general ledger account).
6) Prepare and post the adjusting entries.
7)
- Prepare the following statements for month ended 30 April in accordance with AASB 101:
a classified income statement classified by business function (expense classification below)
a statement of changes in equity, and
a classified statement of financial position (or balance sheet) with comparative values as at 31
March. (Use separate columns for comparison of 31 March values with 30 April values). Note that there is a need to split Sales and Sales Returns separately in the manual system as
discussed earlier. 7 AYN416 Semester 1, 2017 For Income Statement business function expense classification, use the following information:
Selling Expenses: Wages
Administrative Expenses: Depreciation – Computer Equipment, Depreciation – Store Equipment,
Electrical Repairs Expense, Insurance Expense, Office Supplies Expense, Rent Expense, Telephone
and Internet Expense, Utilities Expense
Finance Expenses: Bank Charges
8) Prepare and post the closing entries.
9) Prepare a post-closing trial balance. Confirm whether the total of the subsidiary ledgers agree with
the respective control accounts in the general ledger for accounts receivable and accounts payable by
indicating Y or N in the space provided. EXCEL CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of the Unadjusted Trial Balance Columns of the Worksheet
Total of the Adjustments Columns of the Worksheet $185,744
$8,588 Total of the Adjusted Trial Balance Columns of the Worksheet
Net profit for April $187,382
$5,027 8 AYN416 Semester 1, 2017 Part B Reckon Accounting Task Instructions (1 – 12) 7.5% Before Starting Reckon Component:
It is vital that you complete the 2 Essential Reckon exercises for your Assignment under Learning
Resources/ Reckon Support Materials before you start the Reckon component of this assignment
otherwise you may waste significant amounts of time.
Reckon software is to be used to prepare computerised records in Part B to ensure they agree with the
manual records. It is important to save and backup regularly to your QUT student network drive or other
secure location rather than relying on a USB or to the local drives of QUT computers which are cleared as
users log off. Do not rely on one file location in case there is a problem such as corruption, losing USB
etc. Reckon will name your original files with the file extension. QBW and the backup files .QBB.
Marks will be allocated, where students have produced correct reports that reconcile to the required
values. Remember, key figures such as profit are provided and the client is expecting you to ensure Excel
and Reckon agree. If they don't agree or you don’t allow enough time and only achieve the initial set up
process, low marks will result because you haven't achieved assessment or client requirements.
1) Establish a new data base in Reckon.
Step 1 Company Information.
On the Reckon menu bar, click File > New company.
Click Start Interview
Enter Company Name and add your student number and surname and to the end of the
company name. (eg Grooving Guitars 9084574 Marsland). Leave other fields blank.
Note: Click Next at each step of the interview to move on.
Step 2: Select your industry. Select Product Sales/ Retail Step 3: How is your company organised? Select Individual Tax Return
Step 4: Select the first month of your financial year. Select: July
Step 5: Ignore passwords
Step 6: Create your company file, indicating a directory to save to. Click Save.
Step 7: Customising
In the interview process, choose the Preferences below. Take care to enter carefully as you can’t
change these preferences and would otherwise need to start again:
Field Select Then What do you sell? Products only Click Next Do you track tax? Yes Click Next Do you want to create estimates in
Reckon? No Click Next Do you want to track sales orders
before you tax invoice your customers? No Click Next Do you want to use sales receipts in
Reckon? Yes Click Next Do you want to use billing statements
in Reckon? No Click Next 9 AYN416 Semester 1, 2017 Field Select Then Do you want to use invoices in
Reckon? Yes Click Next Do you want to use progress invoicing? No Click Next Do you want to keep track of the bills
you owe? Yes Click Next Do you want to track inventory in
Reckon? Yes Click Next Do you want to track time in Reckon? No Click Next Do you have employees? No Click Next twice Select a start date to start tracking
your finances Enter 31/03/2017 Click Next Would you like to add an existing bank
account? Yes Click Next Key in ANZ Bank Account for the name of the bank account. Click on or after 31/03/2017. Click Next
three times. Click Finish to complete the initial set up process.
2) Set up preferences for banking for all receipts and payments to process to the ANZ Bank Account
(otherwise they will default to Undeposited Funds).
3) Important: Set up user for Audit Trail Log to enable production of an Audit Trail Report.
Click on Company. Click on Set Up Users. Click on Add User.
Enter your student number followed by your surname (eg 9084574 Marsland). Record exactly what
you have typed safely as you will use it to log in and record all of the assignment transactions.
Do not enter Passwords. Click Next Click No that you do not want to enter a password.
Click on All Areas of Reckon Accounts (for the user to enable access).
Click Yes to confirm that you do wish to allow the user to access all areas of Reckon. Click Finish.
Click Close.
4) Choose the option File/ Close Company/(Log Off and Open the Grooving Guitars.QBW File
that you have established. Now log into Reckon using the User Name that you established
earlier.
(if you forget your username, log in as Admin and note down the user name and repeat the log in
process).The Administration User is not to be used in any of the assignment process,
otherwise you will receive 0 for the Reckon component. Set up lists and Opening Balances for Inventory, Customers and Suppliers as at 31 March 2017.
(Addresses are not required for this project for customers or suppliers).
5) Run an Audit Trail Report 1/3 to today’s date to ensure that you can see your User Name in all
the transactions (not the Admin user). If you fail to submit an Audit Trail Report or submit an
Audit Trail with the Admin user only recorded, you will receive 0 for the Reckon component.
6) Enter opening balances for all other accounts as at 31 March 2017.(You can enter the balance for
GST Clearing (Tax Payable GST) in the same process when you do call it this exact name.)
10 AYN416 Semester 1, 2017 7) Run a trial balance as at 31 March 2017 to ensure all opening bala...Semester 1 2017 Integrated Accounting Project

• 1494317639-AYN416 Sem 1 2017 Grooving Guitars Assignment Excel Template.xlsx
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