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BACT105 Business Accounting
Question:
Unit Learning Outcomes addressed:
- Use the language of financial accounting and financial reporting
- Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, the Statement of Cash Flows and the relationship between these financial statements
- Apply the accounting cycle and the business process of accounting information systems and their ethical implications Use financial information to support management decision making for solving both programmed and non-programmed business problems
- Apply the Principle of Double entry system efficiently
Assessment Description:
Yolanda Renner is a small company named as Beautiful Mind Book (BMB) operating within a small suburb of NSW. The company is a retailer of books i.e. BMB buy books and sell them to the customers at a profit. It uses perpetual inventory system. The post-closing Trial Balance as of 31 March 2021of BMB along with some additional transactions that took place in the month of April is given below:
Yolanda Renner runs a retailing book shop named Beautiful Mind Book. He purchases books and sell them to local customers to make a profit. The bookshop uses perpetual inventory system. The post-closing trial balance of Beautiful Mind Book at 31 March 2021 is presented below:
Beautiful Mind Book
Post-Closing Trial Balance 31-Mar-21
|
Debit |
Credit |
|
|
Cash |
20,500 |
|
|
Accounts receivable |
30,250 |
|
|
Inventory |
44,670 |
|
|
Supplies |
5,700 |
|
|
Equipment |
134,000 |
|
|
Accumulated depreciation |
28,000 |
|
|
Accounts payable |
62,120 |
|
|
Bank loan |
40,000 |
|
|
Owner’s capital |
105,000 |
|
|
total |
235,120 |
235,120 |
In the month of April, the following transactions have taken place:
|
Month |
Date |
Transactions |
|
|
April |
1 |
Purchased books on account for $ |
7,000 from ABD Pubishers, FOB shipping point. |
|
credit terms: 2/15, n/30. Beautiful Mind paid the transportation company $ |
|||
|
3 |
Sold books on account to Mary for $ |
||
|
credit terms: 2/10, n/30. |
|||
|
8 |
Received $ |
credit for books returned to ABD Publishers. |
|
|
12 |
Received the payment from Mary. |
||
|
14 |
Paid ABD outstanding amount from transaction on 1 April. |
||
|
22 |
Collected $ |
10,250 from customers on account. |
|
|
23 |
Paid $ |
5,000 to suppliers on credit. |
|
|
24 |
Sold books for cash $ |
The cost of the books sold was $ |
|
|
25 |
Paid freight out of $ |
||
|
30 |
Paid shop rent of $ |
||
|
30 |
A stock take was carried out and found supplies on hand was $ |
||
|
30 |
Beautiful Mind Book adopts straight-line depreciation method. The depreciation rate is |
||
|
30 interest of $ |
1,200 was paid for the bank loan. |
||
Required:
Based on the above information:
- Complete the whole accounting cycle for the company (i.e. Journalize the transactions in the journal, prepare adjusted Trial Balance, Income Statement, Statement of Equity and Balance Sheet.) Please ensure that the given answer should be in the form of report and must include discussion on the following:
- What is an accounting cycle? Is every company required to complete it?
- Explain the purpose, content, format and practical applications of all the financial statements generated as a result of completing an accounting cycle?
- What is the role of double entry system in the accounting cycle?
- What is the role of ethics while an accounting cycle is being completed?
- What support does the financial information generated by completing an accounting cycle provides to the management in their decision making?
Provide a recommendation whether using perpetual inventory system (currently being used) will be ideal for the company.
BACT105 Business Accounting
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