FND100 – ASSIGNMENT
It is the 1st December 2017 and you are the accounts assistant for Hollis Seeds (owner Mary Hollis). Hollis Seeds sells various seeds for cash to the public in their small store and to other businesses on credit.
Using the documentation you have received you are required to:
– Enter the information from the source documents provided into the general journal and stock ledger cards (the source documents are issued to you in class in week 7)
– Prepare a trial balance on 31st December
– Prepare a classified income statement for the 6 months ending 31st December
Note:
§ You will need to post journal entries to the ledger so that you can prepare the trial balance
ü remember to enter the opening balances in the ledger before you start posting the journal
§ Hollis Seeds uses an average cost perpetual inventory system
§ Equipment is depreciated using the straight-line method: residual value $5,720; useful life 8 years
Style guide: Dollars and cents should be formatted 0.00 or 0.0000 where 4 decimal places are needed
A ruler must be used when drawing lines
All data entered into the documents must be handwritten
§ Handwriting must be legible
§ Pencil is NOT allowed
§ No crossing out allowed
§ No white-out to be used
Submit your completed documents in the following order:
– Assignment cover sheet (group)
– Stock ledger cards
– Journal
– Trial balance
– Income Statement
Sharing documents with other students is NOT allowed. Accountants are required to demonstrate integrity and you are expected to demonstrate integrity in your assignment.
Suggested method of completing the assignment (you do not have to do it this way – but each group member must take an equal part in the completion of the assignment):
Group member 1: complete the stock ledger cards
Group member 2: check the stock ledger cards and prepare the journal
Group member 3: check the journal and prepare the ledger and trial balance
Group member 1: check the ledger/trial balance and prepare the income statement
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Student ID: |
Student ID: |
Student ID: |
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Document Data |
Marks available |
Marks awarded |
|
Stock ledger cards (zero marks if not handwritten) |
39 |
|
|
General journal (zero marks if not handwritten) |
72 |
|
|
Trial Balance |
15 |
|
|
Income statement |
26 |
|
|
|
|
|
|
Style Guide: (no part marks award for each item) |
Marks available |
Marks awarded |
|
Assignment written in pen |
5 |
|
|
No crossings out |
5 |
|
|
No white-out |
5 |
|
|
All lines drawn with a ruler |
5 |
|
|
Amounts in format 0.00 (or 0.0000 in stock ledger card where needed) |
5 |
|
|
|
|
|
|
Submission: (no marks if in order but documents missing) |
Marks available |
Marks awarded |
|
Documents submitted in the correct order: – Assignment cover sheet (group) – Stock ledger cards – Journal – Trial balance – Income statement |
3 |
|
|
TOTAL |
180 |
|
|
Divide by 12 to get mark out of 15 |
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|
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