Page | 1 ACC506 Task 2a – Semester 1 2017 Due Date: midnight Friday of week 4 (28 April 2017) Weighting: 5% General information about the assignment The assignment must be your own individual work; i.e. it is not a group assignment. If it is believed that a student has copied material from another student or any other source without appropriate referencing, the necessary action will be taken under the University’s Student Academic Misconduct Policy: (http://www.usc.edu.au/explore/policies-and-procedures/ student-academicmisconduct-academic-policy). The assignment should only be submitted electronically via Safe Assignment on the course Blackboard site. If you wish to apply for an extension to your submission date, please email Kirsty Meredith ([email protected]) to explain the circumstances and attach any necessary supporting documentation. Late penalties will be applied for assignments submitted after midnight on the due date without an approved extension. More details on late penalties are provided in the course outline. Assignments should be completed using Excel. Guidance on this will be provided in lectures, tutorials and/or computer lab sessions. How the assignment will be marked Marks will be allocated to each component of the assignment as follows: Component Marks Journals 25 General Ledger 10 Trial Balance 5 Appropriate formatting & use of Excel (e.g. formula and linking) 10 Total 50 Your mark out of 50 will then be apportioned to a final mark out of 5.Page | 2 Case Study – Part 1 a) You are working for the partnership of A Blake, C Dairy & E Ferguson. You are required to prepare general journal entries for the following transactions and post them to the general ledger. Transactions that have occurred during the year: July 2 Partnership is established. Each partner contributes $20,000 cash. Paid Palmer Real Estate for quarterly rent $2,860 August 5 Bought stock from Finn Traders $26,220 (on credit) note: Finn Traders is not registered for GST October 2 Paid Palmer Real Estate for quarterly rent $2,860 December 10 Bought Office Furniture from Harvey Norman, on credit. 21 Paid Finn Traders account $26,220 Paid Harvey Norman $3,057 to clear debt (no discount was applicable) January 2 Paid Palmer Real Estate for quarterly rent $2,860 February 2 A Blake withdrew cash $2,000 8 Sold stock on credit $9,108 (Cost Price $3,570) March 9 Paid wages $2,850 (net of $400 PAYGW) Received payment from debtor $9,108 30 Paid Advertising $1,650 Sold stock on credit $5,500 (Cost Price $2,300) April 2 Paid Palmer Real Estate for quarterly rent $2,860 Received payment from debtor $4,950 9 Paid wages $2,850 (net of $400 PAYGW) Sold stock on credit $13,200 (Cost Price $4,950) May 9 Paid wages $2,850 (net of $400 PAYGW) Received payment from debtor $13,200 June 9 Paid wages $2,850 (net of $400 PAYGW) Sold stock on credit $25,080 (Cost Price $7,750) 29 Received $1,750 commission revenue (nil GST) Paid wages $2,030 (net of $170 PAYGW) Note: The partnership of A Blake, C Dairy & E Ferguson is registered for GST. The partnership’s standard payment terms are 10% 7 days Net 30. b) You are also required to prepare a Trial Balance for the partnership of A Blake, C Dairy & E Ferguson as at 30 June. --------------------------------------- End of Case Study – Part 1 --------------------------------------------------