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ACCT10002: Semester 1, 2018 PRACTICE SET PART 1 Michael Brown decided to leave his employment and start his own business in providing catering...

to create a general journal entries for these transactions.Part 1 Souce Documents_Sem1 2018.jpg

Part 1 Souce Documents_Sem1 2018.jpg

ACCT10002: Semester 1, 2018 PRACTICE SET — PART 1 Michael Brown decided to leave his employment and start his own business in providing
catering supplies to food outlets. He had worked in the industry for a number of years and had
established a wide range of contacts both as suppliers of catering needs and customers who
required catering supplies. He plans to start small and only trade in a few products at first. THE
BUSINESS IS NOT REGISTERED FOR GST, accordingly, there is no requirement to account
for or include GST in any transaction. The following pages contain the source documents for Michael’s first month of business. Your
task is to prepare: 1. General journal entries for the relevant transactions (N arrations are n_ot required)
2. Ledger entries for the transactions (Record inventory items in separate accounts)
3. Prepare a Trial Balance 4. A Statement of Financial Performance for the month of January 5. A Statement of Financial Position as at 31 January 2018 You have access to blank pages for the general journal and ledger accounts. You are to prepare
the above five parts to this assignment and submit items 4 and 5 as one document, with all other
workings (items 1, 2 and 3) in another document. Make sure you have your name and student number written on ALL page(s) of your workings and you will submit both documents Via the
LMS. You will receive a mark out of 8 for Part 1. If you have not received full marks then you should
review your work by discussing with a fellow student or by comparing your answer with the
suggested answer which will be made available on the LMS after the due date, and consulting
a tutor during scheduled consultation hours. Due date for Part 1: 9.00pm Sunday 8th April.

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