Beruflich Dokumente
Kultur Dokumente
Email: zhaxy122@mymail.unisa.edu.au
Student Declaration
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.
I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I
understand that this will involve the University or its contractor copying my work and storing it on a database to be used in
future to test work submitted by others.
Note: The attachment of this statement on any electronically submitted assignments will be deemed to
have the same authority as a signed statement.
Cash 20,000
(Consumed $447 stationary) Please use the wording Office Supplies instead of Stationary.
(Insurance expense)
Sales Revenue 2,700 Commented [B9]: Entry is the other way around as Sales
must decrease because it cannot yet be recorded.
Sales Revenue 2 700
(Chillies sold) Unearned Sales Revenue 2 700
(to record sales not yet earned)
Accrued Bill 450 Commented [B11]: The word bill is not descriptive enough.
Use Electricity Payable.
(Electricity expense) Electricity Expense 450
Electricity Payable 450
(to record electricity payable)
1 mark
For the year ended 1 July 2017 Commented [B15]: Raoul’s Fine China
Income Statement
For the year ended 30 June 2018
Income (-1 mark)
Sales 383117 Commented [B16]: Missing account:
Discount Received 2170 385287 Sales 383,117
less Sales Returns & Allowances 6,041
Expense Discount Allowed 2,590
Electricity 1120 (-1 mark)
374,486
COS 270347
Commented [B17]: Discount Received is a deduction from
Depreciation Expense - Shop Furniture & Fittings 2485 Cost of Sales in the Cost of Sales section.
Freight Inwards 1974 (-0.5 marks)
less Cost of Sales
Rent Expense 20510 Cost of Sales 270,347
add Freight Inwards 1,974
Discount Allowed 2590 less Discount Received 2,170
Salaries Expense - Store 23380 270,151
Advertising Expense 392 Commented [B18]: Expenses must be classified into 3
categories:
Interest Expense 329 -Selling & Distribution
Doubtful Debts Expense 700 -Administration
- Financial
Salaries Expense -Admin 9310 333137 (-5 marks)
Profit 52150 Commented [B19]: Needed to split electricity into the correct
classification:
Shop Electricity Expense 840 (Selling & Distribution Expense)
Office Electricity Expense 280 (Administrative Expense)
(-1 mark)
Commented [B20]: Must be part of the Cost of Sales section
(see above)
(-0.5 marks)
RAOUL’s FINE CHINA Commented [B21]: Must be part of the Cost of Sales section
(see above)
(-0.5 marks)
Statement of Changes in Equity
Commented [B22]: Needed to split rent into the correct
classification:
For the year ended 1 July 2017 Shop Rent Expense 15 010 (Selling & Distribution Expense)
Office Rent Expense 5 500 (Administrative Expense)
(-1 mark)
R. Dalton, Capital – 1 July, last year $31,367
Commented [B23]: Must be deducted from Sales in the
Income section.
Add: Profit for year ended 30 June $52,150 (-0.5 marks)
Commented [B24]: Raoul’s Fine China
Statement of Changes in Equity
For the year ended 30 June 2018
(-0.5 marks)
Less: Drawings ($12,950)
R. Dalton, Capital – 30 June $70,567 Commented [B25]: A good attempt, but there were a few
issues with the Income Statement. Please make sure that you
know what sections are required and how to classify expenses.
Total 11.5 marks
Commented [PJ26R25]: AI review outcome
Zero marks awarded
Janelle Ledger
JLL Accounting Pty LTD, 44 The Parade,
Norwood, SA 5067
October 31, 2018
Dear Ms. Ledger/Janelle, Commented [B27]: Must choose either Ms Ledger or Janelle.
Do not write both.
(-0.5 marks)
I am writing this letter is to explain the confusion of three questions. Here are my explanations.
Commented [B28]: Headings should not just be numbers. A
1. What is asset: description of each section was required.
A resource controlled by the entity as a result of past events and from which future economic benefits
are expected to flow to the entity. A present economic resource controlled by the entity as a result of Commented [B29]: Correct, but where is your reference?
past events.
The road may bring future benefits to Harry, but the ownership of road is not belonging to Harry, so Harry Commented [B30]: The asset definition refers to control. The
need to remove the value of road from his balance sheet. road is not controlled by harry.
(-0.5 marks)
It also fails to satisfy the measurability recognition criterion - how
could the value of the road to the market garden be reliably and
2. Consistency assumption objectively measured?
(-0.5 marks)
Ron need to separate the accounting to personal accounting and business accounting.
Commented [B31]: Should use a full stop instead of a
If Ron use the cash in business account to purchase a computer, it should be recorded as drawing. comma. Otherwise it is a long sentence.
Commented [B32]:
Commented [B33]:
3. According to Hermione’s case, under the principles of principle of sincerity, the firm should keep Must state that the Accounting entity concept was violated.
(-0.5 marks)
relevant resource in honest, so Hermione should keep relevant resource of his bakery in check.
Commented [B34]:
Commented [B35]: The principle is not called sincerity.
Your sentence does not make sense.
Hope my explanation will help you eliminate your confusion and please let me know if you have The accrual basis assumption is violated.
(-0.5 marks)
furthermore questions. Should charge depreciation expense each year that the asset is
used regardless of profit. The fact that the expense (decrease in
equity, apart from drawings, represents the consumption of
economic benefit in the form of reduction in an asset) is not a
“cash” expense doesn't change the fact that there has been a
Faithfully, reduction in economic benefit through the use of the asset.
(-1 mark)
Xuzhuo Zhang Commented [B36]: Should record depreciation expense and
accumulated depreciation.
(-1.5 marks)
Commented [B37]: A good attempt, but there was not
enough detail in your answers. See comments above and make
sure that you can identify, define and explain the accounting
concepts/assumptions and the accounting elements.
Total 7 marks
Q4(a)
$ $
Cash Flows from Operating Activities
Receipts from customers 990 500
Payments to employees = Selling and Admin Expenses (217,500) – Expenses Payable (10,500) =
207,000
Commented [B45]: Paid to Suppliers
Payments to suppliers & employees = Payments to suppliers (608,000) + Payments to employees COS – Op Inv + Cl Inv + Op A/C Pay – Cl A/C Pay – Disc Rec
650 000 - 165 000 + 155 000 + 37 500 – 32 000 – 2 500 = 643 000
(207,000) = 834 500 (-3 marks)
Income tax paid = Income tax expense (47,250) - tax payable (21,000 – 28,000) = 54,250 Paid for Employees
(Selling & Admin Exp – Dep’n) - Op PP Exp + Cl PP Exp + Op Acc
Exp – Cl Acc Exp
Dividends = Profit (105,250) – change in retained earnings (246,500 – 235,000) = 93,750 (217 500 – 23 500) – 16 500 + 17 500 + 15 500 – 10 500 = 200 000
(-3 marks)
Q4(b)
According to accrual accounting, credit sales are allowed. In this case, some revenue and credit
sales have not yet been collected. Commented [B46]:
PARAPHRASING
Presenting ideas and information that student read in their own
words,
Not simply taking what someone else has written and changing
a few words. It is about translating another person’s ideas into
the student’s own words.
Mark (maximum 3) = 3
BEING RELEVANT
Does what is written contribute to answering the question(s)
Setting out to specifically answer the question(s) by using relevant
information,
Staying ‘on track’ with answers,
Avoiding straying from the question and going off on irrelevant
tangents.
Mark (maximum 3) = 3