Accounting Business Process Modelling Homework Help
- November 3, 2017
- Posted by:
- Category: Accounting QA
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1. You are working as an accountant in a regional accounting firm. You have been approached by the owner of “Sweet Treats”, a start-up wholesaler. They have chosen Saasu as their accounting system and have employed you to set up their company in Saasu and enter the first month’s transactions. You will use Saasu to enter a range of transactions and print some reports to assist with the business start-up. All information has been supplied by the business owner for you to input. The set up and transactional data will be provided in Interact, in the Assessment folder in Resources.
Task requirements:
Print and submit the following reports for November 2015 (either print to screen or print and scan as an electronic file).
The marks assigned include correctness of information.
1) Profit & Loss – Summary
2) Balance Sheet
3) Profit & Loss – Detailed
4) Accounts Payable
5) Accounts Receivable
6) Inventory Item History
2.Using the information compiled in question1 above compile a short report (500 words) that covers the following:
1) What advice can you provide the owner of Sweet Treats on how their business has performed for the month of November, with particular focus on the profitability of the business? Include relevant ratios in your analysis
2) Provide Sweet Treats with 5 recommendations, including specific actions, to improve the profitability and efficiency of the business.
3.You have been hired by a toy retailer, Santa’s Helper, to review their Accounts Payable Department. The organisation is looking to improve efficiencies in this area. To make any recommendations, you must first understand the current process being undertaken. A transcript of your interview with the Accounts Payable supervisor is posted in Resources in Interact. Using that transcript and an applicable system tool, create a Level 0 logical data flow diagram to document the existing system for the accounts payable process.
4. Using a Business activity statement from ATO, You are required to apply to correct GST code against the following business balances for the period January to March; the company uses the accrual basis when accounting for GST. All of these amounts include GST if applicable.
Account Total amount
$ BAS code
Sales invoiced (inc. GST)
Sales 370,000
Exports 65,000
Other GST-free sales 16,800
Purchase invoices (inc. GST)
Assets purchased 60,700
Purchase of materials 115,200
General journal bills
Advertising 800
Electricity 1,200
Freight 580
Petrol for company vehicle 2,200
Salaries 45,000
Wages 120,000
PAYG withheld from salaries and wages 33,400
ATO-assessed income rate 3.60%
It is important that bookkeepers are able to calculate GST amounts accurately.
Calculate GST on an invoice received for payment of education fees; total invoice amount is $2,200
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5.In the year ended 30 April 2005, the bookkeeper of V R Cross, wholesaler, made the following errors.
a) He wrote off as a bad debt the amount owing by N Ever ($400). He credited $400 to the N Ever account, but debited the bad debts account with $40.
b) A payment of $200 made to Julie Andrews was credited to the account of Janet Andrews.
c) A credit note for $160 in respect of goods returned to Asif Iqbal, a supplier, was lost and no entries made in the books.
d) On 1 January 2005, an insurance premium of $1 200 for the period 1 January to 31 December 2005 was paid; no adjustment was made for the amount paid in advance at 30 April 2005.
e) The total of the purchase returns book was undercast by $100.
f) The total of the discount allowed column in the cash book, $250, was posted to the credit side of the discount received account.
g) A cheque for $ 195 received from A N Other on 16 April 2005, in full settlement of her account, was entered correctly. No cash discount was involved. The cheque was dishonoured on 27 April 2005, but no entry for this was made in the books.
You are asked to do the following:
Show the effect of each error on the trial balance and the net profit for the year ended 30 April 2005.Draw up the table, in your answer book and complete it for each of the items (a) to (g) above. Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority.
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