Aim and Scope:

The aim of the assignment is to apply the concepts in the course into a real business situation. It requires you to maintain a set of financial records of a business, prepare all relevant journal entries to complete the accounting cycle, and prepare financial statements. You will submit the complete the assignment (as ONE PDF file) electronically in e-learn. It must contain the following sections, which shall be clearly labelled from section to section (please create bookmarks if possible): 

(A) A properly classified and completed Chart of Accounts. 

(B) One set of journal entries for the month of July 20X4 (including adjusting and closing journal entries).

(C) One set of ledger accounts (including posted adjusting and closing entries) for the month of July 20X4. 

(D) Worksheet (using the template provided in e-learn) as at 31 July 20X4. 

(E) Bank reconciliation to prove equality of ending period cash and bank statement.

(F) Properly presented Statement of Comprehensive Income, Statement of Financial Position, and Statement of Changes in Equity for the period ending July 20X4. [Note: due to the timing of this assignment, you are not required to submit a Statement of Cash Flows.] 

(G) At least six relevant notes to the accounts, offering a variety of notes (e.g. numerical breakdown, accounting policies, estimates/judgements) as appropriate. 

(H) At least six financial ratio analysis of the business’ efficiency, profitability, liquidity and solvency. 

Note: for simplicity, we will ignore CPF, GST and other taxes. Inventory supplies are accounted for using the periodic method. Used inventory is to be treated as cost of sales.

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