SCHOOL ASSESSED COURSEWORK

Student Name: Bhavik Gupta

Subject & Unit: Accounting Unit 3: Financial Accounting for a trading business

Subject Teacher: Mr. A Dass

Area of Study: AOS 1: Recording and analysing financial data

SAC # & Name: Outcome 1a Folio (ICT)

Due Date: Thursday 23rd February 2023

Conditions and □ 50 minutes (plus 5 minutes reading)

allowable materials:  Students are permitted to bring into the room: pens, pencils highlighters,
erasers, sharpeners, rulers
 Students are allowed to use one approved calculator (see Study Design)
□ Students are NOT permitted to bring into the room: blank sheets of paper
and/or white out liquid/tape.
Materials supplied
□ Question and answer book.
Instructions
□ Write your name in the space provided above on this page.
□ All written responses must be in English.
Marks available: 47 Marks

STUDENT DECLARATION:

I declare that the work submitted in relation to this task is all my own and I have not received
unwarranted assistance from teachers, tutors or anyone else prior to its completion. My work has
been completed according to the guidelines set by my teacher and school and in accordance with
rules set down by the VCAA. I understand that the submission of part, or all, of someone else’s
work constitutes plagiarism and I accept the consequences which will be imposed should I do so.

Student signature: ____bhavik_______________           Date: _____23/02/23______

Question 1 – Accounting Equation and a Classified Balance Sheet (31 marks)

a. Capital (1 mark)
Negative $78500

b. Show the effect of the transactions from August 1 to 7 on the accounting equation (10
marks)

Assets = Liabilities + Owner’s Equity

August 1 +1500
+1500

2 +7500
+7500

3 -1250
-300
-1050
+500

4 -2800
-2800

5
-22500
+1000
+4000

6 -1250 -4250
-3000

7 +13000
+15000
-2000
(10 marks)

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 c. Prepare a Balance Sheet as at 8th of August 2023 after the effects of the transaction
from August 1 – 7 have been recorded. (20 marks)
Working Space

_____________________________
____________________________________

Current Assets Current

Liabilities
Bank $9100 Accounts $1400
payables
Account receivble $6500 Mortgage $223150
[payable
inventory $26250 Equipment $13000
payable
Total $42850 total $238150

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 Non-Current Assets Non-Current
Liabilities
Building $25000 Owner equity
Motor vehicle $5500 Capital
$54050
Equipment $60000 $5150
Les accumulated ($1000)
depreciation
total $89500

Totql assets $132350 Total equity $132350

(20 marks)

Question 2 Accounting Assumptions and Qualitative Characteristics (7 marks)

a.
Verifibility
(2 marks)
b.

(2 marks)
i. Calculate the Owners’ Equity (1 mark)

ii.

(2 marks)
Question 3 – Classifications (9 marks)
R, E, CA, NCA, CL, NCL, OE
Office Furniture NCA
Rent paid R
Sales R
GST payables CL
Bank overdraft
Commission received CA
Inventory of stationery

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Stationery used
Premises
Fees received NCA
Accounts receivables CA
Loan (due December 2023) CL
Capital
Mortgage ($1 000 per year, total due $40 000) CL
Advertising due E
Owners’ personal car NCA
Cleaning equipment E

The End

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