Business Folio

 

Business Folio

 

Part 1 (First Phase)

[Team Assignment; Each team should consist of three members (max). Please remember it is students’ responsibilities to form their own groups/teams for the assignment. The same team should work on both the phases/parts of the business folio assignment.]

 

DUE DATE:

 

LOCATION: Online electronic submission through the Blackboard

INTRODUCTION OF BUSINESS FOLIO

The Business Folio consists of two related phases. This scaffolding exercise aims to reach the learning outcome that you will be able to record financial information through both manual accounting information systems and computerised accounting information systems, and compare and consolidate your knowledge within both systems. You are given structured instructions to set up a business, create your own Chart of Accounts, prepare a set of transactions within a general journal, post transactions to ledger accounts and prepare a trail balance. This forms the Part (Phase) 1. Based on the feedback from your tutors from this phase and supporting materials, demonstrations, instructions on computerised accounting system, you will then process the information that you created in Part 1, through a computerised accounting system phase.

Capability in this application is achieved through the development of generic capabilities. Therefore, the best preparation for this folio is to study the lecture materials and the readings from the text as well as consider real life examples of businesses.

Each part of your Business Folio must be accompanied by an Assignment Cover Sheet. All assignments will be marked as if submitted on time then the mark awarded will be reduced by 10% for each day (or part of a day) it is late. Assignments that are late by 7 days or more will not be marked and will be awarded zero marks. For example if an assignment is worth 10 marks and you are one day late then you will be penalised 10% of 10 marks which is 1 mark. This one mark will be subtracted from the assessed mark.

For electronic submission, you are required to scan your hard copy version and submit it through RMIT Blackboard. Arrange your RMIT cover sheet (make sure all your group members have signed on the cover sheet) as the first page when scanning. Please rename your file name follow naming protocol: RMIT Student Number (any one from your group), Name, Assignment One. For example: s1234567, Saiful Azam, Assignment 1.

Business Folio is a team assignment, submission of individual work is not accepted. It is your responsibility to find your team member, form into a group and conduct team work to develop your team working skills. All of your submitted tasks should be typed. Handwritten work is not eligible for submission.

How to complete the assignment

 

You are required to form a team with two other students from your class (teams must consist of three students who are enrolled in the same tutorial). Complete the team details (Pro Forma A). You are required to fill in the Pro Forma provided in this document. All of your submitted tasks should be typed. Handwritten work is not eligible for submission.

 

Now that you and your partners have decided on your business and some of the aspects of this business, it is now time to create a Chart of Accounts suitable for your business which currently uses a manual accounting system. The form of business ownership and the transactions you have created will largely determine the accounts you include in your chart of accounts. Remember the numbering system you create needs to be flexible in case you need to add extra ledger accounts at a later date. If you need further information regarding the Chart of Accounts, refer to your lecture materials, your textbook or other relevant references.

Using the Chart of Accounts included in Pro Forma B as a starting point, you are required to complete your own manual Chart of Accounts for your business. Ensure your Chart of Accounts has the appropriate accounts with an appropriate account number and account name for each of the transactions you will create in Pro Forma C. You need to adapt this Chart of Accounts to reflect the accounts you believe will be needed for your business after consideration of the following:

You must add (for your business):

Two current assets
One non current asset
One current liability
One non current liability
Four expense accounts

Complete Pro Forma B.

 

Total points available for Pro Forma B: 3 points

 

 

Note:

The two example transactions (Pro Forma C) provide a good guide/model for you to complete this section. Your transaction description must provide enough details to justify your general journal entries in Part C. That is, for each transaction you must clearly specify:

The type of transaction (sale, purchase, payment, receipt, return).
Whether the transaction is a cash or credit transaction,
- If a credit transaction the name of the supplier/customer.
- Terms offered (see Pro Forma A)
If selling or buying what was purchased/sold, the quantities involved and unit cost/price clearly stating whether the cost/price includes GST or is plus GST.
Balance day adjustments and closing entries are not required, but transactions must include 10% GST where appropriate.

Complete Pro Forma C.

Total points available for Pro Forma C: 30 points

 

You have now completed Business Information Introduction Phase. Check Pro Forma: A, B, C and D.

 

A RMIT Assignment Cover Sheet should be attached to your group’s assignment. Ensure that it is fully completed with your tutorial day and time, tutor’s name and all your group member’s details. Each group member is required to sign on the coversheet. Arrange the signed cover sheet as the first page of your submission.

 

Total points available for Part 1 of Business folio: 40 points.

 

Your points will then be converted to a mark out of 10.

Peer Evaluation

Students are reminded that the business folio assignment is a group/team work. Therefore, group members are expected contribute equally when completing this piece of assessment. Since students were required to form their own groups, the group members need to resolve their group issues (if any arises). Contact your tutor early enough to seek their assistance with resolving your group issues, if required. You will have the opportunity to complete a Peer Evaluation Form (only if required). The Peer Evaluation (if required in extreme cases) would be submitted to your tutor. Where a Peer Evaluation is submitted, a meeting will to be convened and all members of the group that the Peer Evaluation relates to would be required to attend.

 

[You must attach RMIT Assignment Cover Sheet signed by all the team members. The coversheet should appear before Pro Forma A]

Pro Forma A

Section 1

The members of this team are:

Customer details are:

( Section 2: 1 point)

Section 3

The roles/responsibilities of each of the owners of the business are:

The business is planning to employ __ number of staff.

Monthly wages expenses amount to $—————–. The role of the staff employed will be

(Section 3: 0.5 point)

Total points available for Pro Forma A: 2 points. Award 0 point if Pro Forma is not used.

Pro Forma B

Chart of Accounts (Add additional rows if necessary)

Accounts

Credit ($)

Dr GST Paid

Cr Accounts Payable

5,500

Cr GST Collected

Cr Sales

Dr COGS

Cr Inventory

600

6,000

2,000

Total

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