1. EDWARD'S ELECTRICAL GOODS PTY LTD
– ACCOUNTING PRACTICE SET
(
2
)

3. Table of Contents
INTRODUCTION 5
CompanyBackground 5
AccountingSystemInformation 5
UNADJUSTED TRIAL BALANCE AND
CHARTOFACCOUNTS 6
As at 31May2017 6
SUBSIDIARYLEDGERS 7
Schedule ofAccountsReceivable 7
As at 31May2017 7
Schedule ofAccountsPayable 7
As at 31May2017 7
TRANSACTIONS 8
ForJune2017 8
Instructions 9
ADJUSTINGENTRIES 10
CashReceiptsJournal 18
CashPaymentsJournal 19
SalesJournal 20
PurchasesJournal 21
LEDGERS 22
Accounts ReceivableSubsidiaryLedger 23
Accounts PayableSubsidiaryLedger 24
GeneralLedger 25
WORKSHEET 34
FINANCIAL STATEMENTS 36
Schedules ofSubsidiaryLedgers 36
IncomeStatement 37
Statement of ChangesinEquity 38
BalanceSheet 39
Post-closingTrialBalance 40
WRITTENCOMPONENT 41
STUDENT DECLARATION FOR COMPLETIONOFWORK 46

4. INTRODUCTION
TheobjectiveofthisAccountingpracticesetistoprovidestudentswit
haninsightintotheprocessof
recordingtransactions,completingadjustingandclosingentries,and
preparingfinancialstatements foraretailbusiness.Company
Background
Edward's Electrical Goods has been in business in Sydney since
July, 2011. The company was started by Edward Wright and
operates a shop which sells electrical equipment on a retail
basis to other businesses on credit and the public on cash terms.
The company's share capital consists of 126,000 ordinary
shares, issued at $1 each, that are owned by various members of
the Wright family. The company employs a combination of sales
and administration staff to operate the business.Accounting
System Information & Procedures
The company has a financial year end of 30 June and prepares
adjusting entries at the end of the financial year. To ensure
efficiency of its accounting procedures, the company uses the
following Special Journals to maintain its accounting records:
1. Sales Journal (SJ): to record all sales of inventory oncredit
2.
PurchasesJournal(PJ):torecordallpurchasesofinventoryoncredit
3. Cash Receipts Journal (CRJ): to record all cashreceipts
4. Cash Payments Journal (CPJ): to record all cashpayments
5.
GeneralJournal(GJ):torecordalltransactionsotherthantheabove.
Business transactions are recorded for Edward's Electrical
Goods on a daily basis in one of these five journals in the
accounts.
Additionally, the company maintains a general ledger to record
postings from the journals. Subsidiary Ledgers are used to

5. record the separate details of Accounts Receivable and
Accounts Payable. Transactions are posted immediately to the
relevant ledger account if they are entered into the general
journal, the “other” column of the Cash Receipts Journal or
Cash Payments Journal, or if they affect any of the Accounts
Receivable or Accounts Payable subsidiary ledger accounts.
Apart from these transactions, totals of the special journals are
taken at the end of the month and then posted to the appropriate
accounts. The company uses a periodic inventorysystem.
In practice, the company would be required to collect and pay
Goods and Services Tax (GST) on its sales and purchases.
However, for the purposes of this exercise, GST has been
excluded.
Please Note: All amounts in this practice set should be rounded
to the nearest dollar.
UNADJUSTED TRIAL BALANCE AND CHART OF
ACCOUNTS
As at 31 May 2017
Acc. No.
Account
Debit ($)
Credit ($)
100
Cash at Bank
68,292
101
Accounts Receivable Control
26,460
102
Store Supplies
16,779

6. 103
Inventory
86,800
104
Prepaid Store Rent (paid 1 March 2017)
82,180
105
Prepaid Insurance (paid 1 Nov. 2016)
1,260
150
Store Shelving & Fittings
56,700
151
Accum. Depreciation – Shelving & Fittings
160
Equipment
19,250
161
Accumulated Depreciation - Equipment
9,450
200
Accounts Payable Control
17,066
201
Interest Payable

7. 202
Utilities Payable
203
Wages Payable
204
Salaries Payable
205
Tax Payable
206
Dividend Payable
250
Bank Loan (due 1 June 2022)
67,438
300
Share Capital
126,000
301
Retained Profits (1 July 2016)
107,058
302
Dividends Declared

8. 303
Profit and Loss Summary
400
Sales Revenue
449,526
401
Sales Discounts (Discount Allowed)
3,451
402
Sales Returns and Allowances
973
500
Purchases
214,095
501
Purchase Discounts (Discount Received)
2,688
502
Purchase Returns and Allowances
1,127
600
Freight-Out
322
601
Wages Expense - Sales Staff
107,569

9. 602
Depreciation Expense- Shelving & Fittings
603
Depreciation Expense - Equipment
604
Supplies Expense
605
Rent Expense
606
Insurance Expense
607
Advertising Expense
4,872
608
Interest Expense
609
Utilities expense
6,496
610
Tax Expense

10. 611
Sundry Expense
336
612
Salaries Expense– Office Staff
84,518
613
Bad Debts Expense
780,353
780,353
SUBSIDIARY LEDGERS
Schedule of Accounts Receivable
As at 31 May 2017
Note: Edward's Electrical Shop offers all customers Credit
Terms 2/10, n/30, unless otherwise stated
Acc. No.
Account
Invoice date
Amount ($)
101-1
Bellevue Hill Electrics
26 May
10,584

11. 101-2
Glebe Lighting
15 May
5,348
101-3
Longueville Electrics
22 April
7,238
101-4
Vaucluse Lighting
10 May
3,290
$26,460
Schedule of Accounts Payable
As at 31 May 2017
Acc. No.
Account

12. Invoice date
Credit terms
Amount ($)
200-1
Parramatta Electrical Engineering
28 May
2/10, n/60
4,830
200-2
Wentworth Lights Manufacturer
21 May
1/10, n/45
12,236
$17,066

13. TRANSACTIONSFor June 2017
Date
Transaction
WEEK 1
June 1
Bellevue Hill Electrics paid the entire balance of its account
that was still outstanding.
Delivered goods to Glebe Lighting for $7,588 and issued
invoice #401. Issued cheque
#127 to pay $840 for delivery costs of inventory to their
premises.
June 2
Paid the amount owing to Parramatta Electrical Engineering.
Cheque #128 was sent.
June 3
Total Cash Sales for the week were $2142.
WEEK 2
June 6
Longueville Electrics paid $3038 toward the amount it owes us.
June 7
Made a purchase from Wentworth Light Manufacturers for

14. $6510 for boutique lighting: Terms are 1/10, n/45 and date of
invoice was 7 June.
The firm issued cheque #129 for the purchase of store supplies
amounting to $616.
June 8
Bellevue Hill Electrics purchased inventory of $7,644. Invoice
#402 was issued.
June 9
Some of the boutique light fittings purchased on 7 June from
Wentworth Light Manufacturers were the wrong design.
Returned inventory in exchange for a Credit Note of $2,100.
June 10
Total Cash Sales for the week were $2,926.
WEEK 3
June 13
Purchased inventory from Parramatta Electrical Engineering for
$10,710. The invoice was dated 13 June. Credit terms are 2/10,
n/30.
June 14
Sold inventory to Longueville Electrics for $13,818 on invoice
#403. Issued cheque #130 to pay for delivery costs of $1,050.

15. June 15
Paid office staff salaries of $8,162. Cheque #131 was issued for
payment.
Cheque #132 was issued to pay sales staff wages, $6,930.
June 16
The company issued cheque #133 to pay the amount still owing
to Wentworth Light Manufacturers.
June 17
Total Cash Sales for the week were $2,779.
WEEK 4
June 20
Longueville Electrics returned $2,618 of inventory purchased on
14 June. Issued a Credit Note for the transaction.
June 21
Issued cheque #134 for $1,400 to pay for the annual gift the
company donates to the Royal Children's Hospital Appeal. The
gift is to be recorded as a sundry expense in the accounts.
June 22

16. Purchased inventory from Wentworth Light Manufacturers,
worth $10,430. The terms were 1/10, n/45. Date of the invoice
was 21 June.
June 23
Received the total amount owing from Longueville Electrics.
June 24
Total Cash Sales for the week were $4,368.
WEEK 5
June 27
Glebe Lighting paid the entre balance of its account that was
still outstanding
June 28
Paid $8,400 of the amount owing to Wentworth Light
Manufacturers and Cheque #135 was issued.
June 29
A dividend of $19,600 was declared to the company
shareholders. However, the dividend will not be paid until
November 9, 2017.
Paid sales staff wages, $6,930 and Cheque #136 was issued to
meet the payment.
June 30

17. Issued additional shares to the owners of the Company for cash,
and $14,000 was received and banked.
Total Cash Sales for the week were $2,604.
INSTRUCTIONS
1) Enter the transactions on pages 8-9 into the appropriate
Journal for the month of June 2017, Remember to post Journal
transactions to the ledger accounts as specified in the “Account
System Information” section of theintroduction.
2)
TotalallSpecialJournalcolumnsandposttotheappropriateledgeracc
ountattheendof themonth.
3)
PreparetheunadjustedTrialBalanceasat30Juneontheworksheetpro
vided.
4) Prepare the adjusting entries shown on page 10 in the
General Journal and post to the
relevantledgeraccounts.Theentertheadjustmentsintherelevantwor
ksheetcolumnsand prepare an adjusted TrialBalance.
5)
Astocktakeon30June2017indicatesthatthebalanceofclosinginvent
oryis$157,388.Use this information to complete the remaining
columns of theworksheet.
6) Use the worksheet to prepare the Income Statement and
BalanceSheet.
7)
CompletetheScheduleofAccountsReceivableandScheduleofAcco
untsPayable.Ensure the balances agree with the totals in the

18. controlaccounts.
8)
Prepareclosingentriesandposttotherelevantgeneralledgeraccounts
.
9) Complete the post-closing Trial Balance as at June2017.
ADJUSTING ENTRIES
a) The computer equipment has a useful life of 10 years and
estimated salvage value of$350.
b) The new Store Shelving & Fittings were installed on 1 July,
2015. They have a useful life of 9 years and no salvage value.
c) Twelve months of store rent was prepaid on 1 March,2017.
d)
Acountofstoresuppliesindicatesthat$9,485remainonhandatyearen
d.
e) Aone-
yearinsurancepolicywaspurchasedon1November2016for$1,260.
f)
InterestontheANZBankLoanischargedat7%perannumandispaidan
nuallyon1August
(theinterestexpenseshouldberoundedofftothenearestdollar).
g)
ThecompanyhasbeeninformedthatVaucluseLightinghasbeendecla
redbankruptand
Edward'sElectricalGoodshasagreedtowriteoftheamountowingasa
baddebt.The companyusesthedirectwrite-
ofmethodtoaccountforanybaddebtsinthebooks.
h)
Atelephonebillfor$714forJunewasreceivedon4July.Theamountha
snotyetbeen recorded. The company records them as a
utilitiesexpense.
i) Office Staff are paid once permonth,$8,162. The Office Staff

19. were last paid on the 15June, 2017.
j) Sales staff are paid fortnightly and work 7 days per week. The
sales staff were last paid on the 29 June, 2017.
k) The estimated Tax Payable for the year ended 30 June, 2017
is $19,600. This amount is to be paid on 30 September,2017.
(
17
)
GENERAL JOURNAL
Date
Account
Post. Ref.
Debit
Credit

22. GENERAL JOURNAL
Date
Account
Post. Ref.
Debit
Credit

27. GENERAL JOURNAL
Date
Account
Post. Ref.
Debit
Credit

31. GENERAL JOURNAL
Date
Account
Post. Ref.
Debit
Credit

33. CASH RECEIPTS JOURNAL
Date
Account
Post. Ref.
Cash at Bank (100)
DR
Sales Discounts (401)
DR
Sales (400)
CR
Accounts Receivable (101)
CR
Other
CR

35. TOTAL
(
19
)

36. CASH PAYMENTS JOURNAL
Date
Account
Chq. No.
Post Ref.
Other DR
Accounts Payable (200)
DR
Purchases (500)
DR
Cash at Bank (100)
CR
Purchase Discounts (501)
CR

39. TOTAL
(
20
)
SALES JOURNAL
Date
Invoice No.
Account
Post Ref.
Amount

42. TOTAL
(
21
)PURCHASES JOURNAL
Date
Invoice Date
Account
Terms
Post Ref.
Amount

46. TOTAL
LEDGERS
Accounts Receivable Subsidiary Ledger
BELLEVUEHILLELECTRICS 101-1
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
10,584
Jun-01
Receipt
GL1
10,584
-
Jun-08
Sold goods
GL9
7,644

47. 7,644
GLEBELIGHTING 101-2
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
5,348
Jun-01
Delivered goods (Invoice # 401)
GL2
7,588
12,936
Jun-27
Receipts
GL23
12,936
-

48. LONGUEVILLEELECTRICS 101-3
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
7,238
Jun-06
Receipts
GL6
3,038
4,200
Jun-14
Sold goods
GL13
13,818

49. 18,018
Jun-20
Sales returns
GL19
2,618
15,400
Jun-23
Receipts
GL21
15,400
-
VAUCLUSELIGHTING 101-4
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
3,290
Jun-30
Write off - Bad debt
GL36
3,290
-

50. Accounts Payable Subsidiary Ledger
PARRAMATTAELECTRICALENGINEERING 200-1
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
4,830
Jun-02
Payment
GL4
4,830

51. -
Jun-13
Purchases
GL12
10,710
10,710
WENTWORTHLIGHTMANUFACTURERS 200-2
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
12,236
Jun-07

52. Inventory purchased
GL7
6,510
18,746
Jun-09
Purchase return
GL10
2,100
16,646
Jun-16
Payment
GL17
16,646
-
Jun-22
Inventory purchased
GL20
10,430
10,430
Jun-28
Payment
GL24
8,400
2,030
General Ledger

53. CashatBank 100
Date
Explanation
Post.Ref.
Debit
Credit
Balance
31-May
Balance
68,292
Jun-01
Received from Bellevue Hill Electrics
GL1
10,372
78,664
Jun-01
Delivery costs - Glebe lighting
GL3
840
77,824
Jun-02
Payment to Parramatta Electrical
GL4
4,733
73,091
Jun-03
Cash sales
GL5
2,142

54. 75,233
Jun-06
Longueville Electrics
GL6
3,038
78,271
Jun-07
Store supplies
GL8
616
77,655
Jun-10
Cash sales
GL11
2,926
80,581
Jun-14
Delivery costs - Longueville Electrics
GL14
1,050
79,531
Jun-15
Office staff salaries
GL15
8,162
71,369
Jun-15
Sales staff wages
GL16

55. 6,930
64,439
Jun-16
Wentworth Lights Manufacturer
GL17
16,602
47,837
Jun-17
Cash sales
GL18
2,779
50,616
Jun-21
Gift: Royal children hospital appeal
GL19
1,400
49,216
Jun-23
Received from Longueville Electrics
GL21
15,176
64,392
Jun-24
Cash sales
GL22
4,368
68,760
Jun-27
Glebe Lighting
GL23
12,936

56. 81,696
Jun-28
Wentworth Lights Manufacturer
GL24
8,316
73,380
Jun-29
Sales staff wages
GL26
6,930
66,450
Jun-30
Share issue proceeds
GL27
14,000
80,450
Jun-30
Cash sales
GL28
2,604
83,054
Accounts Receivable
Control 101

57. Date
Explanation
Post.Ref.
Debit
Credit
Balance
Store
Supplies 102
Date
Explanation
Post.Ref.
Debit
Credit
Balance

58. Inventory 103
Date
Explanation
Post.Ref.
Debit
Credit
Balance

59. Prepaid Store
Rent 104
Date
Explanation
Post.Ref.
Debit
Credit
Balance
Prepaid
Insurance 105
Date
Explanation
Post.Ref.
Debit

60. Credit
Balance
Store Shelving&Fittings 150

61. Date
Explanation
Post.Ref.
Debit
Credit
Balance

62. Accumulated Depreciation –
Store Shelving&Fittings 151
Date
Explanation
Post.Ref.
Debit
Credit
Balance

63. Equipment 160
Date
Explanation
Post.Ref.
Debit
Credit
Balance

64. Accumulated Depreciation -
Equipment 161
Date
Explanation
Post.Ref.
Debit
Credit
Balance

65. AccountsPayable Control 200
Date
Explanation
Post.Ref.
Debit
Credit
Balance

67. InterestPayable201
Date
Explanation
Post.Ref.
Debit
Credit
Balance

68. Utilities Payable 202
Date
Explanation
Post.Ref.
Debit
Credit
Balance

69. Wages Payable 203
Date
Explanation
Post.Ref.
Debit
Credit
Balance

70. SalariesPayable 204
Date
Explanation
Post.Ref.
Debit
Credit
Balance

71. TaxPayable 205
Date
Explanation
Post.Ref.
Debit
Credit
Balance

72. Dividend
Payable 206
Date
Explanation
Post.Ref.
Debit
Credit
Balance

73. BankLoan 250
Date
Explanation
Post.Ref.
Debit
Credit
Balance

74. ShareCapital 300
Date
Explanation
Post.Ref.
Debit
Credit
Balance

75. RetainedProfits 301
Date
Explanation
Post.Ref.
Debit
Credit
Balance

76. DividendsDeclared 302
Date
Explanation
Post.Ref.
Debit

77. Credit
Balance
Profit &LossSummary 303
Date

78. Explanation
Post.Ref.
Debit
Credit
Balance

79. Sales Revenue 400
Date
Explanation
Post.Ref.
Debit
Credit
Balance

81. Sales Discounts 401
Date
Explanation
Post.Ref.
Debit
Credit
Balance
Sales Returns&Allowances 402
Date
Explanation
Post.Ref.
Debit
Credit
Balance

82. Purchases 500
Date
Explanation
Post.Ref.
Debit
Credit
Balance

83. PurchaseDiscounts 501
Date
Explanation
Post.Ref.
Debit
Credit
Balance

84. Purchase Returns &
Allowances 502
Date
Explanation
Post.Ref.
Debit
Credit

85. Balance
Freight-Out 600
Date
Explanation
Post.Ref.

86. Debit
Credit
Balance
Wages Expense –SalesStaff 601
Date
Explanation
Post.Ref.
Debit
Credit
Balance

87. WORKSHEET – 30 JUNE 2017
Unadjusted Trial Bal.
Adjustments
Adjusted Trial Bal.
Income Statement
Balance Sheet
Account
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit

95. (
41
)

101. TOTALS
PROFIT/(LOSS)

102. FINANCIAL STATEMENTS
Schedules of Subsidiary Ledgers
Schedule of Accounts Receivable
as at 30 June 2017
Acc. No.
Account
Amount ($)
TOTAL
Schedule of Accounts Payable
as at 30 June 2017
Acc. No.
Account

103. Amount ($)
TOTAL
$12,740
(
39
)Income Statement
for the year ending 30 June 2017
Gross Sales
Less: Sales Returns & Allowances
Less: Sales Discounts
Net Sales

104. Opening stock
Add: Gross Purchases
Less: Purchase Discounts
Less: Purchase Returns and Allowances
Less: Closing stock
Cost of Goods Sold
Gross Profit

105. Other Revenue
Expenses
Selling Expenses
Wages Expense - Sales Staff
Advertising Expense
Administration Expenses
Freight-Out

106. Depreciation Expense - Store Shelving & Fittings
Depreciation Expense - Equipment
Supplies Expense
Rent Expense
Insurance Expense
Utilities Expense
Sundry Expenses
Salaries Expense–Office Staff
Bad Debts Expense

107. Financial expenses
Interest expense
Total Expenses
Profit Before Income Tax
Income Tax Expense
Profit After Income Tax

108. Statement of Changes in Equity
for the year ending 30 June 2017
Share Capital
Retained Profits
Total Equity
Opening Balance as at 1 July 2016
Shares issued
Profit after tax
Dividends declared
Ending Balance as at 30 June 2017

109. Statement of Financial Position
as at 30 June 2017
Current Assets
Cash at Bank
Accounts Receivable Control
Store Supplies
Inventory
Prepaid Store Rent (Paid 1 Mar. 2017)
Prepaid Insurance (Paid 1 Nov. 2016)
Total Current Assets

110. Non-Current Assets
Store Shelving & Fittings
Accumulated Depreciation – Store Shelving & Fittings
Equipment
Accumulated Depreciation - Equipment
Total Non-Current Assets
TOTAL ASSETS

111. Current Liabilities
Accounts Payable Control
Interest Payable
Utilities Payable
Wages Payable
Salaries Payable
Tax Payable
Dividend Payable

112. Total Current Liabilities
Non-Current Liabilities
Bank Loan (due 1 June 2022)
Total Non-Current Liabilities
TOTAL LIABILITIES
EQUITY

113. Share Capital
Retained Profits (1 July 2015)
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Post-closing Trial Balance
As at 30 June 2017
Acc. No.
Account
Debit ($)
Credit ($)
100
Cash at Bank
101
Accounts Receivable Control
102
Store Supplies

114. 103
Inventory
104
Prepaid Store Rent (paid 1 March 2017)
105
Prepaid Insurance (paid 1 Nov. 2016)
150
Store Shelving & Fittings
151
Accum. Depreciation – Shelving & Fittings
160
Equipment
161
Accumulated Depreciation - Equipment
200
Accounts Payable Control
201
Interest Payable

115. 202
Utilities Payable
203
Wages Payable
204
Salaries Payable
205
Tax Payable
206
Dividend Payable
250
Bank Loan (due 1 June 2022)
300
Share Capital
301
Retained Profits (1 July 2016)
Total

116. (
42
)WRITTEN COMPONENT
Discuss which parts of the Accounting cycle process could have
been completed automatically by using a computer software
package such as ACCPAC or QuickBooks. Your answer should
make reference to any specific documents or statements found
in Edward's ElectricalGoods Pty Ltd accounts where this occurs
As the firm is interested in developing an Accounting system in
the near future, explain to
Edward Wright (the Managing Director of the company), the
important phases in implementing and maintaining an
Accounting system and the factors that need to be considered
when developing such a system
STUDENT DECLARATION FOR COMPLETION OF WORK
Academic misconduct as defined in the "Guidelines on Ethical
Scholarship, Academic Literacy and Academic Misconduct" is
any activity or practice engaged in by a student that breaches
explicit guidelines relating to the production of work for
assessment, in a manner that compromises or defeats the
purpose of that assessment. Students must not engage in
academic misconduct.
Penalties for academic misconduct vary according to
seriousness of the case, and may include the requirement to

117. do further work or repeat work; deduction of marks; the award
of zero marks for the assessment; failure of one or more units;
suspension from a course of study; exclusion from the
University; non-conferral of a degree, diploma or other award to
which the student would otherwise have been entitled. For
further information on the rules and procedures in respect of
appropriate academic conduct you shouldvisit:
http://www.teachingandlearning.uwa.edu.au/tl4/for_uwa_staf
/policies/student_related_policies/academic_conduct
Plagiarism is one example of academic misconduct
1. Plagiarism is taking someone else's thought, writing or
invention and claiming it as yourown.
2. All references to other work must be properly cited in the
text eg. (Smith 1996) and the e article must be fully described
in a references section including author's name, date, title,
book/journal, volume/ page numbers.
The Faculty of Business has the following regulation on
Plagiarism:
"The Faculty will promote the highest levels of probity and
honesty amongst students and will provide instruction on
ethical conduct. By submitting assignments and other work
for assessment, students acknowledge Faculty's duty to guard
against plagiarism, including by electronic means such as
Turnitin or Mydropbox. A lecturer may require students
submitting writtenor electronic work to sign a Plagiarism
Declaration Form indicating that the work is original.”

118. No assignment will be accepted unless the following
statement is signed and dated:
"I certify that I possess a copy of the attached work submitted."
"I certify that the attached assignment/report is my own work
and that all material drawn from other sources has been
fullyacknowledged."
“I acknowledge that by submittingmy assignment with this
generic cover page and not the automated version available to
me that I will not receive an email receipt from the
BusinessSchool.”
I
SignedDate
FINANCIAL ACCOUNTING – ACCT1101
Group Assignment (Semester 1, 2017)
REQUIRED:

119. (1) Complete the Edward's Electrical Goods Pty Ltd Accounting
Practice Set online on
LMS as per the general instructions.
(2) Once you have completed the accounts as per the
Accounting Practice Set, discuss
which parts of the Accounting cycle process could have been
completed automatically by
using a computer software package such as ACCPAC or
QuickBooks. Your answer should
make reference to any specific documents or statements found
in Edward's Electrical
Goods Pty Ltd accounts where this occurs.
As the firm is interested in developing an Accounting system in
the near future, explain to
Edward Wright (the Managing Director of the company), the
important phases in
implementing and maintaining an Accounting system and the
factors that need to be
considered when developing such a system.
Your discussion of the above statements should in total be no

120. more than 800 words in
length. (Show all references used).
Please complete your discussion in the WRITTEN
COMPONENT section on LMS.
* Requirements (1) and (2) need to be completed onl ine on
LMS and be submitted
no later than Monday 15th May, 2017, by 12.00 noon. [Only one
online submission
per Group is required. The aggregate marks allocated to
requirements (1) and (2)
are 15% in total.]