The coursework consists of two parts.
Part A (Total 35 marks)
I) Create your own business as a Sole Trader with a financial year starting on the first day of any month in the year 2015. You should then identify and process for the first quarter of the period, at least twenty transactions to be used to demonstrate the operation of Sage line 50 (Financial Controller) software.
The transactions MUST include the following:
Bank Receipts (4 transactions)
i. The Capital you introduced to commence the business (the amount should be more than £28,000 but less than £40,000). Sales Receipts (1 Capital Introduced and 3 from cash sales). NB: cash sales mean non-credit sales.
Make sure that you have bought goods from Suppliers (Purchase Ledger) before you can make any sales since you need inventory to sell. Create 3 suppliers account and process 3 batch supplier invoices. The each invoice amount should be more than £4,250 but less than £7,000.
i. Make Payment for any single asset worth less than £3,000.00 bought with your business debit card (1 asset).
Process payments for expenses and purchases (2 expenses, 1 purchase). No single transaction should exceed £2,850.
i. Create 4 customer (Sales Ledger) accounts and process batch invoices for any 3 of them.
i. From the transactions in C (i) above, two customers pay their invoices in full within two weeks of the invoice dates. Process these customer receipts (2 receipts).
Transfer of sufficient amount from Bank Current Account to Petty Cash Account to enable you to pay cash expenses.
i. Create a petty cash transfer
Petty cash payments
i. Make 3 different expenses payments from the Petty Cash Account
Prepare a VAT return for the first quarter.
Note: State any assumptions you have made in creating the illustrative data.
ii) Using SAGE, record these transactions.
Submit a print out (in PDF format) of the following:
Details of all customers and suppliers (4 marks)
All Suppliers and Customers Activities (Detailed Report) (4 marks)
The Audit Trail for all transactions (5 marks)
Transactional Trial Balance Report for the quarter (6 marks)
Profit and Loss Account for the quarter (6 marks)
Balance Sheet for the quarter (6 marks)
VAT return (4 marks) for the first quarter of trading.
Evaluate the usefulness of SAGE Line 50 as a computerised Accounting Software and briefly provide your thoughts on the effectiveness of this package. (15 marks)
This coursework counts as 20% of the total mark. This is an individual assignment. The work must be your own original work. All sources (including internet sites such as those of the company and regulatory bodies) must be fully and properly referenced.
Marks will be lost if this is not done. You must avoid any breach of assessment regulations – see relevant sections in your Course Handbook and the University’s Assessment Regulations.
All your reports should be exported into a pdf file format and then submitted electronically on Blackboard TURNITIN.
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