In this document, you will find the foundation of what is required to become competent in this unit. For further information on each element, you can refer to the Assessment Matrix. Document Preview:

Major Assignment ACT501 –Accounting Principles Semester 2, 2018 Maximum Marks: 95 Instructions: If you create your worksheets in excel, please copy and paste them into MSWord before converting your document to PDF. Points are given for the quality of your calculation formats even if your final calculations are not correct. Once you have completed the assignment, it needs to be lodged through the Assessments section of Learnline. Your assessments must be lodged using PDF. Required: 1) Make sure your entire assignment can be readily printed on A-4 paper in portrait (preferred) or landscape format with appropriate page breaks 2) Make sure your name and student number are on every page of your submission. 3) Please show your calculations clearly. Ethics: This is not a group assignment; it is an individual assessment. Your solutions will likely be different from other students. If portions of your assignment are copied or very close to copying, all parties will be penalised for copying. Copying would be considered plagiarism and CDU has strict policies. It is up to you to keep your assessment confidential. ACT501 Semester 2, 2018 Page 1Q. 1 (Max. Marks: 65) Kargil P/L began operations and completed the following transactions during July 2018 as follows: July 1 Sold ordinary shares for cash for $25,000 2 Set up a petty cash for $200, to be managed by the receptionist. 2 Paid quarterly office rent, $3,300 3 Paid cash for office computers, $4,400. This equipment is expected to remain in service for 5 years. 3 Employed a full-time draftsman at the rate of $800 per fortnight. 3 Purchased milk, coffee, sugar, tissues etc for office amenities for $49.25. This total amount included GST of $13.74. 4 Purchased office furniture on credit for $3,960. The furniture should last for 7 years. 4 Purchased supplies on credit, $990, terms 2/20 net 30 9 Performed Design services for a client on…