Draft Assignment Steps 3 – 5

Hello all

I have completed my draft of my Steps 3 – 5 (excluding my student feedback and discussions), I would love to hear you thoughts and get some feedback if you have some free time. Happy to return the favour. Please see links below

All the Best

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Assignment – Steps 3 – 6

Assignment – Step 4 – Bank Transactions and Income Statement

Assignment – Step 5 – Trial Balance

Aeffe Financial statements at 31 dec 2017

 

One thought on “Draft Assignment Steps 3 – 5

  1. Hi Rochelle. Here is the feedback I have done up for you.

    Step 3:
    Reading through your step 3, I could certainly relate to how your were feeling. I do was given a company which I was unfamiliar to me (luckily it was in the same area as my last one), so I certainly had to do a lot of research. I can see that this was also the case for yourself. While this company was very new and unfamiliar to you, you have certainly provided a great introduction as to how the company operates and the goods/services it offers. You have also identified the biggest challenges in which the company currently faces, however these do not seem to be affecting it as of yet given the high profitability experienced in 2017. Furthermore, you have located additional articles and videos which accurately reflect how your business is currently performing in the market and how they will continue to function into the future.

    In terms of discussion, there are no comments as of yet included within your step 3, however I have seen that you have posted on the Unit Facebook page and commented on others’ blogs which is great.

    Step 4:
    In your step 4, you have included a lot of transactions within the monthly period shown. Just looking at the document, there are many general living expenses recorded, with this being the most frequent transaction in your personal accounts. The formatting you have used appears to be all correct and you have chosen appropriate account names to represent each of your monthly transactions. Transferring this information to your income statement, you have correctly calculated your profit for the month, using the right formula and linking your cells properly. Perhaps you could add in the percentage values as Maria has in her exemplar to determine the ratio of income to expenses in your statement. This will allow you to see just how much of your profit it taken up by your expenses. Additionally, the discussion you have provided for your step 4 is in depth and explains your thoughts during this process effectively. It was interesting to see just how many of these transactions the accrual basis was applicable to. In my statement, I only really had two transactions where this concept could be introduced, one of which would not typically be applied in such cases. You have really thought out how this concept would be applied in a practical scenario and explained the process very well which is great.

    Step 5:
    Your step 5 appears to be completed correctly and all of your cells are linked properly. I was slightly confused with the formula you have used to minus your profit in your trial balance. You have subtracted your reserves and your other comprehensive income, but no revenue and expenses have been included. While this is a different calculation to what I have used personally, your trial balance has balanced correctly, therefore your formula should be correct. The fact that your balance sheet values are also balanced indicates that you have done this step correctly also.

    As for your discussion, you have posted your assessment steps onto your personal blog and the unit Facebook page. I haven’t seen any other discussion based comments as of yet, although this may be provided in step 6 of your final draft.

    Step 6:
    Not provided at this time.

    Overall:
    Overall, your assignment is of a very high standard and is very well written. I found your reflections to be of great detail, outlining each individual thought you had during the entire assignment process. Alongside this, you have executed the technical components of the assignment (Step 4 & 5) well, succeeding in applying all of the appropriate formulas and concepts. Great Job!

    Like

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