ATF20603 Business Accounting Assignment Brief 2026 | UMK

ATF20603 Assignment Brief

Assignment Type : Group Assignment (25%) , Presentation (15%)

Suppose you and five (5) members have been running a small trading business for two years. As your business grows, you may notice that your company is not properly managing its accounting records, which can lead to various problems. You realised that the company should practice bookkeeping and accounting recordkeeping. You must produce a complete set of accounting records, including all transactions for one month.

Prepare (create) a list of business transactions for one month by including the following transactions: (must meet the minimum requirements as follows):

i. Expenses: 9 cash transactions and 5 accrued transactions

ii. Purchase of goods: 9 cash transactions and 5 credit transactions

iii. Sales: 15 cash transactions and 7 credit transactions

iv. Sales & Purchase Returns: 3 transactions each

v. Payment of loan: 3 transactions

vi. At the end of the month

• Provide depreciation for each fixed asset
• Provide doubtful debts 3% of outstanding debtors

The minimum number of accounts/ledgers requirements (not limited to):

i. Fixed Assets: 3 accounts

ii. Current Assets: 3 accounts

 iii. Current Liability: 3 accounts

iv. Non-Current Liability: 2 accounts

v. Expenses: 7 accounts 

** Make your transactions as unique as possible. Any plagiarism or similarity with other group (s) will be penalized.

Report Requirements (not limited to):

1. Introduction – the idea or the storyline of how your business comes into existence.
2. Background of your business – date the company was started; the name of the company; logo; location, etc.
3. Provide an organisational chart of the company, and all group members must have a position in the company, with pictures. Describe the role of each position.
4. List the product (s) with details about the product(s), cost (s), and price (s).
5. Transfer all transactions as required above using manual accounting reports to the ledgers and trial balance
6. By the end of the month, produce SOPL and SOFP.
7. Describe the performance of the business concerning SOPL and SOFP information.
8. Suggest what area could be improved for the business.
9. Conclude the report.
10. Attach 5 examples of business documents to the two-month transactions.

Report Format:

1. Written in English with all the necessary academic writing criteria ii. Microsoft Word iii. Font – Arial; size – 11; spacing – 1.5.
2. Maximum pages of the report: 40 pages