Recent Question/Assignment

Student
ID Number Contact Number
Name
Teacher Name
Unit Details
Unit Code Unit Title
FNSACC311 Process financial transactions and extract interim reports
Assessment Task
Title Due Date
Assignment – Posting to the ledger
Extension Details (where applicable)
Extension Date for Submission Granted Until
STUDENT DECLARATION
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? I have a copy of this assessment
STUDENT SIGNATURE: DATE:
For electronic submissions only:
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Section 1 – Student and Assessor Instructions
Conditions This is an individual open book assessment, to be completed after you have finished up to and including chapter 3.
Download the assessment document from Canvas and post the journals to the ledgers as instructed and in accordance with Adams Horticultural Policies and Procedures. Complete the knowledge question and save in Microsoft Word format.
Complete the Interim Reports in the Excel template provided.
Upload both completed assignment documents via Canvas.
If you have any questions about this assessment task, please speak with your teacher prior to submission
Task Overview and/or Description Instructions
Part 1: Using the completed journals and stationery provided: -
• Post the journals to the general ledger for ‘Adam’s Horticultural Supplies for the month of November 2020.
• Prepare a Trial Balance
Part 2: Knowledge Question
• Provide your response to the Part 2 Knowledge Question
Part 3: Prepare Interim Reports: Complete a
• Profit & Loss Statement, and
• Balance Sheet
• Knowledge questions
Assessment Description
This assessment will demonstrate your understanding of double entry accounting principles and the posting processes.
As the ‘bookkeeper’ you should: -
• Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts
• Enter data accurately into the general ledger system in accordance with organisational input standards and correctly allocate transactions to system and accounts
• Update related systems (trial balance) to maintain integrity of relationships between financial systems
• Process accurately any special transactions
• Complete cash and credit journals and post to general ledger
• Extract and check trial balance
• Find and correct any errors
• Prepare Interim Reports
Section 2 – Assessment Task Submission Information
Submission Details Submit the following:
1. Your completed ledger accounts and Trial Balance for review.
Before submitting please check that: -
• You have posted ALL the journals to the ledgers
• You have not omitted any sundry transactions or discounts
• Check that all ledgers have the correct balance format. i.e. that assets have a debit balance etc.
• Ledgers have been correctly listed in the trial balance
• The Debits and Credits in the Trial Balance agree
2. Your response to the knowledge question
3. Your completed Interim Reports and knowledge questions
Submit by:
Due date as per Unit Outline
Submissions received after the due date must be approved by your teacher.
Section 3 – Assessment Task Criteria and Outcome
All items/criteria must be demonstrated satisfactorily to achieve this task. The items/criteria for this activity will be assessed as S – Satisfactory or US – Unsatisfactory.
Required Evidence S US
1 • Post journals to ledger in line with organisational input standards
2 • Enter data into system according to organisational input standards and allocate transactions to system and accounts
3 • Extract and check trial balance
4 • Determine scope of any special transactions to be made, and process the transactions
5 • Review trial balance for accuracy and completeness. That is, the Trial Balance should have equal debit and credit values!
6 • Finalise and file trial balance and interim reports according to organisational and regulatory requirements
Feedback to Student
Feedback will be provided to you in Canvas via comments and the Rubric.
Section 4 – General Assessment Information
Refer to the Course Information section in Canvas.

Assessment: Part 1 – Posting to the Ledger
Using the financial information of Adam’s Horticultural Supplies below, you are required to post the journals into the General Ledger system and prepare a Trial Balance for the period ended to 30th November 2020
1. Post the journals to the General Ledger
2. Prepare a Trial Balance as at 30th November 2020
General Journal
Date
2020 Particulars Folio Debit Credit
Nov 1 Cash at Bank 15,000
Stock 8,000
Motor Vehicle 28,000
Computer Equipment 4,500
Fixtures & Fittings 7,000
Loan – ABZ Bank 10,000
Capital – A Grow 52,500
Assets and Liabilities contributed at commencement of business
24 Drawings 495
GST Paid 45
Purchases 450
Supplies taken for personal use.

Sales Journal
Date
2020 Debtor Folio Ref No Sales Sundries GST Collected Acc. Rec. Control
Amount Account
Nov 7 AMEX POS 2500 250 2750
10 R Riley 101 1900 190 2090
14 P Giles 102 500 50 550
25 A Sorensen 103 220 Sale of non-current asset 22 242
Total 4900 220 512 5,632
Purchases Journal
Date
2020 Creditor Folio Ref No Purchases Sundries GST Paid Acc. Pay. Control
Amount Account
Nov 2 Pete’s Pavers 76 890 89 979
11 Swift Couriers S07 500 Freight 50 550
19 Smith Bros. S111 1,550 155 1,705
23 Cleaners Paradise CP1 1,200 120 1,320
29 Courier Newspaper 23 200 Advertising 20 220
3,640 700 434 4,774
Sales Returns and Allowances Journal
Date
2020 Debtor Folio Ref No Sales Returns & Allowances Sundries GST Collected Acc. Rec.
Control
Amount Account
Nov 20 R Riley CN01 50 5 55
50 5 55
Purchases Returns and Allowances Journal
Date
2020 Creditor Folio Ref No Purchases Returns & Allowances Sundries GST Paid Acc. Pay. Control
Amount Account
Nov 29 Cleaners Paradise Adj 08 270 27 297
270 27 297

Cash Receipts Journal
Date
2020 Particulars Folio Ref No Discount Expense Acc. Rec. Control Cash Sales Sundries GST Collected Bank
Acc. Rec. Control GST Collected Discount Expense Amount Account
Nov 7 AMEX EFT
- gross 275
- merchant fee (20) Merchant fee exp.
- GST paid (2) GST paid 253
15 Cash sales POS 1 200 120 1 320
22 EFTPOS sales POS 800 80 880
28 A Sorensen 132 10 1 10 231 231
30 Wilson Bank W26 38 Interest Income 38
11 1 10 506 2 000 16 200 2 722
Cash Payments Journal
Date
2020 Particulars Folio Ref No Discount Income Acc. Pay. Control Cash Purchases Wages Sundries GST Paid Bank
Acc. Pay. Control GST Paid Discount Income Amount Account
Nov 10
Bright Electrics
501 360 36 396
12 J Paul 502 55 5 50 2 255 2 255
16 Wages 503 550 550
24 Pete’s Paving 504 22 2 20 150 150
25 Courier Newspaper 505 132 132
A Grow 506 200 Drawings A Grow 200
30 Loan payment 507 2 000 Loan 2 000
L Castle 508 80 8 88
77 7 70 2 537 440 550 2 200 44 5 771

Adams Horticultural Supplies
General Ledger
Cash at Bank Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Stock Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Motor Vehicle Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Computer Equipment Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Office Fixtures & Fittings Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

ABZ Bank Loan Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Capital Account – A Grow
Date Particulars Folio Debit
$ Credit
$ Balance
$

Drawings Account – A Grow
Date Particulars Folio Debit
$ Credit
$ Balance
$

Accounts Payable Control Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Purchases Account
Date Particulars Folio Debit
$ Credit
$ Balance
$


GST Paid Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Accounts Receivable Control Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

GST Collected Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Discount Expense Account
Date Particulars Folio Debit
$ Credit
$ Balance
$


Sales Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Discount Income Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Merchant Fees Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Interest Income Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Wages Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Sales Returns and Allowances Account
Date Particulars Folio Debit
$ Credit
$ Balance
$


Purchases Returns and Allowances Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Advertising Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Freight Account
Date Particulars Folio Debit
$ Credit
$ Balance
$

Sale of Non-Current Asset
Date Particulars Folio Debit
$ Credit
$ Balance
$


Adams Horticultural Supplies
Trial Balance as at 30 November 2020
ACCOUNT NAME DEBIT CREDIT

TOTALS
Assessment: Part 2 – Knowledge question
1. Explain to Adam the purpose of preparing the Trial Balance?

Assessment: Part 3 – Prepare Interim Reports
Part 3.1: Preparing the Interim Reports
Instructions
It is now several months on, and all the transactions for Adams Horticultural Supplies have been recorded for the year ended June 30, 2021, and the Trial Balance prepared to ensure that the ledger is in balance.
Adam has asked you to prepare a set of basic interim reports to see how the business has performed and what the financial status of the business looks like.
To do this you will need to access the Excel template provided in Canvas (or otherwise by your teacher)
Using the completed Trial Balance provided in the template (see second tab) prepare the following Interim reports:
• a Statement of Comprehensive Income (Profit and Loss statement), and
• Statement of Financial Position (Balance Sheet) as at June 30, 2021.
Note
The Excel Spreadsheet contains templates to complete the Interim reports and a copy of the finalised Trial Balance.
Some of the fields have also been populated for you, and the spreadsheet automated to assist with the process.
Before presenting your reports to Adam, be sure to check that all the figures are accurate and reflect the amounts from the Trial Balance provided, and that all accounts have been included in the reports.
If you need assistance with this task refer to pages 26,27,32 & 36 - 40 for sample reports

Part 3.2: Knowledge Questions
1. When preparing the Statement of Financial Position, what three (3) accounting elements (types of ledger accounts) make up the report?
i.
ii.
iii.
2. What does the Statement of Financial Position tell up about the business? (refer to page 16 of your Accounting to Trial Balance textbook for guidance with the question)
3. a) When calculating whether a business has made a profit or loss what two (2) accounting elements are compared to determine the result? and
b) What is the name of the report that is prepared to report the result?

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