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Cl-TransReportLedgers-AE-Sk-4of4 (2)
Skills Assessment 4 of 4
Criteria
Unit code, name and release number
FNSACC311 – Process financial transactions and extract interim reports (1)FNSACC312 Administer subsidiary accounts and ledgers (1)
Qualification/Course code, name and release number
FNS40217 – Certificate IV in Accounting and Bookkeeping (1)Student details
Student number
Student name
Assessment Declaration
This assessment is my original work and no part of it has been copied from any other source except where due acknowledgement is made.
No part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned.
I understand that plagiarism is the presentation of the work, idea or creation of another person as though it is your own. Plagiarism occurs when the origin of the material used is not appropriately cited. No part of this assessment is plagiarised.
Student signature and Date
Version:20191126
Date created:1 November 2019
Date modified:26 November 2019
For queries, please contact:
Technology and Business Services SkillsPoint
Building B, Level G, Corner Harris Street and Mary Ann Street, Ultimo NSW 2007
Email: tbsskillspoint@tafensw.edu.au© 2019 TAFE NSW, SydneyRTO Provider Number 90003 | CRICOS Provider Code: 00591E
This assessment can be found in the: Learning BankThe contents in this document is copyright © TAFE NSW 2019, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: DATE @ “d MMMM yyyy” * MERGEFORMAT 27 March 2020. For current information please refer to our website or your teacher as appropriate.
Assessment instructions
Table SEQ Table * ARABIC 1 Assessment instructions
Assessment details Instructions
Assessment overview The objective of this assessment is to assess your skills as would be required to:
Process financial transactions and extract interim reports
Administer subsidiary accounts and ledgers
Assessment Event number 4 of 4
Instructions for this assessment This is a skill based assessment and will be assessing you on your ability to demonstrate skills required in both of the units listed above.
This assessment is in 1 and includes an appendix and Assessment Feedback:
Practical tasks
Appendix I – Extract of Finance Policy & Procedure Manual
Assessment Feedback
Submission instructions On completion of this assessment, you are required to upload it or hand it to your assessor for marking.
Ensure you have written your name at the bottom of each page of this assessment.
It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment.
What do I need to do to achieve a satisfactory result? To successfully complete this assessment the student will be available at the arranged time to complete all the assessment criteria as outlined in the assessment instructions under the supervision of the assessor.
What do I need to provide? Calculator, pens, students are allowed to bring one (1) A4 handwritten double sided notes sheet to the assessment.
What the assessor will provide? Electronic or hard copies of this assessment including resources in the Appendices. If you do not have access to a computer you can access a computer at your local TAFE campus library. If it is not possible to access a TAFE campus, please contact you teacher.
This is a supervised assessment.
Refer to Unit Assessment Guide for the due date.
Due date/time allowed/venue This assessment should be completed as an in class task.
The time allowed for this task is 3 hours.
Refer to the Unit Assessment Guide for the due date.
Assessment location This assessment is completed in class.
Supervision This is a supervised in class assessment. Your assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you.
Assessment feedback, review or appeals Your Assessor will provide feedback no later than 10 days after all assessment activities have been conducted and you will be requested to acknowledge the outcome.
If you would like to request a review of your results or if you have any concerns about your results, contact your Assessor or Head Teacher.
You have three weeks from the date you receive your results in which to make an appeal and request a review.
You will receive a response within ten days of the receipt of the request.
Appeals are addressed in accordance with Assessment Guidelines for TAFE NSW.
Specific task instructions
The instructions and the criteria in the tasks and activities below will be used by the assessor to determine whether the tasks and activities have been satisfactorily completed. Use these instructions and criteria to ensure you demonstrate the required skills and knowledge.
If this assessment requires you to record information, your assessor will provide you with an appropriate document/template.
Part 1: Practical Tasks
Once completed you will need to submit this assessment and the tasks and activities you are required to complete to your assessor for marking.
Task 1: Bank Reconciliation
To complete this task you need to refer to the Finance Policy & Procedure Manual of PLAN2GO Trading as Connelly Pty Ltd, Section 2 Bank Account Policy in Appendix I of this Assessment.
Required
Using a range of industry-accepted accounting conventions, processes and procedures
Read the information provided in the bank statement (Issued by TAFE Bank Limited), update the cash payments, cash receipts and the bank ledger account. Ensure validity of cheque and electronic payment amounts, assuming the bank statement contains correct figures. Use the templates provided for your answer.
Prepare a bank reconciliation statement for Connelly Pty Ltd as at 30 April 20X1. Use the template provided for your answer
Connelly Pty Ltd Bank Reconciliation Statement as at 31 March 20X1
Credit balance as per Bank Statement Add Outstanding Deposit
Less unpresented cheques:
705 1,261.00
711 180.70
730 850.00
Debit balance as per Bank ledger $
9,000.00
1,100.00 10,100.00
2,291.70
7,808.30 Cash Receipts & Payments Books for Connelly Pty Ltd for April 20X1.
2018 Cash Receipts $ 20X1 Chq.# Cash Payments $
Apr 01 Receipt 1,741.12 Apr 04 750 Cash Payment 2,410.14
10 Receipt 1,811.62 10 751 Cash Payment 945.60
20 Receipt 1,499.00 15 752 Cash Payment 1,403.70
25 Receipt 981.18 20 753 Cash Payment 7,708.40
30 Receipt 23,000.00 28 754 Cash Payment 670.82
30 755 Cash Payment 393.50
TOTAL RECEIPTS TOTAL PAYMENTS
TAFE Bank Limited
Statement for Month ending 30 April 20X1
Connelly Pty Ltd Page 30
Date Details Debit Credit Balance
Apr Balance bought forward 9,000.00 Cr
01 Cash / Cheques 1,100.00 CHQ 705 1,261.00 02 Cash / Cheques 1,741.12 03 CHQ 711 180.70 05 CHQ 750 2,410.14 Direct Deposit 690.00 11 CHQ 751 944.16 Cash / Cheques 1,811.62 16 CHQ 752 1,403.70 Interest 1.50 21 Cash / Cheques 1,499.00 23 CHQ 753 7,708.40 25 Cheque Dishonour – Star Traders 572.02 Dishonour Fee 80.00 26 Cash / Cheques 981.18 30 Bank Fees 20.00 Balance carried down 2,244.30 Cr
Bank (ASSET) 100
Date Details Folio Amount $ Date Details Folio Amount $
01/04/X1 Balance b/d 7,808.30 Payments 13630.72
29152.42 23330
36960.72 36960.72 Balance cd 23330 Connelly Pty Ltd Bank Reconciliation Statement as at 30 April 20X1
$
Credit balance as per bank statement 2,244.30
Add outstanding deposit 23,000
Less unpresented cheques 1,914.3
Debit balance as per bank ledger 23,330.00Task 2: – bulkposting to General Ledger
To complete this task you need to refer to the Finance Policy & Procedure Manual of PLAN2GO Trading as Connelly Pty Ltd, in Appendix I of this Assessment. A Chart of Accounts has been provided to help you with bulkposting the journal entries.
Required
Using a range of industry-accepted accounting conventions, processes and procedures
Read the trial balance dated 1st May 20X1 and bulkpost the opening balances into the ledger accounts. Templates of the ledger accounts have been provided.
bulkpost the journal entries from the following journals to the ledger accounts:
General journal
Sales journal
Purchases journal
Cash receipts journal
Cash payments journal
NOTE: Ensure you have followed the organisation input standards for folio numbers as provided in the Chart of Account, and journal references. Folio numbers must be used when bulkposting journals.
Balance the ledger accounts as at 30st May 20X1
Prepare a trial balance as at 31st May 20X1. Use the template provided for the Trial Balance.
NOTE: If the trial balance does not balance, the student must review their work by checking the bulkpostings to the ledgers.
Trial Balance of Connelly Pty Ltd
As at 1st May 20X1 – Opening Balances
Account Debit
$ Credit
$
Bank 15,000 Inventory 7,000 Accounts Receivable Control 4,650 – R Cook 2,750 – K Bell 700 S Lee 1,200 GST Paid 4,200 Computer Equipment 2,000 Motor Vehicle 15,000 Office Furniture 17,500 Accounts Payable Control 2,250
CPS Computers 800 J Kee 1 450 GST Collected 9,820
Long Term Loan 20,000
Capital 33,280
65,350 65,350
General Journal Connelly Pty Ltd
Account Number Account Name
ASSETS
Current Assets
1-1001 Accounts Receivable
1-1002 Bank
1-1003 GST Paid
1-1004 Petty Cash
Non Current Assets
1-2001 Computers & Printers
1-2002 Fixtures & Fittings
1-2003 Office Furniture
LIABILITIES
Current Liabilities
2-1001 Accounts Payable
2-1002 GST Collected
Non Current Liabilities
2-2001 Long Term Loan (Thisbank)
PROPRIETORSHIP
3-1001 Capital
3-1002 Drawings
INCOME
4-1001 Interest income
4-1002 Professional Fees
EXPENSES
6-1001 Bank fees and charges
6-1002 Cleaning
6-1003 Computer expenses
6-1004 Photocopier charges
6-1005 Publications
6-1006 Rent
6-1007 Salaries & Wages
6-1008 Stationery
6-1009 Telephone Charges
General Journal of Castle & Co Accounting
GJ05
Date Details Folio Debit $ Credit $
15/5/X1 Drawings 3-1002 110
Inventory 1-1002 100
GST Paid 1-1003 10
Owner took inventory for personal use
31/5/X1 Bad Debts 6-1010 200 GST Collected 2-1002 20 Accts Receivable Control 1-1003 220
– K Bell 220 Balance of debt written off as bad
31/5/X1 Accts Receivable Control 1-1003 495 – McMahon Furniture 495 Office Furniture 1-2003 450
GST Collected 2-1002 45
Sold asset on credit
SJ 1
Sales Journal of Connelly Pty Ltd
Date Invoice No / Credit Note No Cost of Goods Sold Accounts Receivable / Particulars Folio Accounts
Receivable Sales GST
Collected 5.5.X1 160 850 R Cook 2,640 2,400 240 10.5.X1 161 145 K Done 759 690 69 15.5.X1 R331 (15) K Done (22) (20) (2) 28.5.X1 163 75 S Lee 2,310 2,100 210 1,055 Totals 5,687 5 170 517
PJ 1
Purchases Journal of Connelly Pty Ltd
Date Suppliers Invoice / Credit Note No Accounts Payable / Particulars Folio Accounts
Payable Inventory Computer
Expenses GST
Paid 2.5.X1 130 J Kee 803 730 73 4.5.X1 5690 Y Soo 1,078 980 98 10.5.X1 R405 J Kee (66) (60) (6) 20.5.X1 5698 Y Soo 1,045 950 95 31.5.X1 RX12 CPS Computers 550 500 50 Totals 3,410 2,600 500 310 CR 1
Cash Receipts Journal of Connelly Pty Ltd
Date Receipt No Cost of Goods Sold Drawer and / or Particulars Folio Bank Accounts Receivable Sales GST Collected Discount Allowed Loan
6.5.X1 5431 3,100 Cash sales 2,530 2,300 230 15.5.X1 5432 K Bell 700 700 15.5.X1 5433 2,780 Cash sales 5,610 5,100 510 20.5.X1 5434 K Bell chq dishonoured (700) (700) 28.5.X1 5435 AX Finance – Long Term Loan 5,000 5,000
31.5.X1 5436 K Bell 480 480 31.5.X1 5437 R Cook 2,750 2,750 31.5.X1 5438 S Lee 1,134 1,200 (6) (60) 5,880 17,504 4,430 7,400 734 (60) 5,000
CP 1
Cash Payments Journal of Connelly Pty Ltd
Date Cheque No Payee and / or Particulars Folio Bank Accounts Payable GST Paid Discount Received Wages Rent Bank Charges
7.5.X1 522 J Kee 1,351 1,450 (9) (90) 20.5.X1 523 Wages 2,200 2,200 20.5.X1 DD Bank charge 15 15
28.5.X1 524 Rent on premises 770 70 700 31.5.X1 525 Y Soo 1,023 1,078 (5) (50) Totals 5,359 2,528 56 (140) 2,200 700 15
General Ledger of Connelly Pty Ltd
Account Name:BankFolio No:1-1001
Date Detail Folio Amount Date Detail Folio Amount
Account Name:InventoryFolio No:1-1002
Date Detail Folio Amount Date Detail Folio Amount
Account Name:Accounts Receivable ControlFolio No:1-1003
Date Detail Folio Amount Date Detail Folio Amount
Account Name:GST PaidFolio No:1-1004
Date Detail Folio Amount Date Detail Folio Amount
Account Name:Computers EquipmentFolio No:1-2001
Date Detail Folio Amount Date Detail Folio Amount
Account Name:Motor VehicleFolio No:1-2002
Date Details Folio Amount Date Details Folio Amount
Account Name:Office FurnitureFolio No:1-2003
Date Details Folio Amount Date Details Folio Amount
Account Name:Accounts Payable ControlFolio No:2-1001
Date Detail Folio Amount Date Detail Folio Amount
Account Name:GST CollectedFolio No: 2-1002
Date Details Folio Amount Date Details Folio Amount
Account Name:Long Term LoanFolio No: 2-2001
Date Details Folio Amount Date Details Folio
Account Name:CapitalFolio No: 3-1001
Date Details Folio Amount Date Details Folio Amount
Account Name:DrawingsFolio No:3-1002
Date Details Folio Amount Date Details Folio Amount
Account Name:SalesFolio No:4-1001
Date Details Folio Amount Date Details Folio Amount
Account Name:Discount ReceivedFolio No:4-1008
Date Details Folio Amount Date Details Folio Amount
Account Name:Cost Of Goods SoldFolio No:5-1001
Date Details Folio Amount Date Details Folio Amount
Account Name:Computer ExpensesFolio No:6-1003
Date Details Folio Amount Date Details Folio Amount
Account Name:RentFolio No:6-1006
Date Details Folio Amount Date Details Folio Amount
Account Name:Salaries and WagesFolio No:6-1007
Date Details Folio Amount Date Details Folio Amount
Account Name:Bad Debts Written OffFolio No:6-1010
Date Details Folio Amount Date Details Folio Amount
Account Name:Discount AllowedFolio No:6-1011
Date Details Folio Amount Date Details Folio Amount
Account Name:Bank Fees and ChargesFolio No:6-1012
Date Details Folio Amount Date Details Folio Amount
Trial Balance of Connelly Pty Ltd
As At 31st May 20X1
Details Account No Debit
$ Credit
$
Task 3: Subsidiary Accounts and Ledgers
To maintain integrity of relationship between the general ledger system and subsidiary ledger systems for Accounts Receivable and Accounts Payable, update the subsidiary ledgers of Connelly Pty Ltd for May 20X1.
Required
Using a range of industry-accepted accounting conventions, processes and procedures
Read the trial balance dated 1st of May 20X1 in TASK 2 and bulkpost the opening balances into the subsidiary ledger accounts. Templates of the subsidiary ledger accounts have been provided.
Using all the journals in TASK 2 bulkpost transactions to:
Accounts Receivable Subsidiary ledger
Accounts Payable Subsidiary ledger
NOTE: Ensure you have followed the organisation input standards for folio numbers and journal references. Folio numbers must be used when bulkposting journals.
Balance the Accounts Receivable and Accounts Payable subsidiary ledgers to the Control Accounts in the General Ledger as at 31 May 20X1 found in TASK 2.
NOTE: If the subsidiary ledgers do not balance to the Control Accounts, the student must review their work by checking the bulkpostings to the ledgers.
Prepare a Schedules of Accounts Receivable and Accounts Payable balances as at 31 May 20X1.
Accounts Receivable Subsidiary Ledger
AR – R CookFolio 1-101
Date Particulars Folio Debit Credit Balance
AR – K BellFolio 1-102
Date Particulars Folio Debit Credit Balance
AR – S LeeFolio 1-103
Date Particulars Folio Debit Credit Balance
AR – K DoneFolio 1-104
Date Particulars Folio Debit Credit Balance
AR – McMahon EquipmentFolio 1-105
Date Particulars Folio Debit Credit Balance
Accounts Payable Subsidiary Ledger
AP – CPS ComputersFolio 2-101
Date Particulars Folio Debit Credit Balance
AP – J KeeFolio 2-102
Date Particulars Folio Debit Credit Balance
AP – Y SooFolio 2-103
Date Particulars Folio Debit Credit Balance
(c)
Schedules
Accounts Receivable Schedule as at ……………………………………
Accounts Payable Schedule as at ……………………………………………
Task 4: Interim reports
The Unadjusted Trial Balance of Piper Retail Services as at 30th June 20X1 is detailed in a worksheet below. The Trial Balance is incomplete.
Refer to Finance Policy & Procedure Manual of PLAN2GO Trading as Connelly Pty Ltd, Section 12 Document Filing and Retention Policy in Appendix I of this Assessment.
Required
Review the Unadjusted trial balance of Piper Retail Services as at 30th of June 20X1 for accuracy and completeness. Correct any errors and balance the trial balance. Use the template provided for your answer. Identify industry-accepted accounting conventions, processes and procedures you have used to complete this task
Prepare an income statement and balance sheet to comply with the requirements of AASB101 from the adjusted trial balance as at 30th June 20X1. . Use the template provided for your answer. Identify industry-accepted accounting conventions, processes and procedures you have used to complete this task.
To finalise the trial balance and interim reports in accordance with organisational and regulatory requirements, where will you file these reports? Identify industry-accepted accounting conventions, processes and procedures you have used to complete this task. Your answer should be between 20 and 30 words.
Trial Balance of Piper Retail Services as at 30 June 20X1
Unadjusted trial balance Adjusted trial balance
Acc No Account Debit ($) Credit ($) Debit ($) Credit ($)
Debtors Control (Accounts Receivable Control) 10,400 10,400 Creditors Control (Accounts Payable Control) 2,400 2,400
Marketing Expenses 1,400 1,400 Bad debts 400 400 Finance loan due 20X3 2,000 2,000
Capital 4,700
Cash at Bank 5,800 5,800 Discount allowed 200 200 Drawings 2,000 2,000 Discount received 120 120
Rent expense 3,600 3,600 GST Collected 1,200 1,200
Interest expense 640 640 Motor Vehicles 17,000 17,000 Administration Salaries 10,000 10,000 Stock/Inventory 72,000 72,000 Motor vehicle expenses 1,700 1,700 Commission received 1,000 1,000
COGS 78,000 78,000 Internet/Mobile 1,180 1,180 Sales 195,000 195,000
GST Paid 2,100 2,100 Totals 206,420 206,420
b)
Income Statement of for the ending
Balance Sheet of as at
Appendix I Extract Finance Policy & Procedure Manual of PLAN2GO Trading as Connelly Pty Ltd
Section 2 Bank Account Policy
Policy number: FNP02 Policy date: 10/06/19
2.5Bank Account Transactions
Dishonoured Cheques
Any cheques received from a customer and are subsequently dishonoured by the bank, must be entered in the cash receipts journal as a reversal entry. The date of the entry will be the date of the dishonour noted on the bank statement.
Where an error occurs in the bulkposting of accounts the original incorrect entry must be reversed and the correct entry then bulkposted
2.6Bank Reconciliation
All bank accounts must be reconciled at least monthly, on the last day of the month and within 3 days of the month end. All bank reconciliations will be authorised by Senior Accountant and filed in the monthly reconciliation file.
Any entries on the bank statement that are not showing in the cash journals, must be entered into the cash journals prior to preparing the bank reconciliation statement. Assume that the bank statement contains the correct figures.
Section 11 Accounting requirements and financial reporting
Policy number: FNP11 Policy date: 10/06/19
11.2.4Financial Reports
Financial reports will be produced as per policy and procedures, industry and Accounting Standards. (AASB 101 and AASB116). Ensuring consistency and disclosure to demonstrate a true and fair view of accounts and the business operation. Account names are as designated in the chart of accounts.
Income Statement will be produced for the accounting period with the necessary end of period adjustments. Balance Sheet will be produced as at balance date. Format and disclosure requirements will abide with standards.
11.2.7MONTH END ACCOUNTINGBefore entering transactions into the manual accounting system the following procedures must be observed:
Source documents must be checked for accuracy and completeness, including prices and calculations.
Tax Invoices and Tax Adjustments (Credit Notes) must comply with the ATO requirements. This includes customer/supplier details, including ABN and GST compliance.
Any discrepancies are to be resolved with the Senior Accountant.
Where any errors are identified on tax invoices issued to customers, the incorrect invoice is cancelled and a replacement invoice is issued. The replacement invoice is to be authorised by Senior Accountant.
Source documents are to be grouped by type and filed in date order before uploading to the electronic filing system.
All journals must be prepared by responsible employee and signed by employee who prepares the journal.
Journal entries must be completed on the day of the transaction.
Signed journal is authorised by Senior Accountant prior to processing.
Where an error occurs in the recording or bulkposting of accounts the original incorrect entry must be reversed and the correct entry recorded and bulkposted.
Monthly processing of all journals in to be completed within 3 business days of end of month.
Folio numbers must be used when completing journals and ledgers.
Folio referencing procedure to be used for bulkposting journal to general ledger and all subsidiary ledgers. Account numbers from the Chart of Account will be used as folio references.
Month end accounts to be completed within 3 business day of month end and filed in accordance with the organisational policy. Refer Section 12.
12. Document filing & retention policyPolicy number: FNP12 Policy date: 10/06/19
12.1 Purpose of the policy
This policy is to ensure compliance with legislative requirements for document retention and good practices for management and secure storage of financial documents.
12.2 Procedures
12.2.1 FilingSource documents, such as tax invoices, receipts, internal memoranda are to be grouped by type and filed in date order in the files for the month.
All files to be stored electronically as per specified organisational file structure, see example:
Year_Month_AccountsReceivable_CustomerName
Month end reconciliations and to be filed in monthly reconciliation files.
Year_Month_BankReconciliation
End of month financial reports to be filed in monthly financial statements files.
Year_Month_FinancialStatements
Any hardcopies of documents are scanned and kept in relevant document file
12.2.1 RetentionAll financial records are to be retained for 7 years in accordance with ASIC requirements
Chart of Accounts of PLAN2GO Trading as Connely Pty Ltd
Account Number Account Name
ASSETS
Current Assets
1-1001 Bank Accounts Receivable
1-1002 Inventory
1-1003 Accounts Receivable
1-1004 GST Paid
Non Current Assets
1-2001 Computer Equipment
1-2002 Fixtures & Fittings
1-2003 Office Furniture
LIABILITIES
Current Liabilities
2-1001 Accounts Payable
2-1002 GST Collected
Non Current Liabilities
2-2001 Long Term Loan
PROPRIETORSHIP
3-1001 Capital
3-1002 Drawings
INCOME
4-1001 Sales
4-1008 Discount Received
Cost of Sales
5-1001 Cost of Goods Sold
EXPENSEs
6-1001 Rent
6-1002 Salaries & Wages
6-1003 Computer Expenses
6-1004 Cleaning
6-1010 Bad Debts
6-1011 Discount Allowed
6-1012 Bank fees and charges
Assessment Feedback
NOTE: This section must have the assessor signature and student signature to complete the feedback.
Assessment outcome
☐ Satisfactory
☐ Unsatisfactory
Assessor Feedback
☐ Has the Assessment Declaration on page 1 been signed and dated by the student?
☐ Are you assured that the evidence presented for assessment is the student’s own work?
☐ Was the assessment event successfully completed?
☐ If no, was the resubmission/re-assessment successfully completed?
☐ Was reasonable adjustment in place for this assessment event?If yes, ensure it is detailed on the assessment document.
Comments:
Assessor name, signature and date:
Student acknowledgement of assessment outcome
Would you like to make any comments about this assessment?
Student name, signature and date
NOTE: Make sure you have written your name at the bottom of each page of your submission before attaching the cover sheet and submitting to your assessor for marking.