Assessment Task 2 Cover Sheet Student Declaration To be filled out and submitted with assessment responses • I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). • I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. • I have correctly referenced all resources and reference texts throughout these assessment tasks. Student name Student ID number Student signature Date Assessor declaration • I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response • My performance in this assessment task has been discussed and explained to me. • I would like to appeal this assessment decision. Student signature Date A copy of this page must be supplied to the office and kept in the student’s file with the evidence. Assessment Task 2: Asset register project Task summary For this assessment task you are required to prepare journal entries according to standard practice to record the purchase of assets, depreciation expense, and accumulated depreciation. This assessment is to be completed in the simulated work environment in the RTO. Required • Access to textbooks/other learning materials • Computer with Microsoft Office and internet access • Australian Accounting and Auditing Standards (either online or hard copy) • Financial Policy and Procedures • Asset Register Worksheet Timing Your assessor will advise you of the due date of these submissions. Submit • Email with Asset Register Worksheet attached Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Assessment Task 2 Instructions Carefully read the following: For this assessment task, you are to assume the role of the Accounts Clerk at Andrew’s Slabs. Assume that your assessor is Andrew, the owner of Andrew’s slabs, and any approvals you need to be granted as instructed in the Financial Policy and Procedure need to be approved in writing to your assessor’s email address. Andrew, the owner of Andrew’s Slabs, purchased a bench planer (Asset No. 346) from Mullum Machinery on 1st July 2016 that cost $18,000. It is expected to produce 5,000 items during its life in the workshop. At the end of its working life, its scrap value will be $1,000. The machine has been operating for two years. Its production in each of those years has been 800 and 1000 units respectively. It is being depreciated on the units of production method. Balance day is 30 June each year. On the 1st of July 2016, Andrew also purchased a standing drill (Asset No. 348) from Danny’s Drills. It cost $5,000 and will be used daily in the Workshop for a variety of purposes. The equipment has a useful life of 4 years and a residual value of $800. The straight-line deprecation method is used for this asset. Complete the following activities in the Asset Register Worksheet, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder. 1. Prepare journal entries according to standard practice to record the purchase of assets, depreciation expense and accumulated depreciation for the years ended 30 June 2016 and 2017. Show your workings for the depreciation calculation. 2. Prepare asset registers for the two items. 3. Prepare the correcting journal entries for the following: a) Sold goods on credit to Lennox Furniture for $3,300 (including GST of $300) and incorrectly posted the item from the Credit Sales Journal by debiting Kingscliff Kitchens. b) Timber worth $880 (including GST) purchased on credit from Shady Timber Mill was incorrectly debited to Purchases. c) A cheque for $1,210 received for a kitchen bench slab was incorrectly posted from the cash receipts journal as a credit to the Sales account. d) The bank column of the cash receipts journal was over added by $30, but the individual receipts were correctly entered and posted. 4. Calculate the following, taking into consideration the relevant procedures set out in the company’s Financial Policy and Procedures: At the end of March, there is an overdue debt of $550 (including GST) that has been outstanding for 92 days. The amount is owed by Domestic Bliss for furniture renovation. The debt was transferred to a debt collection agency, but the debt was not paid. Record these transactions in the table provided in the Worksheet. Show the general ledger entries you would make to record this bad debt. At the end of June, there is a debt of $990 that has been owed for 65 days. The amount is owed by Tables and Chairs. How would you show this on the end of year reports? 5. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment, seeking approval for the entries you have entered into the various journals to be approved as part of the General Ledger. Attach your Asset Register Worksheet to the email. Assessment Task 2 Checklist Student’s name: Did the student: Completed successfully Comments Yes No Accurately prepare journal entries to record assets and depreciation for a specified period? Prepare accurate and detailed asset registers for the assets listed? Use numeracy skills to complete calculations relevant to asset management? Determine method of depreciation as set out in Financial Policy and Procedures? Correctly record depreciation and projected disposal of assets as set out in Financial Policy and Procedures? Accurately prepare correcting journal entries as required? Correctly record bad and doubtful debts in the provided table as set out in Financial Policy and Procedures? Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)? Task Outcome: Satisfactory • Not Satisfactory • Assessor signature Assessor name Date Assessment Task 3 Cover Sheet Student Declaration To be filled out and submitted with assessment responses • I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). • I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. • I have correctly referenced all resources and reference texts throughout these assessment tasks. Student name Student ID number Student signature Date Assessor declaration • I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response • My performance in this assessment task has been discussed and explained to me. • I would like to appeal this assessment decision. Student signature Date A copy of this page must be supplied to the office and kept in the student’s file with the evidence. Assessment Task 3: Depreciation project Task summary For this assessment task you are required to prepare a number of journal and ledger entries in response to the purchase, depreciation, and eventual sale of a fixed asset. This assessment is to be completed in the simulated work environment in the RTO. Required • Access to textbooks/other learning materials • Computer with Microsoft Office and internet access • Australian Accounting and Auditing Standards (either online or hard copy) • Depreciation Worksheet • Financial Policy and Procedures Timing Your assessor will advise you of the due date of these submissions. Submit • Email with Depreciation Worksheet attached. Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Assessment Task 3 Instructions Carefully read the following: Andrew’s Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%. At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300. On 31/03/2018 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST. Andrew’s Slabs uses the diminishing balance method. Complete the following activities, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder. 1. Create a depreciation Worksheet for 2017 and 2018. Show your calculations. 2. Write a General Journal entry on 30 June 2016 for depreciation. 3. Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2018. 4. Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2018, showing the Depreciation Expense and the Motor Vehicle. 5. Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations. 6. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment and seek approval for all of the entries made so they can form part of the General Ledger. Attach your Depreciation Worksheet to the email. Assessment Task 3 Checklist Student’s name: Did the student: Completed successfully Comments Yes No Accurately determine the method for calculating depreciation and complete a depreciation worksheet for the specified period? Create an accurate journal entry for depreciation of the delivery truck? Develop an appropriate ledger account for the specified item and period? Extract relevant income statement and balance sheet showing depreciation expense and the motor vehicle? Display the calculation of gain or loss and prepare journal entries to record disposal appropriately? Accurately prepare revenue statement, reflecting operating profit for the stated reporting period? Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)? Task Outcome: Satisfactory • Not Satisfactory • Assessor signature Assessor name Date Assessment Task 4 Cover Sheet Student Declaration To be filled out and submitted with assessment responses • I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). • I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. • I have correctly referenced all resources and reference texts throughout these assessment tasks. Student name Student ID number Student signature Date Assessor declaration • I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response • My performance in this assessment task has been discussed and explained to me. • I would like to appeal this assessment decision. Student signature Date A copy of this page must be supplied to the office and kept in the student’s file with the evidence. Assessment Task 4: Balance day project Task summary For this assessment task you are required to prepare several General Journal entries for balance day adjustments and participate in a meeting to discuss these. You will then be asked to generate an adjusted Trial Balance, a Profit & Loss Statement, and a Balance Sheet. This assessment is to be completed in the simulated work environment in the RTO. Required • Access to textbooks/other learning materials • Computer with Microsoft Office and internet access • Meeting space • Roleplay participant (assessor) • Australian Accounting and Auditing Standards (either online or hard copy) • Financial Policy and Procedures Timing Your assessor will advise you of the due date of these submissions. Submit • Email with Balance Day General Journal attached • Email with Balance Day Workbook attached Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Assessment Task 4 Instructions Carefully read the following: The trial balance for Andrew’s Slabs as at 30 June 2017 was: Trial Balance Details Debit $ Credit $ Cash at Bank 10,700 Accounts receivable 52,000 Inventory 20,000 Equipment 45,000 Accumulated depreciation on equipment 10,000 Vehicles 50,000 Accumulated depreciation motor vehicles 6,250 Land 27,500 Accounts payable 25,000 Loan 85,000 Capital 181,430 Sales revenue 120,000 Interest revenue 2,000 Cost of goods sold 86,250 Salaries expense 30,000 Rates expense 1,500 Stationery expense 800 Advertising expense 1,900 Interest expense 300 Motor Vehicle expense 780 Repairs Expense 2,500 Insurance Expense 450 Total 329,680 329,680 Complete the following activities, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder. 1. Record the following balance day adjustments in the general journal below. Show your workings. a. Depreciation of equipment 10% using the straight-line method b. Depreciation of vehicles 12.5% using the diminishing balance method c. Rates paid in advance $600 d. Salaries owing $3,500 e. Interest revenue earned but not received $1,300 f. Create an allowance for doubtful debts equal to 5% of accounts receivable. g. Physical stocktake determined inventory at end 30 June 2017 was $18,800 General journal entries for balance day adjustments as at 30 June 2017 Adjustment Accounts Dr $ Cr $ a b c d e f g Create a new Word document and insert your completed table into it. Save it as Balance Day General Journal 2. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment and ask for a meeting to discuss these, along with a request for approval. Your assessor will answer the email with a date and time for a meeting to discuss the entries. Attach your general journal to the email. 3. Meet with Andrew (your assessor). The objective of the meeting is to discuss, and update where necessary, the journal entries. At the meeting you should carefully go through the journal entries, explaining each entry clearly and using appropriate industry terminology. During the meeting, demonstrate effective communication skills including: • Speaking clearly and concisely • Using non-verbal communication to assist with understanding • Asking questions to identify required information • Responding to questions as required • Using active listening techniques to confirm understanding 4. Create an Excel Workbook. After the meeting, prepare each of the following as a separate Worksheet: a. Adjusted trial balance at 30 June 2017. b. Profit and loss statement for the year ending 30 June 2017 c. Balance sheet as at 30 June 2017. Save the Workbook as Balance Day. 5. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Balance Day Workbook to the email. Assessment Task 4 Checklist Student’s name: Did the student: Completed successfully Comments Yes No Accurately enter general journal entries for balance day adjustments? Demonstrate ability to adjust expense and revenue accounts for prepayments and accruals? Create an allowance for doubtful debts accurately? Accurately adjust ledger accounts for inventories and transfer to final account? Prepare trial balance accurately? Prepare a profit and loss statement that reflects gross and net profits for reporting period? Accurately prepare revenue statement reflecting operating profit for reporting period? Prepare an accurate balance sheet reflecting financial position of business at the end of the reporting period? Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)? During the meeting, demonstrate effective communication skills including: • Speaking clearly and concisely • Using non-verbal communication to assist with understanding • Asking questions to identify required information • Responding to questions as required • Using active listening techniques to confirm understanding Task Outcome: Satisfactory • Not Satisfactory • Assessor signature Assessor name Date ~~~For this or similar assignment papers~~~