BSBFIA401: Common Business - Financial Reports - Accounting and Finance Assignment Help

Assignment Task:

Competency details

This unit describes skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.

It applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an enterprise, or they might have responsibility for these tasks in relation to their own workgroup or role.

Introduction

You are required to complete three assessments for BSBFIA401 Prepare financial reports.

This assessment is designed to gather evidence of your competence, specifically: 

• Maintain asset register 

• Record general journal entries for balance day adjustments 

• Prepare final general ledger accounts

• Prepare end of period financial reports

Case Study:

As an accounts clerk at ABC Accounting, you are responsible for preparing all financial reports which are then given the Finance Manager, Paul Stubbs for review before finalising all financial reports to meet the organisational and legislative reporting requirements. 

Paul has requested that you complete all necessary transactions and reports and forward to him for approval by Tuesday next week as there is a senior management meeting next Friday in which he must present financial data and reports.

Activity 1: Preparation of financial reports 

Paul has provided you with a list of transactions and reports which need to be completed and using the organisation’s template, Appendix A – Financial Reports, you must complete all transactions listed below and email the completed template by the stipulated date (refer case study).

To complete this activity, you must complete all of the following tasks using the template provided in Appendix A: 

Task (a): Asset register 

Information:
You are an accounts clerk for ABC Accounting and are assisting with Quick Wrap’s financial reports. On the 31 March 2011 Quick Wrap Pty Ltd purchased a Bottling Machine – Serial Number VMM06JKTRO460275, from Machinery Co Pty Ltd. 

• The total purchase price including GST was $110,000. 

• The residual value is estimated to be $15,000. 

• The expected useful life of the machine is 15 years. 

• At the date, the machine was purchased the costs incurred including GST

• A total of $2,508 inclusive of GST was incurred during installation and testing. This is not a recurring cost.

• Depreciation on the machine is 10% using the Reducing-Balance method

• On the 30 September, 2013 Quick Wrap Pty Ltd decided to sell the Bottling Machine for $82,500 inclusive of GST to upgrade to a new bottling machine with a total capital cost of $137,500 inclusive of GST. The balance owing was paid by cheque (#104455). 

• Note the Asset ID is VMM06JKTRO460275 and will be located in Factory 4

Task: (Complete Appendix A for a - d)

1. Complete the Asset Register Card 

2. Prepare and post the general journal entries to record the depreciation of the bottling machine for the years ended 30 June 2011, 2012, and 2013. Also, record the depreciation to the date of disposal. 

3. Record the capital cost of the Bottling Machine as an opening balance in the Machinery general ledger account as at 31 March and prepare and post the general journal entries to record the disposal of the Bottling Machine.

4. Prepare a list of relevant legislation you must be aware of as an accounts clerk for Quick Wrap Pty Ltd.

Task (b): Balance Day Adjustments (Complete Appendix A)

Using the following Trial Balance for Sego Imports as at 30 June 2013, prepare the general journal entries to record the balance-day adjustments listed below.

The balance day adjustments as at 30 June 2013 are:???????

-    Stock on hand $11,800

-    Office wages owing $400

-    Commission revenue received in advance $1,200

-    Depreciation for plant and machinery at 20% per annum using the reducing balance method

-    Depreciation for the motor vehicles at 10% per annum using the straight-line method

-    Rent revenue earned but not received $1,400 (excluding GST)

-    Unpaid interest $160

-    Advertising paid in advance $400 (excluding GST)

-    Provision for long service leave to be 5% of all wages

-    Increase provision for annual leave to $2,200

-    Additional bad debt to be written off $440 (the original sales included GST)

-    The provision for doubtful debts is to be 4% of debtors

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