BSBFIA412: Kerr Deliveries Case Study - Business Finance Assignment Help

Assignment Task:

Learner instructions

For this task, you will use the scenario provided to collect asset information, code and correctly record asset and liability valuations. You will also make, record, and disclose asset and liability valuations and manage discrepancies (differences) in order to prepare financial statements.

Assessment conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

• office equipment and resources

• computer with relevant software

• examples of financial data, reports and documents

• workplace financial policies and procedures

• case studies and, where possible, real situations in the workplace.

Scenario

Kerr Deliveries is a successful delivery company in NSW. You are employed there as a financial assistant reporting to the Chief Financial Officer (CFO). Your duties include creating and maintaining asset registers for each of the business’s fixed assets, coding accounts as necessary and entering information to the organisation’s accounting software system. 

Early this financial year, Kerr Deliveries purchased paper and cardboard supplies on credit. The details were recorded in the purchases journal as below.

Purchases Journal (PJ01)

Using the above supplies, Kerr Deliveries’ subsidiary company produced and sold 20,000 boxes. In addition to the purchase of the raw materials, the company expended (used) $28,000 in labour and overhead expenses.

Kerr Deliveries also used cash to purchase a motor vehicle for sales this financial year. The details are below.

Procedure

Read the Kerr Deliveries policies and procedures provided in Appendix 2.1 and familiarise yourself with the organisation’s chart of accounts, authorisation and corrections policy.

Using the information provided in the scenario, prepare a series of reports for the Chief Financial Officer (your assessor). To produce the reports, you must:

1. Calculate the conversion cost per unit in accordance with policies and procedures, showing your calculation.

2. Make three corresponding entries recording the purchase of paper and cardboard supplies on credit using the General Journal template provided in Appendix 2.2. 

3. Conduct an asset valuation of the motor vehicle and record the depreciation. Document these using the General Journal template (Appendix 2.2).

You are expected to:

1. identify the new asset and accumulated depreciation accounts specifically for the vehicle asset

2. calculate depreciation on the asset for the current year

3. complete the General Journal entries for the asset acquisition and depreciation by:

   1. using a new asset account name and code compatible with the structure and coding of the organisation’s chart of accounts

   2. using a new depreciation account name and code compatible with the structure and coding of the organisation’s chart of account

   3. making an appropriate entry to record an asset acquisition transaction (including any GST liability) and depreciation.

4. Document the asset information on the asset register, showing depreciation over the course of the life of the asset (eight years). Use the Asset Register template available in Appendix 2.3 to document your calculation.

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