FNSACC301: Process Financial Transactions- Accounting Report Writing Assignment Help

Internal Code: Tv816

Accounting Report Writing Assignment Help:

Task: Information for Students: You may have two (2) attempts for this assessment. 1. If your first attempt is not successful, your teacher will discuss your results with you and will arrange a second attempt. 2. If your second attempt is not successful, you will be required to re-enrol in this unit. Only one re-assessment attempt will be granted for each assessment item. Time Allowed: This assessment must be completed in Excel and submitted to the Dropbox in eLearn in by Week 8, Thursday 29 March 2018 6PM. Materials Provided: Assessment paper, Spreadsheet template Assessment Range and Conditions: Students can use any resources they feel are necessary to assist them. The task does not have to be completed under CIT supervision. The student must upload a spreadsheet file. Assessment Criteria: To achieve a Satisfactory result, your assessor will be looking for your ability to demonstrate the key skills/tasks/knowledge detailed in the Assessment Task to industry standard, in the following elements. 1.4. Prepare journals and batch monetary items. 1.5. Post journals to ledger. 1.6. Enter data into system 1.7. Prepare deposit facility and lodge flows 1.8. Extract trial balance and interim reports. 2.1. Review accounts receivable process. 2.2. Identify bad and doubtful debts. 2.3. Review compliance with terms and conditions and plan recovery action. 2.4. Prepare reports and file documentation. 2.5. Distribute creditors’ invoices for authorisation 2.6. Remit payments to creditors 3.1. Identify relevant information and establish chart of accounts. 3.2. Analyse and verify source documents. 3.3. Process receipts and payments. 4.1. Manage chart of accounts. 4.2. Process invoices, adjustment notes and other general ledger transactions. 4.3. Manage contra entries. 4.4. Identify and process bad debts. 4.5. Manage debt recovery. 4.6. Prepare and produce reports and trial balance PART A The Trial Balance of Landmark Bike Wholesalers at 31 May 2018 was as follows: Landmark Bike Wholesalers NOTE: Landmark Bike Wholesalers is registered for GST. It uses the Perpetual Inventory system. The Cost of Goods Sold is 60% of the Sale Price. Assume the balances for all revenue and expense accounts are carried forward. Round all figures to whole dollars. QUESTION 1: (a) Produce a fully classified Profit and Loss statement and Balance Sheet for the month of May 2018 based on the Trial Balance of the ending ledger balances provided. Use the Excel templates provide. Create your own, appropriate, Account Code List (b) Enter the opening balances for 1st June 2018 in the general ledger accounts and the subsidiary ledger accounts. Use the Excel templates provided (c) Record the June 2018 transactions in the appropriate Journals and total the Journals. Use the Excel templates provided. Create your own Receipt and Returns referencing system. (d) Post the Journal entries to subsidiary accounts daily and to the general ledger at the end of the month. In your ledger accounts you should record the date, particulars, and amount for each ledger posting. Label each account that you use. “Cash at Bank” is the only Ledger account that has been named for you. (e) Prepare a trial balance and schedules of subsidiary ledgers as at 30 June 2018. Use the Excel templates provided (f) Prepare a fully classified Profit and Loss statement and Balance Sheet for the month of June 2018 based on the Trial Balance of the ending ledger balances provided. Use the Excel templates provided PART B (THEORY) QUESTION 2: Describe 4 indicators of a potential bad debt. (Minimum 200 words) QUESTION 3: Produce a Credit Policy for ONE of the following type of organisations: 1. Personal Loan company where payments are due monthly 2. Trading business 3. Medical Practice 4. Utility Provider (eg electricity, gas, phone) The Credit Policy should cover points such as: 1. When reminders are sent, 2. The type of contact (eg phone or letter), 3. The timing of reminders, 4. What dollar amounts are appropriate for each action, 5. If the debts should be referred to a Debt Collector, and 6. If they should be written off if not paid or legal action commenced. A minimum of 400 words is required. QUESTION 4: Describe TWO typical errors that can be made in manually processing financial transactions and the effect this may have on financial reports. (Minimum of 150 words – showing some ledgers and/or financial reports could help to illustrate your answer) QUESTION 5: Describe TWO internal control procedures an organisation should have in place for the handling cash and cheques. Your answer should also describe banking procedures and guidelines. (Minimum of 200 words)