Sujai_BSBFIA401 Task2

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University of Technology Sydney *

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MANAGERIAL

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Accounting

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Nov 24, 2024

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Assessment-2 BSBFIA401 Prepare financial reports Student Must Fill this Section Student Name: Student ID: Term: Year: Privacy Release Clause: “I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”. Authenticity Declaration: “I declare that:  The material I have submitted is my own work;  I have given references for all sources of information that are not my own, including the words, ideas and images of others”. Student Signature: Date:

Assessment Outcome Assessor Name: Attempt Satisfactory Not Yet Satisfactory Date Assessor Signature Initial attempt   2 nd attempt/Re- assessment  

Information for Student:  All work is to be entirely of the student. General Information for this assessment:  Read the instructions for each question very carefully.  Be sure to PRINT your FIRST name & LAST name in every place that is provided.  Short questions must be answered in the spaces provided.  For those activities requesting extra evidence such as: research reports, essay reports, etc. The student must attach its own work formatted in double space, Arial 12 pts.  All activities must be addressed correctly in order to obtain a competence for the unit of competency.  If the student doesn’t understand the assessment, they can request help from the assessor to interpret the assessment.  Re-submission of assessment after the term will incur additional fees. Re-assessment of Result & Academic Appeal procedures: If a student is not happy with his/ her results, that student may appeal against their grade via a written letter, clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after completion of the subject and within fourteen days of commencement of the new term. Re-assessment Process:  An appeal in writing is made to the Academic Manager providing reasons for re-assessment /appeal.  Academic Manager will delegate another faculty member to review the assessment.  The student will be advised of the review result done by another assessor.  If the student is still not satisfied and further challenges the decision, then a review panel is formed comprising the lecturer/trainer in charge and the Academic Manager OR if need be an external assessor.  The Institute will advise the student within 14 days from the submission date of the appeal. The decision of the panel will be deemed to be final.  If the student is still not satisfied with the result, the he / she has the right to seek independent advice or follow external mediation option with nominated mediation agency.  Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol in that subject. The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement based on principles of assessment. These principles require assessment to be reliable, fair, practical and valid. Academic Appeals:  If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal through academic appeals handling protocol.  To appeal a decision, the person is required to complete the WSC- Request for Appeal of a Decision form with all other supporting documents, if any. This form is available via our website. The completed Request for Appeal form is to be submitted to the Student Support Officer either in hard copy or electronically via the following contact details: Student Support Officer, Western Sydney College (WSC), 55 High St, Parramatta NSW 2150, Email: Complaints@wsc.nsw.edu.au  The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted within seven days of notification of the outcome of the re-evaluation process.  If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the unit.  In emergency circumstances, such as in cases of serious illness or injury, you must forward a medical certificate in support of a deferred appeal. The notice of appeal must be made within three working days of the concluding date shown on the medical certificate.  The decision of Chief Executive Officer will be final.  Student would then have the right to pursue the claim through an independent external body as detailed in the students’ complaint / grievance policy.

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Please note you need to fully complete all tasks included in your assessment booklet to gain competency in this unit. Assessment Schedule Task Due Date Learner Sign Trainer Sign Off Comments Task 2 Week 2 Comments/Feedback to Students

Assessment Task 2: Asset register project T ASK 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. W HAT DO YOU NEED IN ORDER TO COMPLETE THIS PART ? Resources  Access to textbooks and other learning materials  Access to a computer, printer, Internet and email software (if required)  Access to Microsoft Word or similar program Supporting documents  Australian Accounting and Auditing Standards (either online or hard copy)  Asset Register Worksheet  Financial Policy and Procedures W HEN AND WHERE WILL THIS TASK BE COMPLETED ? You will do this task in a simulated workplace environment. W HAT DO I NEED TO DO IF I GET SOMETHING WRONG ? If you submit work that is not satisfactory, your assessor will provide written feedback explaining why, as well as timelines for resubmission. Instructions for Task 2 Carefully read the following: 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:

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. Date Accounts Debit Credit 1/7/2016 Plant equipment 18000 Accounts payable 18000 To record the purchase of bench planer (Asset No. 346) 1/7/2016 Plant and equipment 5000 Accounts payable 5000 To record the purchase of a standing drill ( Asset No. 348) 30/6/2017 Depreciation 2720 Plant and equipment depreciation 2720 To record the depreciation of bench planer (Asset No. 346) 30/6/2017 Depreciation 1050 Plant and equipment accumulated depreciation 1050 To record the depreciation of a standing drill ( Asset No. 348) Date Accounts Debit Credit 30/6/2018 Depreciation 3400 Plant and equipment accumulated depreciation 3400 To record the depreciation for bench planer (Asset No. 346) 30/6/2018 Depreciation 1050 Plant and equipment accumulated depreciation 1050 To record the depreciation for a standing drill ( Asset No. 348)

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2. Prepare asset registers for the two items. Andrew's slabs -Register of machinery Asset name: Bench planer Asset no: 346 Date of purchase: 1st july 2016 Location: Tyagarah workshop Total usage: 1800 units Estimated residual value: $1000 Depreciation method: Units of production Depreciation method: 0.1 (1800/18000) Purchased from: Mullum machinery Date Detail Asset Accumulated depreciation Dr$ Cr$ Bal$ Dr$ Cr$ Bal$ 1/7/2016 Cost price 18000 18000

30/6/2017 Depreciation(usage 800) 2720 2720 Depreciation ( usage 1000) 3400 3400 Andrew slabs -Register of machinery Assets name: Standing drill Asset no: 348 Date purchased: 1st july 2016 Location : Tyagarah workshop Estimated life: 4 years Estimated residual value: $800 Depreciation method: Straight line Purchased from: danny's drills Date Detail Asset Accu Dr$ Cr$ bal Dr$ Cr$ bal 1/7/2016 Cost price 5000 5000 30/6/2017 Depreciation 1050 1050 30/6/2018 1050 2100 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 $1,210 received for a kitchen bench slab was incorrectly posted from the cash receipts journal as a credit to the Sales account. No. Particulars Dr$ Cr$ 1 Accounts receivable control-lennox furniture 3300 Accounts receivable control-kingsclif kitchens 3300 2 Timber expenses 800 Purchases 800 3 Sales 1100 Kitchen bench slab 1100

d) The bank column of the cash receipts journal was over added by $30, but the individual receipts were correctly entered and posted. Answer Error of additional affects only one account. cash at bank. Rule out the incorrect total in the cash receipts journal and write in the correct total. Delete the debit entry in the cash at bank account in the ledger. If the posting has been made 4. Calculate the following, taking into consideration the relevant procedures set out in the company’s Financial Policy and Procedures:

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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. Debit $ Credit $ Account receivables 550 Fee received 500 GST collection 50 To record the consulting services provided to company LTR 92 days ago. Bad debts expenses 500 GST collected 50 Provision for doubtful debts 550 To record as doubtful debts when more than 60 days over due. Provision for doubtful 550 Account receivables 550 To write of the debt after 90 days, if the debt can't be collected by a debt collection agency Show the general ledger entries you would make to record this bad debt. Debit Credit Bad debt $550 Consulting fees $500 GST income $50 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? $900 would be shown on the balance sheet as a doubtful debt under current assets. 5. Send an email to your assessor. WSC-ASSBSBFIA401-V1.1-23012020 Page | 10 International College of Australia Pty Ltd T/A Western Sydney College RTO: 45360 | CRICOS: 03690M

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 Asset Register Worksheet to the email. Email Attached W HAT MUST BE SUBMITTED FOR T ASK 2?  Email with Asset Register Worksheet attached Assessment Checklist A SSESSMENT T ASK 2: A SSET REGISTER PROJECT Yes No WSC-ASSBSBFIA401-V1.1-23012020 Page | 11 International College of Australia Pty Ltd T/A Western Sydney College RTO: 45360 | CRICOS: 03690M

Assessment Checklist A SSESSMENT T ASK 2: A SSET REGISTER PROJECT Did the student submit the following:  Email with Asset Register Worksheet attached Did the student accurately prepare journal entries to record assets and depreciation for a specified period?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student prepare accurate and detailed asset registers for the assets listed?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student use numeracy skills to complete calculations relevant to asset management?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student determine method of depreciation as set out in Financial Policy and Procedures?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student correctly record depreciation and projected disposal of assets as set out in Financial Policy and Procedures?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student accurately prepare correcting journal entries as required?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Did the student correctly record bad and doubtful debts in the provided table as set out in Financial Policy and Procedures?  Student’s asset register worksheet fulfilled the requirements as set out in the Asset Register Worksheet Assessor. Please note any reasonable adjustments for this task below.  I have reviewed the mapping to this task.  I have analysed the evidence gathered against the requirements of this task and am satisfied that the student has satisfactorily demonstrated the skills and knowledge required of this unit. Where any items above are marked ‘No’, please provide comments and outline the gaps below. Ensure feedback is provided to the student on their Assessment Task Cover Sheet. Note actions that will be taken to correct the gaps. How many attempts were required to demonstrate satisfactory performance? _________________________________________ Assessment Task 2 outcome: Satisfactory  Not Satisfactory  Date: ________________________________________ WSC-ASSBSBFIA401-V1.1-23012020 Page | 12 International College of Australia Pty Ltd T/A Western Sydney College RTO: 45360 | CRICOS: 03690M

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Assessment Checklist A SSESSMENT T ASK 2: A SSET REGISTER PROJECT Student name: ________________________________________________________________________________________ Assessor name: _______________________________________________________________________________________ Assessor signature: ____________________________________________________________________________________ WSC-ASSBSBFIA401-V1.1-23012020 Page | 13 International College of Australia Pty Ltd T/A Western Sydney College RTO: 45360 | CRICOS: 03690M