FNSACC321_322_421 Assignment-part-10

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Monarch Institute *

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ACCOUNTING

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Accounting

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Apr 3, 2024

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Page 73 of 88 Activity 12: Final Reports 12.1 You are provided with the following Trial Balance on 30 June 2020 for Maloney Co. In accordance with its policies and procedures, this company uses the perpetual inventory system. Maloney Co – Trial Balance on 30 June 2020 Debit $ Credit $ Accumulated Depreciation - Van 13,000 Advertising 3,900 Bank 720 Capital 15,270 Accounts Payable 5,250 Accounts Receivable 6,000 Delivery Van 60,000 Discount Allowed 400 Insurance 900 Investments 20,000 Mortgage 24,000 Inventory at 30/6/2020 10,900 Cost of Goods Sold 117,700 Rent 13,000 Sales 220,000 Wages - Office 25,000 Wages - Sales 20,000 GST Paid 2,000 GST Collected 3,000 280,520 280,520 Additional Information: Balance Day Adjustments still to be recorded: Prepaid rent expense 1,100 Depreciation - Van 2,100

Page 74 of 88 a. Prepare a Ten Column Worksheet using the following template: Maloney Co – Ten Column Worksheet Details Trial Balance Adjustments Trading Account Profit & Loss Balance Sheet Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Sales 220,000 220,000 Inventory 10,900 10,900 COGS 117,700 117,700 Wages-Sales 20,000 20,000 Wages-Office 25,000 25,000 Advertising 3,900 3,900 Rent 13,000 1,100 11,900 Insurance 900 900 Disc. Allow 400 400 A/C Receive. 6,000 6,000 Bank 720 720 GST Paid 2,000 2,000 GST Collect 3,000 3,000 Investments 20,000 20,000 Delivery Van 60,000 60,000 Acc.Dep.-Van 13,000 2,100 15,100 A/C Payable 5,250 5,250 Mortgage 24,000 24,000 Capital 15,270 15,270 Total 280,520 280,520 Prepaid Rent 1,100 1,100 Dep. - Van 2,100 2,100 Gross Profit 102,300 102,300 Net Profit 38,100 38,100 Total 3,200 3,200 220,000 220,000 102,300 102,300 100,720 100,720

Page 75 of 88 b. Prepare the Income Statement for the year ended 30 June 2020 using the following template: Maloney Co – Income Statement for the year ended 30 June 2020 $ $ $ Sales 220,000 $ Less Cost of Goods Sold 117,700 $ Gross Profit from Trading 102,300 $ Less Expenses: Marketing: Advertising 3,900 $ Wages – Sales 20,000 $ Depreciation Van 2,100 $ 26,000 $ Administrative: Wages – Office 25,000 $ Insurance 900 $ Rent 11,900 $ 37,800$ 63,800 $ Financial: Discount Allowed 400 $ 400 $ 400$ Net Profit (Loss) 38,100 $

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Page 76 of 88 c. Prepare the Balance Sheet as of 30 June 2020 using the following template: Maloney Co – Balance Sheet as of 30 June 2020 $ $ Current Assets Bank 720 $ Accounts Receivable 6,000 $ Inventory 10,900 $ Prepaid Expenses 1,100 $ 18,720$ 18,720$ Non-Current Assets Delivery Van 60,000 $ Less Acc. Depn. Van 15,100 $ 44,900 Investments 20,000 $ 20,000 64,900$ Total Assets 83,620 $ Current Liabilities Accounts Payable 5,250 $ GST Collected (net) 1,000 $ 6,250 6,250 $ Non-Current Liabilities Mortgage 24,000$ 24,000 24,000 $ Total Liabilities 30,250 $ Net Assets 53,370 $ Owners’ Equity Capital (Opening Balance) 15,270 $ Net Operating Profit (Loss) 38,100 $ 53,370 $ 53,370 $

Page 77 of 88 d. What checks have you undertaken to ensure that the Income Statement and the Balance Sheet are correct? Ensure the all entries post in to the correct position without mistakes Ensure the all entries are having credit and debit entries correctly Ensure the ledger posting are correctly taken to final accounts e. What steps would you undertake if you believe the Income Statement or the Balance Sheet are not correct, or if the Balance Sheet does not balance? Review transections: Check whether the individual transections record in the financial statements having with errors, omissions or misclassified. Arithmetic Accuracy: Check arithmetic accuracy of individual accounts and postings Review journal entries, Specially adjusting entries Check the classification of items and if misclassify , correct them f. If there were $800 of dividends declared but not yet received by Maloney Co’s from their investments, what adjustment would need to be made to Maloney’s revenue? Accrual Dividend income Dr 800 Dividend income 800 With this transection Net profit increase by 800$ as 37800$, Current asset increase by 800$

Page 78 of 88 Activity 13: Video Role Play Scenario It’s Friday afternoon and you are reconciling the petty cash account for the Architecture & Design firm you work as a bookkeeper at. There are five petty cash slips that you need to reconcile. You notice that there are problems with two of the five petty cash slips. Jim Morrison, the office manager, oversees petty cash and Charlie Crow is the Finance Manager, to whom you report. You need to conduct a meeting with Jim and Charlie to resolve the petty cash issue. During the meeting you need to:  Speak with Jim to clarify what happened with the two petty cash slips that have problems  Ask at least two questions of Jim about the petty cash slips in question  Check Jim ’s understanding of the authorisation process for using petty cash at Blue Gum Architecture & Design  Obtain authorisation for the payment that was made in relation to petty cash slip #3 from Charlie Crowe, Finance Manager  Request Charlie send an email to all relevant staff outlining them of the petty cash process requiring his sign-off for amounts exceeding $100 This video role play has the following roles:  Student: bookkeeper  Jim Morrison: Office Manager at Blue Gum Architecture & Design  Charlie Crow: the Finance Manager Resources required for this assessment: From the LMS:  Video recording instructions Other:  Activity 16 Role play script (in Appendix A on page 81)  Activity 16 Petty cash receipts and process (in Appendix B on page 86)  At least one other person to read/play the part/s of Jim and Charlie  Device to record a video of your discussion Instructions You will need at least one other person for this activity, to read/play the parts of the Jim and Charlie. Using just one other person to play multiple roles is completely OK. Alternatively, you can use as many other people as there are roles.

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Page 79 of 88 Activity 13: Video Role Play Record your discussion with Jim and Charlie. You may choose to use zoom (or other free video conferencing software) or you can follow the video recording instructions that are available on the LMS in your course guide. Upload the video when you upload the rest of the documents for this assessment. This activity is designed to help assess your ability to:  Greet colleagues appropriately and professionally  Ask questions about the errors identified in the petty cash receipts  Obtain authorisation from appropriate personnel  Request colleague to notify all staff of the petty cash process  Speak professionally and courteously with all parties TIP : Ensure you, as the bookkeeper in the role play, are visible and audible throughout the video. Ensure any other people are audible throughout the video. NOTE : Ensure you upload the video with submission of this Assessment workbook.

Page 80 of 88 Student Pre-Submission Checklist Please check that you have completed the following before you upload your assessment:  Sign and date the Declaration at the beginning of the assessment  All activities have been completed Please check that you have the correct number of documents ready to upload to the LMS: 1. This completed assessment workbook 2. The document with the filename: Invoice127_ABCSS from Activity 4.2c 3. Role play video from Activity 13

Page 81 of 88 Video Role Play General Instructions:  Students must conduct the role play with at least 1 other person  Using just 1 other person to play multiple roles is completely OK. Alternatively, you can use as many other persons as there are roles  The other person(s) can play multiple roles except for the role required to be played by the student  There is no requirement for the other person(s) to be visible in the video, so if the other person(s) would prefer not to be visible, that’s OK  You must be visible throughout the video and all persons must be audible throughout the recording  Using a camera phone is often a quick and easy way to record the video. You can also use Zoom. Role Play Setting: When deciding on where to conduct the role play we suggest:  Find a quiet, private space where you can effectively record the video. This could be a spare room at home, an office at your workplace, or even a study room at your local library  Be appropriately dressed. During the Role Play:  Use appropriate body language and gestures, including eye contact  Speak professionally, and at an appropriate pace (between 120 wpm and 150 wpm)  Use your natural conversational skills, do not simply read from your notes/script  Use plain English  Listen without interrupting  Respond appropriately to what is said. Tip: A video role play is required to demonstrate your ability to communicate verbally and interact with others in a simulated workplace environment. You need to use your natural conversational skills during the role play: you may refer to your notes and resources but if you simply ‘read’ the entire interaction, you may be asked to redo your role play in order to meet the requirements of this unit. Want to practice your speaking speed? There are several free metronome apps available for Apple and Android which can help keep time as you practice your presentation. Here are 2 smartphone apps that can help: Metronome Beats : Metronome Beats has easy-to-use controls for increasing and decreasing the tempo. The visual beat indicators help you to keep track and it is very easy to mute the metronome while visually monitoring your tempo. Pro Metronome : Pro Metronome is a fantastic app for public speakers who are working on their pacing. It offers a variety of ways to keep your tempo: screen colour changes, vibrations, or sounds. Appendix A: Activity 16 Role Play Script

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Page 82 of 88 Scenario It’s Friday afternoon and you are reconciling the petty cash account for the Architecture & Design firm you work as a bookkeeper at. There are five petty cash slips that you need to reconcile. You notice that there are problems with two of the five petty cash slips. Jim Morrison, the office manager, oversees petty cash and Charlie Crow is the Finance Manager, to whom you report. You need to conduct a meeting with Jim and Charlie to resolve the petty cash issue. During the meeting you need to:  Speak with Jim to clarify what happened with the two petty cash slips that have problems  Ask at least two questions of Jim about the petty cash slips in question  Check Jim’s understanding of the authorisation process for using petty cash at Blue Gum Architecture & Design  Obtain authorisation for the payment that was made in relation to petty cash slip #3 from Charlie Crowe, Finance Manager  Request Charlie send an email to all relevant staff outlining them of the petty cash process requiring his sign-off for amounts exceeding $100 This video role play has the following roles:  Student: bookkeeper  Jim Morrison: Office Manager at Blue Gum Architecture & Design  Charlie Crow: the Finance Manager This activity is designed to help assess your ability to:  Greet colleagues appropriately and professionally  Ask questions about the errors identified in the petty cash receipts  Obtain authorisation from appropriate personnel  Request colleague to notify all staff of the petty cash process  Speak professionally and courteously with all parties

Page 83 of 88 Appendix A: Activity 16 Role Play Script There’s often no script for what you say just guidelines. That’s part of the challenge! Don’t read these lines out. Instead, answer in a way that fulfils the guidelines. The parts are indicated with names in brackets, like this: [YOU] [FELIX] When something is written in bold, it’s just a guide – not a line you have to read word-for-word.  E.G. [YOU]: Name and describe some fruit. Say something good and something bad about the fruit.  …you might say “Apples. They’re red, juicy, and crunchy. They’re high in fibre, but you can’t eat the core.” Normal speech is written as follows - read these parts out:  E.G. [MARY]: Let’s get this meeting started. Instructions for actions or body language are written in italics as follows - don’t read these parts out:  E.G. [FRED]: Look angry and raise your hand.

Page 84 of 88 Appendix A: Activity 16 Role Play Script [STUDENT]: Introduce yourself. Explain the purpose of the meeting. [CHARLIE/JIM]: Good morning, Let’s get started shall we?. [STUDENT]: Ask Jim appropriate questions about the errors identified in the petty cash receipts [JIM]: Answer the bookkeepers/students questions with responses suitable to the situation. Don’t worry about being correct or incor rect, just try to keep a natural flow of communication going to allow the student to demonstrate their skills. [STUDENT]: Check Jim’s understanding of the authorisation process for using petty cash at Blue Gum Architecture & Design [JIM]: Answer the bookkeepers/students questions with responses suitable to the situation. Don’t worry about being correct or incorrect, just try to keep a natural flow of communication going to allow the student to demonstrate their skills. [STUDENT]: Obtain authorisation for the payment that was made in relation to petty cash slip #3 from Charlie [CHARLIE]: Answer the bookkeepers/students questions with responses suitable to the situation. Don’t worry about being correct or incorrect, just try to keep a natural flow of communication going to allow the student to demonstrate their skills. [STUDENT]: Request Charlie send an email to all relevant staff outlining them of the petty cash process requiring his sign-off for amounts exceeding $100

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Page 85 of 88 Appendix A: Activity 16 Role Play Script [CHARLIE]: Answer the bookkeepers/students questions with responses suitable to the situation. Don’t worry about being correct or incorrect, just try to keep a natural flow of communication going to allow the student to demonstrate their skills. [STUDENT]: Thank Jim and Charlie for their time

Page 86 of 88 Appendix B: Activity 16 - Petty Cash Receipts and Process Petty Case Receipt Date: 12 Sep Number: 1 Amount: $37.50 Description: Parking station Expense Category : Client expenses Approved by: Jim Morrison Date of Approval: 12 Sep Petty Case Receipt Date: 13 Sep Number: 2 Amount: $14.80 Description: Biscuits milk and sugar Expense Category : Office expenses Approved by: Date of Approval: Petty Case Receipt Date: 14 Sep Number: 3 Amount: $125.00 Description: Catering for staff birthday Expense Category : Office expenses Approved by: Jim Morrison Date of Approval: 14 Sep

Page 87 of 88 Appendix B: Activity 16 - Petty Cash Receipts and Process Petty Case Receipt Date: 17 Sep Number: 4 Amount: $32.50 Description: Printer cartridge Expense Category : Stationery Approved by: Jim Morrison Date of Approval: 17 Sep Petty Case Receipt Date: 18 Sep Number: 5 Amount: $52.00 Description: 12 reams of paper @ $6 per ream Expense Category : Stationery Approved by: Jim Morrison Date of Approval: 18 Sep

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Page 88 of 88 Appendix B: Activity 16 - Petty Cash Receipts and Process Blue Gum Architecture & Design’s petty cash process states: Petty cash authorisation requirements Up to $30 No authorisation required Receipt provided $30.05 - $100 Office manager to authorise Receipt provided More than $100 Finance manager to authorise Receipt provided  Authorisations require signatures  Authorisations require date of approval  Authorisations require category of expenditure