Backup of Revised SITXFIN002 Task 1

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SITXFIN002 Interpret financial information Task 1 -Account Summaries & Balances Task 2 -Invoices Task 3 -Journal Entries Task 4 -Bank Deposit Documentation Task 5 -Merchant Copies/ Merchant Statements) Task 6 (Merchant Summary and EFTPOS journal) T a s k 7 - B a n k S t a t e m e n t / B a n k R e c o n c i l i a t i o n Task 8 – Banking Summary Task 9 -Profit and Loss Statement Task 10 – Business Activity Statements (BAS) Task 11- Trial Balance T a s k 12 - C r e d i t C a r d T r a n s a c t i o n S t a t e m e n t / M e r c h a n t S u mma r y Task 13 -Balance Sheet Assessment1 - Project This assessment requires you to successfully complete 13 tasks. The tasks will demonstrate your skills and abilities to prepare and use financial information documents or reports. The 13 tasks are: The submission date for the assessment is on SITXFIN002– Assessment Booklet –Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 1 of 25

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 2 of Task 1 -Account Summaries & Balances Liliana produces cakes in her shop in Melbourne city. On June 25 she received the deposit for securing a wedding cake from Ms Anderson of $250. Your task is to record the transaction into the account and create a new balance. CASH JOURNAL Month June Year 2016 Day DEBI T CREDIT DESCRIPTION 1 20.00 2 65.00 3 33.00 4 33.00 5 6 85.00 7 199.00 8 365.00 362.00 Expenses for cakes 9 30.00 111.00 Expenses for cakes 10 95.00 300.00 Expenses for cakes 11 420.00 80.00 Expenses for cakes 12 13 33.00 450.00 Gas bill 14 222.00 15 45.00 16 35.00 17 66.00 18 19 20 22.00 21 66.00 22 368.00 Unpresented cheque 23 123.00 24 211.00 25 250.00 Deposit for cake 26 27 28 29 30 TOTAL 2168 192 1

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 3 of Task 2 -Invoices After having received the deposit for the cake, you are to issue an invoice to Ms Anderson for the value of the deposit and the agreed price for the cake of $1250.00. Today is 25 June 2017. In the following invoice complete the details of the transaction with the total agreed price The deposit paid and the balance remaining. Invoice to : Ms Anderson From: Liliana Cake Shop 1 Melbourne Dr 2000 Sydney ABN 11 222 333 444 1 Belle Av. 3000 Melbourne ABN 10 100 100 100 Date 25/06/201 7 Amoun t Description Price 1 Price of Cake 1250 TOTAL 1250 Deposit paid 250 Balance Due: 1000 NOTE: The remainder needs to be paid on the pick-up/delivery of the goods

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SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 4 of Task 3 -Journal Entries For this task you will need to record the deposit and the sale of the cake as a journal entry. We will use a ‘double entry’ accounting style or a ‘ T’ account to demonstrate the journal entry. You will need to record the deposit in the CASH - JOURNAL Then you will need to record the SALE in the ACCOUNTS RECEIVABLE - JOURNAL. (I f you haven’t done a double entry account before you may like to refer to the following steps.) Step s Self- Questions Answe rs 1 What did the Company receive? Cash. 2 If the Company received cash, how would this affect the c a s h b a l a n c e ? Receiving cash increases the cash balance of the company. 3 Which side of cash account represents the increase in cash? Debit side (Left side). 4 What is the account name to record the sales of products? Accounts Receivable 5 Which side of accounts receivable account represents t h e i n c r e a s e i n s a l e s ? Credit side (Right side). 6 Does the sum of debit side amounts equal to the sum of credit side amounts? I n o t h e r w o r d s , do e s t h i s j o u r n a l e n t r y b a l a n c e ? Yes. e.g $120 = $120 CASH JOURNAL Date Description Debit Credit 25 june 2017 Wedding cake 250 ACCOUNTS RECEIVABLE Date Description Debit Credit 25 june 2017 wedding cake deposit 250

Liliana’s Cake Shop SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 5 of Task 4 -Bank Deposit Documentation After Liliana recorded the deposit ($250) over in the cash journal, she noticed she had an envelope ready for the deposit of : 10 x $100 notes, 3 x $50 notes, 25 x $20, 5 x $10 and 3x $5. On the following day, before she went to the shop, Liliana deposited the money, but first she had to fill in the deposit slip (fill in the form below). Your task is to complete the bank deposit slip according to the cash denominations above. Date 26/06/2017 Notes 10/$100.00=$1000.00 3/$50.00=$150.00 Coins 25/$20.00=$500.00 5/$10.00=$50.00 3/$5.00=$15.00 Sub Total Cash=$1715.00 $1715.00

SITXFIN002 Interpret financial information Task 5 -Merchant Copies/ Merchant Statements) During her working day, she had a customer who collected a birthday cake and paid the remainder of $ 130. Unfortunately, the EFTPOS printer does not work properly, and Liliana cannot read the amount on the MERCHANT COPY nor on the MERCHANT STATEMENT. To keep track of the purchase, she decided to write the amount herself over the copies. You are to fill in the below statements. Liliana’s Cake Shop Liliana’s Cake Shop 1 Belle St 1 Belle St Melbourne 3000 Melbourne 3000 39428555000 39428555000 MID 24458705 MID 24458705 TSP 100 362999945 TSP 100 362999945 TIME 21JUN 2017 TIME 21JUN 2017 TRAN 000050 CREDIT TRAN 000050 CREDIT MasterCard MasterCard MasterCard I MasterCard I CARD .................................... 4444 CARD .................................... 4444 RID A000000000A RID A000000000A PIX 1010 PIX 1010 TVR 00000000000 TVR 00000000000 TSI E800 TSI E800 TC 125C79E5E33E69D8 TC 125C79E5E33E69D8 PURCHASE 130.00 PURCHASE 130 TOTAL 130.00 TOTAL 130 APPROVED Customer Copy APPROVED Merchant Copy

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SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet –Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 6 of 25

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 7 of Task 6 (Merchant Summary and EFTPOS journal) At the end of the day Liliana now goes to the EFTPOS terminal and prints off a MERCHANT SUMMARY . (today’s date is 27/06/2017.) Complete the total amount for the merchant summary and then write the summary into the eftpos statement journal. Description Amount $ Deposit 500 Deposit 750 Balance Paid 1200 Balance Paid 1500 Cake 250 Cake 375 Cake 450 Total summary of merchant transactions 5025 DATE EFTPOS STATEMENT JOURNAL DEBI T CREDIT 27/06/201 7 5025

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 8 of Task 7 -Bank Statement/Bank Reconciliation You receive the bank statement and help Liliana in doing the bank reconciliation. Your job is to match every transaction both the cash journal and the bank statement. Tick each value and rectify any anomalies. Make sure both balance or ‘reconcile’. CASH JOURNAL BANK STATEMENT Month June Year 2020 Banking Summary Month June 2019 Day DEBIT CREDIT DESCRIPTIO N Day DEBIT CREDIT DESCRIPTI ON 1 $65.00 Sales 1 2 $33.00 Sales 2 3 $33.00 Sales 3 4 4 $131.00 Cash deposit 5 5 6 $85.00 Sales 6 7 $362.00 $199.00 Expenses for cakes / sales 7 $362.00 Expenses for cakes 8 $111.00 $365.00 Expenses for c a k e s / S a l e s 8 $111.00 Expenses for cakes 9 $300.00 $30.00 Expenses for c a k e s / S a l e s 9 $300.00 Expenses for cakes 10 $80.00 $95.00 Expenses for cakes / Sales 10 $80.00 Expenses for cakes 11 $420.00 Sales 11 12 12 $1,194.0 0 Cash Deposit 13 $450.00 $33.00 Gas bill 13 $450.00 Gas bill 14 $222.00 14 15 $45.00 15 16 $35.00 16 17 $66.00 17 $401.00 Cash Deposit 18 $5.00 Bank fees 18 $5.00 Bank fees 19 19 20 $22.00 20 21 $66.00 21 $88.00 Chequ e deposi t 22 $368.00 Deposit cheque 22 $368.00 Deposit cheque 23 $368.00 Unrepresent ed cheque expense 23 $368.00 Unpresented cheque 24 $123.00 24 25 $211.00 25 $334.00 Cash Deposit 26 $48.00 26 $48.00 Cash deposit 27 $126.00 27 28 $250.00 Deposit for cake 28 $250.00 Chequ e

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SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 9 of deposi t 29 $250.00 Returne d deposit 29 $250.00 Withdrawal from ATM 30 $212.00 30 $338.00 Cash Deposit TOTAL $1926.0 0 $3152.0 0 BALANC E $1,226.00 BALAN CE $1226.00

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 10 of Task 8 – Banking Summary Using the data from Task 7 bank statement you are now to create an excel spreadsheet . You will utilise this tool as your accounting software. Using the formulas’ in excel create a banking summary. 1. Calculate all DEBIT TRANSACTIONS Attched as separate doc. 2. Create a summary of all transactions that are CASH DEPOSITS only. Attached as separate doc. Summary of Transactions – Cash Deposit Bank Statement Day Credit ($) 1 2 3 4 $131 5 6 7 8 9 10 11 $1194 12 13 14 15 16 17 $401 18 19 20 21 22 23 24 25 $334 26 $48 27 28 29 30 $338 Total

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 11 of Task 9 -Profit and Loss Statement You now need to help Liliana in preparing the Profit and Loss Statement for the financial year 2016/2017 you are to help in calculating the GROSS profit , the TOTAL EXPENSES and then the NET PROFIT Use the formula: Net Profit = Total Revenue – Cost of Goods Sold – Total Expenses Chart Of Account ID $ % 100 TOTAL REVENUE $1,000,000.00 100 . 00 % 200 COST OF GOODS $426,200.00 42 . 62 % GROSS PROFIT 573800 57.38% EXPENSES: 401 Accounting fees $11,700.00 1 . 17 % 404 Electricity $2,700.00 0 . 27 % 405 Insurance $15,200.00 1 . 52 % 407 Postage $1,500.00 0 . 15 % 408 Printing and stationery $8,700.00 0 . 87 % 501 Rent for premises $74,300.00 7 . 43 % 502 Vehicle operating costs $21,100.00 2 . 11 % 506 All other expenses $14,100.00 1 . 41 % 300 LABOUR $225,000.00 22 . 50 % 399 Liliana’s Salary $102,600.00 10 . 26 % Less TOTAL EXPENSES 476900 47.69% Equals NET PROFIT 96900 9.69% GROSS PROFIT= Revenue-Cost of goods = 1 , 000 , 000 - 426200 = 5 7 3800 TOTAL EXPENSE=476900 Net Profit = Total Revenue – Cost of Goods Sold – Total Expenses = 1000000 - 426200 -476900 = 96900

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SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 12 of Task 10 – Business Activity Statements (BAS) Lilliana now needs to submit her quarterly Business Activity Statement (BAS) as per the Australian Government Taxation Law. Using the sample BAS and the data entered – calculate whether Lilliana will received a refund, or will she have to make a payment? What specific amount will the refund or payment be, based on the data? Enter your answer in the following sample BAS: Liliana owes ATO = 125000 ATO owes Liliana = 10000 Liliana owes to ATO = 125000 - 10000 = $115000

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 13 of

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 14 of

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SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 15 of Task 11- Trial Balance You are to add to the trial balance the wages for the year 2016/2017 which are $135,500.00, the petty cash equal to $2,500.00 and owner’s equity equal to $100,000.00. You also need to calculate the Debit and Credit total and balance the difference if it occurs. Trial Balance 30/06/201 7 General Ledger Account Balance Account Name Debit Credit Petty cash $2500.00 Reserve for bad debts $100,000.00 Inventory $2,500.00 Furniture and fixtures $150,000.00 Accumulated depreciation - furniture and fixtures $150,000.00 Equipment $2,500.00 Accumulated depreciation - equipment $2,500.00 Goodwill $101,000.00 Sales tax payable $900,000.00 Owner's equity $100,000.00 O wn e r ' s d r aw i n g a cc o un t $845 , 000 . 00 Sales $450,000.00 Revenues $350,000.00 Sales returns and allowances $150,000.00 Purchases $450,000.00 Bank charges $0.00 Credit card fees expense $0.00 Insurance $19,000.00 Miscellaneous $70,000.00 Payroll taxes $6,500.00 Telephone $10,000.00 Travel $15,000.00 Utilities $35,000.00 Vehicle expenses $58,000.00

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 16 of Wages $135,500.0 0 Totals $2,052,500. 00 $2,052,500.00 Difference 0 0

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 17 of Task 12 -Credit Card Transaction Statement/Merchant Summary Have a look at this credit card statement /merchant statement and answer the questions below.

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$2059.97 $27.78.00 Payment Summary Due Date: 24/02/17 Minimum Monthly Payment: $42.00 + Overdue/Overlimit: $42.00 Payable Immediately Avalaible Credit At Statement Date: $ 24212.25 Credit Limit: $ 27,000.00 $24,212.25 SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 18 of Task 12 – Questions: What is the opening balance of the credit card account? What is the total amount of the monthly transactions? $700.00 How much interest has been charged on transactions? Locate the payment summary and list the minimum monthly payment. W h a t i s t h e ava i l a b l e c r e d i t l i m i t ?

SITXFIN002 Interpret financial information SITXFIN002– Assessment Booklet – Student copy Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 19 of Owners’ Equity = Assets – Liabilities = $275,000 - $12,000 = $263,000 Task 13 -Balance Sheet Liliana Cake Shop Owns the building they work in valued at $250,000.00 , has $25,000.00 worth of cash and owes its suppliers ( creditors) $12,000.00. Fill in the following Balance Sheet all the information stated. Using the formula: Owners’ Equity = Assets – Liabilities Calculate the Owners’ equity for Lilliana BALANCE SHEET ASSE TS $ LIABILITIES $ Building $250,00 0 Suppliers $12,000 Cash $25,000 Total Liabilities $12,000 Owner’s Equity $263,00 0 TOTAL $275000 TOTAL $275,00 0 Owners’ equity: