FNSACC414 Prepare Financial Statements For Non-Reporting Entities Assignment
- Subject Code :
FNSACC414
- Country :
Australia
Part 1: Scenario
To complete this part of the assessment, read the scenario and complete the following task/s.
Scenario: compile data to prepare financial statements
Azure Beach Accountants and Financial Services (ABAFS) has a client, Zoe Smith whose business was destroyed in a fire. The client’s laptop was damaged which contained most of their financial information. They had not kept backup copies of the data. The client found some printouts from the last few years and has been able to ascertain the following data as at this financial year (30 June 2022).
Their cash book for the year 30 June 2022 revealed the following:
Additional Information for the year ending 30 June 2022:
Task:1 Account reconstruction
Using the data provided in the scenario, reconstruct the following accounts for the year ending 30 June 2022. Note that Smith’s business is not registered for GST.
- Accounts receivable
- Sales
- Accounts payable
- Purchases
- Bank
- Capital
Use the information provided in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates1.xlsx to complete this task (Part 1 Task 1).
Task:2 Income statements
Using the figures calculated in Part 1, prepare an Income Statement for the year ending 30 June 2022 using the table provided in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates1.xlsx (Part 1 Task 2)
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