Assessment Event : Skills- Submission

Unit code and name

FNSACC321 - Process financial transactions and extract interim reports

Assessment information

Table 1 Assessment information

Submission points

This assessment event includes different submission points.To effectively complete this assessment, you will need to individually submit evidence for each submission point and then await assessor feedback before moving onto the next section. The assessment instructions identify where these submission points are.

Task instructions

The assessor will use the criteria in the tasks to determine if you have satisfactorily completed this assessment event. Follow these instructions to ensure you demonstrate the required knowledge and skills.

Read all instructions carefully and complete all the assessment requirements. In addition, refer to the Assessment checklist, which your assessor will use to assess your performance and record your results.

The scenarios in this assessment are based on the simulated organisationAzure Beach Accountants and Financial Services. You are employed by Azure Beach Accountants and Financial Services (ABAFS). The business provides a broad range of accounting and bookkeeping services, including business accounting and tax compliance requirements, BAS preparation, bookkeeping, and tailored solutions to businesses and individuals.

Submission 2

Part 2: Double entry book-keeping

Task 1: Prepare journal

One of the most common tasks you will be doing as an accountant is to prepare and process journal entries. In your role you have responsibility for processing financial transactions for ABAFS, as well as assisting clients to maintain accurate financial records. In this task, you need to prepare journal entries.

To prepare the journals, begin by reviewingsection 1of theStudent Resource (docx)document which has a variety of tax invoices and other financial documents.

When you have reviewed the documents, enter the source documents into the 4 journals:

• Sales journal
• Purchases Journal
• Cash receipt journal
• Cash Payments journal.

When you have completed the review enter each item you have reviewed into the appropriate journal entry using the templatesprovided inSubmission 2 (xlsx).

Task 2: Prepare special journal entries

There are occasions where a business needs to prepare special journal entries relating to uncommon situations. In this task, you need to review the sample scenarios relating to special journal entries and prepare the general journal entry to record the financial transaction.

You are to record the following transactions in the general journalSubmission 2 (xlsx)

Scenario 1

Albert Johnson is the owner of Zee Retailers, a business he has been operating for some time. On 15 April Albert contributed a motor vehicle worth $30,000 to the business.

1. Prepare the general journal entry for the 30 June 20X2 using the templates provided inSubmission 2 (xlsx).

Scenario 2

On 15 May 202X, Zee Retailers wrote off Jazz Dance Cos account that had a balance of $847 (inclusive of GST) owing. However, on 3 June, Jazz Dance Co paid back the $847 amount that the company had previously written off.

1. Prepare the general journal entry, for the 3 June, using the templates provided inSubmission 2 (xlsx)

Scenario 3: Correction of error

Zee Retailers has purchased some advertising on 5 June to the value of $1,540. Therefore, the advertising expense account should be debited $1,400; GST Paid account should be debited $140 and the Bank account credited with $1,540. However, an error has been made and the stationery expense account has been debited $1,400.

1. a) How can Zee Retailers correct this error?

2. Correct the general journal entry using the templates provided inSubmission 2 (xlsx)

Scenario 4

Several months ago, Zee Retailers provided services to a client, Sam Jones, but are yet to receive the agreed payment of $5,940 (inclusive of GST). After months of contacting the client, Zee Retailers is unsuccessful in receiving the payments and it is now the end of the financial year. Zee Retailers had decided to recognise the debt as unrecoverable.

1. Prepare the general journal entry using the templates provided inSubmission 2 (xlsx)

Scenario 5

Zee Retailers completed a stocktake of physical inventory as at 30 June. Stocktake valuation is $370 less than the value in the inventory general ledger.

1. Prepare the general journal entry using the templates provided inSubmission 2 (xlsx)

Scenario: Posting journalsintogeneral ledger accounts

The following tasks involve the posting of journals to ledgers. Reviewsection 2of the appendix document, where you will find a trial balance and a series of journals for ABC Stores, including the:

• General journal
• Sales journal
• Purchases journal
• Cash receipts journal
• Cash payments journal

Task 3: Post journal entries into general ledger accounts

You are to complete a general ledger using the journals from ABC Stores insection 2of the student resource that you have just reviewed using the template provided inSubmission 2 (xlsx). Remember to include the opening balances from the trial balance as at 1 May 20X1.

Task 4: Extract and prepare trial balance

Now that you have created a general ledger for ABC Stores, prepare the trial balance for your client as at 31/5/X1using the template provided inSubmission 2 (xlsx)

Task 5: Review and correct general ledger account entries

To help you in this task, refer to the ABAFSAccounting Requirements and Financial Reporting Policy (pdf), which will help you to recognise the types of errors most commonly encountered in general ledgers.

Following is a selection of general ledger accounts. These are from one of ABAFSs client, Barret Smith Removals Pty Ltd. The trial balance for Barret Smith is out of balance. Use your knowledge of general ledgers, debits, and credits to correct the errors.

Using the template provided inSubmission 2 (xlsx)provide the errors identified for the general ledgers.

Table 2General ledger (Barret Smith Removals)

Table 3General ledger

Table 4 General ledger

Table 4 General ledger

Table 5General ledger

End of Submission 2 Part 2

You have now completed Submission 2- Part 2 of the assessment. Submit the evidence for this submission point and then await the assessor's feedback before moving on to the next section.

Submission2 checklist

Submit the followingPart 2tasks for marking.

Part 2 items

? This Assessment Event 2 of 2 : Skills- Submission 2 (docx)

?Submission 2 (xlsx)

Assessment checklist

The Assessment checklist lists therequirements for each taskin this assessment as outlined in the students assessment instructions. The assessor will use this checklist to ensureallrequired tasks have been completed and submitted and provide feedback for each task.

Note that S = Satisfactory and U/S = Unsatisfactory.

Table 6 Assessment feedback

Student assessment declaration

This assessment is my original work and has not been:

• copied from any source without proper referencing,
• written for me by any other person except where such collaboration has been approved by a teacher or assessor.

Student signature and date

Assessment feedback Submission 2

?Reasonable adjustment was in place for this assessment event.

If so, please provide details of any reasonable adjustment strategies that were implemented:

Reasonable adjustment strategies:

Assessment outcome

?Satisfactory

?Unsatisfactory

Comments:

Assessor name, signature and date

Student acknowledgement of assessment outcome

Would you like to make any comments about this assessment?

Student name, signature and date