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FNSACC312 ASSESSMENT 1 – PRACTICAL DEMONSTRATION

Assessment tasks
FNSACC312

ASSESSMENT 1 – PRACTICAL DEMONSTRATION
STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
PART – A
You work for Bobs Furniture Pty Ltd – a small business that buys and sells goods on credit. Debtors are
encouraged to settle their accounts quickly by the discounts offered by the proprietor. On 1 August
2015, the following debtor’s accounts were already in existence. J. Espandiar $1450; R Benigno $600; D.
Tran & Co. $2200. Balances owing to creditors at that date were: Classic Importers $5100 and Fancy
Furniture $3200.
Purchases
Aug 1 Paid Classic Importers $3100, Cheque no 98345
2 Invoice No, 213 Issued to R. Benigno for $180 plus $18 GST
3 Purchased goods from Fancy Furniture for $2800 plus $280 GST – Invoice 432
6 Sold goods to J. Espandiar for $550 including $50 GST – invoice 214
D. Tran $ Co. Paid $1650 and was granted a discount of $30 (Rec 332)
9 Issued invoice no 215 to R Beningo for $240 plus $24 GST
11 J. Espandiar paid $1430 and was allowed $20 discount (Rec 33)
12 Invoiced 216 issued to Shepparton Secondary College for $2800 plus $280 GST
15 Bought stock from Classic Importers for $2100 (Invoice TY445); GST Charged $210
18 Sold goods on credit to S. Bramante for $800, plus $80 GST (Inv 217)
21 Paid Fancy Furniture $3160 and received a discount of $40 (Chq. No. 98343)
22 Issued invoice no. 218 to Shepparton Secondary College for $520, plus $52 GST
23 R. Benigno sent a cheque for $600 for overdue payment (Rec. 334)
24 Sold goods on Credit to J. Espandiar $540 plus $54 GST (Inv 219)
26 Purchased stock on credit from Oz Furniture for $2600 plus $260 GST (Inv DE121)
28 S. Bramante paid $855 on account and was allowed a discount of $25 (Rec 335)
29 Invoiced D. Tran & Co. For credit sale of $4200 Plus GST of $420 (Inv 220)
30 Purchased inventory from Fancy Furniture for $4300 plus $430 GST (Inv 454)
31 Sold goods on credit to Cusack and Sons for $2360 (Inv 221): GST Charged $236
Assessment Summary
1. Prepare and submit the following journals for the month of August 2015, with all relevant
transactions
a. Credit sales journal
b. Cash receipts journal
2. Prepare and submit the individual debtors accounts with all relevant entries in correct sequence
3. Prepare and submit a debtor schedule as at 31 August 2015
4. Enter all transactions into your accounts software (MYOB or QuickBooks)
PART – B
Your assessor will role-play several of your clients. You are to answer respond to your clients’ requests,
and provide suitable answers.
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PART – C
From the data provided in Part – A, you are to identify potential debtors who may default on payment
terms.
The Trading terms for Bobs Furniture require full payment within 15 days from order. Discounts are
offered for earlier payments.
For each potential defaulting client, you are to develop both an initial reminder letter AND a final
demand letter. Be sure to abide by fair trading laws!
Next, you are to contact each client (you assessor will play the roles of these clients), and arrange to
recover any outstanding monies. Remember that some clients are regulars, so you do not want to
impact on future business if you can help it.
Finally you are to provide a report for your supervisor on the status and outcomes of the debts. Keep a
record of any important details, and provide the client files to your assessor for assessment at the end of
this task.
Assessor Summary
You are to provide / undertake the following:
o Submit your initial reminder and final draft letters
o Contact each client (and follow up on their debts with them) – verbally with your assessor roleplaying the client
o Submit your debtor report outlining debt status and outcomes (after contact with clients)
You must submit both printed copy and soft copy of your answers in a word document.
Submit the printed copy of required evidences (your answers) to your Trainer with the “Assessment
Cover Sheet” (Filled out and signed appropriately) attached on top of your documents.
Upload the softcopy on the link provide in the eLearning site.
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ASSESSMENT 2 – PROJECT
STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
PART – A
For this assessment, you are required to administer accounts payable for Patrick’s Cod Fishing Ltd
(Appendix 1-6). For this project you will required to undertake the following:
 Collect invoices and check for discrepancies for the month of October
 Investigate and rectify any identified discrepancies
 Obtain authority for payment according to company policy
 Draw up cheque requisition and gain authorisation
 Establish a general ledger and draw against this
 Demonstrate the correct account being debited in accordance with legislative and compliance
requirements
 Prepare creditor cheques
 Reconcile the Bank Statement for October
Details: Your instructor will play the part of Patrick hence direction should be sought as to what the set
company policies and procedures are in regards to authorisation of payments. Students should use the
list detailed in Appendix 4 for information regarding any cheques or payments made or received.
Assessor Summary
You are to provide / undertake the following:
o Submit Cheque requisition
o Submit General ledger
o Submit Creditor cheques
o Submit reconciled bank statement
PART – B
For this assessment you are required to use the information from Assessment 1A and the Appendices to
prepare the following reports using relevant accounting software:
 Profit & Loss for October
 Aged Receivables Summary
 Customer Balance Summary
 Aged Payables Summary
 Supplier Balance Summary
 Sales Graph
Students are next required to reconcile any outstanding debts by following the following steps:
 Contact suppliers for outstanding balance statements (The instructor can act the part of the
supplier in the context of a simulated working environment)
 Reconcile outstanding balances to invoices received
Students will need to consult with any relevant legislation and follow the company policies as set by
their instructor.
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This project should be accompanied by an 800 word report answering the following questions:
 Discuss why good communication is critical when dealing with business associates and suppliers
 Briefly discuss how business / accounting legislation impacted on either of your projects. Give
specific examples where possible.
Assessor Summary
You are to submit the following:
o P&L statement
o Aged receivables summary
o Customer balance summary
o Aged payables summary
o Supplier balance Summary
o Sales graph
o Written report
You must submit both printed copy and soft copy of your answers in a word document.
Submit the printed copy of required evidences (your answers) to your Trainer with the “Assessment
Cover Sheet” (Filled out and signed appropriately) attached on top of your documents.
Upload the softcopy on the link provide in the eLearning site.
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ASSESSMENT 3: RESEARCH AND QUESTIONING
Submission details
Students will use their online study time to prepare for answers to the following questions and submit
both hardcopies and softcopies of the answers.
You must submit both printed copy and soft copy of your answers in a word document.
Submit the printed copy of required evidences (your answers) to your Trainer with the “Assessment
Cover Sheet” (Filled out and signed appropriately) attached on top of your documents.
Upload the softcopy on the link provide in the eLearning site.
See instructions below for details.
Instructions:
· To be prepared on an individual basis.
· Assessment will only be
accepted if they have an assignment cover sheet on them signed by the student.
· Students must provide detailed answer for every question along with relevant examples.
· There is no word limit, but answer for every question should be reasonable in size,
preferably ½ a page.
· The Trainer/Assessor may further prompt and question in order to receive answers of
appropriate quality and to verify the authenticity
You are required to do research and type answers for following questions in a word document:
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Questions
1
You work for Entertainment Supplies Pty Ltd – a supplier of entertainment products to the
industry. The following transactions relate to dealings with Fairy Floss Trading Pty Ltd over the
month of August 2015. At the start of August, this debtor already owed $200.
Purchases
Aug 2 Invoice 765 $120 plus $12 GST
Aug 9 Invoice 791 $160 plus $16 GST
Aug 15 Invoice 823 $140 plus $14 GST
Aug 24 Invoice 845 $200 plus $20 GST
Aug 30 Invoice 891 $180 plus $18 GST
Payments (Cash)
Aug 4 Cheque 8912 $200
Aug 14 Cheque 8922 $250
Discount Received $10
Aug 29 Cheque 8937 $310
Discount Received $15
You are to:
1. Prepare the debtors record for Fairy Floss Trading Pty Ltd, showing all transactions during
the month of June 2015
2. Explain how reliability has been satisfied in your debtors record
3. State one benefit of the debtor taking advantage of discounts for prompt payment
4. State one disadvantage for your debtor making a prompt payment in order to get a
discount
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2 What steps would you take to control debtors
3 Define the following terms:
Debtor
Creditor
Invoice
Subsidiary
Record
Debtors
Schedule
4 How does the Trade Practices Act (1974) relate to debt collection practices?
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5 What is the Consumer Credit (Victoria) Act – 1995
6
Consider the statement “A person must not use physical force or undue harassment or coercion in
connection with the supply or possible supply of goods or services to another person or the
payment for goods or services by another person.”
What do you think the principles of the following terms are?
Undue
Harassment
Coercion
7 Describe the process you should follow when reconciling a bank account
8 What is accrual accounting
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9 List 2 advantages of double entry accounting over single entry
10 Describe the following accounting principles
Doctrine of
Consistency
Doctrine of Disclosure
Doctrine of
Materiality
Doctrine of
Conservatism
11 List 4 points that are normally covered in a financial code of practice.
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12 What is the objective of Accounting Standard AAS 3?
13 What is the role of each of the following Financial Services Authorities?
Australian Accounting
Standards Board
Australian Prudential
Regulation Authority
Auditing and
Assurance Standards
Board
Australian Financial
Security Authority
15 List 4 key identifiers of a bad or doubtful debt?
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16 List 2 different financial spreadsheets that can be used within a business, and describe the features
of each one
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Appendix 1 – Patrick’s Cod Fishing Ltd
Patrick is the proprietor of a Murray Cod fishing business called “Patrick’s Cod Fishing Ltd”
which is located at Post Office Box 123, Newtown 2042.
Patrick possesses the necessary licence from the State Fisheries Board at $20,000.00 per Cod
Net.
Patrick grows the Cod and sells them to export wholesalers. This means that for GST purposes,
Patrick’s Cod Fishing Ltd is EXP and NCF. (That is all of his sales are GST free and he does not
have to pay any GST on expenditure items.)
Patrick is still entitled to claim the GST that she has to pay on his payments. Therefore you use
the tax code NCG, NCF and FRE where appropriate.
The balance sheet as at October 1, 2013 included:
ASSETS
Current assets
Cash at Bank
Cod Nets
Petty Cash
Cod License
Non-current assets
2 Delivery Utes
Office Furniture &
Equipment
Cod Boat
2 Dinghies & Outboard
Motors
TOTAL ASSETS
$
1200
4200
200
1,200,000
14500
2000
250,000
7500
1479600
EQUITIES
Current Liabilities
Non-current liabilities
Loan – Newtown Credit
Union
Owner’s Equity
Capital – Patrick
TOTAL EQUITIES
$
200,000
1279600
1479600
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Appendix 2 – Budgeted amounts for October 2013
The budgeted amounts for October, 2013 include:
Credit Sales (31 days x 150 kilograms x $35.00 per kg) $162,750.00
Boat Expenses
Petrol & Oil 50000.00
Depreciation of Cod Boat 5000.00
Cod Boat Registration & Insurance 2500.00
Depreciation of Outboard Boats 1250.00
Outboard Boats Registration & Insurance 1450.00
Repairs to Cod Boat Equipment 4500.00
Mobile Phone Expenses 1250.00
Two Assistant’s Wages, Superannuation, Sick Leave etc 36000.00
Cod Nets Expenses
Repairs to Cod Nets 5500.00
Fish food Expenses 20000.00
License Fee 2000.00
Vehicle Expenses
Petrol, Oil & Tyres 750.00
Depreciation of Vehicles 1700.00
Vehicles Registration & Insurance 400.00
Administration Expenses
Post Box Hire 10.00
Depreciation of Office Equipment 250.00
Stationery 25.00
Home Office Electricity 70.00
Fishing Association Subscription 250.00
Sickness & Accident Insurance 2500.00
Finance
Interest Expense 3200.00
State Payroll Tax 100.00
Bank Charges 150.00
Total Budgeted Monthly Expenses 138855.00
Budgeted Net Profit for October 23895.00
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Appendix 3 – Actual amounts for October 2013
October 1: 25 kilos
October 2: 225 kilos
October 3: 200 kilos
October 4: 150 kilos
October 5: 180 kilos
October 6: 195 kilos
October 7: 226 kilos
October 8: 165 kilos
October 9: 170 kilos
October 10: 170 kilos
October 11: 120 kilos
October 12: 100 kilos
October 13: 75 kilos
October 14: 80 kilos
October 15: 170 kilos
October 16: 120 kilos
October 17: 130 kilos
October 18: 0 kilos
October 19: 0 kilos
October 20: 75 kilos
October 21: 150 kilos
October 22: 85 kilos
October 23: 90 kilos
October 24: 30 kilos
October 25: 70 kilos
October 26: 120 kilos
October 27: 190 kilos
October 28: 85 kilos
October 29: 135 kilos
October 30: 0 kilos
October 31: 165 kilos
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Appendix 4 – October Transactions
October 1: Purchased frozen Cod Fish food from Newtown Fisheries ch200 $4250
October 1: Patrick purchased petrol for the Cod boat ch201$10000
October 1: Patrick purchased petrol for the vehicles ch202 $200
October 1: Purchased Cod Net license ch203 $10000
October 1: Purchased Cod Boat ($12500) & Outboard Boats Rego & Insurances ($7250) ch204
October 2: Cash Sale of 483 kilograms of Cod to Wong Fisheries @ $38.00 per kg
October 3: Patrick purchased petrol for the Cod boat ch205$10000
October 7: Paid Newtown Engineering for Cod Net repairs ch206 $2500
October 8: Cash Sale of 951 kilograms of Cod to Tucker Enterprises @ $39.00 per kg
October 9: Purchased frozen Cod Fish food from Newtown Fisheries ch207 $2800
October 10: Purchased spare light globes (petty cash vouchers 25) $3
October 11: Cash Sale of 625 kilograms of Cod to Wong Fisheries @ $35.00 per kg
October 11: Patrick purchased petrol for the Cod boat ch208$10000
October 12: Paid Fishing Association subscriptions ch209 $250
October 13: Purchased frozen Cod Fish food from Newtown Fisheries ch210 $3000
October 14: Cash Sale of 255 kilograms of Cod to Wong Fisheries @ $38.00 per kg
October 14: Purchased tea, sugar & biscuits for morning teas (petty cash vouchers 26) $10
October 15: Purchased frozen Cod Fish food from Newtown Fisheries ch211 $2150
October 16: Patrick purchased petrol for the vehicles ch212 $250
October 17: Cash Sale of 420 kilograms of Cod to Wong Fisheries @ $38.00 per kg
October 18: Paid Newtown Engineering for Cod Net repairs ch213 $500
October 19: Patrick purchased petrol for the Cod boat ch214$10000
October 20: Cash Sale of 75 kilograms of Cod to Tucker Enterprises @ $42.00 per kg
October 20: Paid for petrol for the delivery van ch215 $60
October 20: Purchased frozen Cod Fish food from Newtown Fisheries ch216 $1500
October 21: Cash Sale of 150 kilograms of Cod to Wong Fisheries @ $38.00 per kg
October 22: Paid Newtown Printing for new office stationary ch217 $100
October 23: Paid Newtown Insurance Co for Sickness & Accident Insurance ch 218 $2500
October 24: Paid Eastern Energy for lighting ch219 $55
October 24: Patrick purchased petrol for the Cod boat ch220$10000
October 25: Cash Sale of 275 kilograms of Cod to Tucker Enterprises @ $37.00 per kg
October 26: Purchased frozen Cod Fish food from Newtown Fisheries ch221 $2650
October 27: Cash drawings for petty cash ch222 $300
October 28: Purchased milk for morning teas petty cash vouchers 27) $2
October 29: Paid phone account ch223 $1150
October 30: Paid Assistants wages 30000; superannuation 2400; Work cover 2000 ch224
October 31: Cash Sale of 695 kilograms of Cod to Wong Fisheries @ $30.00 per kg
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Appendix 5 – October Bank Statement
Newtown Community Bank
PATRICK’S COD FISHING LTD BANK STATEMENT
Branch Account
Number Number
1313 1000-0002
DATE TRANSACTION DETAIL DEBIT CREDIT BALANCE
1 OCT BALANCE FORWARD 1200.00 CR
6 OCT 200 4250.00 3050.00 DR
6 OCT DEPOSIT 18354.00 15304.00 CR
8 OCT 202 200.00 15104.00 CR
8 OCT DEPOSIT 37089.00 52193.00 CR
9 OCT 201 10000.00 42193.00 CR
11 OCT DEPOSIT 21875.00 64068.00 CR
13 OCT 203 10000.00 54068.00 CR
13 OCT 204 19750.00 34318.00 CR
14 OCT INTEREST EXPENSE 3200.00 31118.00 CR
15 OCT 205 10000.00 21118.00 CR
16 OCT 210 3000.00 18118.00 CR
16 OCT DEPOSIT 9690.00 27808.00 CR
17 OCT 211 2150.00 25658.00 CR
18 OCT 212 250.00 25408.00 CR
18 OCT DEPOSIT 15960.00 41368.00 CR
20 OCT 216 1500.00 39868.00 CR
23 OCT 217 100.00 39768.00 CR
23 OCT 206 2500.00 37268.00 CR
23 OCT DEPOSIT 3150.00 40418.00 CR
25 OCT GOVT FID 112.50 40305.50 CR
25 OCT 213 500.00 39805.50 CR
25 OCT DEPOSIT 5700.00 45505.50 CR
26 OCT 207 2800.00 42705.50 CR
26 OCT 215 60.00 42645.50 CR
26 OCT DEPOSIT 10175.00 52820.50 CR
27 OCT 208 10000.00 42820.50 CR
27 OCT 209 250.00 42570.50 CR
28 OCT 214 10000.00 32570.50 CR
29 OCT BANK FEES 125.25 32445.25 CR
29 OCT 218 2500.00 29945.25 CR
30 OCT 220 10000.00 19945.25 CR
30 OCT 222 300.00 19645.25 CR
30 OCT 219 55.00 19590.25 CR
31 OCT DEPOSIT 20850.00 40440.25 CR
31 OCT BALANCE 40440.25 CR
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Appendix 6 – Collected Invoices
Petrol Petrol
MMA Petrol 199 MMA Petrol 248
1/10/2013 16/10/2013
Petrol Petrol
Bulk petrol Suppliers 1000 Bulk petrol Suppliers 10000
1/10/2013 19/10/2013
Petrol Petrol
Bulk petrol Suppliers 10000 MMA Petrol 60
3/10/2013 20/10/2013
Petrol Petrol
Bulk petrol Suppliers 10000 Bulk petrol Suppliers 10000
11/10/2013 24/10/2013
Cod Fish Food
Cod Boat (Inc Rego &
Insurance) 7250
Newtown Fisheries 2655 Sam’s Fishing and Boating
18/10/2012 1/10/2013
Cod Net Licence Cod Fish Food
Fisheries Australia 10000 Newtown Fisheries 4250
1/10/2013 1/10/2013
Cod Net Repairs Cod Fish Food
Newtown Engineering Newtown Fisheries 2800
18/10/2013 499 9/10/2013
Cod Net Repairs Cod Fish Food
Newtown Engineering Newtown Fisheries 1480
7/10/2013 2500 20/10/2013
Cod Fish Food Cod Fish Food
Newtown Fisheries 2990 Newtown Fisheries 2650
13/10/2013 26/10/2013
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Cod Fish Food Insurance Premium
Newtown Fisheries 2150 Newtown Insurance Co 2500
15/10/2013 23/10/2013
Magazine subscription Electricity
Fishing Association 250 Eastern Energy 55
12/10/2013 23/10/2013
Purchase – Stationary Fees
Newtown Printing 99.8 Workcover 2000
22/10/2013 11/10/2013
Phone A/C
Eastern Telephony 1150
14/10/2013

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