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StudentID Number Contact NumberNameTeacher NameUnit DetailsUnit Code Unit TitleFNSACC311 Process financial transactions and extract interim reportsAssessment TaskTitle Due DateAssignment – Journals As per unit outlineExtension Details (where applicable)Extension Date for Submission Granted UntilSTUDENT DECLARATION? I have completed this assessment? I am aware that penalties exist for plagiarism. Refer to the Plagiarism and Misconduct page.? I have a copy of this assessmentSTUDENT SIGNATURE: DATE:For electronic submissions only:By typing your name in the student signature field, you are accepting the above declaration.Section 1 – Student and Assessor InstructionsConditions This is an individual open book assignment which can be completed after you have finished up to and including chapter 2.Download the assessment document from Canvas and complete the journals as instructed.Save in Microsoft Word format and upload your assignment via Canvas.If you have any questions about this assessment, please ask your teacher prior to submission.Task Overview and/or Description InstructionsPart 1: JournalsUsing the transactions and stationery provided, enter the transactions of Adam’s Horticultural Suppliers for the month of November into the relevant journals.Part 2: Practical applicationRecord the manual journals and invoices in Xero as instructed.Part 3: Knowledge QuestionsComplete your responses to the knowledge questions in the spaces provided.Assessment DescriptionThis assessment will demonstrate your understanding of the processes involved in recording business documents into the relevant journals. As the ‘bookkeeper’ you should: -• Identify, check and record information from the documents into the correct journal. Examine the documentation to establish accuracy and completeness• Prepare the journals accurately and completely, within organisational timelines (that is by the due date!)• Ensure journals are authorised by appropriate person. This mean you – please check your work before submitting. By doing so you are agreeing and ‘signing’ off that everything is correct• Process in accordance with organisational policy and procedures (see below)Section 2 – Assessment Task Submission InformationSubmission Details Submit your completed journals for review.Before submitting please check that: -• You have entered ALL the transactions in the journals• That transactions have been recorded in the correct journals• That the late invoices have been checked, updated, initialled and entered into the journals• That all relevant columns in the journals have been totalled• Journal totals have been cross checked and balanced• You have entered the transactions into Xero and produced the PDF print outs.• You have provided responses to the knowledge questions at the end of this documentSubmit by:Date due as per Unit Outline.Submissions received after the due date must be approved by your teacher.Section 3 – Assessment Criteria (Evidence to be Provided by the Student)All items/criteria must be demonstrated satisfactorily to achieve this task. The items/criteria for this activity will be assessed as S – Satisfactory or US – Unsatisfactory.Required Evidence S USPC1.1 • Check and verify the supporting documentation. (Documents should be entered into the journals accurately, as per the information provided for each transaction. That is, correct dates, names, reference numbers, amounts and GST amounts)PC1.2 • Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnelPC4.1 • Prepare required journal entries within organisational timeframes (by due date!)PC4.2 • Confirm authorisation of journals by required personnel and process them according to organisational policies and procedures. (record into the correct journal and ensure that all journals are balanced, and calculations are correct.)Feedback to StudentFeedback will be provided to you in Canvas via comments and the Rubric.Section 4 – General Assessment InformationRefer to the Course Information section in Canvas.AssessmentPART 1: Journals1.1 Using the table of transactions below, and the additional invoices on the next page, enter transactions for the month of November 2019 into the relevant journals (stationery provided), for Adam’s Horticultural Supplies.All transactions in the table have been approved by Adam Grow and work is to be carried out in accordance with the policies and procedures of Adams Horticultural Suppliers found on the intranet (Canvas).Adam’s Horticultural Supplies: Policies and Procedures1.2 Adam has just received an additional two invoices and has requested that you also enter them into the journals for the current month.Before entering them, check all calculations and information for accuracy. If you identify any errors, make the adjustment on the document by putting a line through the incorrect figure, write the correct figure underneath and write your initials (name) next to any changes. You can assume you have contacted the supplier to confirm the adjustments.Then enter the correct amounts into the journals. Your teacher will authorise any changes (on behalf of Adam) when you submit your assignment.Ensure you total the journals and cross add to check your calculations.1.1 table of transactions to be entered into the journalsNov 2019 Adam Grow commenced business by contributing $15,000 into a business bank account. He also contributed: Stock of supplies valued at $8,000, a Motor Vehicle valued at $28,000, Computer Equipment valued at $4,500, Fixtures & Fitting valued at $7,000 and has a loan on the Motor Vehicle with ABZ Bank for $10,0001 Paid Steven’s Real Estate for rent of premises $660.00 Inc. GST (EFT)2 Purchased goods on credit from Pete’s Paving for $1,045.00 Inc. GST (Invoice 5548)4 Paid Courier Newspaper $165.00 Inc. GST for advertising (cheque 22)6 Cash sales $220.00 Inc. GST (POS)8 Received invoice 221 for $792.00 Inc. GST from Insure U for public liability insurance10 Paid $132.00 Inc. GST to Office World for stationery supplies (EFT)Sold goods on credit to Springs Reserve for $1,045.00 Inc. GST (invoice 12)14 Paid wages $500.00 (EFT)Paid creditor Pete’s Paving for invoice 5548 and received a discount of $44 (Inc GST). cheque 2316 Cash sales $605.00 Inc. GST (POS)Paid Shiny Cleaners $88.00 Inc. GST for cleaning expenses (EFT)18 Purchased goods on credit from Milo’s Manufacturing for $1,012.00 Inc. GST (invoice A32)Springs Reserve returned goods from Invoice 12 worth $253.00 Inc. GST, and Adam issued them with an adjustment note no. CN00120 Paid the electricity bill for $660.00 Inc. GST (EFT)Paid Insure U for invoice 221 on cheque 2421 Cash sales $473.00 Inc. GST (POS)Sold goods on credit to Penny Birman for $253.00 Inc. GST (invoice 13)24 Purchased supplies for the staffroom from Saveway $33.00 Inc. GST (EFT)Adam took home $495 (Inc. GST) worth of plants and other supplies for his own garden.26 Received invoice 877 from Telecom for phone bills $110.00 Inc. GSTReturned items purchased on invoice A32 worth $154.00 Inc. GST to Milo’s Manufacturing and was issued with credit note CRN41.27 Paid wages $500.00 (EFT)29 Penny Birman paid her account, deducting discount of $33 (Inc. GST) from the amount owing, for prompt payment (EFT)30 Received $23.00 bank interest (EFT)1.2 Additional invoices (to be checked and entered) – on next page.TAX INVOICE: 40 From: Philpots PlantsABN: 12 369 852 147Date: 30th Nov 2019Sold to: Adams Horticultural Supplies21 View LaneCroydonVille 3136Particulars Quantity Rate $ ¢Assorted 10” Pot PlantsAssorted 12” Pot PlantsGST 1020 6.0010.00 6020020 000060TOTAL AMOUNT 280 60TAX INVOICEInvoice no: PP15From: Pete’s PavingABN: 23 852 456 987Date: 30th November 2019Sold to: Adams Horticultural Supplies21 View LaneCroydonVille 3136Particulars Quantity Rate $ ¢Pavers supplied for Brighton landscape jobGST 1000 5.00 5,500550 0000TOTAL AMOUNT 6,050 00General JournalDate Particulars Folio Debit CreditSales JournalDate Debtor Folio Ref No. Sales Sundries GST Collected Acc. Rec.ControlAmount AccountTOTALSSales Returns and Allowances JournalDate Debtor Folio Ref No. Sales Return & Allowances Sundries GST Collected Acc. Rec. ControlAmount AccountTOTALSPurchases JournalDateCreditorFolio Ref No. Purchases Sundries GST Paid Acc. PayableControlAmount AccountTOTALSPurchases Returns and Allowances JournalDate Creditor Folio Ref No. Purchases Returns & Allowances Sundries GST Paid Acc. PayableControlAmount AccountTOTALSCash Receipts JournalDate Particulars Folio Ref no. Discount Expense Acc. Rec. Control Cash Sales Sundries GST Collected BankAcc. Rec.Control GST Collected Discount Expense Amount AccountTOTALSCash Payments JournalDate Particulars Folio Ref no. Discount Income Acc. Pay. Control Cash PurchasesWages Sundries GST Paid BankAcc. Pay. Control GST Paid Discount Income Amount AccountTOTALSPART 2: Creating documents in XeroFor this part of the assessment you will be required to enter a number of Adam’s transactions into the computerised software accounting package Xero.You will need to access the Swinburne Accounting Practice organisation, using the Xero account that you created in your Cloud Computing class, and record the following2.1 The commencement and drawings general journals entries.2.2 The 2 supplier invoices received in the mail – due dates for these will be Dec 31st2.3 A customer invoice as per the details provided in the table.Instructions are provided below to assist you with this task,2.1 Adam’s opening General Journal entry is reproduced below. You are not required to enter the opening deposit ($15,000) into the bank account, as Xero handles this in a specific way that you will learn in later modules.So, for now your journal in Xero needs to reflect the following assets and liabilities that have been contributed.2019Nov1 Adam Grow commenced business by contributing the following assets and liabilities:-• Stock of supplies valued at $8,000• Motor Vehicle valued at $28,000• Computer Equipment valued at $4,500• Fixtures & Fitting valued at $7,000o loan on the Motor Vehicle with ABZ Bank for $10,000.o Capital: Adam = $??24 Adam took home $495 (inc. GST) worth of plants and other supplies for his own garden.How to enter a manual journal in Xero.Open the Swin Accounting Practice Xero File.Click on the plus sign at the top right in the task bar and select Manual JournalIf it doesn’t appear there, use the following steps:-• Select the Accounting tab and select Reports• From the Accounting Group of reports, select Journal Report• Click onWhen you are in the New Manual Journal screen, you can record your opening general journal entry.Enter a narration, the date and record the assets and liabilities to the relevant accounts. For the description enter ‘Commencement Entry’.Note that there is no GST applicable to assets and liabilities contributed by the owner to the business. (BAS excluded)Ensure that the Debits and Credits balance and Post the journal.You are now ready to record the Drawings journal entry. Repeat the above process. When you record the drawings, your completed entry should appear as per the example below followsNote that there is no need to record a ‘line’ item for the GST. In accounting software, when GST is applicable the transaction should be coded accordingly to indicate this and then the system will work out the GST and allocate it to the GST account. In the above example, the entry to purchases is coded GST on Expenses. The result will be that the $32 tax will be credited to the GST paid account and the $320 to the Purchases account. You will see this in the printed reportHow to Print the Journals• Select the Accounting tab and select Reports• From the Accounting Group of reports, select Journal Report• Click on Manual Journals. Ensure ed (or All) tab is selected• Click on the first journal and select Print PDF. Save the printed journal entry as GJ1 yourname and repeat this for the second journal naming it GJ2 yourname.2.2 Entering supplier invoices (Bills): -• You will need to enter the 2 supplier invoices (Xero calls these bills) from Part 1. received on the 30th November. Following the instructions in Canvas on how to do this• You will need to go to: Business / Purchases Overview / New / Bill, and enter the invoices using the following additional information. You will need to approve the invoice after you have entered and checked the information.Supplier name As per supplier invoice (add as a new contact)Date As per supplier invoiceDue date 31st December 2019Reference Use supplier invoice #Amounts are Tax exclusiveItem Leave blankDescription As per supplier invoiceQty As per supplier invoiceUnit price As per supplier invoiceAccount. 320 – PurchasesTax rate GST on Expenses• Check that the total of the bills is the same as your amended and authorised supplier invoices from Part 1.2• Print (and save) the bills to PDF and upload with your assignment2.3 Entering a customer invoice• Using the information provided below, create a customer invoice in Xero to Springs Reserve.• You will need to go to Business / Invoices / New Invoice. Create the invoice using the following source informationCustomer name Springs Reserve (add as a new contact)Date 10th November 2019Due date 31st December 2019Invoice # 12Reference Leave blankAmounts are Tax inclusiveItem Leave blankDescription Supply of railway sleepersQty 100Unit price 7.5Disc NilAccount 210 – SalesTax rate GST on Income• Approve the invoice.• On the next screen select print to PDF and save and submit a copy of your completed invoice.• The invoice information must be correct and calculations accurate based on the above information.To be submitted with your assignment: -• PDF of Manual Journals• PDF of 2 x Bills• PDF of Customer Invoice.Part 3: Knowledge questions1. Examine the invoice on the next page and identify 3 errors. Note that the business Pretty Pots is registered for GST)i.ii.iii.2. What are the 8 items that must be included on a ‘Tax Invoice’ for sales in excess of $1,000 (when you are registered for GST)?i.ii.iii.iv.v.vi.vii.viii.3. According to Adam’s Horticulture Policy & Procedures what is the process to be followed once a transaction (document) has been entered into the accounting system4. For each of the following statements name the relevant accounting convention or doctrine that applies to the recording business transactions.Name of Convention / DoctrineThe life of an entity can be divided into meaningful measurement periodsFor accounting purposes, a business is treated as a separate entity from its owner/sWhen preparing accounting reports, accountants (and bookkeepers) are expected to use the same accounting methods consistently from one period to the nextThe financial reports of a business should contain all important information that may influence the decisions of the users of these reportsAccountants (& bookkeepers) traditionally adopt a pessimistic rather than an optimistic stance when performance their accounting tasks5. Briefly define what is meant by the basic accounting framework6. Outline the nature and purpose of the accounting standards7. Provide a brief explanation of the three (3) factors that should be taking into account when setting up the accounting system for a new business8. Provide a brief explanation of the principles of double entry bookkeeping.9. What is meant by the term ‘accrual’ accounting?
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