Process financial transactions and extract interim Report 2022
Added on 2022-09-22
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National Unit Details
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Assessment
Chan Nguyen is the owner of Chan’s Plastering Supplies, a business that provides plastering supplies to
the domestic building sector.
Using the following transactions and stationery provided, enter Chan’s transactions for the month of
November 2019into the relevant journals.
Ensure you total the journals and cross add to check your calculations.
2019
Nov
1
Chan Nguyen commenced business by contributing $15,000 into a business bank account. He also
contributed a Motor Vehicle valued at $28,000, Stock of supplies valued at $8,000 and has a loan
on the Motor Vehicle with ABZ Bank for $10,000.
Paid Fletcher’s Real Estate for rent of premises $880.00 Inc. GST (EFT)
Received invoice 58 for $1,540.00 Inc. GST from Budget Insurers for public liability insurance
2 Purchased goods on credit from CSR Gyprok for $1,430.00 Inc. GST (Invoice CS101)
Daily cash sales $1,100.00 Inc. GST (POS)
4 Paid Leader Newspapers $825.00 Inc. GST for a full page advertisement (cheque 248)
6 Daily cash sales $1,320.00 Inc. GST (POS)
Sold goods on credit to Rohit’s Constructions for $2,310.00 Inc. GST (invoice 10)
8 Paid $495.00 Inc. GST to Office Nation for Printing and Stationery supplies (EFT)
10 Daily cash sales $880 Inc. GST (POS)
Sold goods on credit to Pete Tran for $1,045.00 Inc. GST (invoice 11)
14 Paid wages $1,000.00 (EFT)
Paid creditor CSR Gyprok, $1,430 on cheque 249
16 Daily cash sales $781.00 Inc. GST (POS)
Paid Mamma’s Cleaning Co $110.00 Inc. GST for cleaning expenses (EFT)
18 Purchased goods on credit from Ivan’s Manufacturing for $1,760.00 Inc. GST (invoice IM32)
Issued an Adjustment note (ADJ010) to Pete Tran for returned goods (purchased on Invoice 11)
worth $253.00 Inc. GST.
20 Paid the power bill for $682.00 Inc. GST (EFT)
Paid Budget Insurers for invoice 58 on cheque 250
21 Daily cash sales $990.00 Inc. GST (POS)
Sold goods on credit to Blanco Industries for $2,420.00 Inc. GST (invoice 12)
Cash purchases of plaster supplies for $693 Inc. GST (EFT)
24 Purchased supplies for the staffroom from Save way $121.00 Inc. GST (EFT)
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 1 of
6
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Assessment
Chan Nguyen is the owner of Chan’s Plastering Supplies, a business that provides plastering supplies to
the domestic building sector.
Using the following transactions and stationery provided, enter Chan’s transactions for the month of
November 2019into the relevant journals.
Ensure you total the journals and cross add to check your calculations.
2019
Nov
1
Chan Nguyen commenced business by contributing $15,000 into a business bank account. He also
contributed a Motor Vehicle valued at $28,000, Stock of supplies valued at $8,000 and has a loan
on the Motor Vehicle with ABZ Bank for $10,000.
Paid Fletcher’s Real Estate for rent of premises $880.00 Inc. GST (EFT)
Received invoice 58 for $1,540.00 Inc. GST from Budget Insurers for public liability insurance
2 Purchased goods on credit from CSR Gyprok for $1,430.00 Inc. GST (Invoice CS101)
Daily cash sales $1,100.00 Inc. GST (POS)
4 Paid Leader Newspapers $825.00 Inc. GST for a full page advertisement (cheque 248)
6 Daily cash sales $1,320.00 Inc. GST (POS)
Sold goods on credit to Rohit’s Constructions for $2,310.00 Inc. GST (invoice 10)
8 Paid $495.00 Inc. GST to Office Nation for Printing and Stationery supplies (EFT)
10 Daily cash sales $880 Inc. GST (POS)
Sold goods on credit to Pete Tran for $1,045.00 Inc. GST (invoice 11)
14 Paid wages $1,000.00 (EFT)
Paid creditor CSR Gyprok, $1,430 on cheque 249
16 Daily cash sales $781.00 Inc. GST (POS)
Paid Mamma’s Cleaning Co $110.00 Inc. GST for cleaning expenses (EFT)
18 Purchased goods on credit from Ivan’s Manufacturing for $1,760.00 Inc. GST (invoice IM32)
Issued an Adjustment note (ADJ010) to Pete Tran for returned goods (purchased on Invoice 11)
worth $253.00 Inc. GST.
20 Paid the power bill for $682.00 Inc. GST (EFT)
Paid Budget Insurers for invoice 58 on cheque 250
21 Daily cash sales $990.00 Inc. GST (POS)
Sold goods on credit to Blanco Industries for $2,420.00 Inc. GST (invoice 12)
Cash purchases of plaster supplies for $693 Inc. GST (EFT)
24 Purchased supplies for the staffroom from Save way $121.00 Inc. GST (EFT)
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 1 of
6
National Unit Details
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Chan took home $352 Inc. GST worth of plastering supplies to repair some damage to his own
home.
26 Received invoice 877 from Tele Services for phone bills $242.00 Inc. GST
Returned items purchased on invoice IM32 worth $176.00 Inc. GST to Ivan’s Manufacturing and
was issued with credit note CN44.
27 Paid wages $1,000.00 (EFT)
29 Blanco Industries paid their account, deducting discount of $77 (Inc. GST) from the amount owing,
for prompt payment (EFT)
30 Received $45.00 bank interest (EFT)
General Journal
Date Particulars Folio Debit Credit
01-Nov-19 Bank GJ1 15,000
Motor Vehicle 28,000
Supplies 8,000
Loan with ABZ Bank 10,000
Capital-Chan Nguyen 41,000
(To record assets and liabilities brought in
by the proprietor as capital for starting the
business)
24-Nov-19 Drawings-Chan Nguyen GJ2 352
GST Paid 32
Purchase 320
(To record supplies taken by the proprietor
and accounted for as drawings)
Sales Journal
Date Debtor Folio Ref
No. Sales Sundries GST
Collected
Acc. Rec.
ControlAmount Account
06-Nov-19 Rohit's Constructions SJ1 Inv. 10 2,100 210 2,310
10-Nov-19 Pete Tran SJ2 Inv. 11 950 95 1,045
21-Nov-19 Blanco Industries SJ3 Inv. 12 2,200 220 2,420
TOTALS 5,250 - - 525 5,775
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 2 of
6
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Chan took home $352 Inc. GST worth of plastering supplies to repair some damage to his own
home.
26 Received invoice 877 from Tele Services for phone bills $242.00 Inc. GST
Returned items purchased on invoice IM32 worth $176.00 Inc. GST to Ivan’s Manufacturing and
was issued with credit note CN44.
27 Paid wages $1,000.00 (EFT)
29 Blanco Industries paid their account, deducting discount of $77 (Inc. GST) from the amount owing,
for prompt payment (EFT)
30 Received $45.00 bank interest (EFT)
General Journal
Date Particulars Folio Debit Credit
01-Nov-19 Bank GJ1 15,000
Motor Vehicle 28,000
Supplies 8,000
Loan with ABZ Bank 10,000
Capital-Chan Nguyen 41,000
(To record assets and liabilities brought in
by the proprietor as capital for starting the
business)
24-Nov-19 Drawings-Chan Nguyen GJ2 352
GST Paid 32
Purchase 320
(To record supplies taken by the proprietor
and accounted for as drawings)
Sales Journal
Date Debtor Folio Ref
No. Sales Sundries GST
Collected
Acc. Rec.
ControlAmount Account
06-Nov-19 Rohit's Constructions SJ1 Inv. 10 2,100 210 2,310
10-Nov-19 Pete Tran SJ2 Inv. 11 950 95 1,045
21-Nov-19 Blanco Industries SJ3 Inv. 12 2,200 220 2,420
TOTALS 5,250 - - 525 5,775
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 2 of
6
National Unit Details
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 3 of
6
Code FNSACC311 Title Process financial transactions and extract
interim reports
Assessment
Number 2 of 6 Assessment
Title Assignment 1 - Journals
Author: Mira Gibson Date prepared: December
2018
Date last updated: 22
September 2022
Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment
& Results
Version:
4
File path: G/PAVE/03 BDMICT/03 Teaching/2019/4504 Accounting and Financial Services/FNS40217 Cert IV AccBook OL OC/01 Unit/FNSACC311/2 Assessment matrix
tasks guides instructions/Assessments
Page 3 of
6
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