FNSACC301/BSBFIA401 Financial Accounting Project - Term 2 2018

This project solution for FNSACC301 and BSBFIA401 Financial Accounting covers a range of tasks including managing a petty cash system, batching and matching transactions, completing cash summary calculations and deposit slips, and answering related questions. It also includes preparing a register of property, plant, and equipment, recording general journal entries for balance day adjustments, preparing final general ledger accounts, and preparing end-of-period financial reports. The project incorporates practical exercises involving petty cash books, journal entries, cash summaries, and deposit slips, providing a comprehensive overview of financial accounting principles and practices.

T-1.8.1
Details of Assessment
Term and Year T2 2018 Time allowed 6 weeks
Assessment No 2 Assessment Weighting 35%
Assessment Type Project
Due Date Week 8 Room 609
Details of Subject
Qualification FNS40615 Certificate IV in Accounting
Subject Name Financial Accounting
Details of Unit(s) of competency
Unit Code and Title FNSACC301 Process financial transactions and extract interim reports
BSBFIA401 Prepare financial reports
Details of Student
Student Name
Student ID College
Student Declaration: I declare that the work submitted
is my own, and has not been copied or plagiarised from
any person or source.
Signature: ___________________________
Date: _______/________/_______________
Details of Assessor
Assessor’s Name Kaneez Selim
Assessment Outcome
Results Competent Not yet competent Marks / 35
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
__________________________________________
Financial Accounting, Assessment 2, v1.0 Page 1

T-1.8.1
Student Declaration: I declare that I have been assessed
in this unit, and I have been advised of my result. I also
am aware of my appeal rights and reassessment
procedure.
Signature: ____________________________
Date: ____/_____/_____
Assessor Declaration: I declare that I have conducted a
fair, valid, reliable and flexible assessment with this
student, and I have provided appropriate feedback
Student did not attend the feedback session.
Feedback provided on assessment.
Signature: ____________________________
Date: ____/_____/__2018_
Purpose of the Assessment FNSACC301
The purpose of this assessment is to assess the student in the following learning elements
and performance criteria of the unit:
Assessment task
1: portfolio of
activities (Task
numbers)
Competent (C) Not yet
competent
(NYC)
Element 1: Check and verify supporting documentation
1.1 Identify, check and record information from documents Task 1, 4
Element 2: Prepare and process banking and petty cash documents
2.1 Enter accurately and balance deposits and withdrawals according to
organisational procedures
Task 3
2.3 Reconcile banking documentation with organisation’s financial records Task 3
2.4 Check, process and record petty cash claims and vouchers, and balance petty
cash book according to organisational procedures
Task 1
Element 4: Prepare and post journals and batch monetary items
4.1 Prepare journals accurately and completely, and batch items within
organisational timelines
Task 4
4.2 Match batch items precisely to initial receipt records Task 2
4.3 Ensure journals are authorised by appropriate person and process in accordance
with organisational policy and procedures
Task 4
Element 5: Post journals to ledger Task 5
5.1 Post journals accurately to ledger in accordance with organisational input
standards, with transactions correctly allocated to system and accounts
Task 5
Element 6: Enter data into system Task 1
6.1 Enter data accurately into system in accordance with organisational input
standards and correctly allocate transactions to system and accounts
Task 1
6.2 Update related systems to maintain integrity of relationships between financial
systems
Task 4
Element 7: Prepare deposit facility and lodge flows Task 3
7.1 Select deposit facility appropriate to banking method to be used Task 3
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T-1.8.1
7.2 Balance batch with deposit facility without error Task 3
7.3 Take security and safety precautions appropriate to method of banking, in
accordance with organisational policy and industry and legislative requirements
Task 3
7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable Task 3
Element 8: Extract a trial balance and interim reports
8.2 Complete cash and credit journals and post to general ledger Task 4, 5
8.3 Extract and check trial balance and prepare other required reports Task 6
Purpose of the Assessment
Element 1: [Maintain asset register]
1.1 Prepare a register of property, plant and equipment
from fixed asset transactions in accordance with
organisational policy and procedures
Task 7, 8
1.2 Determine method of calculating depreciation in
accordance with organisational requirements
Task 7, 8
Element 2: [Record general journal entries for balance day adjustments]
2.1 Record depreciation of non-current assets and
disposal of fixed assets in accordance with organisational
policy, procedures and accounting requirements
Task 7, 8, 9
2.2Adjust expense accounts and revenue accounts for
prepayments and accruals
Task 9
2.3. Record bad and doubtful debts in accordance
with organizational policy, procedures and accounting
requirements
2.4. Adjust ledger accounts for inventories, if
required, and transfer to final accounts
Task 7, 8, 9, 10
Element 3: [Prepare final general ledger accounts]
3.1 Make general journal entries for balance day
adjustments in general ledger system in accordance with
organisational policy, procedures and accounting
requirements
Task 9
3.2 Post revenue and expense account balances to final
general ledger accounts system
Task 9, 10
3.3Prepare final general ledger accounts to reflect gross
and net profits for reporting period
Task 9, 10
Element 4: [Prepare end of period financial reports]
4.1 Prepare revenue statement in accordance with
organisational requirements to reflect operating profit
Task 10
Financial Accounting, Assessment 2, v1.0 Page 3
The purpose of this assessment is to assess the student
in the following learning elements and performance
criteria of the unit :
Assessment task 2:
Assignment (Task
numbers)
Satisfactory
(S)
Not Yet
Satisfactory
(NYC)

T-1.8.1
for reporting period
4.3 Identify and correct, or refer errors for resolution in
accordance with organisational policy and procedures
Task 8
Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can only achieve
competence when all assessment components listed under Purpose of the assessment section are Satisfactory. Your
trainer will give you feedback after the completion of each assessment. A student who is assessed as NS (Not
Satisfactory) is eligible for re-assessment.
Resources required for this Assessment
 Upon completion, submit the assessment copy to your trainer along with assessment coversheet.
 Refer to the notes on eLearning to answer the tasks
 Any additional material will be provided by Trainer, if needed
Instructions for Students
Please read the following instructions carefully
 This assessment has to be completed In class At home
 The assessment is to be completed according to the instructions given by your assessor.
 Feedback on each task will be provided to enable you to determine how your work could be improved. You will
be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be
provided by the end of the term.
 Should you not answer the questions correctly, you will be given feedback on the results and your gaps in
knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed
competent for this unit of competency.
 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
 Please refer to the College re-assessment for more information (Student handbook).
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T-1.8.1
Instructions:
1. Task 1, 2, 4, 5 and 6 need to be completed in MS Excel templates provided.
2. These templates will be available in the e-learning (online section) of this unit.
Task 1: Managing the Petty Cash System (5 marks)
Using the following information from the Go-Jo trading PTY LTD and prepare “The petty cash book”
in MS Excel file available in e-learning:
1. Record the following transactions in the petty cash book (5 marks)
31/05/2006 Issued cheque no. 536 for $150.00 to establish the petty cash fund
Date Voucher No. Details Amount $ (inc.
GST)
GST $
1/6/06 203 Taxi fare 34.00 3.10
3/6/06 204 Coffee 15.00 1.35
4/6/06 205 Stamps 45.00 4.10
6/6/06 206 Pens 4.50 0.40
8/6/06 207 Biscuits 8.35 0.75
11/6/06 208 Newspapers 3.50 0.32
14/6/06 209 Taxi fare 23.00 2.10
2. Petty cash transactions have occurred for the current month. Total the columns in the petty cash
book to determine total expenditure. (3 marks)
3. Determine the amount of the reimbursement. (2 marks)
Date Receive
d Details Re
f
Payme
nt
Statione
ry
Staff
Amenities Travel GST
Paid
31-
May $ 150.00 Petty cash
received
53
6 $ -
01-Jun Taxi fare 20
3
$
34.00
$
30.90
$
3.10
03-Jun Coffee 20
4
$
15.00
$
13.65
$
1.35
04-Jun Stamps 20 $ $ $
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T-1.8.1
5 45.00 40.90 4.10
06-Jun Pens 20
6
$
4.50
$
4.10
$
0.40
08-Jun Biscuits 20
7
$
8.35
$
7.60
$
0.75
11-Jun Newspapers 20
8
$
3.50
$
3.18
$
0.32
14-Jun Taxi fare 20
9
$
23.00
$
20.90
$
2.10
$
133.35
$
45.00
$
24.43
$
51.80
$
12.12
Balance c/d $
16.65
$
150.00 Total $
150.00
30-Jun $ 16.65 Balance b/d
Answer 3 – the amount of petty cash reimbursement is $133.35.
Task 2: (5 marks)
Batch and match the following transaction with the suitable heading. Your company has a policy
to record the transaction according to the items of the transactions.
a) Commission received $500
b) Cash sales $15000
c) Purchase inventory from ABC& Company on cash $5000
d) Commission received from X & suppliers $ 350
e) Cash sales to Mr. Xu $ 5000
f) Loan From National Bank Australia $25000
g) Loan from XYZ Finance Company $ 65000
h) Cash Collected from Debtors $ 550
i) Commission paid $250
j) Cash collected from Miss Money $ 1000
k) Furniture sold on cash $ 25000
l) An old computer sold on cash $350
m) Received discount $ 950 from Mr. Anna as your organisation is a regular client of his
business.
n) Rent collected for the current month $ 2500
o) Cash collected from Richard Business House, a debtor $ 14000 and given $1000 discount as
it paid the dues as per a understanding.
p) Miss John, a regular party has deposited cash advance, and she will collect the goods from
your organisation next month.
KEY: 1)
Batching Category: 1) Sale Journal, 2) Cash Payments Journal, 3) Cash Received Journal, 4) Purchase
Journal
Account classification: 1) Income 2) Expense 3) Asset 4) Liability (10 marks)
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T-1.8.1
Account classification Batching Category
a) Income Cash received Journal
b) Income Sales Journal
c) Assets Purchase Journal
d) Income Cash received Journal
e) Income Sales Journal
f) Liabilities Cash received Journal
g) Liabilities Cash received Journal
h) Assets Cash received Journal
i) Expense Cash payment Journal
j) Assets Cash received Journal
k) Assets Cash received Journal
l) Assets Cash received Journal
m) Income Purchase Journal
n) Income Cash received Journal
o) Assets Cash received Journal
p) Liabilities Cash received Journal
Task 3: (5 marks)
a) Complete the cash Summary calculation sheet of notes, coins and cheques for the daily cash
taking of 22nd of March 2012 (3 marks)
Cash Summary Slip March 22, 2012
Notes Number Value
$100 11 $1,100.00
50 25 $1,250.00
20 112 $2,240.00
10 96 $960.00
5 154 $770.00
Total $6,320.00
Coins
2 32 $64.00
1 52 $52.00
0.50 44 $22.00
0.20 152 $30.40
0.10 256 $25.60
0.05 65 $3.25
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T-1.8.1
Total $197.25
Total Cash $6,517.25
Cheques received 0
Total 0
Total deposit cash & Cheques $6,517.25
b) Complete both sides of the deposit slip as at 22nd of March 2012 by using the above
information. (3 marks)
Deposit Slip (Front side)
Bank of XYZ Bank of XYZDEPOSIT DATE: 22/03/2012
ABN 78 344 123 456 Branch Name
Date: Broadmeadows
Deposited for credit of For credit of Cash $ 6,517.25
Cash $ 6,517.25 ABC Pty Ltd Cheques 0
Cheques 0 Bankcard/
MasterCard/
Visa/other
0
Bankcard/
MasterCard/
Visa/other
0 Paid by (Signature) Total $ $
6,517.25
Total $ 6,517.25
Teller
Deposit Slip (reverse side)
Bank use only
Third party cheques explanation
Drawer (account name
on cheque)
Bank Branch Amount Bank use only
100 11 Detail of
cheques
50 25
20 112
10 96
Financial Accounting, Assessment 2, v1.0 Page 8
0523 256 78 3456

T-1.8.1
5 154
Coin $197.25
Cash
Total $6,517.25
Total $ $6,517.25
c. Answer the following questions:
i. What information needs to be entered in a deposit slip when depositing cheques?
The deposit slip contains the details of amount deposited via notes, coins and cheques. Further,
it also contains the bifurcation as to the number of notes and their respective denominations.
ii. What are the methods of depositing money into an account? What supporting document
will you need as proof of your transaction?
The amount can be deposited via deposit slip on the counter of the bank or through transfer of
amount from the online bank account. Deposit slip is required as a proof of the transaction.
iii. What security precautions could you use to safeguard yourself and the deposit when taking
your deposit to the for bank?
The cash should be kept with high security, one needs to be ultimate vigilant and should
take care of cash. Further, the depositor should not share the details of the bank or amount
with any unknown person.
Task 4: Posting to General Journal (5 marks)
To complete this assignment you will need to enter the following transactions for May 2006 into
General journal.
a. Process the journal entries for the following transactions in the Journal worksheet in the MS
Excel template available in e-learning.
Date Details Amount (inc.GST
where applicable)
2/5/06 New leaf receives a cheque (no 683) from Perth News. The cheque
is attached to a remittance advice that refers to invoice 1638
issued by New Leaf in 12/4/06. Perth News is paying the balance of
its account.
650.00
3/5/06 New Leaf issues Invoice 1692 and stock to News Plus relating to its 1025.00
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T-1.8.1
order dated 14/4/05 for magazines
3/5/06 Stock Couriers sends Invoice 12204 to New Leaf requesting
payment for the previous month’s delivery
465.0
5/5/06 News Plus contacts New Leaf as it has been incorrectly charged.
New Leaf issues an adjustment notice (no. 54) to News Plus for the
incorrect amount on Invoice 1692 issued 3/5/06.
65.00
7/5/06 New Leaf receives Invoice 1224 from Office World for office
furniture received on 30/4/06.
2500.00
9/5/06 New Leaf issues cheque no 533 to Hibberd & Co for automatic
monthly rent payment for its rented warehouse premises.
1050.00
9/5/06 New Leaf receives a cheque (no. 7542) from News Plus to pay the
balance of its account.
960.00
20/5/06 New Leaf receives 750 copies of NERO (stock) from Nero Publishing
along with Tax Invoice 887.
2250.00
20/5/06 New Leaf paid Office World via cheque no 534 to pay Invoice no
1224
2500.00
20/5/06 New Leaf paid Stock Couriers via Visa Credit card to pay the
balance of Invoice no. 12204.
465.00
20/5/06 New Leaf paid Nero Publishing via cheque 535 to pay Tax Invoice
887.
2250.00
31/5/06 The Senior Accounts Officer authorises the drawing of cheque 536
to create a petty cash imprest (sufficient to cover the next
fortnight’s expenditure from the Petty Cash.)
150.00
[Hint] Total debits and credits are $14,330.00
Date Particulars Debit ($) Credit ($)
02-May-06 Cash $ 650.00
To Accounts Receivable $ 650.00
(Being cheque received from Perth News)
03-May-06 Accounts receivable $ 1,025.00
To GST Collected $ 93.18
To Sales $ 931.82
(Being amount invoiced to News Plus)
03-May-06 Courier expense $ 422.73
GST Paid $ 42.27
To Courier expense payable $ 465.00
(Being invoice received for previous month)
05-May-06 Sales $ 59.09
GST Collected $ 5.91
To Accounts receivable $ 65.00
(Being amount incorrectly charged revised)
07-May-06 Furniture $ 2,272.73
GST Paid $ 227.27
To Accounts Payable $ 2,500.00
(Being invoice received for furniture purchased)
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T-1.8.1
09-May-06 Accounts receivable $ 1,050.00
To GST Collected $ 95.45
To Rent Income $ 954.55
(Being invoice raised for warehouse rent
payment)
09-May-06 Cash $ 960.00
To Accounts receivable $ 960.00
(Being amount received from News Plus)
20-May-06 Inventory $ 2,045.45
GST Paid $ 204.55
To Accounts Payable $ 2,250.00
(Being stock purchased on credit)
20-May-06 Accounts Payable $ 2,500.00
To Cash $ 2,500.00
(Being amount paid for office furniture)
20-May-06 Courier expense payable $ 465.00
To Cash $ 465.00
(Being amount paid for courier services)
20-May-06 Accounts Payable $ 2,250.00
To Cash $ 2,250.00
(Being amount paid for stock)
31-May-06 Petty Cash $ 150.00
To Cash $ 150.00
(Being petty cash reimbursed)
b. What other financial systems/software/programs other than MS Excel can be used to
record above transactions? How would you ensure that data recorded in Excel can
shared with other systems without losing their integrity?
There are other accounting software available in the market for recording the accounting
transactions. So, apart from excel there are other accounting softwares available in the
market.
Some of the popular accounting softwares are MYOB, Busy, Tally, etc.
This is ensured by making a reconciliation and cross tallying the information between excel
and accounting software.
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T-1.8.1
Task 5 Posting to the General Ledger
(5 marks)
At the end of each month, you are required to post the journal entries to the general ledger.
Complete the following tasks:
1. Post the journal entries to the general ledger accounts in the Ledger worksheet @ 31/05/06.
2. Total each of the account balances in the General ledger?
Cash
Date Particulars $ Date Particulars $
02-May-06 Accounts Receivable $ 650 20-May-06 Accounts Payable $ 2,500
09-May-06 Accounts Receivable $ 960 20-May-06 Courier expense
payable $ 465
31-May-06 Balance c/d $ 3,755 20-May-06 Accounts Payable $ 2,250
31-May-06 Petty Cash $ 150
$ 5,365 $ 5,365
Accounts Receivable
Date Particulars $ Date Particulars $
03-May-06 GST Collected $ 93 02-May-06 Cash $ 650
03-May-06 Sales $ 932 05-May-06 Sales $ 59
09-May-06 GST Collected $ 95 05-May-06 GST Collected $ 6
09-May-06 Rent Income $ 955 09-May-06 Cash $ 960
31-May-06 Balance c/d $ 400
$ 2,075 $ 2,075
GST Collected
Date Particulars $ Date Particulars $
05-May-06 Accounts receivable $ 6 03-May-06 Accounts
receivable $ 93
31-May-06 Balance c/d $ 183 09-May-06 Accounts
receivable $ 95
$ 189 $ 189
GST Paid
Date Particulars $ Date Particulars $
03-May-06 Courier expense
payable $ 42 31-May-06 Balance c/d $ 474
07-May-06 Accounts payable $ 227
20-May-06 Accounts payable $ 205
$ 474 $ 474
Financial Accounting, Assessment 2, v1.0 Page 12