Open Colleges BSB30115 Financial Records and Spreadsheet Assessment

This assignment solution, completed by a student, addresses the requirements of BSB30115 Certificate III in Business, specifically Modules 11 and 12, focusing on financial records (BSBFIA301) and spreadsheet production (BSBITU304). The assignment involves preparing financial reports using Microsoft Excel, including tasks related to trial balance reconciliation and error identification. The student details the procedures for handling sales, purchases, payments, and receipts, including GST considerations. The solution includes journal entries, ledger maintenance, and a report on trial balance errors. Furthermore, the assignment includes an email to Ashleigh, highlighting discrepancies found in cash receipts reviews, detailing errors in sales transactions, reference numbers, and commission amounts. The student emphasizes the importance of maintaining confidentiality and adhering to company policies and legislative requirements, as outlined in the provided appendices. The response demonstrates a comprehensive understanding of financial record-keeping principles and practical application in a business context.

BSB30115 CERTIFICATE III IN BUSINESS
Modules 11 and 12: Financial records
BSBFIA301 Maintain financial records
BSBITU304 Produce spreadsheets
Assessment 3 of 4
Student name: KULVINDER SINGH GILL
Student number: E0847674
Assessment: 33108IN/03

Activity 1: Preparing the financial reports for Bell Floral Designs
Task a – task h: in Microsoft Excel.
Activity 1: Task g;
The following task is normally required when the trail balance shows untallied
balance. Due to some unfavourable reason the trial balance is not machining in both side.
However in case of maintaining the document the following provisions are maintained by the
company;
For Sales
Bell Floral Designs issue their customers with an invoice for the floristry services provided.
If the customer pays with cash immediately the Cash Payment box on the invoice is ticked.
For Purchases
Floristry supplies are generally purchased on credit and a supplier’s invoice is received. If
supplies are returned the suppliers issue a credit note.
For Payments
The preferred payment methods is by cheque using the cheque butt as the source document.
Other methods of payment include; direct debit, credit card and automatic payments from the
bank account. These payments are evidenced in the bank statement.
For Receipts
When a customer pays for a service or an invoice a receipt is issued. Deposit slips are
prepared for the daily banking.
For Goods and Services Tax (GST)
Bell Floral Designs charges GST on its services and pays GST on its purchases. Two
accounts are required to deal with the GST.

 For sales made, the GST is posted to an account called “GST Payable” (a current
liability).
 GST on purchases is posted to an account called “GST Receivable” (A current asset).
For Journals:
Journal entries must be processed and authorised on a timely basis, generally on the same
business day the journal is requested.
All journals for a given accounting period must be processed by the last working day of the
month to meet month end closure process.
For Ledgers:
General Ledger is used to maintain all of the accounts
The Accounts Receivable Subsidiary Ledger is used to keep a running balance for each
Debtor.
The Accounts Payable Subsidiary Ledger is used to keep a running balance for each creditor.
Report in case of Error in Trial Balance:
In case of error in Trial Balance the accountant need to Report Company’s accountant
regarding the relevant issues. Along with the accountant in case of audit the following
accounts an auditor need to check such account properly.

Activity 2:
Appendix D: Email to Ashleigh (Assessment 3, Activity 2)
Send
To: [e-mail]
Cc…
Bcc...
Subject Discrepancies using the template provided in Appendix D.
Dear Ashleigh,
In Appendix C, the cash receipts reviews of Task C, having some issues regarding the
formatting as well as in presenting the data. The first discrepancies found in the sales
transaction, the amount of sale of pot plants was posted 350 instead of 245 and the place of
sold 350 vases it was posted 245 vases were sold. The next mistake was found in the Ref. on
2nd January 2014, which was mistakenly posted as Ref 71, instead of CRR. After such
mistake also found a fault in posting the received amount from the debtor. On 7th January
2014, the amount received as the commission was not posted in the table before, which was a
mistake.
Moreover, the last discrepancies found in the total balance of the commission amount. Those
all mistakes are rectified in the task h. The company need to maintain some confidentiality,
which is found as a general requirement in case of the overall success of the business. The
company need to apply all the relevant policies and procedures mentioned in Appendix A
while posting all the transactions and relevant data. For every organization, maintain the
legislative consider as one of the critical tasks. In the case of Bell Floral Designs, it is
essential to complete all the transactions followed the principles provided in the Appendix. In
the statements of Bell Floral Designs, Appendix c some data are not entirely disclosed, which

is need to rectify.
Regards,
Kulvin
Satisfactorily answered