FNSACC311 Process Financial Transactions and Extract Interim Reports 2 of 4 Assignment - Journals

National Unit Details
Process financial transactions and extract

Code FNSACC311 Title
interim reports
Assessment Assessmen
2 of 4 Assignment - Journals
Number t Title
Student
ID Number Contact Number
Name
Teacher Name
Unit Details
Unit Code Unit Title
FNSACC311 Process financial transactions and extract interim reports
Assessment Task
Title Due Date
Assignment - Journals
Extension Details (where applicable)
Extension Date for Submission Granted Until
STUDENT 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 assessment
STUDENT SIGNATURE: DATE:
For electronic submissions only:

By typing your name in the student signature field, you are accepting the above declaration.
Author: Mira Gibson Date prepared: December 2018 Date last updated: 25 August 2020 Location: TAFE Staff Intranet/Quality/Quality TAFE/Assessment & Results Version: 4
File path: /conversion/tmp/scratch/488345169.docx Page 1 of
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interim reports
Number t Title
Section 1 – Student and Assessor Instructions

Conditions This is an individual open book assignment which can be completed after you
have finished Chapters 1 and 2.
Download the assessment document from Canvas and complete the journals
and knowledge questions 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 Instructions

and/or Part 1: Journals
Description Using the transactions and stationery provided, enter the transactions of
Adam’s Horticultural Suppliers for the month of November into the relevant
journals.
Part 2: Knowledge Questions

Complete your responses to the knowledge questions in the spaces provided.
Assessment Description
This 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 Information

Submission Submit your completed journals and knowledge questions for review.
Details Before submitting please check that:-
 You have entered ALL the transactions
 That transactions have been recorded in the correct journals
 That all relevant columns in the journals have been totalled
 Journal totals have been cross checked and balanced
Submit by:
Date due as per Unit Outline.
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interim reports
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Section 2 – Assessment Task Submission Information
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 US
1 Prepare required journal entries within organisational timeframes (by due
date!)
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 an calculations are correct.)
3 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)
Feedback to Student
Feedback will be provided to you in Canvas via comments.
Section 4 – General Assessment Information

Refer to the Course Information section in Canvas.
Assessment
PART 1: Journals
1.1 Using the table of transactions on the following 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 Procedures
1.2 You have also been provided with copies of 2 invoices that have only just arrived in the mail.
These will also need to be entered into the journals. Before entering them, check all calculations and
information for accuracy. If you identify any errors, make the adjustment on the document (assume you
have contacted the supplier to confirm the adjustments) and put your initials next to any changes. Then
enter the correct amount 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.
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1.1 Table of transactions to be entered into the journals
Adam Grow commenced business by contributing $15,000 into a business bank account.
Nov
2019 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 $10,000
1 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 insurance
10 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 23
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. CN001
20 Paid the electricity bill for $660.00 Inc. GST (EFT)
Paid Insure U for invoice 221 on cheque 24
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. GST
Returned 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)
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1.2 Additional 2 invoices
.
TAX INVOICE: 40 From: Philpots Plants
ABN: 12 369 852 147
Date: 30th Nov 2019
Sold to: Adams Horticultural Supplies
21 View Lane
CroydonVille 3136
Particulars Quantity Rate $ ¢
Assorted 10” Pot Plants 10 6.00 60 00

Assorted 12” Pot Plants 20 10.00 200 00
GST 20 60
TOTAL AMOUNT 280 60
TAX INVOICE
Invoice no: PP15
From: Pete’s Paving

ABN: 23 852 456 987
Date: 30th November 2019
Sold to: Adams Horticultural Supplies

21 View Lane
CroydonVille 3136
Particulars Quantity Rate $ ¢
Pavers supplied for Brighton landscape job 1000 5.00 5,500 00
GST 550 00
TOTAL AMOUNT 6,050 00
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Number t Title
General Journal
Date Particulars Folio Debit Credit
Sales Journal
Ref Sundries GST Acc. Rec.
Date Debtor Folio Sales
No. Amount Account Collected Control
06/11 Springs
21/11 Penny Birman 23 230
TOTALS
Sales Returns and Allowances Journal

Sales Sundries
Ref GST Acc. Rec.
Date Debtor Folio Returns &
No. Amount Account Collected Control
Allowances
CN00
18/11 Springs 253 23 230
1
TOTALS
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Number t Title
Purchases Journal
Sundries
Ref GST Acc. Payable
Date Creditor Folio Purchases
No. Amount Account Paid Control
02/11 Pete’s Paving #5 1,045 95 950
54
8
08/11 Insure U #2 792 Ins 72 720
21
18/11 Milo’s A3 1,012 92 920
2
26/11 Telecom #8 110 Phone 10 100
77
TOTALS
Purchases Returns and Allowances Journal

Purchases Sundries
Ref Acc. Payable
Date Creditor Folio Returns & GST Paid
No. Amount Account Control
Allowances
26/11 Milo’s CR 154 14 140
N4
1
TOTALS
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Number t Title
Cash Receipts Journal

Discount Expense Sundries
Ref Acc. Rec. Cash GST
Date Particulars Folio Acc. Rec. GST Discount Bank
no. Control Sales Amount Account Collected
Control Collected Expense
06/11 Cash Sales POS 220 20 200
14/11 Cash Sales POS 605 55 550
21/11 Cash Sales POS 473 43 430
29/11 Penny Birman EFT 33 3 30 220 220
30/11 Bank Interest EFT 23 Interest
TOTALS
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Number t Title
Cash Payments Journal

Acc. Cash
GST
Foli Ref Discount Income Pay. Purchase Wage Sundries Bank
Date Particulars Paid
o no. Control s s
Acc. Pay. Discount
GST Paid Amount Account
Control Income
01/11/19 Rent of premises EF 660 Rent 60 600
T
04/11 Courier #22 165 Advertisin 15 150
Newspaper g
10/11 Office World EF 132 Stationer 12 120
T y
14/11 Wages EF 500 500
T
Pete’s Paving #23 910 91 44 1,001
16/11 Shiny Cleaners EF 88 Cleaning 8 80
T
20/11 Electricity EF 660 Electricity 60 600
T
Insure U #24 792 Insurance 72 720
24/11 Saveway EF 33 Staffroom 3 30
T Supplies
27/11 Wages EF 500 500
T
TOTAL
S
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Part 2: Knowledge questions
1. 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 system
4. For each of the following statements name the relevant accounting convention or
doctrine
Convention /
Doctrine
The life of an entity can be divided into meaningful measurement
periods
For accounting purposes a business is treated as a separate entity
from its owner/s
When preparing accounting reports, accountants (and bookkeepers)
are expected to use the same accounting methods consistently from
one period to the next
The financial reports of a business should contain all important
information that may influence the decisions of the users of these
reports
Accountants (& bookkeepers) traditionally adopt a pessimistic rather
than an optimistic stance when performance their accounting tasks
5. Briefly define what is meant by the basic accounting framework
6. Outline the nature and purpose of the accounting standards
7. Provide a brief explanation of the three (3) factors that should be taking into account
when setting up the accounting system for a new business
8. Provide a brief explanation of the principles of double entry bookkeeping.
9. What is meant by the term ‘accrual’ accounting?

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National Unit Details

Process financial transactions and extract

ID Number Contact Number

Unit Code Unit Title

FNSACC311 Process financial transactions and extract interim reports

Extension Details (where applicable)

Extension Date for Submission Granted Until

For electronic submissions only:

Section 1 – Student and Assessor Instructions

Task Overview Instructions

Part 2: Knowledge Questions

Section 2 – Assessment Task Submission Information

Section 2 – Assessment Task Submission Information

Section 3 – Assessment Criteria (Evidence to be Provided by the Student)

Section 4 – General Assessment Information

1.1 Table of transactions to be entered into the journals

6 Cash sales $220.00 Inc. GST (POS)

1.2 Additional 2 invoices

Assorted 10” Pot Plants 10 6.00 60 00

From: Pete’s Paving

Sold to: Adams Horticultural Supplies

TOTAL AMOUNT 6,050 00

Sales Returns and Allowances Journal

Purchases Returns and Allowances Journal

Cash Receipts Journal

06/11 Cash Sales POS 220 20 200

14/11 Cash Sales POS 605 55 550

21/11 Cash Sales POS 473 43 430

29/11 Penny Birman EFT 33 3 30 220 220

30/11 Bank Interest EFT 23 Interest

Cash Payments Journal

3. According to Adam’s Horticulture Policy & Procedures what is the process to be

6. Outline the nature and purpose of the accounting standards

8. Provide a brief explanation of the principles of double entry bookkeeping.

9. What is meant by the term ‘accrual’ accounting?

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