SITXFIN002 Assignment 1

SITXFIN002 Interpret financial information
Assessment 1 - Project
This assessment requires you to successfully complete 13 tasks. The tasks will demonstrate your skills and
abilities to prepare and use financial information documents or reports.
The 13 tasks are:
Task 1 -Account Summaries & Balances

Task 2 -Invoices
Task 3 -Journal Entries
Task 4 -Bank Deposit Documentation
Task 5 -Merchant Copies/ Merchant Statements)
Task 6 (Merchant Summary and EFTPOS journal)
Task 7 -Bank Statement/Bank Reconciliation
Task 8 – Banking Summary
Task 9 -Profit and Loss Statement
Task 10 – Business Activity Statements (BAS)
Task 11- Trial Balance
Task 12 -Credit Card Transaction Statement/Merchant Summary
Task 13 -Balance Sheet
The submission date for the assessment is on __________________________________________
SITXFIN002– Assessment Booklet –Student copy

Version 4.20 CRICOS No. 03152D RTO No. 22207 Page 1 of 23
Task 1 -Account Summaries & Balances

Liliana produces cakes in her shop in Melbourne city. On June 25 she received the deposit for securing a
wedding cake from Ms Anderson of $250. Your task is to record the transaction into the account and
create a new balance.
CASH JOURNAL
Month June Year 2016

Day DEBIT CREDIT DESCRIPTION
1 20.00
2 65.00
3 33.00
4 33.00
5
6 85.00
7 199.00
8 365.00 362.00 Expenses for cakes
12
13 33.00 450.00 Gas bill
14 222.00
15 45.00
16 35.00
17 66.00
18
19
20 22.00
21 66.00
22 368.00 Unpresented cheque
23 123.00
24 211.00
25
26
27
28
29
30
TOTAL

Task 2 -Invoices
After having received the deposit for the cake, you are to issue an invoice to Ms Anderson for the value of
the deposit and the agreed price for the cake of $1250.00. Today is 25 June 2017.
In the following invoice complete the details of the transaction with the total agreed price
The deposit paid and the balance remaining.
Invoice to : From:
Ms Anderson Liliana Cake Shop
1 Melbourne Dr 1 Belle Av.
2000 Sydney 3000 Melbourne
ABN 11 222 333 444 ABN 10 100 100 100

Date 25/06/2017

Amount Description Price

TOTAL
Deposit paid
Balance Due:
NOTE: The remainder needs to be paid on the pick-up/delivery of the goods

Task 3 -Journal Entries
For this task you will need to record the deposit and the sale of the cake as a journal entry.
We will use a ‘double entry’ accounting style or a ‘T’ account to demonstrate the journal entry.
You will need to record the deposit in the CASH - JOURNAL
Then you will need to record the SALE in the ACCOUNTS RECEIVABLE -JOURNAL.
(If you haven’t done a double entry account before you may like to refer to the following steps.)
Steps Self-Questions Answers
1 What did the Company receive? Cash.
2 If the Company received cash, how would this affect the cash Receiving cash increases the
balance? cash balance of the company.
3 Which side of cash account represents the increase in cash? Debit side (Left side).
4 What is the account name to record the sales of products? Accounts Receivable
5 Which side of accounts receivable account represents the Credit side (Right side).
increase in sales?
6 Does the sum of debit side amounts equal to the sum of credit Yes.
side amounts? e.g $120 = $120
In other words, does this journal entry balance?
CASH JOURNAL
Date Description Debit Credit
ACCOUNTS RECEIVABLE
Date Description Debit Credit

Task 4 -Bank Deposit Documentation
After Liliana recorded the deposit ($250) over in the cash journal, she noticed she had an envelope ready
for the deposit of :
10 x $100 notes, 3 x $50 notes, 25 x $20, 5 x $10 and 3x $5.
On the following day, before she went to the shop, Liliana deposited the money, but first she had to fill in
the deposit slip (fill in the form below).
Your task is to complete the bank deposit slip according to the cash denominations above.
Liliana’s Cake
Shop

Task 5 -Merchant Copies/ Merchant Statements)
During her working day, she had a customer who collected a birthday cake and paid the remainder of
$ 130.
Unfortunately, the EFTPOS printer does not work properly, and Liliana cannot read the amount on the
MERCHANT COPY nor on the MERCHANT STATEMENT. To keep track of the purchase, she decided to write
the amount herself over the copies.
You are to fill in the below statements.
Liliana’s Cake Shop Liliana’s Cake Shop

1 Belle St 1 Belle St
Melbourne 3000 Melbourne 3000
39428555000 39428555000
MID 24458705 MID 24458705

TSP 100 362999945 TSP 100 362999945
TIME 21JUN 2017 TIME 21JUN 2017
TRAN 000050 CREDIT TRAN 000050 CREDIT
MasterCard MasterCard
MasterCard I MasterCard I
CARD ...……………...……….4444 CARD ...……………...……….4444
RID A000000000A RID A000000000A
PIX 1010 PIX 1010
TVR 00000000000 TVR 00000000000
TSI E800 TSI E800
TC 125C79E5E33E69D8 TC 125C79E5E33E69D8
PURCHASE 130.00 PURCHASE

TOTAL 130.00 TOTAL
APPROVED APPROVED
Customer Copy Merchant Copy

Task 6 (Merchant Summary and EFTPOS journal)
At the end of the day Liliana now goes to the EFTPOS terminal and prints off a MERCHANT SUMMARY .
(today’s date is 27/06/2017.)
Complete the total amount for the merchant summary and then write the summary into the eftpos
statement journal.
Description Amount $
Deposit 500
Deposit 750
Balance Paid 1200
Balance Paid 1500
Cake 250
Cake 375
Cake 450
Total summary of merchant transactions
DATE EFTPOS STATEMENT JOURNAL
DEBIT CREDIT

Task 7 -Bank Statement/Bank Reconciliation
You receive the bank statement and help Liliana in doing the bank reconciliation. Your job is to match
every transaction both the cash journal and the bank statement. Tick each value and rectify any anomalies.
Make sure both balance or ‘reconcile’.
CASH JOURNAL BANK STATEMENT
Month June Year 2020 Banking Summary Month June 2019
Day DEBIT CREDIT DESCRIPTION Day DEBIT CREDIT DESCRIPTION
1 $65.00 Sales 1
2 $33.00 Sales 2
3 $33.00 Sales 3
4 4 $131.00 Cash deposit
5 5
6 $85.00 Sales 6
Expenses for Expenses for
7 $362.00 $199.00 7 $362.00
cakes / sales cakes
8 $111.00 $365.00 8 $111.00
cakes /Sales cakes
9 $300.00 $30.00 9 $300.00
cakes /Sales cakes
10 $80.00 $95.00 10 $80.00
cakes / Sales cakes
11 $420.00 Sales 11
12 12 $1,194.00 Cash Deposit
13 $450.00 $33.00 Gas bill 13 $450.00 Gas bill
14 $222.00 14
15 $45.00 15
16 $35.00 16
17 $66.00 17 $401.00 Cash Deposit
18 18 $5.00 Bank fees
19 19
20 $22.00 20
21 $66.00 21 $88.00 Cheque deposit
22 $368.00 Deposit cheque 22 $368.00 Deposit cheque
Unrepresented Unpresented
23 $368.00 23 $368.00
cheque expense cheque
24 $123.00 24
25 $211.00 25 $334.00 Cash Deposit
26 $48.00 26 $48.00 Cash deposit
27 $126.00 27
28 $250.00 Deposit for cake 28 $250.00 Cheque deposit
Withdrawal
29 $250.00 Returned deposit 29 $250.00
from ATM
30 $212.00 30 $338.00 Cash Deposit
TOTAL BALANCE $1,226.00
BALANCE

Task 8 – Banking Summary
Using the data from Task 7 bank statement you are now to create an excel spreadsheet.
You will utilise this tool as your accounting software.
Using the formulas’ in excel create a banking summary.
1. Calculate all DEBIT TRANSACTIONS
Attach as a separate document.
2. Create a summary of all transactions that are CASH DEPOSITS only.

Attach as a separate document.

Task 9 -Profit and Loss Statement
You now need to help Liliana in preparing the Profit and Loss Statement for the financial year 2016/2017
you are to help in calculating the GROSS profit, the TOTAL EXPENSES and then the NET PROFIT
Use the formula:
Net Profit = Total Revenue – Cost of Goods Sold – Total Expenses
Chart Of
Account ID $ %
100 TOTAL REVENUE $1,000,000.00 100.00%
200 COST OF GOODS $426,200.00 42.62%
GROSS PROFIT
EXPENSES:
401 Accounting fees $11,700.00 1.17%
404 Electricity $2,700.00 0.27%
405 Insurance $15,200.00 1.52%
407 Postage $1,500.00 0.15%
408 Printing and stationery $8,700.00 0.87%
501 Rent for premises $74,300.00 7.43%
502 Vehicle operating costs $21,100.00 2.11%
506 All other expenses $14,100.00 1.41%
300 LABOUR $225,000.00 22.50%
399 Liliana’s Salary $102,600.00 10.26%
Less TOTAL EXPENSES

Equals NET PROFIT

Task 10 – Business Activity Statements (BAS)
Lilliana now needs to submit her quarterly Business Activity Statement (BAS) as per the Australian
Government Taxation Law.
Using the sample BAS and the data entered – calculate whether Lilliana will received a refund, or will she
have to make a payment?
What specific amount will the refund or payment be, based on the data?
Enter your answer in the following sample BAS:



Task 11- Trial Balance
You are to add to the trial balance the wages for the year 2016/2017 which are $135,500.00,
the petty cash equal to $2,500.00
and owner’s equity equal to $100,000.00.
You also need to calculate the Debit and Credit total and balance the difference if it occurs.
Trial Balance
30/06/2017

General Ledger
Account Balance

Account Name Debit Credit

Petty cash
Reserve for bad debts $100,000.00
Inventory $2,500.00
Furniture and fixtures $150,000.00
Accumulated depreciation - furniture and fixtures $150,000.00
Equipment $2,500.00
Accumulated depreciation - equipment $2,500.00
Goodwill $101,000.00
Sales tax payable $900,000.00
Owner's equity
Owner's drawing account $845,000.00
Sales $450,000.00
Revenues $350,000.00
Sales returns and allowances $150,000.00
Purchases $450,000.00
Bank charges $0.00
Credit card fees expense $0.00
Insurance $19,000.00
Miscellaneous $70,000.00
Payroll taxes $6,500.00
Telephone $10,000.00
Travel $15,000.00
Utilities $35,000.00
Vehicle expenses $58,000.00
Wages

Totals

Difference


Task 12 -Credit Card Transaction Statement/Merchant Summary
Have a look at this credit card statement /merchant statement and answer the questions below.

Task 12 – Questions:
What is the opening balance of the credit card account?
What is the total amount of the monthly transactions?
How much interest has been charged on transactions?
Locate the payment summary and list the minimum monthly payment.
What is the available credit limit?

Task 13 -Balance Sheet
Liliana Cake Shop Owns the building they work in valued at $250,000.00, has $25,000.00 worth of cash and
owes its suppliers (creditors) $12,000.00.
Fill in the following Balance Sheet all the information stated.
Using the formula:

Owners’ Equity = Assets – Liabilities
Calculate the Owners’ equity for Lilliana
BALANCE SHEET
ASSETS $ LIABILITIES $
Total Liabilities
Owner’s Equity
TOTAL TOTAL
Owners’ equity:

Assessment 2 –Assignment Activity
Instructions for students:
This assignment will form part of the assessment for this subject and must be completed in an original and
professional manner.
This assignment MUST be your own work using your OWN words and may be completed in the spaces
provided or with a printed computer-based document. You may include multimedia files such as photos or
short videos to support and explain how you managed a situation or to explain a situation further. Ask your
trainer how they would like you to submit these multimedia files.
If it is completed using a computer-based printed document, please include a heading stating this assignment
as:
 SITXFIN002-Interpret financial information

 Your name:
 Your student I.D.:
 Date of submission/due date:
 Trainer’s name:
There are 7 Assignment Activities in this Assessment task, all assignment tasks must be addressed correctly
and satisfactorily to gain a Satisfactory outcome.
The agreed due date for the submission of the assignment Activities is ___________________________

Assignment Activity 1
Max’s Bar and Grill has had a successful year in 2019. After reviewing the figures for the financial year, the
owner has itemised the Profit and Loss Statement for the year which is as follows:
Total revenue for the year was $1 155 685

Total expenses for the year was $924 619
Max’s Bar and Grill has assets of $750 526
You are now required to calculate the Net Profit

Remember to present your assignment in a clear and professional manner that would be suitable for use in
a business.

1) Explain the differences between Accrual accounting and cash accounting.

2) In your own words explain the following terms
Current assets
Non-current assets
Bank reconciliations
Cash flow
Profit and loss statement
Gross profit
GST
Sanaya has been Manager at Brisbane Tandoori Palace since April 1 look at the following figures, calculate
the average cheque for each month and explain the results in terms of a KPI for Sanjay’s performance
Monthly Sales Covers per month Average cheque
January $212, 458 10 600
February $252, 636 12 955
March $192, 789 9 760
April $258, 333 11 234
May $283 453 12 012
June $264 024 11 001

Markup %, Food cost %

Calculate the % mark up for the following items Then, calculate the food cost % for each item
Sale price Food cost Food Cost % Gross Profit Markup %
Naan bread $3.00 $0.28
Stubby beer $6.50 $1.80
Greek Salad $7.50 $2.30
Bread roll $1.50 $0.35

Chocolate
$10 $3.40
mousse
Curried
$15.90 $5.70
prawns
By law GST must be included in the sales price of all items in the hospitality industry
Calculate the GST that needs be included if the sales price of the following items
Item Sales price GST included in the Final Customer Sale

sales price Price
Coffee $3.18
Naan Bread $2.55
Avocado salad $7.09
Poached eggs on toast with
$9.82
mushrooms
T bone steak with
$25.36
mushroom sauce and salad

Calculate the COGS for the following months

Use a spreadsheet to show your calculations
March 2019
Opening stock $5 567
Purchases $54 342
Closing stock $3 490
April 2019
Purchases $102 422
May 2019
Purchases $123 009
From Assignment Activity 6 calculate the gross profit % if the revenue is
March 2019 $186 206

April 2019 $272 222
May 2019 $307 500
You are head chef in a restaurant and from calculations you carried out, you noticed that last month Food
Cost % is 4% higher than it should
You must share this information with other kitchen staff so they are aware of the situation, and together
you can work on lowering the Food Cost %.
How would you share this information with the kitchen staff and how together could you lower the food
cost %?

Name: ________________________
Student Declaration: I declare that the work
submitted is my own and has not been copied or Signature: ________________________
plagiarised from any person or source. Date: ____/_____/_____
Assessor Use Only
Comments
Result
Satisfactory Not Satisfactory
(Please Circle)
Assessor: I declare that I have conducted a Assessor: _________________________________

fair, valid, reliable and flexible assessment with
Signature: ________________________
this student, and I have provided appropriate
feedback Date: ____/_____/_____


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SITXFIN002 Interpret financial information

The 13 tasks are:

Task 1 -Account Summaries & Balances

The submission date for the assessment is on __________________________________________

SITXFIN002– Assessment Booklet –Student copy

Task 1 -Account Summaries & Balances

Month June Year 2016

SITXFIN002– Assessment Booklet –Student copy

NOTE: The remainder needs to be paid on the pick-up/delivery of the goods

SITXFIN002– Assessment Booklet –Student copy

Task 3 -Journal Entries

You will need to record the deposit in the CASH - JOURNAL

Steps Self-Questions Answers

1 What did the Company receive? Cash.

Date Description Debit Credit

Date Description Debit Credit

SITXFIN002– Assessment Booklet –Student copy

Task 4 -Bank Deposit Documentation

SITXFIN002– Assessment Booklet –Student copy

Task 5 -Merchant Copies/ Merchant Statements)

Liliana’s Cake Shop Liliana’s Cake Shop

MID 24458705 MID 24458705

PURCHASE 130.00 PURCHASE

SITXFIN002– Assessment Booklet –Student copy

Task 6 (Merchant Summary and EFTPOS journal)

DATE EFTPOS STATEMENT JOURNAL

SITXFIN002– Assessment Booklet –Student copy

Task 7 -Bank Statement/Bank Reconciliation

SITXFIN002– Assessment Booklet –Student copy

Task 8 – Banking Summary

1. Calculate all DEBIT TRANSACTIONS

Attach as a separate document.

2. Create a summary of all transactions that are CASH DEPOSITS only.

SITXFIN002– Assessment Booklet –Student copy

Task 9 -Profit and Loss Statement

Use the formula:

Net Profit = Total Revenue – Cost of Goods Sold – Total Expenses

SITXFIN002– Assessment Booklet –Student copy

Task 10 – Business Activity Statements (BAS)

Enter your answer in the following sample BAS:

SITXFIN002– Assessment Booklet –Student copy

SITXFIN002– Assessment Booklet –Student copy

SITXFIN002– Assessment Booklet –Student copy

Task 11- Trial Balance

SITXFIN002– Assessment Booklet –Student copy

SITXFIN002– Assessment Booklet –Student copy

What is the opening balance of the credit card account?

What is the total amount of the monthly transactions?

How much interest has been charged on transactions?

What is the available credit limit?

SITXFIN002– Assessment Booklet –Student copy

Task 13 -Balance Sheet

Fill in the following Balance Sheet all the information stated.

Using the formula:

Calculate the Owners’ equity for Lilliana

SITXFIN002– Assessment Booklet –Student copy

Assessment 2 –Assignment Activity

Instructions for students:

 SITXFIN002-Interpret financial information

SITXFIN002– Assessment Booklet –Student copy

Total revenue for the year was $1 155 685

You are now required to calculate the Net Profit

SITXFIN002– Assessment Booklet –Student copy