BSBFIA401 | Assessment 1 Written Activity | Business

Home Recent Questions BSBFIA401 | Assessment 1 Written Activity | Business

For this assessment you must complete the following written activity.

Task 1 - Case study


Ben Cook owns and operates a business called Ben Jones Traders, which sells products to retail outlets throughout the country.

The business has been trading for 10 years. On the3rd July 2014 a fire destroyed the building in which all the accounting documentation was held. All business documentation was burned however, Ben had recently prepared his end of financial year business trial and had kept a copy on his computer at home.

Ben needs to get some documentation completed again and has asked you to do it for him. He has provided you with the trial balance sheet from home and has requested you complete the following tasks:

1. Record the account balances in the general ledger accounts
2. Record the adjustment for 30th June 2014 in the general journal
3. Post the journals to the ledger, including an asset register card for the motor vehicle that was sold through the year. Ben has provided you with acquisition details he obtained from the vehicle supplier
4. Prepare a trial balance once adjustments have been posted
5. Record the journal entries to close accounts at 30 June 2014
6. Post the closing entries to the general ledger
7. Prepare a trial balance after accounts have been closed
8. Prepare the financial reports for the year ending 30 June 2014

Ben has requested that the accounts and reports be prepared in a professional manner and presented within one week

Adjustments:

• Interest owing on loan $4000
• Wages owing to employees $10000
• Additional bad debts to be written off (inclusive of GST) $5500
• Provision for doubtful debts to be equal to 4% of debtors
• Commission revenue yet to be received %5100
• The provision for long service leave is to be increased by 3% of all salaries and wages
• Provision for annual leave is to be doubled
• Advertising paid in advance%5000
• Equipment is being depreciated @15% p/a using the reduced balance method depreciation
• Motor vehicles are being depreciated @20% p/a using the straight line method of depreciation
• On April 1 2014 one of the vehicles (Holden Cruze) Registration number ZGL 036 was traded for $25000 on a new Volvo costing $66000 GST Inc, the balance payable over 3 years financed by a loan from ACG Finance. The Cruze was purchased on 1 January 2010 from Smart car sales with an expected life of 5 years with no residual payment

Task 2

Your task is to use you knowledge and research abilities to, in your own words, describe each of the following points:

1. Explain double-entry bookkeeping principles
2. Identify general journal and general ledger entries
3. List the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports
4. Describe organisational accounting systems
5. Outline relevant organisational policies, procedures and accounting standards.

Please ensure each section is addressed and a clear explanation of each is provided include an example.

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