FNS50217 Diploma of Accounting – My Assignment Tutor

Assessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 1 of 6 Assessment tool # and titleAssessment 3 Research Project and Presentation Assessment 3 Research Project and PresentationAssessment type ():☒ Questioning (Oral/Written)☐ Practical Demonstration☐ 3rd Party Report☐ Other – Project/Portfolio (please specify)Assessment Resources:  Assessment task Access to Blackboard Assessment Instructions:  This assessment consists of two task: (1) written report related to developing and creatingfinancial reports for corporate entities in accordance with AASB101; and (2) a recorded oralpresentation of your report Both tasks must be submitted at the same time Where relevant show all workings and calculations All skills and knowledge must be demonstrated to achieve a satisfactory result This Assessment 2 Case Studies is due for submission on Blackboard in accordance withthe Learning and Assessment Plan Assessment Instrument:  The assessment instrument is found on the next page Task 1 ReportIntroductionAssessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 2 of 6Median Limited is a public company operating in Perth, Western Australia.Auditors have commented that some of its older reports are not in accordance with accountingstandards.The accountant Mr Roberts is very busy and has given you some financial data on the followingpages and asked you to prepare, five documents. Four of these are financial reports for the yearended 30th June 2019 and the others are working papers:1. Statement of Comprehensive Income (using the most appropriate format)2. Statement of Changes in Equity (using the tabular format)3. Statement of Financial Position.4. Statement of Cash FlowsThese statements must be in accordance with The Corporations Law (2001) and AccountingStandards, in particular AASB 101 but other standards and organisational policies may also apply.This means that your reports should have detailed notes in accordance with the standards and thatyou must include 2018 comparative figures in your Statement of Financial Position (e.g. comparing2018 to 2019 financial years).In addition to this Mr Roberts has asked you to provide him with a copy of:5. Working papers showing detailed ledgers for the following accounts:a. Accounts receivableb. Accounts payablec. Commission Incomed. Other operating expensese. Salaries and Wagesf. Retained earningsg. Cash at Bank accountAssessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 3 of 6 Income StatementInternal Use onlyFor the year ended 30 June 2019Sales all on credit439,252Less cost of goods soldInventory 1/7/201838,223Purchases (all on credit)149,823188,046Less inventory 30/06/201937,119Cost of goods sold150,927Gross profit288,325Add profit on debenture redemption2,500Add commissions2,9505,450Total income293,775Less expensesSalary and wages96,126Depreciation buildings3,300Depreciation plant and machinery7,890Interest paid12,000Doubtful debts200Discount allowed1,144Bad debts2,667Other operating expenses98,297Impairment loss – Investments6,000227,624Net profit before tax66,151Income tax expenses22,985Net profit after tax43,166 Assessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 4 of 6 Internal Balance SheetComparative balances30 June 201830 June 2019Current AssetsCash at Bank58,109182,580Inventory38,22337,119Accounts receivable51,30457,701.00Allowance for doubtful debts2,10049,2042,300.0055,401Operating expenses prepaid814Income commission accrued270146,350275,370Non-current assetsLand and buildings340,000340,000.00Accumulated depreciation8,900331,10012,200.00327,800Plant and machinery34,280116,680.00Accumulated depreciation9,76024,52017,650.0099,030Goodwill on acquisition72,00072,000.00Accumulated impairment goodwill6,000.0066,000427,620492,830Total assets573,970768,200Current liabilitiesAccounts payable18,19319,707Salaries and wages accrued983Other operating expenses accrued1,439Dividends payable20,00030,000Taxation payable3,89122,98543,06774,131Non-Current Liabilities8% debentures150,000Total Liabilities43,067224,131Net Assets530,903544,069EquityShare capital300,000375,000Retained earnings110,903124,069Asset revaluation reserve120,00045,000530,903544,069 Assessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 5 of 6Additional Information for the year ending 30 June 2019(a) Value of land is at directors’ valuation on the 25 June 2019(b) The dividend payables and taxation payable as at 1 July 2018 were paid in full(c) In February 2018, there was a bonus share issue totalling $75,000 using the Asset RevaluationReserve.(d) Share Capital is now made up of 375,000 fully paid Ordinary Shares of $1 each.(e) Final Dividend of $30,000 is to be provided for, this is the only appropriation made fromRetained earnings.(f) $200,000 of the 8% Debentures were issued early in the financial year. Due to favourable stockexchange listing values and a surplus of cash, $50,000 (face value) of these were redeemedlater in the year for $47,500.(g) The remuneration of the directors and executives is shown below: NameTitleWagesAlex WayneDirector10,000Greg SullivanExecutive15,000Mark TabbDirector8,000 Task requirements:Prepare the following financial reports1. Statement of comprehensive income and with notes2. Statement of changes of equity3. Statement of financial position with notes4. Statement of cashflows and with reconciliation of profit to operating cashflows5. Working papersAll reports must be prepared in a professional format and according to relevant AccountingStandards including AASB101.Assessment Task Qualification national code and titleFNS50217 Diploma of AccountingUnit/s national code/s and title/sFNSACC514 Prepare financial reports for corporateentities Folder location: E:Prepare fin reports for corp entities2019 Semester 1onlineFNSACC514 ASS3 OL.docx Current Version [of this template] V1.1 – 17-11-2017Last updated: August 2018 F04A31 Page 6 of 6Task 2 PresentationIn task 2 you are required to record a presentation of the written report to your Mr Roberts (youronline mentor). As an accountant you need to communicate accounting information to your clients,colleagues and your manager.The presentation must be1. 8 to 10 minutes in length2. You should present in a professional manner3. You must be able to convey the message of the report briefly and succinctly4. It should be obvious that you understand the accounting concepts5. You should feel to use any visual aids such as a whiteboard or PowerPointsYou do not need to present this live and can record it using a mobile phone and then attachit to the written report on Blackboard.Note you may need to zip the file depending on its size.Marking Criteria for PresentationMarking Guide Observation Checklist forPresentationWas the student able to:CommentsSatisfactory or not yetsatisfactory1. Deliver a presentation that waslogical and brief?2. Deliver the message or ideas of thereport?3. Demonstrate a clear understandingof the concepts in the report?4. Deliver the presentation in thespecified timeframe?

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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