Preparation Of Journal Entries For Balance Day

Preparation Of Journal Entries For Balance Day :

Assessment Details
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Assessment Type			Time allowed
Due Date		Location		Term / Year

Unit of Competency
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Student Details
Student Name				Student ID		IIE
Student Declaration:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.			Signature:         Date:
Assessor’s Name
RESULTS (Please Circle)	☐SATISFACTORY				☐NOT SATISFACTORY
Feedback to student:

Assessor Declaration
*If Student is Not Satisfactory Reassessment Required                 ☐   Yes           ☐    No	Assessor Declaration:  I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.   Signature:                     Date:
Is This Theory Only Task   ☐   Yes           ☐    No
Have student already completed practical/ Vocational Placement Component?  ☐   Yes           ☐    No
Instructions to the Candidates This assessment is to be completed according to the instructions given below in this document.Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.Please refer to the College re-submission and re-sit policy for more information.If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.Please read the Tasks carefully then complete all Tasks.To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriatelySubmitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document must be printed double sided.This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor.Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Not Satisfactory.

Assessment Task 4 Cover Sheet

Student Declaration

To be filled out and submitted with assessment responses

¨   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).

¨   I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.

¨   I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name
Student ID number
Student signature
Date

Assessor declaration

¨   I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name
Assessor signature
Date
Assessment outcome	S	NS	DNS	Resubmission    Y     N

Feedback

Student result response

¨   My performance in this assessment task has been discussed and explained to me.

¨   I would like to appeal this assessment decision.

Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 4: Balance day project

Task summary

For this assessment task you are required to prepare several General Journal entries for balance day adjustments and participate in a meeting to discuss these. You will then be asked to generate an adjusted Trial Balance, a Profit & Loss Statement, and a Balance Sheet.

This assessment is to be completed in the simulated work environment in the RTO.

Required

• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Meeting space
• Roleplay participant (assessor)
• Australian Accounting and Auditing Standards (either online or hard copy)
• Financial Policy and Procedures

Timing

Your assessor will advise you of the due date of these submissions.

Submit

• Email with Balance Day General Journal attached
• Email with Balance Day Workbook attached

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 4 Instructions

Carefully read the following:

The trial balance for Andrew’s Slabs as at 30 June 2017 was:

Trial Balance
Details	Debit $	Credit $
Cash at Bank	10,700
Accounts receivable	52,000
Inventory	20,000
Equipment	45,000
Accumulated depreciation on equipment		10,000
Vehicles	50,000
Accumulated depreciation motor vehicles		6,250
Land	27,500
Accounts payable		25,000
Loan		85,000
Capital		181,430
Sales revenue		120,000
Interest revenue		2,000
Cost of goods sold	86,250
Salaries expense	30,000
Rates expense	1,500
Stationery expense	800
Advertising expense	1,900
Interest expense	300
Motor Vehicle expense	780
Repairs Expense	2,500
Insurance Expense	450
Total	329,680	329,680

Complete the following activities, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder.

1. Record the following balance day adjustments in the general journal below.

Show your workings.

Depreciation of equipment 10% using the straight-line method

Depreciation of vehicles 12.5% using the diminishing balance method

Rates paid in advance $600

Salaries owing $3,500

Interest revenue earned but not received $1,300

Create an allowance for doubtful debts equal to 5% of accounts receivable.

Physical stocktake determined inventory at end 30 June 2017 was $18,800

General journal entries for balance day adjustments as at 30 June 2017

Adjustment	Accounts	Dr $	Cr $
a
b
c
d
e
f
g

Create a new Word document and insert your completed table into it.

Save it as Balance Day General Journal

• Send an email to your assessor.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and ask for a meeting to discuss these,  along with a request for approval.

Your assessor will answer the email with a date and time for a meeting to discuss the entries.

Attach your general journal to the email.

• Meet with Andrew (your assessor).

The objective of the meeting is to discuss, and update where necessary, the journal entries.

At the meeting you should carefully go through the journal entries, explaining each entry clearly and using appropriate industry terminology.

During the meeting, demonstrate effective communication skills including:

Speaking clearly and concisely

Using non-verbal communication to assist with understanding

Asking questions to identify required information

Responding to questions as required

Using active listening techniques to confirm understanding

• Create an Excel Workbook.

After the meeting, prepare each of the following as a separate Worksheet:

1. Adjusted trial balance at 30 June 2017.
2. Profit and loss statement for the year ending 30 June 2017
3. Balance sheet as at 30 June 2017.

Save the Workbook as Balance Day.

• Send an email to your assessor.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment.

Attach your Balance Day Workbook to the email.

Assessment Task 4 Checklist

Student’s name:
Did the student:		Completed successfully		Comments
		Yes	No
Accurately enter general journal entries for balance day adjustments?
Demonstrate ability to adjust expense and revenue accounts for prepayments and accruals?
Create an allowance for doubtful debts accurately?
Accurately adjust ledger accounts for inventories and transfer to final account?
Prepare trial balance accurately?
Prepare a profit and loss statement that reflects gross and net profits for reporting period?
Accurately prepare revenue statement reflecting operating profit for reporting period?
Prepare an accurate balance sheet reflecting financial position of business at the end of the reporting period?
Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)?
During the meeting, demonstrate effective communication skills including:Speaking clearly and concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required Using active listening techniques to confirm understanding
Task Outcome:	Satisfactory   ¨			Not Satisfactory   ¨
Assessor signature
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