Principles of Accounting And Finance :
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|Assessment Type||Time allowed|
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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.
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Student result response
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A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Principles of Accounting And Finance Task summary
For this assessment task you are required to prepare a number of journal and ledger entries in response to the purchase, depreciation, and eventual sale of a fixed asset.
This assessment is to be completed in the simulated work environment in the RTO.
- Access to textbooks/other learning materials
- Computer with Microsoft Office and internet access
- Australian Accounting and Auditing Standards (either online or hard copy)
- Depreciation Worksheet
- Financial Policy and Procedures
Your assessor will advise you of the due date of these submissions.
- Email with Depreciation Worksheet attached.
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.
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.
Andrew’s Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%.
At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300.
On 31/03/2018 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST.
Andrew’s Slabs uses the diminishing balance method.
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.
- Create a depreciation Worksheet for 2017 and 2018. Show your calculations.
- Write a General Journal entry on 30 June 2016 for depreciation.
- Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2018.
- Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2018, showing the Depreciation Expense and the Motor Vehicle.
- Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations.
- 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 seek approval for all of the entries made so they can form part of the General Ledger.
Attach your Depreciation Worksheet to the email.
|Did the student:||Completed successfully||Comments|
|Accurately determine the method for calculating depreciation and complete a depreciation worksheet for the specified period?|
|Create an accurate journal entry for depreciation of the delivery truck?|
|Develop an appropriate ledger account for the specified item and period?|
|Extract relevant income statement and balance sheet showing depreciation expense and the motor vehicle?|
|Display the calculation of gain or loss and prepare journal entries to record disposal appropriately?|
|Accurately prepare revenue statement, reflecting operating profit for the stated reporting period?|
|Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)?|
|Task Outcome:||Satisfactory ¨||Not Satisfactory ¨|