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BSBFIA401 Prepare Financial Reports Assignment

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BSBFIA401 Prepare Financial Reports Assignment

BSBFIA401 Prepare Financial Reports Assignment

Question 5 (10 marks)

The following errors have been made when entering transactions.

Required:

Prepare the necessary general journal entries to make the required corrections: 2 marks each

1.

2.

3.

4.

5.

A cheque for the payment of the electricity bill for $982 has been incorrectly entered into the journal as $892.

A cash payment of $1,320 (including GST) for repairs to motor vehicle has been incorrectly entered into the motor vehicle asset account. GST was entered correctly.

Annette owed $1,540 (including GST) and remitted the amount during the month. The amount was incorrectly credited against Lucy. Subsidiary Ledgers and control accounts are in use.

Sales revenue received of $900 has been incorrectly entered into the ledger account for Commission received.

A cheque for the payment of telephone expenses for $1,100 including GST was incorrectly posted to electricity. GST has been entered correctly.

BSBFIA401 Prepare Financial Reports Assignment

Question 6 (20 marks)

Pete’s Garment Manufacturing needs to produce a detailed asset register and calculate the depreciation for the year 30/6/18. Prepare the detailed asset register using Straightline depreciation for 5 years for each asset, calculate the depreciation. Please note, the first two assets have already been entered into the asset register.

  • 􏰀  Purchased 1/7/14 Brother Sewing machine model TZX for 7500 excluding GST.
  • 􏰀  Purchased 1/7/15 Brother Sewing machine model 8XKL for 8300 excluding GST.
  • 􏰀  Purchased 1/7/15 Xerox Sewing machine model KS201 for 7950 excluding GST.
  • 􏰀  Purchased 1/1/16 Janome Sewing machine model KS889 for 9200 excluding GST.
  • 􏰀  Purchased 1/7/16 Singer Sewing machine model JJ909 for $6800 excluding GST.
  • 􏰀  Purchased 1/7/16 Xerox Overlocking machine model KS259 for 3500 excluding GST.Asset Register as at 30/6/17

Asset Number

Purchased Date

Asset Description

Model

Asset Cost

Depreciation for year

Accumulated Depreciation

Written Down Value

M 01

01/07/2014

Brother Sewing Machine

TZX

7500

1500

4500

3000

M 02

01/07/2015

Brother Sewing Machine

XKL

8300

1660

3320

4980

15800

3160

7820

7980

If you are unable to complete this assessment for a specific reason, please contact your teacher to discuss alternative arrangements for demonstrating your skills and knowledge

BSBFIA401 Prepare Financial Reports Assignment

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