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
