RECENT ASSIGNMENT

Tweet Share WhatsApp Share
GET ANSWERS / LIVE CHAT


Assessment Details
Qualification Code/Title FNS50215 Diploma of Accounting
Assessment Type Assessment -02- Project Time allowed 5 days
Due Date 07/01/2019 Location AHIC Term / Year
Unit of Competency
National Code/Title FNSACC504 Prepare Financial Reports for Corporate Entities
Student Details
Student Name Student ID
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 Details
Assessor’s Name
RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY
Feedback to student:
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.
Signature:___________________________
Date: ______/_______/___________ 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: ______/_______/___________
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 Project 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 Assessments.
? 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 appropriately
? Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.
? Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.
? Once you have completed the assessment, please upload the softcopy of the Assessment into AHIC Moodle and submit the Hard copy of the Assessments to your Trainers.
? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero.
Project
Part 1
Undertake your own research to obtain an organisation’s annual report. You can use one from an organisation with which you are familiar or one which is freely available on the internet or from ASIC (Australian Securities and Investments Commission) or ASX (Australian Stock Exchange).
I.e. ASX Listed companies include:
• Woolworths Ltd • Toll Holdings
• Qantas Airways • Lend Lease Group
• Goodman Group • JB HI-FI Ltd
Prepare a report (3–5 pages) answering these questions:
1. To whom is this report disseminated and how does this take place?
2. Why might these recipients need or want the information contained in the annual report?
3. What information is contained in the report? Describe the contents and explain what it disclosed about the organisation’s financial activities during the year.
4. Is there any evidence that those within the organisation used consolidation or conversion procedures to analyse the financial data which was available?
5. Has the organisation disclosed any asset or liability valuations? If so, what do they indicate?
6. Is there any indication of any discrepancies, unusual features of queries about the financial data? Describe.
7. Does it appear that the organisation claimed all available benefits and allowances? Explain.
8. Did the organisation record details of its income and expenditure? Is evidence provided? Provide details.
9. Examine the financial summaries for information about the financial status of the organisation. Did the organisation show a profit?
10. What sorts of recommendations are made and what suggestions are made regarding business activities for the upcoming year? Are they constructive?
11. Is the report and any recommendation clear and logical?
12. Has the organisation complied with its statutory requirements? Explain.
Part 2
a) The following business is to convert to a company. The new company Sunflower ltd will take over net assets (other than cash) at fair value of KPG Ltd. Consideration will be Paid in the form of assumption of liabilities, $50,000 cash and the balance by the issue of 100,000 shares issued as paid to 50¢. The shares have a fair value of $1 each.
Carrying Amounts Fair Values
Land $48,000 $65,000
Plant 38,000 36,000
Debtors 15,000 12,000
Total 101,000 113,000
Trade creditors 23,000 23,000
Required: Prepare the necessary journal entries to record this business event.
b) From the following ledger account of Brink lets Ltd prepare an Income Statement for the year ended 30 June 2015 for presentation in the annual report which complies with all of the necessary statutory requirement and regulations.

Trading Account
$ $
Cost of goods sold
Profit & loss:
gross profit
1,920,000

1,378,000 Sales 3,298,000
3,298,000 3,298,000

Profit and loss Account
$ $
Advertising
Delivery
Freight
Salaries: marketing
Depreciation: plant
Occupancy
Postal
Salaries:
administration
General Bed. Debt
Interest payable
Discount Allowed
Income tax expense
Net profit after income tax 230,000
40,000
55,000
220,000
400,000
25,000
4,500
90,000
500
45,000
30,000
8,000
177,000
353,000 gross profit
Income from investment 1,378,000
300,00
1,678,000 1,678,000
Additional information
a. Depreciation includes an abnormal charge for depreciation adjustment on reassessment of the estimated useful life of plant and machinery. This is due to accelerated obsolescence resulting from technology changes at a rate not originally foreseeable.
b. Income from investment is made up of dividends received from Trinette Ltd. ($1000000) and income from Dritron Ltd $2000000. Driton Ltd is related to brinklets Ltd.
c. Interest was payable on debentures held by unrelated parties.
Profit and loss appropriation
$ $
30.6.0A Interim dividend 40,000 Opening balance 140000
Proposed dividend 160,000 30.6.0.A Profit and loss: net profit 353,000
General reserve 80,000
Closing balance 213,000
493000 493000
1.7.0.A Opening balance 213000
Part 3
Following are the balance sheets of two companies i.e. ABC Ltd and XYZ Pty Ltd. The latter is wholly owned by ABC Ltd.
Liabilities Assets
ABC Ltd
$ XYZ Pty Ltd
$ ABC Ltd
$ XYZ Pty Ltd
$
Share capital 500,000 200,000 Sundry Assets 480,000 260,000
Accumulated Profit 100,000 0 20,000 Shares of XYZ Pty Ltd 200,000 0
Sundry creditors 80,000 60,000
TOTALS 680,000 260,000 TOTALS 680,000 260,000
Requirements:
1. You are required to consolidate the two balance sheets. Your answer must be in accordance with AASB standard.
2. Provide Journal entry for consolidation of XYZ Pty Ltd into books of ABC Ltd
Part 4
Square Ltd’s projected sales report is given for the Month from July to December 2017. Consider all sales would be credit sales. The actual sales for the months of May and June 2017 are also given.
Square Ltd Sales Report
For the year end 2017
May June July August September October November December
$2,000 $5,890 $6,000 $13,200 $14,900 $22,000 $32,000 $22,600
Accounts Receivable is calculated at 50% current month, 30% last month and 20% second to last month. Build the projected cash collection for the last six months ending in December by using suitable mathematical tools.



GET ANSWERS / LIVE CHAT