Reference no: EM133082697
BSBFIA401 Prepare financial reports - Sydney Metro College
Assessment Task: 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.
Carefully read the following:
The trial balance for Andrew's Slabs as at 30 June 2017 was:
Complete the following activities:
1. Record the following balance day adjustments in the general journal below. Show your workings.
a. Depreciation of equipment 10% using the straight-line method
b. Depreciation of vehicles 12.5% using the diminishing balance method
c. Rates paid in advance $600
d. Salaries owing $3,500
e. Interest revenue earned but not received $1,300
f. Create an allowance for doubtful debts equal to 5% of accounts receivable.
g. Physical stocktake determined inventory at end 30 June 2017 was $18,800.
General journal entries for balance day adjustments as at 30 June 2017.
Create a new Word document and insert your completed table into it. Save it as Balance Day General Journal.
2. 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.
Your assessor will advise you with a date and time for a meeting to discuss the entries.
Attach your general journal to the email.
3. 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
4. Create an Excel Workbook.
After the meeting, prepare each of the following as a separate Worksheet:
a. Adjusted trial balance at 30 June 2017.
b. Profit and loss statement for the year ending 30 June 2017
c. Balance sheet as at 30 June 2017.
Save the Workbook as Balance Day.
5. 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.
Attachment:- Prepare financial reports.rar