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Assessment Marking Criteria FNSACC414_AT1_MC_TQM_v1.4 FNSACC414_AT1_MC_TQM_v1.4 Student Name Student Number Unit Code/s & Name/s FNSACC414 Prepare financial statements for non-reporting entities Cluster Name If applicable NA Assessment Type ☐ Assignment ☐ Project ☐ Case Study ☒ Portfolio ☐ Third Party Report (Workplace) ☐ Third Party Report (Peer) ☐ Other Assessment Name Assessment 1 Assessment Task No. 2 of 2 Assessment Due Date Date Submitted / / Assessor Feedback: Attempt 1 Satisfactory ☐ Unsatisfactory ☐ Date / / Assessor Name Assessor Signature ☐ Student provided with feedback and reassessment arrangements (check box when completed) Date scheduled for reassessment / / Attempt 2 Satisfactory ☐ Unsatisfactory ☐ Date / / Assessor Name Assessor Signature Note to Assessor: Please record below any reasonable adjustment that has occurred during this assessment e.g. written assessment given orally. Assessment Criteria / Benchmarks The evidence submitted demonstrates that the student has satisfactorily: Attempt 1 Attempt 2 Date __/__/__ Date __/__/__ Y N Y N Part A 1. Prepared the partnership Income Statement ☐ ☐ ☐ ☐ 2. Prepared the Profit and Loss appropriation account ☐ ☐ ☐ ☐ 3. Prepared the Partner’s current accounts ☐ ☐ ☐ ☐ 4. Prepared the partnership Balance Sheet ☐ ☐ ☐ ☐ 5. Identified 3 critical financial aspects that must be included in the organisational policies and procedures ☐ ☐ ☐ ☐ 6. Use appropriate functions in Microsoft Excel. For example: cell referencing and totalling. ☐ ☐ ☐ ☐ Part B 1. Prepared a Statement of Receipts and Payments ☐ ☐ ☐ ☐ 2. Completed the Members Subscriptions account ☐ ☐ ☐ ☐ 3. Prepared a Merchandise Trading Statement ☐ ☐ ☐ ☐ 4. Prepared an Income and Expense Statement ☐ ☐ ☐ ☐ 5. Prepared a Statement of Assets and Liabilities ☐ ☐ ☐ ☐ 6. Reviewed for accuracy and identified and advised who is responsible for signing and verifying completed financial statements ☐ ☐ ☐ ☐ 7. Identified and explained 3 distinguishing features that should be included in organisational policies and procedures ☐ ☐ ☐ ☐ 8. Use appropriate functions in Microsoft Excel. For example: cell referencing and totalling. ☐ ☐ ☐ ☐ 123 TMP H – Assessment Marking Criteria v1.8 (04/11/2020)Page 1 of 2 123 TMP H – Assessment Marking Criteria v1.8 (04/11/2020)Page 2 of 2 Assessment Task – Portfolio of Evidence FNSACC414_AT2_PE_TQM_V1.1 FNSACC414_AT2_PE_TQOL_V1.1 Student Name Student Number Unit Code/s & Name/s FNSACC414 Prepare financial statements for non-reporting entities Assessment Name Assessment 2 Assessment Task No. 2 of 2 Assessment Due Date As per due dates in Connect Date submitted Assessor Name Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature. Student Signature Date Instructions to Student This task requires you to answer the questions within this task, and submit additional documents (as specified within the tasks). Use the space provided in this assessment paper for your answers using a font no smaller than 11 points. Students are to complete this task in their own time, no time restrictions, and are allowed full access to notes and learning resources. Materials to be supplied: · Assessment Task · Microsoft Excel template FNSACC414_AT2_TMP_TQM_v1 · Learning resources Work, Health and Safety: · follow TAFE Queensland Student Rules · access TAFE Queensland Student Services for any additional support · conduct risk assessments prior to any assessment task to ensure the safety of all participants and the environment · ensure an ergonomically safe work environment to complete all assessment tasks Assessment Criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard: Prepare financial statements and associated workings Explain and demonstrate understanding of different types of non-reporting entities and the organisational policies and procedures required for these entities Number of Attempts: You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules. Submission details (if relevant) Insert your details on page 1 and sign the Student Declaration. Include this form with your submission, along with your marking criteria sheet (with personal details completed). Due Dates: Refer to Unit Study Guide TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login Username; 9 digit student number For Password: Reset password go to https://passwordreset.tafeqld.edu.au/default.aspx> Instructions to Assessor This assignment is written based on prescribed text and additional online research. · Students to complete all requirements listed in this assessment. · This is an unsupervised written assessment. · Assessment documents to be uploaded to Connect for marking. · This is an untimed assessment. · Students are allowed access to any notes, workbooks and the internet to complete the assessment. · Students must complete their assessments as individuals · Usual office WHS requirements should be met by students · Physical conditions are at the students discretion · Interactions with team members or supervisors should be limited to general instructions and clarification or explanation of the assessment requirements. · Contingencies if conditions cannot be met are at the discretion of the Assessor. · Please refer to marking guide to ensure consistency, validity and fairness of student outcomes. Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide. Part A Bennett and Barney decide to form a partnership on 01/07/2020. You are contracted to complete the financial accounts and statements at the close of the first financial year. Accounting Policies and Procedures Bennett and Barney operate on an accrual basis with the financial year from 1 July to the 30 June the following year. Partnership proceeds are divided as Bennett (1/3) and Barney (2/3). In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v1 you have been provided with a trial balance (and additional pertinent information of the partnership) as at 30 June 2021. Complete tasks 1 - 4 within the Microsoft excel file on the Part A tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate. Ignore GST for this question. You are required to: 1. Prepare the partnership Income Statement as at 30 June 2021. 2. Prepare the Profit and Loss Appropriation Account 3. Prepare the Partners’ current accounts. 4. Prepare the Partnership Balance Sheet as at 30 June 2021. 5. The Partnership Deed (or Agreement) should articulate how the partnership will operate. These agreed areas of operation should also be documented in the organisational policies and procedures of a Partnership. Identify 3 critical financial aspects that must be included in the Partnership agreement and organisational policies and procedures. Please record your answer below. ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ Part B Random Crew Social Club are a four-wheel driving social club, managed by the following committee: · President Rick Stanley · Vice President Barbara Bonhotham · Secretary Thomas Ford · Treasurer Belinda Smith Each year, you (the contract bookkeeper) assemble their records and prepare annual reports and statements. Accounting Policies and Procedures Random Crew Social Club operates on an accrual basis with the financial year from 1 July to the 30 June the following year. The club is not registered for GST. All payments must be signed / authorised by 2 sitting members of the Committee. The Annual Statements must be signed / verified by 2 sitting members of the Committee. As the club is a not-for-profit organisation they prepare a Statement of Receipts and Payments in lieu of a full Cash Flow statement. Refer to Ch.2 – underpinning knowledge required to complete this task. In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v1 you have been provided with the Receipts, Payments and pertinent financial information for the year ended 30 June 2021. Complete tasks 1 - 5 within the Microsoft excel file on the Part B tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate. You are required to: 1. Prepare a statement of Receipts and Payments 2. Complete the Members’ Subscriptions account 3. Prepare a Merchandise Trading Statement as at 30 June 2021 4. Prepare an Income and Expense Statement. 5. Prepare a Statement of Assets and Liabilities. 6. Review the statements and accounts for accuracy. Identify and advise who is responsible for signing and verifying the completed financial statements. Please record your response below. 7. The organisational policies and procedures of a Not-for-Profit organisation will vary from those of a Reporting Entity in a number of areas, including the preparation of accounts and financial statements. Identify and explain 3 distinguishing features of the preparation of financial accounts and statements of a Not-for-profit organisation. Contrast these to a Reporting Entities statements. Please record your response below. 123 TMP C – Assessment Template – Portfolio of Evidence v1.2Page 1 of 5 123 TMP C – Assessment Template - Portfolio of Evidence v1.2Page 5 of 5 Part A Trial Balance of Bennett & Barney as at 30 June 2021Income Statement for Bennett & Barney for year ended 30 June 2021Profit & Loss Appropriation for Bennett & Barney for the year ended 30 June 2021Balance Sheet of Bennett & Barney for year at 30 June 2021 Interest on CapitalNet Profit from Profit & Loss DebitCreditSales- 0Current Assets $$ Sales1,000,000Interest on Drawings Sales returns10,000Share of Profit Selling expenses150,000 Administration expenses205,000Non-Current Assets Financial expenses50,000 Purchases320,000Gross Profit Cash at bank77,000 Accounts receivable22,000Current - Bennett Provision for Doubtful Debts2,500 Inventories42,000Current Liabilities Motor Vehicles80,000 Furniture42,000Net ProfitNon-Current Liabilities Plant and Equipment276,500 Accumulated Depreciation Plant1,500 Accounts payable56,000Current - BarneyNet Assets Bank Loan12,000 Capital - Bennett75,000Equity Capital - Barney112,500 Current - Bennett25,000 Current - Barney35,000 Drawings - Bennett20,000 Drawings - Barney25,000 Totals1,319,5001,319,500 Additional Information: 1. Closing inventories counted as $39,000 2. Interest on capital at 10% per annum 3. Interest on drawings at 12% per annum 4. Partners salaries owing $22000 each 5. Drawings for Bennett 01/9/20 $10,000 and 1/3/21 $10,000 6. Drawings for Barney 01/9/20 $10,000, 01/03/21 $8,000 and 01/06/21 $7,000 Part B Random Crew Social ClubRandom Crew Social Club Statement of Receipts and Payments for the year ended 30 June 2021Members Subscriptions ReceiptsReceipts Subscriptions from members47,300 4WD Day trips - receipts6,780 Merchandise sales39,800 Interest received1,10094,980 PaymentsPayments Merchandise Coordinator wages8,500Random Crew Social Club General wages12,300Income & Expenditure Statement for the year ended 30 June 2021 Prizes6,810Income Rent16,700 Printing & Stationery1,890 4WD Day trips - expenses5,440 Merchandise advertising1,500 Accounts payable - merchandise purchases26,00079,140Less Expenditure Excess of Receipts over Payments for the year Additional Information:Cash at Bank balance 01 July 2020 7/1/206/30/21Cash at Bank balance 30 June 2021 Cash at Bank6,93022,770 Term Deposits22,00022,000 4WD Day Trip Equipment (at cost)7,3007,300Merchandise Trading for the year ended 30 June 2021 Accounts payable (merchandise purchases)6,4008,200Sales Subscriptions in Advance9801,120 Subscriptions in Arrears1,2501,030Net Surplus to Accumulated Funds Merchandise inventory8,4009,700 Rent prepaid1,000600 Accumulated Funds39,500Random Crew Social Club Gross SurplusStatement of Assets & Liabilities as at 30 June 2021 Depreciation to be provided:Current Assets 4WD Day Trip Equipment1,460Less Expenses Surplus to Income and Expenditure Non-Current Assets Total Assets Current Liabilities Total Liabilities Net Assets Accumulated Funds Balance 1/7/2020 Net Surplus for the year