Trainers Assessment Resource FNSACC XXXXXXXXXXVersion 2 April XXXXXXXXXXPage 1 of 17 ASSESSMENT 1 – PRACTICAL DEMONSTRATION STUDENT INFORMATION This information is to be handed to each student to...

need to be done on 4 sep



Trainers Assessment Resource FNSACC312 Version 2 April 2018 Page 1 of 17 ASSESSMENT 1 – PRACTICAL DEMONSTRATION STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements PART - A You work for Bobs Furniture Pty Ltd – a small business that buys and sells goods on credit. Debtors are encouraged to settle their accounts quickly by the discounts offered by the proprietor. On 1 August 2015, the following debtor’s accounts were already in existence. J. Espandiar $1450; R Benigno $600; D. Tran & Co. $2200. Balances owing to creditors at that date were: Classic Importers $5100 and Fancy Furniture $3200. Purchases Aug 1 Paid Classic Importers $3100, Cheque no 98345 2 Invoice No, 213 Issued to R. Benigno for $180 plus $18 GST 3 Purchased goods from Fancy Furniture for $2800 plus $280 GST – Invoice 432 6 Sold goods to J. Espandiar for $550 including $50 GST - invoice 214 D. Tran $ Co. Paid $1650 and was granted a discount of $30 (Rec 332) 9 Issued invoice no 215 to R Beningo for $240 plus $24 GST 11 J. Espandiar paid $1430 and was allowed $20 discount (Rec 33) 12 Invoiced 216 issued to Shepparton Secondary College for $2800 plus $280 GST 15 Bought stock from Classic Importers for $2100 (Invoice TY445); GST Charged $210 18 Sold goods on credit to S. Bramante for $800, plus $80 GST (Inv 217) 21 Paid Fancy Furniture $3160 and received a discount of $40 (Chq. No. 98343) 22 Issued invoice no. 218 to Shepparton Secondary College for $520, plus $52 GST 23 R. Benigno sent a cheque for $600 for overdue payment (Rec. 334) 24 Sold goods on Credit to J. Espandiar $540 plus $54 GST (Inv 219) 26 Purchased stock on credit from Oz Furniture for $2600 plus $260 GST (Inv DE121) 28 S. Bramante paid $855 on account and was allowed a discount of $25 (Rec 335) 29 Invoiced D. Tran & Co. For credit sale of $4200 Plus GST of $420 (Inv 220) 30 Purchased inventory from Fancy Furniture for $4300 plus $430 GST (Inv 454) 31 Sold goods on credit to Cusack and Sons for $2360 (Inv 221): GST Charged $236 Assessment Summary 1. Prepare and submit the following journals for the month of August 2015, with all relevant transactions a. Credit sales journal b. Cash receipts journal 2. Prepare and submit the individual debtors accounts with all relevant entries in correct sequence 3. Prepare and submit a debtor schedule as at 31 August 2015 4. Enter all transactions into your accounts software (MYOB or QuickBooks) PART - B Your assessor will role-play several of your clients. You are to answer respond to your clients’ requests, and provide suitable answers. FNSACC312 Version 2 April 2018 Page 2 of 17 PART - C From the data provided in Part - A, you are to identify potential debtors who may default on payment terms. The Trading terms for Bobs Furniture require full payment within 15 days from order. Discounts are offered for earlier payments. For each potential defaulting client, you are to develop both an initial reminder letter AND a final demand letter. Be sure to abide by fair trading laws! Next, you are to contact each client (you assessor will play the roles of these clients), and arrange to recover any outstanding monies. Remember that some clients are regulars, so you do not want to impact on future business if you can help it. Finally you are to provide a report for your supervisor on the status and outcomes of the debts. Keep a record of any important details, and provide the client files to your assessor for assessment at the end of this task. Assessor Summary You are to provide / undertake the following: o Submit your initial reminder and final draft letters o Contact each client (and follow up on their debts with them) - verbally with your assessor role-playing the client o Submit your debtor report outlining debt status and outcomes (after contact with clients) This assessment will occur on: __________________________________ FNSACC312 Version 2 April 2018 Page 3 of 17 ASSESSMENT 2 – PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements PART - A For this assessment, you are required to administer accounts payable for Patrick’s Cod Fishing Ltd (Appendix 1-6). For this project you will required to undertake the following:  Collect invoices and check for discrepancies for the month of October  Investigate and rectify any identified discrepancies  Obtain authority for payment according to company policy  Draw up cheque requisition and gain authorisation  Establish a general ledger and draw against this  Demonstrate the correct account being debited in accordance with legislative and compliance requirements  Prepare creditor cheques  Reconcile the Bank Statement for October Details: Your instructor will play the part of Patrick hence direction should be sought as to what the set company policies and procedures are in regards to authorisation of payments. Students should use the list detailed in Appendix 4 for information regarding any cheques or payments made or received. Assessor Summary You are to provide / undertake the following: o Submit Cheque requisition o Submit General ledger o Submit Creditor cheques o Submit reconciled bank statement PART - B For this assessment you are required to use the information from Assessment 1A and the Appendices to prepare the following reports using relevant accounting software:  Profit & Loss for October  Aged Receivables Summary  Customer Balance Summary  Aged Payables Summary  Supplier Balance Summary  Sales Graph Students are next required to reconcile any outstanding debts by following the following steps:  Contact suppliers for outstanding balance statements (The instructor can act the part of the supplier in the context of a simulated working environment)  Reconcile outstanding balances to invoices received Students will need to consult with any relevant legislation and follow the company policies as set by their instructor. FNSACC312 Version 2 April 2018 Page 4 of 17 This project should be accompanied by an 800 word report answering the following questions:  Discuss why good communication is critical when dealing with business associates and suppliers  Briefly discuss how business / accounting legislation impacted on either of your projects. Give specific examples where possible. Assessor Summary You are to submit the following: o P&L statement o Aged receivables summary o Customer balance summary o Aged payables summary o Supplier balance Summary o Sales graph o Written report This assessment is due on: __________________________________ FNSACC312 Version 2 April 2018 Page 5 of 17 ASSESSMENT 3: RESEARCH AND QUESTIONING Submission details Students will use their online study time to prepare for answers to the following questions and submit softcopies of the answers. You must submit soft copy of your answers in a word document. Upload the softcopy on the link provided in the eLearning site. See instructions below for details. Instructions: · To be prepared on an individual basis. · Assessment will only be accepted if they have an assignment cover sheet on them signed by the stu dent. · Students must provide detailed answer for every question along with relevant examples. · There is no word limit, but answer for every question should be reasonable in size, preferably ½ a page. · The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality and to verify the authenticity You are required to do research and type answers for following questions in a word document: Questions FNSACC312 Version 2 April 2018 Page 6 of 17 1 You work for Entertainment Supplies Pty Ltd – a supplier of entertainment products to the industry. The following transactions relate to dealings with Fairy Floss Trading Pty Ltd over the month of August 2015. At the start of August, this debtor already owed $200. Purchases Aug 2 Invoice 765 $120 plus $12 GST Aug 9 Invoice 791 $160 plus $16 GST Aug 15 Invoice 823 $140 plus $14 GST Aug 24 Invoice 845 $200 plus $20 GST Aug 30 Invoice 891 $180 plus $18 GST Payments (Cash) Aug 4 Cheque 8912 $200 Aug 14 Cheque 8922 $250 Discount Received $10 Aug 29 Cheque 8937 $310 Discount Received $15 You are to: 1. Prepare the debtors record for Fairy Floss Trading Pty Ltd, showing all transactions during the month of June 2015 2. Explain how reliability has been satisfied in your debtors record 3. State one benefit of the debtor taking advantage of discounts for prompt payment 4. State one disadvantage for your debtor making a prompt payment in order to get a discount