FNSACC311 Process financial transactions and extract interim reports
Assessment Task
Title Due Date
Assignment – Journals As per unit outline
Extension Details (where applicable)
Extension Date for Submission Granted Until
STUDENT DECLARATION
? I have completed this assessment
? I am aware that penalties exist for plagiarism. Refer to the Plagiarism and Misconduct page.
? I have a copy of this assessment
STUDENT SIGNATURE: DATE:
For electronic submissions only:
By typing your name in the student signature field, you are accepting the above declaration.
Section 1 – Student and Assessor Instructions
Conditions This is an individual open book assignment which can be completed after you have finished up to and including chapter 2.
Download the assessment document from Canvas and complete the journals as instructed.
Save in Microsoft Word format and upload your assignment via Canvas.
If you have any questions about this assessment, please ask your teacher prior to submission.
Task Overview and/or Description Instructions
Part 1: Journals
Using the transactions and stationery provided, enter the transactions of Adam’s Horticultural Suppliers for the month of November into the relevant journals.
Part 2: Practical application
Record the manual journals and invoices in Xero as instructed.
Part 3: Knowledge Questions
Complete your responses to the knowledge questions in the spaces provided.
Assessment Description
This assessment will demonstrate your understanding of the processes involved in recording business documents into the relevant journals. As the ‘bookkeeper’ you should: –
• Identify, check and record information from the documents into the correct journal. Examine the documentation to establish accuracy and completeness
• Prepare the journals accurately and completely, within organisational timelines (that is by the due date!)
• Ensure journals are authorised by appropriate person. This mean you – please check your work before submitting. By doing so you are agreeing and ‘signing’ off that everything is correct
• Process in accordance with organisational policy and procedures (see below)
Section 2 – Assessment Task Submission Information
Submission Details Submit your completed journals for review.
Before submitting please check that: –
• You have entered ALL the transactions in the journals
• That transactions have been recorded in the correct journals
• That the late invoices have been checked, updated, initialled and entered into the journals
• That all relevant columns in the journals have been totalled
• Journal totals have been cross checked and balanced
• You have entered the transactions into Xero and produced the PDF print outs.
• You have provided responses to the knowledge questions at the end of this document
Submit by:
Date due as per Unit Outline.
Submissions received after the due date must be approved by your teacher.
Section 3 – Assessment Criteria (Evidence to be Provided by the Student)
All items/criteria must be demonstrated satisfactorily to achieve this task. The items/criteria for this activity will be assessed as S – Satisfactory or US – Unsatisfactory.
Required Evidence S US
PC1.1 • Check and verify the supporting documentation. (Documents should be entered into the journals accurately, as per the information provided for each transaction. That is, correct dates, names, reference numbers, amounts and GST amounts)
PC1.2 • Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel
PC4.1 • Prepare required journal entries within organisational timeframes (by due date!)
PC4.2 • Confirm authorisation of journals by required personnel and process them according to organisational policies and procedures. (record into the correct journal and ensure that all journals are balanced, and calculations are correct.)
Feedback to Student
Feedback will be provided to you in Canvas via comments and the Rubric.
Section 4 – General Assessment Information
Refer to the Course Information section in Canvas.

Assessment
PART 1: Journals
1.1 Using the table of transactions below, and the additional invoices on the next page, enter transactions for the month of November 2019 into the relevant journals (stationery provided), for Adam’s Horticultural Supplies.
All transactions in the table have been approved by Adam Grow and work is to be carried out in accordance with the policies and procedures of Adams Horticultural Suppliers found on the intranet (Canvas).
Adam’s Horticultural Supplies: Policies and Procedures
1.2 Adam has just received an additional two invoices and has requested that you also enter them into the journals for the current month.
Before entering them, check all calculations and information for accuracy. If you identify any errors, make the adjustment on the document by putting a line through the incorrect figure, write the correct figure underneath and write your initials (name) next to any changes. You can assume you have contacted the supplier to confirm the adjustments.
Then enter the correct amounts into the journals. Your teacher will authorise any changes (on behalf of Adam) when you submit your assignment.
Ensure you total the journals and cross add to check your calculations.
1.1 table of transactions to be entered into the journals
Nov 2019 Adam Grow commenced business by contributing $15,000 into a business bank account. He also contributed: Stock of supplies valued at $8,000, a Motor Vehicle valued at $28,000, Computer Equipment valued at $4,500, Fixtures & Fitting valued at $7,000 and has a loan on the Motor Vehicle with ABZ Bank for $10,000
1 Paid Steven’s Real Estate for rent of premises $660.00 Inc. GST (EFT)
2 Purchased goods on credit from Pete’s Paving for $1,045.00 Inc. GST (Invoice 5548)
4 Paid Courier Newspaper $165.00 Inc. GST for advertising (cheque 22)
6 Cash sales $220.00 Inc. GST (POS)
8 Received invoice 221 for $792.00 Inc. GST from Insure U for public liability insurance
10 Paid $132.00 Inc. GST to Office World for stationery supplies (EFT)
Sold goods on credit to Springs Reserve for $1,045.00 Inc. GST (invoice 12)
14 Paid wages $500.00 (EFT)
Paid creditor Pete’s Paving for invoice 5548 and received a discount of $44 (Inc GST). cheque 23
16 Cash sales $605.00 Inc. GST (POS)
Paid Shiny Cleaners $88.00 Inc. GST for cleaning expenses (EFT)
18 Purchased goods on credit from Milo’s Manufacturing for $1,012.00 Inc. GST (invoice A32)
Springs Reserve returned goods from Invoice 12 worth $253.00 Inc. GST, and Adam issued them with an adjustment note no. CN001
20 Paid the electricity bill for $660.00 Inc. GST (EFT)
Paid Insure U for invoice 221 on cheque 24
21 Cash sales $473.00 Inc. GST (POS)
Sold goods on credit to Penny Birman for $253.00 Inc. GST (invoice 13)
24 Purchased supplies for the staffroom from Saveway $33.00 Inc. GST (EFT)
Adam took home $495 (Inc. GST) worth of plants and other supplies for his own garden.
26 Received invoice 877 from Telecom for phone bills $110.00 Inc. GST
Returned items purchased on invoice A32 worth $154.00 Inc. GST to Milo’s Manufacturing and was issued with credit note CRN41.
27 Paid wages $500.00 (EFT)
29 Penny Birman paid her account, deducting discount of $33 (Inc. GST) from the amount owing, for prompt payment (EFT)
30 Received $23.00 bank interest (EFT)
1.2 Additional invoices (to be checked and entered) – on next page

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TAX INVOICE: 40 From: Philpots Plants
ABN: 12 369 852 147