On April 1 2014 one of the vehicles BMW Registration number STR333 was traded

On april 1 2014 one of the vehicles bmw registration

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On April 1 2014 one of the vehicles (BMW) Registration number STR333 was traded for $25000 on a new Volvo costing $66000 GST Inc, the balance payable over 3 years financed by a loan from ACG Finance. The BMW was purchased on 1 January 2010 from Smart car sales with an expected life of 5 years with no residual payment o Cost price INC GST $120000 o Delivery costs INC GST $5000 o Registration and insurance $2500 Note: the disposal of the vehicle has not been recorded in the accounts Stock on hand @ 30 June 2014 is $100000 BSBFIA401 Prepare financial reportsAssessment Guide v1.0 Copyright © Mentor Education Pty Ltd RTO 21683 10
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Task 2Your task is to use your knowledge and research abilities to, in your own words, describe each ofthe following points:1.Explain double-entry bookkeeping principles2.Identify general journal and general ledger entries3.List the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports4.Describe organisational accounting systems5.Outline relevant organisational policies, procedures and accounting standards.Please ensure each section is addressed and a clear explanation of each is provided include an example. BSBFIA401 Prepare financial reportsAssessment Guide v1.0 Copyright © Mentor Education Pty Ltd RTO 21683 11
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PROJECT CHECKLIST Project Checklist Unit Code and Name: BSBFIA401 Prepare financial reports For this assessment, the student must complete the written tasks. The tasks are stand-alone activities that will allow the student to display the required knowledge and skills that are essential when deciding overall competency. Student name: IRFAN AHMED Assessor name: Did the Student provide evidence of their ability to: Has the student satisfactorily completed the written activity? Yes No Task 1 – Case Study. Ben needs to get some documentation completed again and has asked you to do it for him. He has provided you with the trial balance sheet from home and has requested you complete the following tasks: Record the account balances in the general ledger accounts Record the adjustment for 30 th June 2014 in the general journal Post the journals to the ledger, including an asset register card for the motor vehicle that was sold through the year. Ben has provided you with acquisition details he obtained from the vehicle supplier Prepare a trial balance once adjustments have been posted Record the journal entries to close accounts at 30 June 2014 Post the closing entries to the general ledger BSBFIA401 Prepare financial reportsAssessment Guide v1.0 Copyright © Mentor Education Pty Ltd RTO 21683 12
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