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Proof of lodgement when reconciling transactions

07/12/2021 Client: muhammad11 Deadline: 2 Day

Assessment 3

Case Study – Prepare Comprehensive Income Statement and Statement of Changes in Equity

Fergie Ltd incurs the following expenses and income for the year ended 30 June 2015.

http://textflow.mheducation.com/figures/1743071663/pg593_1.jpg

The income tax expense of $150 000 is calculated after considering a tax deduction of $21 450, which related to the damage caused by the space junk. Tax rate is 33 per cent.

During the year there has also been an increase in the revaluation surplus of $80 000 as a result of a revaluation of land of $80 000. The balance of the revaluation surplus at 1 July 2014 was $nil. A new accounting standard has also been introduced, which has a transitional provision allowing initial write-offs to be recognised as a decrease against retained earnings. The decrease against retained earnings amounts to $50 000. Retained earnings at the beginning of the financial year were $1 950 000, and dividends of $200 000 were paid during the financial year. Issued share capital at 1 July 2014 and 30 June 2015 was $510 000.

REQUIRED

Prepare an income statement (in a single statement with expenses shown by function) and a statement of changes in equity in conformity with AASB 101. Provide only those notes that can be reasonably determined from the above information

Assessment Mapping Checklist

Learner Name/ID: ___________________________________

Performance & Knowledge Evidence

C/NYC

Comments

Performance Evidence

· produce a detailed asset register and depreciation schedule

· accurately record entries for balance day adjustments

· prepare financial reports

· trace and reconcile errors systematically or seek expert advice if required

· apply double-entry principles

· complete all tasks according to organisational policies and industry standards

Knowledge Evidence

· explain doubleentry bookkeeping principles

· identify general journal and general ledger entries

· list the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports

· describe organisational accounting systems

· outline relevant organisational policies, procedures and accounting standards.

· outline typical errors that can be made in processing financial transactions

· describe forms of ‘proof of lodgement’

· describe types of ‘special transactions’

Identify and describe the key features of:

· industry codes of practice

· legislative and regulatory requirements relevant to the work

· organisational policy and procedures

· explain the security procedures for handling cheques, vouchers and cash

· describe the key features of a range of reports.

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Signed by Learner:

Date:

Signed by Assessor:

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