Assessment Type: Financial Activity, BAS Statement and Report
Task A- Record Asset Valuation
1. Read through the scenario provided.
2. Review Packet Packaging's organisations chart of accounts.
3. Using the General Journal and Asset Register templates provided with this assessment, record the asset acquisition (including any GST liability).
4. Use new asset and depreciation account names and codes compatible with the structure and coding of the organization's chart of accounts.
5. Disclose the details of the asset on the Asset Register. Correctly note credit and debit entries.
6. Identify a discrepancy. Follow organizational policy to gain authorization to correct error.
7. Submit all documents to your assessor. Ensure you keep a copy of all work submitted for your records.
Task B - Prepare a BAS Statement
1. Read the scenario provided
2. Read the Packett Packaging Policies and Procedures Manual provided with the assessment materials.
3. Identify the relevant information from the two invoices provided and record the financial data in appropriate journals, accounting for GST liabilities.
4. Submit all documents to your assessor. Ensure you keep a copy of all work submitted for your records.
5. Identify information from the case reports mentioned herein to prepare BAS statement. Note that purchase of stock sold is $90,000 GST included.
6. Download the BAS worksheet from the Moodle - showing quarterly options for payment.
7. Complete the BAS form (only fill in fields where data is required and available), including:
a. BAS calculation worksheet
b. PAYG tax withheld - (W1, W2 and W5)
c. GST requirements (using option 1) G1, G2, G10 and G11
d. Summary
8. Submit the completed BAS to your assessor. Ensure you keep a copy of all work submitted for your records.
You must provide:
- Sales Journal entries
- Purchases Journal entries
- BAS statement (required fields only):
? BAS calculation (use supporting PDF file named BSBFIA402 Assessment 2 GST calculation for BAS exercise)
? PAYG tax withheld - (W1, W2 and W5)
? GST requirements (using Option 1) G1, G2, G10 and G11
? Summary
Task C - Provide financial feedback
1. Read the scenario provided.
2. Read the Packett Packaging Policies and Procedures Manual. Familiarise yourself with the organisation's chart of accounts, Financial Statement templates, etc.
3. View financial reports (for financial year to 30 June 2011):
a. Balance Sheet
b. Profit and Loss
c. Cash Flow
d. Profit and Loss Budget analysis
4. Use data within reports to calculate standard financial analysis ratios. Calculate all those required by business policy.
5. Prepare a report to management. Include:
a. An Executive Summary
b. An analysis of financial ratios
c. A variance analysis of financial position
d. An analysis of financial performance
e. A cash flow statement analysis
f. Prioritised recommendations
6. Submit report to your assessor. Ensure you keep a copy of all work submitted for your records. Your assessor will be looking for:
- a report completed to organisational requirements from the scenario provided
- evidence-based recommendations that refer to data and analysis as support
- clear and practical recommendations that are compatible with other recommendations and the organisation's requirements; measurable and within a definite and appropriate time span; specific; and concise
- financial reports that conform to templates in organisational policy.
Packett Packaging Financial Performance Report
Attachment:- Assessment.rar