Assessment Task Description

Oz bank (Oz) has diverse business streams including asset management, retail, business banking and insurance. In financial year ended June 2020, the bank experienced downturn due to COVID Pandemic. Many customers couldnt afford paying off mortgages due to the lockdown situation. In addition, many businesses also lodged the insurance claim to recover from the once off damage caused by COVID. Along the ease off of Pandemic, Oz also plan marketing activities to recover from the Pandemic. You are the CFO, you are requested to prepare following accounting information to update to the board.

Required:

Details of the accounting information to be prepared are below:

1. Record the three journal entries at the end of month June 2020 (10 marks).

See detailed information in Appendices.

1. Record the three journal entries at the end of month June 2020 (10 marks).

1. Due to COVID, Oz bank (Oz) has experienced customer defaults of mortgages of $500k, OZ never provided this expense, Pls record this journal entry.
2. Oz also has insurance business, which is required to pay $450k insurance claims from customers. OZ is a listed business in ASX, so raised $400k in share capital to pay this bill, pls record this journal entry.
3. In order to recover the business from COVID, Oz has signed up a new marketing advisement contract with TV Channel 11, cost $50k. The bill was paid in May 2020, whereas the actual advisement on TV will be in July 2020. pls record this journal entry.