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.

1. Prepare the general purpose financial statements for the month ended 30 June 2019 for Cheese Inc. See detailed Trial Balance in Appendices.

question1

Prepare the general purpose financial statements for the month ended 30 June 2019 (10 marks).

In June 2019, the executives of Cheese Inc. were planning summary of current financial year result (1 July 2018 30 June 2019). Cheese Inc. sell organic cheese to healthy food stores. This year is a very good year, because organic cheeses are in a range of healthy fresh goods, more sales made as Australian people become more health conscious. You are the CFO; you are requested to prepare following accounting reports for the boards meeting in July 2019.

Cheese Inc.

Trial Balance as at 30 June 2019

ACCOUNTS	TRIAL BALANCE (DR$)	TRIAL BALANCE (CR$)
Cash	12000
Accounts receivable	6500
Supplies	1500
Prepaid rent	5000
Furniture	45000
Building	120000
Accumulated depreciation - furniture		750
Accumulated depreciation - building		500
Accounts payable		45500
Salary payable		2250
Interest payable		250
Unearned service revenue		1000
Loans payable		50000
Capital		80500
Revenue		19000
Rent expense	2500
Salary expense	4500
Supplies expense	250
Depreciation expense (furniture)	750
Depreciation expense (building)	500
Interest expense	250
Electricity and gas expense	1000
Total	199750	199750

Marking criteria: