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need help filling out trial balance and ledgers: Performance Task 3 HINT If you need help with this task, please access the FNSACC421 Tutor Assist_Performance

need help filling out trial balance and ledgers:

Performance Task 3

HINT

If you need help with this task, please access the FNSACC421 Tutor Assist_Performance Task 3.pdf.This document breaks down the steps to complete the task, as well as provides an example.

Document required

You need to demonstrate how you use the features and functions of digital technologies to access, record, store, organise and compile data. We have prepared templates for you to use.

Download and save the Riskco Financial Records_Template.xlsxfile to your device using the naming convention: Riskco Financials 30-06-XX_Your Name; for example, Riskco Financials 30-06-XX_Jo Green.

Scenario

You are to assume the role of John Jacks, an accountant working for a risk management company called Riskco. Your manager, Bob Banks, is the Chief Financial Officer (CFO) of the parent company, WAMco. Bob has sent you an email regarding special transactions that you must process for the 30 June 20XX financial year.

Email

TO:

FROM:

DATE:

30 June 20XX

SUBJECT:

Riskco June 20XX accrual and other journals

MESSAGE

Dear John,

I hope this email finds you well. At Riskco we use accrual journals to make sure that our revenue and expenses are allocated the right period. Your task is to ensure this occurs. You will need spreadsheet software for this task:

  • The audit fees incurred by Riskco for 30/06/20XX are $2,500. I would like this accrual journal to be processed at the end of 30/06/20XX.
  • Risk management fee revenue invoiced on the 30/06/20XX for $4,500 for Wana for risk management services completed on the 30/06/20XX. The customer has not yet paid the account. The manager, Joanna, mentioned that they would like the transaction to be recognised 30/06/20XX as an accrual journal.
  • Don't forget that we should create the risk management revenue and audit fee journals as reversing journals. The journals are to be reversed at the beginning of the next financial year.
  • 30/06/20XX $10,000 of additional funds was transferred from Wamco into the Wealth Bank account (this journal is not an accrual journal and is a non-reversing journal).
  • Please use the enclosed Riskco chart of accounts to find the correct account codes.
  • Please disregard GST for this task.
  • Once you have completed the journals, I would like you to post the entries to the relevant ledgers for each journal. Please use the information from the Riskco trial balance and chart of accounts to assist you.
  • Once you have completed the ledgers for the journals, please update the trial balance as at 30/06/20XX to reflect the accrual and non-accrual journals that you have created.

Thank you and regards,

Bob Banks

CFO WAMco

Phone: (02) 2222 2222

Riskco Chart of Accounts

Code

Category

Account

6-1000

Current assets

Current assets

6-1001

Assets current

Cash at Bank Wealth Bank

6-1002

Assets current

Bada Cash Management Account

6-1002

Assets current

Petty cash

6-1003

Assets current

Accounts receivable

6-2000

Fixed assets

Fixed assets

6-2001

Assets non-current

Fixed assets

6-2002

Assets non-current

Rental bond

7-0000

Current liabilities

Current liabilities

7-0001

Current liabilities

GST claimable

7-0002

Current liabilities

GST payable

7-0003

Current liabilities

Accounts payable

7-0004

Current liabilities

Super guarantee payable

7-0005

Current liabilities

Prepaid risk consultancy fees

7-0006

Current liabilities

Audit fees payable

8-0000

Owners' equity

Owners' equity

8-0001

Owners' equity

Owners' equity WAMco

9-0000

Revenue

Revenue

9-0001

Revenue

Risk consultancy revenue

10-0000

Expenses

Expenses

10-0001

Expenses

Marketing expenses

10-0002

Expenses

Office cleaning

10-0003

Expenses

Wages expense

10-0004

Expenses

Super guarantee expense

10-0005

Expenses

Telephone expense

10-0006

Expenses

Subscriptions

10-0007

Expenses

IT expenses

10-0008

Expenses

Insurance expense

10-0009

Expenses

PAYG salaries expense

10-0010

Expenses

Rental expense

10-0011

Expenses

Stationery

10-0012

Expenses

Miscellaneous / Amenities

10-0013

Expenses

Audit fees

Riskco 30 June 20XX Trial Balance Pre-accrual Journals

Category

Debit

Credit

Cash at Bank Wealth Bank

$12,525.16

Bada Cash Management Account

$80,000.00

Petty cash

$600.00

Accounts receivable

$7,150.00

Fixed assets

$163,024.00

Rental bond

$6,000.00

GST claimable

$1,617.91

GST payable

$1,200.00

Accounts payable

$3,842.90

Super guarantee payable

$2,786.67

Owners' Equity WAMco

$299,626.00

Risk consultancy revenue

$12,000.00

Marketing expenses

$1,318.18

Office cleaning

$240.00

Wages expense

$21,759.34

Super guarantee expense

$2,786.67

Telephone expense

$587.10

Subscriptions

$490.91

IT expenses

$6,400.00

Insurance expense

$2,700.00

PAYG salaries expense

$7,574.00

Rental expense

$4,364.00

Stationery

$250.00

Staff amenities

$68.30

Total

$319,455.57

$319,455.57

Instructions

STEP 1: Riskco Journals

Access the Riskco Financial Records spreadsheet. Use the Journals worksheet to create the three journals:

  1. Risk Management Revenue Accrual Journal
  2. Audit Fee Accrual Journal
  3. Transfer of Funds Journal

STEP 2: Ledgers

Refer to the information in the scenario; then complete the ledgers worksheet, including:

  1. Accounts Receivable Ledger June 20XX
  2. Risk Management Revenue Ledger 30 June 20XX
  3. Audit Fees Payable Ledger 30 June 20XX
  4. Audit Fees Expense Ledger
  5. Cash at Bank Ledger 30 June 20XX Wealth Bank
  6. Riskco WAMco Owners Equity as at 30 June 20XX

STEP 3: Trial Balance

Update the Trial Balance worksheet for the journals you have posted to the ledgers.

Evidence required

Uploaded the completed Riskco Financials spreadsheet, including:

  • 3 Journals
  • 6 Ledgers
  • 1 Trial Balance

Audit Fees Expense Ledger
Date Details Debit Credit Balance
01/06/20XX Opening balance $0.00
30/06/20XX Closing balance
Closing balance $ 2,500.00
Cash at Bank Ledger 30 June 20XX Wealth Bank
Date Details Debit Credit Balance
01/06/20XX Opening balance $ 35,560.12
03/06/20XX Stationery purchase Xco Stationery $ 110.000 $ 35,450.12
15/06/20XX Electricity expense Banaelect $ 323.230 $ 35,126.89
17/06/20XX Risk revenue May 20XX Abaam Pty Ltd $ 5,000.000 $40,126.89
20/06/20XX Salary and wages staff June 20SXX $ 5,619.230 $ 34,507.66
25/06/20XX Rent June $ 4,560.230 $ 29,947.43
28/06/20XX Consultant fees Becon June 20XX $ 7,850.000 $ 22,097.43
29/06/20XX IT from IT World $ 9,572.270 $ 12,525.16
30/06/20XX Closing balance
Closing balance $ 22,525.16
Riskco WAMco Owners' Equity as at 30 June 20XX
Date Details Debit Credit Balance
01/06/20XX Opening balance $299,626.00
30/06/20XX Closing balance
Closing balance
RISKCO TRIAL BALANCE
Riskco Trial Balance Post Accrual Journals 30 June 20XX
Category Debit Credit
Cash at Bank Wealth Bank
Bada Cash Management Account
Petty cash
Accounts receivable
Fixed assets
Rental bond
GST claiimable
GST payable
Accounts payable
Super guarantee payable
Audit fees payable
Owners' equity WAMco
Risk consultancy revenue
Marekting expenses
Office cleaning
Wages expense
Audit fees payable
Super guarrantee expense
Telephone expense
Subscriptions
IT expenses
Insurance expense
PAYG salaries expense
Rental expense
Stationery
Staff amenities
Total

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