Question
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.
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:
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:
- Risk Management Revenue Accrual Journal
- Audit Fee Accrual Journal
- Transfer of Funds Journal
STEP 2: Ledgers
Refer to the information in the scenario; then complete the ledgers worksheet, including:
- Accounts Receivable Ledger June 20XX
- Risk Management Revenue Ledger 30 June 20XX
- Audit Fees Payable Ledger 30 June 20XX
- Audit Fees Expense Ledger
- Cash at Bank Ledger 30 June 20XX Wealth Bank
- 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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started