Part (A)You are the owner of Antique Books Pty Ltd and you have $20,000 in your bank account at thebeginning of the month. Complete the following tasks and questions.1. During January you make the following payments (GST inclusive where applicable): -Publishers Ltd 1100Cleaning 165Wages 400Old Books Ltd 440Telephone 220Wages 400Publishers Ltd 550Car Lease 1100Bank charges 35Some of these have GST included and others are considered to be GST free: Please record these in theExpenses Journal below: -Item GST Amount TotalAssuming that all of these amounts have been paid please recalculate the bank balance andadvise what amount is owned to the ATO for GST: -New bank balance:?????????????????????????????????..GST payment owing:????????????????????????????????..12ILSC Business School BSBFIA301 Assessment V4 01172. The following income amounts are received from Book sales (all of which attract andinclude GST): -Week 1 $660Week 2 $880Week 3 $550Week 4 $495Week 5 $1070Please record these in the Sales Journal below: -Item GST Amount Total3. Calculate GST Collected on these Sales:???????????????????????..4. Calculate the amount of GST owing or owed for the month of January:???????????.5. Re-Calculate the Bank balance based on these Sales:?????????????????????13ILSC Business School BSBFIA301 Assessment V4 01176. Repeat this exercise for the months of February and March based on the followinginformation:-Sales for February total $4575Sales for March total $5678GST inclusive purchases for February $3798GST inclusive purchases for March $4190Wages for February $800Wages for March $1200Bank charges $45 each monthYou need to calculate the following: -New Bank balance as at 31 March:??????????????????????????.Amount of GST owed or owing for the quarter ended 31 March:?????????????.PART BThe XYZ company started business on June 6, 2013. The business was started with $300,000. Thetransactions they engaged in during their first month of business are below:Date TransactionJune 8 An amount of $50,000 was paid for six months of rent.June 9 Equipment costing $100,000 was purchased using $40,000 cash. Theremaining amount of $60,000 is a one year note with an interest rate of3.4%June 10 Office supplies were purchased totaling $25,000 on account.June 16 Received $39,400 in cash for services rendered to customers.June 16 Paid the account for office supplies purchased June 10.June 20$63,900 worth of service was given to customers. Received cash amount of$43,700. Customers promised to pay remaining amount of $20,200.June 21 Paid employees? wages for June 8-June 21. Wages totaled $23,500.June 21 Received $20,200 in cash for services rendered to customers on June 20.June 22 Received $6,300 in cash as advanced payment from customers.June 27 Office supplies were purchased totaling $3,500 on account.June 28 Electricity bill received totaling $1,850.June 28 Phone bill received totaling $2,650.June 28 Miscellaneous expenses totaled $4,320.Please record these transactions as General Journal entriesDate Account Debit CreditJune 6 CashJune 8 Prepaid rentCashJune 9 EquipmentCashNotes PayableJune 10 Office SuppliesAccounts PayableJune 16 CashService RevenueJune 16 Accounts PayableCashJune 20 CashAccounts ReceivableService RevenueJune 21 Wages ExpenseCashJune 21 CashAccounts ReceivableJune 22 CashUnearned RevenueJune 27 Office SuppliesAccounts PayableJune 28 Electricity ExpenseUtilities PayableJune 28 Telephone ExpenseUtilities PayableJune 28 Miscellaneous ExpenseCash15ILSC Business School BSBFIA301 Assessment V4 0117PART CThis company was incorporated January 1, 2014. They started out with a cash value of$2,350,000, and they have 25,000 stock at $200 par value. These are their transactions for thefirst month. You will need to transfer these entries into 4 separate journalsDate TransactionJanuary 2 Rent was paid in advance for a full year totalling $750,000.January 3 Equipment costing $830,000 was purchased. $310,000 was paid in cash,and the remaining amount of $520,000 was a one year note payablewith an interest rate of 4.6%.January 3 Office supplies were purchased on account totalling $340,000.January 4 Services were provided to customers, and the company received$570,000 in cash.January 5 Sales were made, and the company received $350,000 in cash.January 6 The accounts payable for office supplies purchased on January 3 waspaid.January 7 Sales were made totalling $475,000. Customers paid $235,000 in cashand promised to pay the remaining $240,000 in the future.January 8 Services were provided to customers totalling $654,000. Customerspaid $300,000 in cash and promised to pay the remaining $354,000 inthe future.January 9 Office supplies were purchased on account totalling $115,000.January 10 Customers paid $25,000 for sales made on January 7 leaving a balanceof $215,000.January 11 Employees were paid wages totalling $457,000 for the first two weeksof January 2014.January 12 The accounts payable for office supplies purchased on January 9 waspaid.January 13 Customers paid $65,000 for services rendered on January 8 leaving abalance of $289,000.January 14 The company paid $35,000 to the note payable for equipmentpurchased January 3 leaving a balance of $485,000.January 15 Customers paid $53,000 for sales made on January 7 leaving a balanceof $162,000.January 16 Customers paid $43,000 for services rendered on January 8 leaving abalance of $246,000.January 17 Office supplies were purchased on account for $75,000.January 18 Customers paid $35,000 for services rendered on January 8 leaving abalance of $211,000.January 19 The company paid $75,000 for equipment purchased January 3 leavinga balance of $410,000.January 20 The accounts payable for office supplies purchased on January 17 waspaid.16ILSC Business School BSBFIA301 Assessment V4 0117January 21 Customers paid $100,000 for sales made on January 7 leaving a balanceof $62,000.January 22 Sales were made, and the company received $235,000 in cash.January 23 Customers paid $211,000 for services rendered on January 8.January 24 Customers paid $65,000 in advance for services to be rendered.January 25 Employees were paid wages totalling $545,000 for the third and fourthweeks of January 2014.January 26 Customers paid $62,000 for sales made on January

ASSESSMENT BSBFIA301 Financial records Assessment cover sheet Student to complete coloured sections Student's name Student's ID Qualification Certificate III in Business Due date Date submitted Student's declaration Yes No I have read and understood the details of the assessment. I have been informed of the conditions of the assessment and the appeals process and understand I may appeal if I believe the assessment is not equitable, fair or just. I agree to participate in this assessment, and I am ready to be assessed. I certify that the attached is my own work (or in collaboration with other members of the group as required). I have acknowledged all sources where appropriate in accordance with ILSC's Academic Integrity Policy, and I believe other group members have done the same. Student's signature Original Due Date Submission Date(s) 1st Submission Date: 2nd Submission Date: 3rd Submission Date: Assessment (ILSC office use only) 1st Submission 2nd Submission 3rd Submission Competent Result Yes No Yes No Yes No Trainer's Initial & Date ________________ ________________ _________________ Fees Late Fee = $50 Re-sub Fee No fee Fee waived Fee paid Comments/Feedback from assessor to student 1 ILSC Business School BSBFIA301 Assessment V4 0117 Missing questions/Questions to resubmit: Reasonable Adjustments (if any): RESULT Competent Congratulations! You have addressed the outcomes of this unit and have been deemed competent. Not Yet Competent Please see your trainer to discuss (Trainer's name below). You will need to address the above feedback and resubmit/provide the required answers before an assessment decision can be made. Assessor/Trainer Name: Assessor Checklist Initial Authentic: The assessor is assured that the evidence presented for assessment is the learner's own work. Valid: The assessor is assured that the learner has the skills, knowledge and attributes as described in the module or unit of competency and associated assessment requirements. Current: The assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past. Sufficient: The assessor is assured that the quality, quantity and relevance of the assessment evidence enable a judgement to be made of a learner's competency. Assessor's name Assessor's signature Date 2 ILSC Business School BSBFIA301 Assessment V4 0117 TASK 1 - Knowledge Questions 1. You made a cash sale for $1,000. Would you debit or credit the sales account? 2. You purchased stock for $500 cash. Would you debit or credit the inventory account? 3. The owner invested another $10,000 into the business. Would you credit or debit the capital/equity account? 4. You purchased $1,000 worth of spare parts on account. Would you credit or debit Accounts Payable? 5. 6. A debtor paid off their $200 account for cash. Would you credit or debit Accounts Receivable? If cash was used to purchase inventory, would cash at bank be debited or credited? 3 ILSC Business School BSBFIA301 Assessment V4 0117 7. What commonwealth legislation impacts on the information contained in the design of an invoice? 8. In line with the Corporations Act, how long does a company need to retain financial records? 9. What is meant by GST? 10. What is the current rate of GST 11. What is a creditor? 12. Who or what is ASIC? 4 ILSC Business School BSBFIA301 Assessment V4 0117 13. What is a debtor? 14. What is Double entry book-keeping? 15. What type of accounting is it when Cash is paid or received? 16. Referring to your answer at Q15 above name the other method of accounting allowed in Australia? 17. What do the terms \"rounding up\" or \"rounding down\" mean? 18. What does the term \"ABN\" mean? 5 ILSC Business School BSBFIA301 Assessment V4 0117 19. Who or what is the \"ATO\"? Task 2 - Practical Exercises on the next page 6 ILSC Business School BSBFIA301 Assessment V4 0117 Task 2 - Practical Exercises A. Calculate the GST component for each of the following: - ITEM A desk valued at $150 not including GST Taxi Fare of $55 (GST inclusive) Milk for staff room - $3 Calculator for $22 (GST exclusive) Telstra bill $165 (GST inclusive) GST Amount B. List at least 3 ways in which this invoice complies with the taxation rules for an invoice less than $1000 Coffee Bar P/L tax invoice no. 0010 26 Smith Street, Brisbane Qld. 4001 to: Offce Supplies P/L 186 Victoria street Meadowbank Qld 4028 Qty ABN 366 028 369 11 Description Trays of sandwiches for meetings Bottles of soft drinks Fruit platter Subtotal Less 5% Discount date: 29/05/15 $unit price 30.0 0 2.5 0 25.0 0 $total 4 120.00 12 30.00 1 25.00 175.00 8.75 166.25 Plus 10% GST 16.62 Total Amount Payable 182.87 TERMS: Payment required 30 days 2.5% 7 days. Interest charged at rate of 1.5% per month on all overdue accounts. No claims accepted after 7 days. E&OE C. You work for Coffee Bar Pty Ltd and you have been asked to complete a tax invoice for the customer orders below from ABC Accountants. Use the blank invoice supplied. Coffee Bar Pty Ltd sells the following exclusive of GST: 5 x sandwiches platters @ $30.00 each 24 x soft drink bottles @ $2.50 each 36 x muffins @ $3.50 each 10 x fruit platters @ $25 each 40 x cappuccinos @ $3 each 7 ILSC Business School BSBFIA301 Assessment V4 0117 TAX INVOICE Your Company Name Invoice Date: Address Line 1 Invoice Number: Address Line 2 Phone Number Email ABN Customer / Client Information Company name: Contact name: Address: Phone: Email: Description Item Cost No of Items GST Total GRAND TOTAL: 8 ILSC Business School BSBFIA301 Assessment V4 0117 D. Identify the error in this invoice by circling the error? TYREWORLD INVOICE Tyreworld 14 Lockwood Close, Weston 13/11/XX Phone: 07 5634 433X TAX INVOICE Invoice 10992 Date: Customer Name: P&B Autos Account: 34552 Address: 48 Kingswater Rd ABN: 88 129 703 71x City: Salisbury Phone: 07 5634 875X Order no: 43532 Qty Goods & Services Unit Price 8 175/70R13 Tyres $65 $520.00 4 Hijack 14x6 wheels $99 $396.00 Sub total Less 5% trade discount $916.00 $45.80 TOTAL INCLUSIVE OF GST $870.20 Plus GST TOTAL E. Total $87.02 $957.22 If a company has the following Debt Collections guidelines (see below) identify which action you would take in regard to each of the following accounts (a) (b) (c) (d) Bill Smith owes $500 for 45 days ABC Pty Ltd owes $2000 for 28 days Joe Bloggs owes $678 for 120 days Coffee Shop owes $45 for 72 days Action: Action: Action: Action: 9 ILSC Business School BSBFIA301 Assessment V4 0117 Debt Collection Outstanding debtors balances shall be reviewed at least monthly and appropriate action initiated to recover debts that are overdue. This will include the following steps. 1. 30 Days - First reminder letter. 2. 60 days - Final notice requesting payment within 14 days. 3. 90 days - Debtors that fail to respond will be referred to a commercial agent for further action. TASK 3 PROJECT on the next page 10 ILSC Business School BSBFIA301 Assessment V4 0117 TASK 3 PROJECT Part (A) You are the owner of Antique Books Pty Ltd and you have $20,000 in your bank account at the beginning of the month. Complete the following tasks and questions. 1. During January you make the following payments (GST inclusive where applicable): Publishers Ltd 1100 Cleaning 165 Wages 400 Old Books Ltd 440 Telephone 220 Wages 400 Publishers Ltd 550 Car Lease 1100 Bank charges 35 Some of these have GST included and others are considered to be GST free: Please record these in the Expenses Journal below: - Item GST Amount Total Assuming that all of these amounts have been paid please recalculate the bank balance and advise what amount is owned to the ATO for GST: New bank balance:..................................................................................................... GST payment owing:.................................................................................................. 11 ILSC Business School BSBFIA301 Assessment V4 0117 2. The following income amounts are received from Book sales (all of which attract and include GST): Week 1 Week 2 Week 3 Week 4 Week 5 $660 $880 $550 $495 $1070 Please record these in the Sales Journal below: Item GST Amount Total 3. Calculate GST Collected on these Sales:....................................................................... 4. Calculate the amount of GST owing or owed for the month of January:.................................. 5. Re-Calculate the Bank balance based on these Sales:............................................................... 12 ILSC Business School BSBFIA301 Assessment V4 0117 6. Repeat this exercise for the months of February and March based on the following information:Sales for February total Sales for March total $4575 $5678 GST inclusive purchases for February GST inclusive purchases for March $3798 $4190 Wages for February Wages for March $800 $1200 Bank charges $45 each month You need to calculate the following: New Bank balance as at 31 March:............................................................................... Amount of GST owed or owing for the quarter ended 31 March:........................................ PART B The XYZ company started business on June 6, 2013. The business was started with $300,000. The transactions they engaged in during their first month of business are below: Date June 8 June 9 June 10 June 16 June 16 June 20 June 21 June 21 June 22 June 27 Transaction An amount of $50,000 was paid for six months of rent. Equipment costing $100,000 was purchased using $40,000 cash. The remaining amount of $60,000 is a one year note with an interest rate of 3.4% Office supplies were purchased totaling $25,000 on account. Received $39,400 in cash for services rendered to customers. Paid the account for office supplies purchased June 10. $63,900 worth of service was given to customers. Received cash amount of $43,700. Customers promised to pay remaining amount of $20,200. Paid employees' wages for June 8-June 21. Wages totaled $23,500. Received $20,200 in cash for services rendered to customers on June 20. Received $6,300 in cash as advanced payment from customers. Office supplies were purchased totaling $3,500 on account. 13 ILSC Business School BSBFIA301 Assessment V4 0117 June 28 June 28 June 28 Electricity bill received totaling $1,850. Phone bill received totaling $2,650. Miscellaneous expenses totaled $4,320. Please record these transactions as General Journal entries Date June 6 June 8 June 9 June 10 June 16 June 16 June 20 June 21 June 21 June 22 June 27 June 28 June 28 June 28 Account Debit Credit Cash Prepaid rent Cash Equipment Cash Notes Payable Office Supplies Accounts Payable Cash Service Revenue Accounts Payable Cash Cash Accounts Receivable Service Revenue Wages Expense Cash Cash Accounts Receivable Cash Unearned Revenue Office Supplies Accounts Payable Electricity Expense Utilities Payable Telephone Expense Utilities Payable Miscellaneous Expense Cash 14 ILSC Business School BSBFIA301 Assessment V4 0117 PART C This company was incorporated January 1, 2014. They started out with a cash value of $2,350,000, and they have 25,000 stock at $200 par value. These are their transactions for the first month. You will need to transfer these entries into 4 separate journals Date January 2 January 3 January 3 January 4 January 5 January 6 January 7 January 8 January 9 January 10 January 11 January 12 January 13 January 14 January 15 January 16 January 17 January 18 January 19 January 20 Transaction Rent was paid in advance for a full year totalling $750,000. Equipment costing $830,000 was purchased. $310,000 was paid in cash, and the remaining amount of $520,000 was a one year note payable with an interest rate of 4.6%. Office supplies were purchased on account totalling $340,000. Services were provided to customers, and the company received $570,000 in cash. Sales were made, and the company received $350,000 in cash. The accounts payable for office supplies purchased on January 3 was paid. Sales were made totalling $475,000. Customers paid $235,000 in cash and promised to pay the remaining $240,000 in the future. Services were provided to customers totalling $654,000. Customers paid $300,000 in cash and promised to pay the remaining $354,000 in the future. Office supplies were purchased on account totalling $115,000. Customers paid $25,000 for sales made on January 7 leaving a balance of $215,000. Employees were paid wages totalling $457,000 for the first two weeks of January 2014. The accounts payable for office supplies purchased on January 9 was paid. Customers paid $65,000 for services rendered on January 8 leaving a balance of $289,000. The company paid $35,000 to the note payable for equipment purchased January 3 leaving a balance of $485,000. Customers paid $53,000 for sales made on January 7 leaving a balance of $162,000. Customers paid $43,000 for services rendered on January 8 leaving a balance of $246,000. Office supplies were purchased on account for $75,000. Customers paid $35,000 for services rendered on January 8 leaving a balance of $211,000. The company paid $75,000 for equipment purchased January 3 leaving a balance of $410,000. The accounts payable for office supplies purchased on January 17 was paid. 15 ILSC Business School BSBFIA301 Assessment V4 0117 January 21 Customers paid $100,000 for sales made on January 7 leaving a balance of $62,000. Sales were made, and the company received $235,000 in cash. Customers paid $211,000 for services rendered on January 8. Customers paid $65,000 in advance for services to be rendered. Employees were paid wages totalling $545,000 for the third and fourth weeks of January 2014. Customers paid $62,000 for sales made on January 7. Sales were made, and the company received $345,000 in cash. Office supplies were purchased on account totalling $215,000. The accounts payable for office supplies purchased on January 28 was paid. Services were provided to customers, and the company received $765,000 in cash. Dividends were paid totalling $1,000,000. Electricity bill totalling $15,450 was received. Phone bill totalling $17,850 was received. Miscellaneous expenses for the month totalled to $650,000. January 22 January 23 January 24 January 25 January 26 January 27 January 28 January 29 January 30 January 31 January 31 January 31 January 31 Purchases Journal Date January 3 January 3 January 9 January 17 January 27 Account Debit Credit Equipment Notes Payable Office Supplies Accounts Payable Office Supplies Accounts Payable Office Supplies Accounts Payable Office Supplies Accounts Payable Sales Journal Date January 7 January 8 Account Accounts Receivable Sales Accounts Receivable Service Revenue Debit Credit 16 ILSC Business School BSBFIA301 Assessment V4 0117 Cash Disbursements Cash 457,000 Date January 2 January 3 January 6 January 11 January 12 January 14 January 19 January 20 January 25 January 29 January 31 January 31 January 31 January 31 Account Debit Credit Prepaid Rent Cash Equipment Cash Accounts Payable Cash Wages Expense Cash Accounts Payable Cash Notes Payable Cash Notes Payable Cash Accounts Payable Cash Wages Expense Cash Accounts Payable Cash Dividends Cash Utilities Payable - Electricity Cash Utilities Payable - Phone Cash Miscellaneous Expenses Cash 17 ILSC Business School BSBFIA301 Assessment V4 0117 Cash Receipts Date January 4 January 5 January 7 January 8 January 10 January 13 January 15 January 16 January 18 January 21 January 22 January 23 January 24 January 26 January 27 January 30 Account Debit Credit Cash Service Revenue Cash Sales Revenue Cash Sales Revenue Cash Service Revenue Cash Accounts Receivable - Sales Cash Accounts Receivable - Service Revenue Cash Accounts Receivable - Sales Cash Accounts Receivable - Service Revenue Cash Accounts Receivable - Service Revenue Cash Accounts Receivable - Sales Cash Sales Revenue Cash Accounts Receivable - Service Revenue Cash Unearned Revenue Cash Accounts Receivable - Sales Cash Sales Revenue Cash Service Revenue 18 ILSC Business School BSBFIA301 Assessment V4 0117 PART D Prepare a Trial Balance from the ledger accounts of Quentin Company as of January 31, 2016. Accounts Payable Accounts Receivable Cash Quentin, Capital Quentin, Drawing Rent Expense Service Revenue Supplies Wages Expense $ 500 2,000 1,000 2,200 1,000 500 3,000 200 1,000 Quentin Company Trial Balance January 31, 2016 Debit Credit Cash Accounts Payable Accounts Receivable Quentin, Capital Quentin, Drawing Service Revenue Supplies Wage Expense Rent Expense Total 19 ILSC Business School BSBFIA301 Assessment V4 0117