Performance Task 3 (Assessment objectives .) 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. W templates for you to use. Financial Records_ Template.xisx file to your device using the naming convention: Riskco Download and save the Riskco Financial Records_Templa Financials 30-06-XX_Your Name; for example, Riskco Financials 30-06-XX_Jo Green. Scenario regarding special transactions that you must process for the 30 June 20XX financial year. Email TO: johnjacks @riskco.com.au FROM: Bobbanks@wamco.com.au DATE: 30 June 20XX SUBJECT: Riskco June 20XX accrual and other journals MESSAGE ear John I hope this email finds you well. At Riskco we use accrual journals to make sure that our revenue and expenses are wod the right period. Your task is to ensure this occurs. You will need spreadsheet . You will need spreadsheet software for this task: at the end of 30/0gray Riskco for 30/06/20XX are $2,500. I would like this accrual journal to be processed Risk management fee revent amanda emerged revenue invoiced on the 30/06/20XX for $4,500 for Wana for risk management services that they would like the transaction to be recognised 30/06/20XX as an accrual joumal Don't forget that we should create the risk management revenue and audit f noning of the next shue 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 Please use the enclosed Riskco chart of accounts to find the correct account codes lease disregard GST for this task. ve completed the journals, I would like you to post the entries to the relevant ledgers for each formation from the Riskco trial balance and chart of accounts to assist you. he ledgers for the journals, please update the trial balance as at 30/06/20XX to ect the accrual and non-accrual journals that you have created. Thank you and regards, Bob Banks CFO WAMcc 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 cas 6-1003 Assets current Accounts receivable 6-2000 Fixed assets xed assets 6-2001 Assets non-current boxed 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 Curent bebiltles Super guarantee payable 7-0005 Current abilities 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 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 $163,024.0 Rental bond $6,000.00 GST claimable $1,617.91 GST payable $1,200.0 Accounts payable $3,842.90 Super guarantee payable $2,786.67 Owners' Equity WAMco $299,626.0 Risk consultancy revenue $12,000.0 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 T expenses $6.400.00 Insurance expense $2,700.00 PAYG salaries expense $7,574.00 Rental expense $4,364.0 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: AsManagement Revenue Accrual Journal 3 . Transfer of Funds Joumal formance Tasks PT2 PT3 2. Risk Management Revenue Ledger 30 June 20Xx 3. Audit Fees Payable Ledger 30 J yable 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 Evidence required Uploaded the completed Riskco adsheet, including: Journals 1 Trial BalanceFNSACC421 Performance Task 3 TUTOR ASSIST to balance day adjustments and general ledger entries. You must use spreadsheeting software, and save your file with the naming convention Riskco Financials 30-06-XX_Your Name. STEP 1: Journals journals for revenue and expenses. balance day adjustments, including accrual Your manager, Bob Banks, has briefed you by email in relation to the relevant information to complete 2. Go to the -co Financial Records spreadsheet. 3 . Update the Journal entries hagerment Revenue Accrual Jour . Journal entries have been made; you need to update the journal with the rele Use the Riskco Chart of Accounts to find the correct . Enter the account codes, account names, descriptions, and debit/cred journal entries. . Review the scenario to identify if this journal should be marked as a reversing journal an Todateme she segersad date as 01/07/20XX (if required). . Identify the relevant information from Follow the same names, descriptions, and debit/credit amounts. Identify if this journal is to be marked as a reversing journal and specify the reversal date Update the Transfer of Funds Journal: . Identify the relevant information from the Enter the account codes, accou ins, and debit/credit This journal is not a reversion to reversal date is needed TEP 2: Ledger You will post the revenue and expense account ba and prepare the final general ledger accounts. nices to the final general Entries have been made in each journal up to and including 29 June 20XX. Refer to the scenario for relevant information to complete the journal entries for the month. 1. Refer to the information in the scenario and go to the "Ledgers" worksheet mci institute Complete the Accounts Receivable Ledger for June 20XX: aging debit and balance amounts. able 30 June 20XX. 20XX, including credit and balance amounts. Complete the Audit Fees Payable Ledger for 30 June 20XXX: The details of the audit fees accrued, including . Calculate the closing balance. ccrued, including credit and balance amounts Complete the Audit Fees Expense Ledger: Enter the details of the audit fees accrued, including debit and balance amounts. 6. Complete the Cash at Bank Ledger for 30 June 20XX Wealth Bank: . Enter the details of any cash transactions for 30 June 20XX, including debit and balance mplete the Riskco WAMco Owners' Forty Ledger for . Enter the details of any transactions related to the transfer of funds, including credit and . Calculate the closing balance. STEP 3: Trial Balance ally, you will update the trial balance ccrual and non-accrual journals created 1. Go to the "Trial Balance" worksheet. 3. Update the trial balance to reflect the accrual and non- agency accounts to be adjusted . . Calculate the new total debit and credit amounts from the ledgers into the corresponding categories. . Verify that the trial balance remains balanced. Sample 1: Accrual Journal Company A wants to record IT fees for XO financial year, paid on 10/07/20*1 for $4.689. This expense relates to the financial year ending 30/06/20X0. Accrual Journal Date Account Account name Description Debit 30/06/X0 56231 IT fees fees payable in the next $4.689.00 30/06/X0 32651 IT fees payable To record ble in the next $4,689.00 Reversal Yes Reversal date 01/07/20*0 mci institute IT Fees Ledger 30 opening balance Debit Credit 30/06/XX IT fees for XO financial year Closing balance $4.689.00 1000 60 $25 689.00 IT Fees Payable Ledger Date Details 01/06/xX Opening balance Debit Credit Balance $0.00 Closing balance $4 689.00 Example 2: Accrual Journal for Revenue be see the example below to assist you to complete the task. the purpose of this example, we are disregarding GST to create a journal for this transaction and post the transaction to the respective ledgers. oxx andder requires a journal to be made as at 30 June 20XX to reflect the revenue in the 30 June . The accounting fee revenue ledger prior to the accrual journal was $93,000. . The accounts receivable ledger before the accrual journal was $62.000. Journal Date nt Account name Description Credit 30/06/X0 Ficti Accounting fees payable in the next financial 363,000.80 30/06/X0 Ficti ing $63,000.00 fee revenue payable in the 01/07/20XD Accounting Fee Revenue Ledger Date Details Debit Credit Balance 00 5156 090 90 Closing balance $156.000.60 LI institute ounting Receivable Ledger Date Delano Debit Credit Balance 30/06/XX Accounting fees for XX financial year 563.000.00 closing balance $125.000.00 $125 000 0 Example 3: Transfer of Funds from Owner's Equity A prior to this wa forred $35,000 of his own funds into chore offor to this entry was ; To Bagh fro Date Account Account Description Debit Credit 30/06/X0 Cash at Bank To record the transfer of $35,000.0 funds from the owner's 30/06/ X0 4565 To record the transfer of Bob $35,000.00 equity account Push at Bank Company A Ledger 01/06/XX Opening balance Debit Credit 30/06/XX Transfer of funds from owner Bob $35,000.00 Closing balance $128,060 Owners' Equity Bob Ledger Details Debit Credit 01/06/XX Opening balance 30/06/XX Transfer of funds from owner Bob $35,DO0.00 $135,000.00 Closing balance 5135,000.00 Example 4: Trial balance Below is an example of a trial balance before accrual journal Category Cash at Bank Wealth Bank Credit pettecall Management A Petty cash Fixed assets Fixed assets Super guarantee payable $299.225.00 mci institute owners' equity WAMco Office cleaning $93,000.00 Miscellaneous expens $72 000 00 Telephone expenses $325.00 $494,225.00 $494.225.00 below is an example of how the trial balance was adjusted for the six accounts for the three journals only. The accounts that have changed are highlighted in yellow. Category Cash at Bank Wealth Bank Debit Credit Bada Cash Management Accour $128,006 09 Fixed assets $125,000 0 Accounts payable Owners' equity WAMco $2,000.00 ST35060 06 Accounting fee revenue $156.000.60 Office cleaning $400.00 Telephone expenses $72,000.00 IT fees Total $596,914.00 $596,914.00