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please refer to screenshot and trainer feedback. i need help fixing these erros. documents to review for tasks: Spreadsheets: Trial balance Debit Credit Bank account
please refer to screenshot and trainer feedback.
i need help fixing these erros.
documents to review for tasks:
Spreadsheets:
Trial balance | Debit | Credit |
Bank account | ||
Debtors | ||
Rental gond | ||
Motor vehicles | ||
Office equipment | ||
Creditors | ||
Loan - Wealth Bank | ||
GST collected/paid | ||
Owners' equity | ||
Training | ||
Consultancy | ||
Discount allowed | ||
Rent expense | ||
Insurance | ||
Contract staff | ||
Telephone | ||
Fuel - MV expenses | ||
Website hosting | ||
Stationery | ||
Interest on loan | ||
Salaries | ||
Superannuation | ||
Bank charges | ||
Total |
Profit and loss statement - Sapphire Partnership | ||
Month | JUL XX | |
Income | ||
Sales - Training | ||
Sales - Consultancy | ||
Total Sales | ||
Less Total Disc/Comm | ||
Total Net Income | ||
Expenses | ||
Rent Expense | ||
Insurance | ||
Contract Staff | ||
Telephone | ||
Fuel - MV Expenses | ||
Website hosting | ||
Stationery | ||
Interest on loan | ||
Salaries | ||
Superannuation | ||
Bank Charges | ||
Total Expenses | ||
Monthly Net Profit / (Loss) | ||
Total Year to Date Net Profit / (Loss) | ||
Partners' Capital Statement | Date prepared: | ||
For month, year: | |||
A Jones | N Woods | Total Partnership | |
Capital balances, 30 June 20XX | $ - | $ - | $ - |
Add investments | |||
Net Income | |||
Capital balances, end month | $ 140,759.10 |
Balance Sheet | ||
Period: | July 20Xx | |
Assets | Cash at bank | |
Rental bond | ||
Accounts receivable | ||
Office equipment | ||
Motor vehicles | ||
Total assets | $ - | |
Liabilities | Accounts payable | |
GST Collected/Paid | ||
Bank loan | ||
Total liabilities | ||
Shareholders' Equity | Owners' equity | |
Current earnings | ||
Total shareholders' equity | ||
Total Liabilities and Shareholder's Equity | $ - |
Cashflow Statement | Date | July 20XX |
Cashflows from Operations | Starting cash | |
Cash receipts from customers | ||
Cash collected from customers (debtors) | ||
Less Cash paid for: | ||
Rent | ||
Wages including Superannuation | ||
Workers Compensation | ||
Other Operating expenses | ||
Net Cash Flow from Operations | ||
Financing Activities | ||
Cash receipts from | ||
Increase in equity | Proceeds from owners | |
Cash paid for | ||
Rental Bond | ||
Repayment of loans | ||
Interest on loans | ||
Bank Charges | ||
Net Cash Flow from Financing Activities | ||
Net Increase in Cash | ||
Cash at End of Month | $ 73,396.00 |
Performance Task 1 Partnership Documents you need to accessClick on the file name to access the document.Pine and Gold Policy and Procedure.pdf 'This document outlines the guidelines and processes to be followed by bookkeeping and accounting staff at Pine andGold Pty Ltd for the preparation of financial statements for non-reporting entites. Finance Data_Sapphire Partnership,pdf This document collates the client's financial data for the month of July 20XX. It includes bank statement, invoicesissued to clients, supplier invoices, statements, and invoice authorisation schedule. You will need to refer to thisdocument to complete Parts 1and 2 of this task. Financial Statement Sapphire_Template.xls Please download the Excel spreadsheet called Financial Monthly Statement_Template' and save it to your device,using the file naming convention: FNSACC414 Monthly Statement_Your Name; for example, FNSACC414 MonthlyStatement Ben Ashcroft. Use this template to prepare the financial statements for this task Partnership Agreement.pdf This document includes details of the agreement reached between the partners of The Sapphire Partnershiincluding investment contributions, requirements for reporting and monitoring financial performance and cash flow,and responsibilities. ScenarioToday is 3 August, 20XX. You are a junior accountant at Pine and Gold Pty Ltd, a Sydney based accounting firm. The Sapphire Partnership is a new.client of Pine and Gold. July 20XX s the first trading month of the partnership, and you have been tasked with preparingthe entity's end of month financial statements. The Sapphire Partnership provides consultancy services to hospitality enterprises. The managing director, Amelia Jones,has provided you with financial data, including the Partnership Agreement, invoices, and bank statements. Review the financial data, then complete the tasks that follow. HINT If you need help with this task, review the tips in Tutor Assist_Performance Task 1.pdf. 11InstructionsPart1 Compile and organise the financial data from the documents provided by The Sapphire Partnership. « Systematically code, classify, and check the data for accuracy and reliability according to the Pine and Gold'sorganisational policies and procedures. « Use the bank statements, invoices, receipts, and other financial documents to collect your data. « Check the journal entries and general ledger postings provided « Use the balances in the general ledger to prepare atrial balance. + Download the document, Financial Statements Sapphire_Template, and record your trial balance in therelevant worksheet. Evidence required Submit the tral balance. EIZITIm) Marked 7 days ago by L Danos P Trainer feedback The balance of the following accounts are not correct: Debtors, Loan Wealth Bank, GST Collected/Paid, Training and Consultancy. Interest, superannuation and bank charges are the only expenses that are correct. Several of your expensesappear to include the GST. All income and expenses should be exclusive of GST. If your trial balance fs not correct your other reports will not be correct either. You need to start by entering the transactions into journals. You should have a sales journal, a purchasejournal, a cash recelpts journal and a cash payments journal. | have attached a file to help you with thisThe totals in your journals should be posted to the general ledger as follows. Sales journal - Debit the total of the invoices to Debtors - Credit GST, Credit training, Credit Consultancy.The training and consultancy figures should be exclusive of GST. The total of your credit entries should beequal to the amount you have debited to debtors. Purchase journal - Credit the total of the invoices to Creditors, Debit GST, Debit Rent, Debit Rental Bond,Debit Insurance, Debit Contract staff, telephone, fuel, website housing and stationery. The figures posted tothe expense accounts should be exclusive of GST. The total of the debit entries should equal the total ofthe credit entry you have posted to creditors. Receipts journal - Debit the total of the recelpts to the bank account — Credit Debtors $16,500, DebitDiscount $1,500, Debit GST on discount $150, Credit Owner's Equity $100,000. The total of your debitentries must equal the total of your credit entries. Payments journal ~ Credit the total of the payments to the bank account - Debit Creditors $21,892, DebitLoan Principle $2,016, Debit interest on loan $345, Debit Salaries $15,516.66, Debit Superannuation,Workers Compensation and bank charges. The total of your debit entries must equal the total of your creditentries. You also need to prepare a general journal for the fied assets. Debit Motor Vehicles $97,000, Debit OfficeEquipment $24,000 - Credit Loan Wealth Bank $121,000. Once you have used the above method to post the transactions to the general ledger you should be able toproduce a trial balance that balances. Attachments FNSACC414 - Journal template.xlsx (11.8 KB) 12 Part2 Using the reports that you have prepared for Sapphire Partnership, calculate the following ratios: Calculate Working RatioCurrent Ratio . total current assets/ total 475Current Assets / Current Liabilties current liabilfties = 4 Note: Office equipment and Motor Vehicle are Non-Current assets, | /2 04%/31,00513 $22,176 (the amount that will be paid this financial year) of thebankloan is the current liabilty. netrron a0 net profi/total net sales x 5289Net Profit/ Net Sales x 100 100= %40,338.46/76,240.00x100 I Marked 7deysagoby L Danos Py formance Tasks = Attachments 13 Part3 As the Junior Accountant at Pine and Gold Pty Ltd, you have been tasked with preparing financial statements forThe Sapphire Partnership for the month of July 20XX. You have already prepared the Trial Balance. Now, you needto create the Profit and Loss Statement, Partners' Capital Statement, Balance Sheet, and Cashflow Statement. Use the Financial Monthly Statements Template. This Excel spreadsheet has worksheets set up for each financialstatement you need to prepare. Profit and loss statement Partners' capital statement Balance sheet Cashflow statement Review the statements for errors and compliance with accounting standards and organisational procedures. Makeany necessary amendments Evidence required Submit the monthly Statement for July 20XX, including completed:« Proft and Loss Statement+ Balance Sheet« Cashflow« Partners' Capital Statement EIZITm) Marked 7 days ago by L. Danos Ty Trainer feedbackAfter you have amended the tral balance you will need to review the four monthly reports Attachments Pine and Gold Pty LimitedPolicy and Procedure ManualFinancial Statement PreparationPolicy and Procedure1.1 Dra catamount Liinstitutetreeless for Goods and Services ReceivedInstituteSapphire Partners Statement Partnership Agreement This Partnership Agreement ("Agreement") is entered into on 5 June 20XX between Nathan Woodsand Amelia Jones (referred to collectively as "Partners") to establish and govern The SapphirePartnership (referred to as "Partnership"), a workplace operating in the hospitality industry in Sydney,Australia 1. Name and Purpose:The Partnership shall be known as The Sapphire Partnership and shall engage in the businessof consulting to hospitality organisations on operational practices, change management,training, and service delivery. 2. Capital Contribution and Ownership:a) Amelia Jones, holding a 60% ownership interest, shall serve as the Managing Director andhas made a capital contribution of $100,000.b) Nathan Woods, holding a 40% ownership interest, shall serve as the Client ServicesDirectar and has made a capital contribution of $60,000. 3. Financial Reporting and Records: a) Monthly financial statements:The Partners agree to implement monthly reporting to monitor the financial performanceand cash flow of the Partnership. Monthly financial accounts and statements, including aprofit and loss statement, balance sheet, and statement of partners' capital, shall beprepared within 7 days after the end of each month. b) Financial records:The Partners shall maintain accurate and up-to-date financial records, including receipts,invoices, bank statements, and other relevant documents, to support the preparation ofthe financial accounts and statements. 4. Rights and Obligations:a) Amelia Jones, as the Managing Director, shall be responsible for overall management andadministration of the Partnership, including operations, finance, and human resources.b) Nathan Woods, as the Client Services Director, shall be responsible for overseeing salesand marketing activities, managing client relationships, and contributing to the strategicdirection of the Partnership. 5. Profit and Loss Distribution:a) Profit and Loss Allocation:Profits and losses of the Partnership shall be allocated in proportion to the Partners'ownership interests. Amelia Jones shall be entitled to 60% of the profits or losses, whileMNathan Woods shall be entitled to 40% of the profits or losses. an: Confidential = mcilinstitute b) Distribution of Profits:Any profits shall be distributed among the Partners in accordance with their ownershipinterests as agreed upon by the Partners,a. The partners agree a balance of $25,000.00 is required each month to coveraperating costs and contingencies.b. Withdrawals for remainder profit to be made based on agreed percentages. 6. Tax Liability: a) Individual Tax Returns:Each Partner shall be individually liable for reporting and paying income tax on theirrespective share of the Partnership's income as per their ownership interests, b) Tax Compliance:The Partnership shall maintain proper tax records, comply with relevant tax laws andregulations, and provide necessary information to each Partner to facilitate their individualtax filings. n-Making: a) Major Decisions:Major decisions, including those affecting the Partnership's finances, operations, andstrategic direction, shall be made jointly by the Partners, with mutual agreement andconsensus. b) Day-to-Day Operations:Each Partner shall have the authority to make routine operational decisions within theirrespective areas of responsibility, as defined in this Agreement. 8. Term and Termination:a) Initial Term:This Agreement shall commence on 1 July 20XX and shall continue indefinitely unlessterminated by mutual agreement or in accordance with the provisions stated herein.b) Termination:This Agreement may be terminated by mutual agreement of the Partners or in accordancewith applicable laws and regulations governing partnerships. 9. Dispute Resolution:Any disputes or disagreements arising out of or in connection with this Agreement shall beresolved amicably through negotiations and mediation. If mediation fails, the matter shall bereferred to arbitration or resolved through legal channels in accordance with the laws ofAustralia 10. Entire Agreement:This Agreement constitutes the entire understanding between the Partners and supersedesany prior agreements or representations, whether oral or written, relating to the Partnership. IN WITNESS WHEREQF, the Partners have executed this Partnership Agreement as of the date firstabove written. V' Hoees A flosces Nathan Wood Amelia Jones
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