Assessment 2 (Except task 2 as no excel sheet was available to me)

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Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1

Details of Assessment

Term and Year Time allowed 2 weeks

Assessment No Assessment 1 Assessment Weighting 50%

Assessment Type Written Assessment

Date 6th March 2018 Room 105

Details of Subject

Qualification SIT40116 Certificate IV in Travel and Tourism

Subject Name Finance

Details of Unit(s) of competency

Unit Code SITXFIN002 Interpret financial information

Details of Student

Student Name

College

Student ID

Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.

Signature: ___________________________ Date: _______/________/_______________

Details of Assessor

Assessor’s Name

Assessment Outcome

Results Competent Not Yet Competent Marks /50

FEEDBACK TO STUDENT Progressive feedback to students, identifying gaps in competency and comments on positive improvements:

Student Declaration: I declare that I have been assessed in this subject, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure. Signature: Date: ____/_____/_____

Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Student did not attend the feedback session. Feedback provided on assessment.

Signature: Date: ____/_____/_____

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Purpose of the Assessment

The purpose of this assessment is to assess

the student in the following learning

outcomes:

Competent (C) Not Yet Competent (NYC)

SITXFIN002 Interpret financial information

1.1.Identify and interpret the range of financial

information and reports required to monitor

business performance.

1.2.Interpret financial information and reports

applicable to operational or departmental activities.

2.1.Review financial information for impacts on

operational activities and resolve discrepancies

according to own level of responsibility.

2.2.Routinely provide information on operational or

departmental financial activities within required

timelines.

Assessment/evidence gathering conditions

Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can

only achieve competence when all assessment components listed under “Purpose of the assessment” section

are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A

student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.

Resources required for this Assessment

• Computer with relevant software applications and access to internet

• Weekly eLearning notes relevant to the tasks/questions

Instructions for Students

Please read the following instructions carefully

• This assessment has to be completed In class At home

• The assessment is to be completed according to the instructions given by your assessor.

• Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term.

• Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.

• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

• Please refer to the College re-assessment and policy for more information (Student handbook).

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Assessment Matrix – your lecturer will use this matrix to assess your satisfactory competence.

Answer questions appropriately

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with a clear

understanding of

content

High level of information

provided demonstrating a

clear understanding of

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of content.

<2 2-2.5 2.5-3 3-4 4-5 /5

Bank Reconciliation Cash Balance Summary

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with a clear

understanding of

content

High level of information

provided demonstrating a

clear understanding of

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of content.

<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /10

Profit & Loss Statement

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with a clear

understanding of

content

High level of information

provided demonstrating a

clear understanding of

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of content.

<2 2-2.5 2.5-3 3-4 4-5 /5

Bank Deposit Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with a clear

understanding of

content

High level of information

provided demonstrating a

clear understanding of

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of content.

<0.5 0.75 1 1.5 >1.75 /2

Business Activity Statement

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with a clear

understanding of

content

High level of information

provided demonstrating a

clear understanding of

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of content.

<2 2-2.5 2.5-3 3-4 4-5 /5

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Manipulation Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with a

clear

understanding of the

content

High level of

information provided

demonstrating a clear

understanding of the

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of the

content.

<1.5 1.5 2 2.5 >2.5 /3

Cash Budget 1 Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with a

clear

understanding of the

content

High level of

information provided

demonstrating a clear

understanding of the

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of the

content.

<2 2-2.5 2.5-3 3-4 4-5 /7.5

Cash Budget 2 Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with a

clear

understanding of the

content

High level of

information provided

demonstrating a clear

understanding of the

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of the

content.

<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /7.5

Financial Position Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with a

clear

understanding of the

content

High level of

information provided

demonstrating a clear

understanding of the

content.

Exceptional level of

information provided

demonstrating a thorough

understanding of the

content.

<2 2-2.5 2.5-3 3-4 4-5 /5

TOTAL

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Task 1

Answer the following questions:

1. What are meant by the terms assets and liabilities?

2. What is a bank statement and how does it assist in identifying discrepancies?

3. What is the GST, who pays it and how is it calculated when shown as a GST exclusive price and as a GST inclusive price?

4. Describe the differences between accrual accounting and cash accounting?

5. Explain the following:

a. General ledger b. Chart of accounts c. Journals d. Double entry accounting

Task 2 Using the following ledgers and bank statement answer the following questions. Cash Receipts Journal

CASH RECEIPTS JOURNAL OF THE RESORT – STUDENTS LODGE – JULY 20XX

Day Description Bank Food Beverage Accommodation

1 Days takings - food $ 764.00 $ 764.00

Days takings - beverage $1375.00 $1375.00

3 Days takings - beverage $5000.00 $5000.00

7 Days takings - food $6400.00 $6400.00

10 Takings - Accommodation $10125.00 $10125.00

17 Takings - Accommodation $3775.00 $3775.00

Days takings - beverage $1045.00 $1045.00

21 Days takings - food $4675.00 $4675.00

25 Days takings - food $4880.00 $4880.00

31 Days takings - beverage $6500.00 $6500.00

31 Balance b/d $5544.00

TOTAL $50083.00 $11839.00 $13920.00 $18780.00

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Cash Payment Journal

CASH PAYMENTS JOURNAL FOR THE RESORT – STUDENTS LODGE – JULY 20XX

Date Chq No

Payee Details Bank Purchase Food

Purchase Beverage

Wages Advertising Insurance Misc

1/7/XX 1101 No Spots Laundry $1000.00 $1000.00

1102 One Stop Food

Purchases - Food

$4150.00 $4150.00

3/7/XX 1103 Cash Wages

Wages $2625.00 $2625.00

7/7/XX 1104 Integra Energy

Electricity $315.00 $315.00

10/7/XX 1105 Cash Wages

Weekly Wages

$2625.00 $2625.00

14/7/XX 1106 Cowan Comps

Purchase of new

computer

$1750.00 $1750.00

17/7/XX 1107 Cash Wages

Weekly Wages

$2625.00 $2625.00

22/7/XX 1108 Finley Gellars

Purchases – liquor

$4750.00 $4750.00

24/7/XX 1109 Cash Wages

Weekly Wages

$2625.00 $2625.00

1110 Cash Purchases Beverages

$2000.00 $2000.00

26/7/XX 1111 Office Supplies

Stationery $995.00 $995.00

29/7/XX 1112 News Ltd July’s advertising

$325.00 $325.00

1113 ITT Insurance

Insurance premium

$4145.00 $4145.00

31/7/XX 1114 Cash Wages

Weekly Wages

$2625.00 $2625.00

1115 ANZ Bank Interest on mortgage

$1458.00 $1458.00

1116 Cash- Food

Purchase Food

$4875.00 $4875.00

1117 ABC Office

July’s stationery

$107.00 $107.00

Total $38995.00 $9025.00 $6750.00 $13125.00 $325.00 $4145.00 $5625.00

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Bank Statement ACADEMIES BANK

THE RESORT – STUDENTS LODGE STATEMENT FOR THE MONTH OF: JULY 20XX

JUL- XX Debit Credit Balance

1 Balance brought forward

2 Deposit $2139.00 $2139.00 Cr

3 Cheque 103 $2625.00 $486.00 Dr

6 Deposit $5000.00 $4514.00 Cr

Cheque 1101 $1000.00 $3514.00 Cr

8 Deposit $6400.00 9914.00 Cr

10 Deposit $3775.00 13689.00 Cr

Cheque 1107 $2625.00 11064.00 Cr

11 Cheque 1102 $4150.00 6914.00 Cr

15 Deposit $1045.00 7959.00 Cr

17 Cheque 1110 $2000.00 5959.00 Cr

18 Cheque 1109 $2625.00 3334.00 Cr

Deposit $10125.00 13459.00 Cr

19 Cheque 1104 $315.00 13144.00 Cr

Cheque 1108 $4750.00 8394.00 Cr

26 Cheque 1111 $995.00 7399.00 Cr

27 Deposit $4675.00 12074.00 Cr

29 Cheque 1112 $325.00 11749.00 Cr

Cheque 1113 $4145.00 7604.00 Cr

30 Deposit $4880.00 12484.00 Cr

Cheque 1105 $2625.00 9859.00 Cr

Cheque 1106 $1750.00 8109.00 Cr

31 Cheque 1114 $2625.00 5484.00 Cr

Cheque 1115 $1458.00 4026.00 Cr

B/Fees $8.00 4018.00 Cr

1. Complete a bank reconciliation, the balance in the general ledger account as at 30 June 20XX

was $0 as this is the first month the profit centre of the Backpackers Lodge has commenced. (Excel file)

2. Complete a Cash Balance Summary (Excel file)

3. Complete a Bank deposit slip for the cheque deposited on the 18th July 20XX (at the bottom off assessment)

4. Complete a Profit and Loss Statement for the month of July 20XX (Excel file)

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5. Business Activity Statement Locate the BAS form by visiting the Australian Tax Office (ATO) website (https://www.ato.gov.au/Forms/BAS-A---quarterly-BAS/). Print, complete and submit the form with this assessment

Task 3 Complete and answer the following table

Complete the following – don’t round off calculations Budget as a model Regular Queen size Total Rooms 40 20 60 Occupancy 60% 60% Rooms sold per day by 30 days Room nights Nightly tariff $ 85 $ 100 Revenue Manipulating the model (1) Regular Queen size Total Rooms 40

75%

15

20 60 Occupancy 75% 75% Rooms sold per day by 30 days Room nights Nightly tariff $ 85 $ 95 Revenue

Manipulating the model (2) Regular Queen size Total Rooms 40 20 60 Occupancy 55% 55% Rooms sold per day by 30 days Room nights

Nightly tariff $ 80 $ 100 Revenue Manipulating the model (3) Regular Queen size Total Rooms 40

63%

13

20 60 Occupancy 50%

50% Rooms sold per day by 30 days Room nights Nightly tariff $ 75 $ 100 Revenue

The best outcome model for maximum sales is?

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Task 4A

Iain Hew owns The French Travel Agency, at Cape Drayton, Queensland and is thinking of buying new office furniture in three months’ time (December, 20XX) at a cost of $65,000. The old furniture will be sold at that time for $3,000. Assume an opening bank balance of $50,000 at the beginning of October. Other details include: 1. Iain estimates $70,000 sales for each month. Half these sales are received in cash and half are received in

the next month as they are credit sales. Octobers credit sales from September, amount to $35,000. 2. Purchases amount to 25% of sales (excluding scrap) and are paid for in cash. 3. Labour costs are $20,000 each month. 4. Superannuation ($3,000), rent (3,000), energy bills ($2,000), miscellaneous ($2,500) are all paid

monthly. 5. Transport costs to the dock, town accommodation areas, and general couriering work amount

to $1,000 per month. 6. Rates are paid once in October of $5,000.

Requirements: 1. Prepare a cash budget for each month for The French Travel Agency, with the view to advising Iain whether he

is in a position to pay $65,000 cash for the furniture at the end of the third month (December). Include also an accurate heading for this cash budget.

2. Suppose your balance at end was negative, what (new approaches) actions to rectify the problem would you consider?

3. Who would you consult and inform in relation to resource decisions?

Cash budget for the three months ending 31/12/08

October November December Quarter

Cash receipts

Cash sales

Debtors

Scrap

Total cash receipts

Cash payments

Purchases

Labour cost

Superannuation

Rent

Energy bills

Miscellaneous

Transport and couriers

Rates

New bread oven

Total cash payments

Surplus / Deficit

Cash balance at start

Cash balance at end

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Task 4B Recalculate The French Travel Agency’s cash budget for the same period if:

1. sales still averaged $70,000 per month, 2. with sales averaging 90% cash and 10%, debtors for September were $ 6,000 3. purchases averaging 30% of sales 4. bank balance to start was $4,000 5. all else remains the same. 6. is there a problem with resource decisions?

Cash budget for the three months ending 31/12/08

October November December Quarter

Cash receipts

Cash sales

Debtors

Scrap

Total cash receipts

Cash payments

Purchases

Labour cost

Superannuation

Rent

Energy bills

Miscellaneous

Transport and couriers

Rates

New bread oven

Total cash payments

Surplus / Deficit

Cash balance at start

Cash balance at end

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Task 5 Please calculate the Increase/decrease in both dollar amount and percentage.

STATEMENT OF FINANCIAL POSITION

THE RESORT – STUDENTS LODGE

2012 2013 $ Increase/

decrease

% Increase/

decrease

Current Assets Bank $8500 $12560

Accounts receivable $9000 $5000 GST input tax credit

control

$2700 $2650

Total Current Assets $20200 $20210 Non-current Assets Office Equipment $15000 $15000

Motor vehicle $56000 $56000 Total non-current assets $71000 $71000

Total Assets $91200 $91210 Current Liabilities Accounts payable $5000 $6000

GST payable control $2450 $2800 Total current liabilities $7450 $8800 Non-current liabilities

Loan from MT Bank $10000 $10000 Total non-current

liabilities

$10000 $10000

Less total liabilities $17450 $18800 Net assets $73750 $72410

Owner’s equity Capital $20000 $20000

Add net profit $6500 $12500 Less drawings $2500

Total owner’s equity $26500 $30000

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Bank Deposit Slip

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REQUIREMENTS AND DELIVERABLES

1. What To Submit:

• Hard copy of the complete Written Assessment with cover pages.

2. When To Submit:

• Assessment is due on the 6th March 2018.

3. Performance/Submission Standards:

• Assessment Cover Page

1. Task 1 Answer all questions (5 marks) 2. Task 2

a. Bank Reconciliation & Cash Balance (10 marks) b. Profit & Loss Statement (5 marks) c. Bank Deposit (2 marks) d. Business Activity Statement (5 marks)

3. Task 3 Manipulation (3 marks) 4. Task 4A Cash Budget 1 (7.5 marks) 5. Task 4B Cash Budget 2 (7.5 marks) 6. Task 5 Financial Position (5 marks)

Formatting:

• Number all pages at the bottom of the page

• Use 1.5 line spacing

• Use Arial font, size 12

• Have a line space between paragraphs

• Stapled