Student AssessmentSITXFIN002 Interpret financial information In order to be assessed as Competent (C) in this unit, you need to provide evidence which demonstrates that you can perform the...

Student Assessment SITXFIN002 Interpret financial information In order to be assessed as Competent (C) in this unit, you need to provide evidence which demonstrates that you can perform the required competencies to the required standard. Competency depends on consistently demonstrating the skills, attitude and knowledge that enables you to complete workplace tasks confidently in a variety of situations. This unit describes the skills and knowledge required to interpret financial information and reports used by organisations to monitor business performance and provide information on operational or departmental financial activities. To attain competence in the unit ‘Interpret financial information’ you must: · Successfully complete the Theory Assessment (via the exam portal) · Successfully complete the Project Project SITXFIN002 Interpret financial information Instructions Your Task is to complete the following tasks 1-7. Once completed, please upload your final answer in one document via your student portal. You need to complete this assessment by 14 March 2021. Task 1 You work as a bookkeeper for Happy Feet Walking Tours. You need to prepare an invoice issued to Sweet Life Pty Ltd for walking tours that were organised for them as a part of their team building. There were 3 different walking tours organised and provided for 3 different groups of their staff and all took place on 1 March 2021. As per the organisational policies and procedures, the invoices must be issued within 48 hours of the event occurring and 14-day credit terms must follow. · Add the correct invoice date and due date · Add the correct business names (the company issuing and the company receiving the invoice) · Calculate total amounts for each category · Calculate the total price excluding GST · Calculate the GST · Calculate the total price including GST Tax Invoice > ABN: 33 555 777 999 886 Point Nepean Rd, Rosebud VIC 3939 Invoice Date: 01/03/2021 DUE Date: 15/03/2021 To:> 6 Lyon St, Rosebud VIC 3939, ABN: 99 111 222 333 Description of supply Price/Item Total $ 10 Units Walking tour organised and delivered to Group 1 (10 people) $85.00 $850 12 Units Walking tour organised and delivered to Group 2 (12 people) $90.00 $1,080 12 Units Walking tour organised and delivered to Group (12 people) $95.00 $1,140 34 Units Refreshments $19.00 $646 Total Price Excluding GST $3,716 GST $371 Total Price Including GST $4,087 Task 2 As a Happy Feet Walking Tours bookkeeper, you are responsible for maintaining their daily financial records and record every transaction in a chronological order. The following transactions occurred during the months of January and February 2021. Your task is to chronologically record all the transactions into the correct journals and accounts. For the purpose of this assessment, use table below and record the transactions as shown in an example. As per the organisational policies and procedures, credit terms are usually 14 days. The same applies for the credit purchases unless specified otherwise. Transactions during the month of January (not listed/not organised in chronological order): · 1/1/2021 Owner of Happy Feet Walking Tours Mr Smiley started business with capital of $100,000 cash and one car $50,000 · 2/1/2021 Owner Mr Smiley purchased new office furniture from Ikea on 30-day term $4,500 · 4/1/2021 Purchased equipment for cash $10,500 · 5/1/2021 Purchased stationary for cash $150 · 6/1/2021 Purchased 3 computers from JB Hi-Fi on credit $4,500 · 7/1/2021 Sold walking tours for cash $990 · 7/1/2021 Returned 1 computer to JB Hi-Fi as it was too slow and it was agreed it was not necessary for the business $500 · 9/1/2021 Walking tours provided to Toyota Pty Ltd. Invoice has been issued $3,200 · 10/1/2021 Cash sales $2,000 · 12/1/2021 Purchased equipment for cash $450 · 13/1/2021 Sold walking tours to customer Mr Ford on credit $5,500 · 13/1/2021 Paid rent in cash $2,000 · 15/1/2021 Mr Ford complained that the invoice should have been only for $5,300 (mistake in the invoice has occurred) · 17/1/2021 Mr Smiley decided to take a bank loan for purchase of 2 new company vehicles $75,000 · 19/1/2021 Paid the outstanding invoice to JB Hi-Fi by cash · 20/1/2021 Paid salaries $10,000 via bank transfer · 25/1/2021 Owner of Happy Feet Walking Tours Mr Smiley withdrew cash from the company account for his personal expenses $1,000 · 27/1/2021 Mr Ford paid the outstanding amount on his invoice by cash · 31/1/2021 Owner Mr Smiley sold old furniture for cash to Mr Mitsubishi $1,000 · 1/2/2021 Sold goods on credit $1,000 to Mrs Renault · 5/2/2021 Sold walking tours to Skoda Pty Ltd $9,000 on credit and cash sales were $3,000 · 7/2/2021 Owner Mr Smiley withdrew $5000 cash for personal use · 11/2/2021 Purchased goods for cash $500 and on credit $2,000 from Sun Pty Ltd · 10/2/2021 Sold walking tours for cash $5,000 · 12/2/2021 Purchased goods for cash $2,000 and on credit $3,000 from Sky Pty Ltd · 13/2/2021 Paid rent in cash $2,000 · 15/2/2021 Mrs Renault paid the invoice by cash · 20/2/2021 Paid salaries $12,000 via bank transfer · 23/2/2021 Took a bank loan $40,000, where $10,000 was withdrawn for business (cash) and the rest in the bank account · 24/2/2021 Paid the invoice to Sun Pty Ltd in cash · 27/2/2021 Sold walking tours on credit $2,500 to Mr Volvo · 28/2/2021 Sold walking tours on credit $4,500 to Mr Fiat a) Use the table on the following page to record the above transactions and determine: · Type of a journal you will use: · General Journal (GJ) · Cash Receipts Journal (CRJ) · Cash Payments Journal (CPJ) · Purchase Journal (PJ) · Purchase Returns Journal (PRJ) · Sales Journal (SJ) · Sale Returns Journal (SRJ) · Account names to be used · Sales · Purchases · Sales Returns · Purchases Returns · Cash · Capital · Furniture · Equipment · Accounts Payable · Accounts Receivable · Drawings · Bank Loan · Vehicles · Computers · Rent · Stationery · Salaries · Account types · Assets · Liabilities · Owner’s Equity · Revenue · Expenses · Whether the balance in each account increases or decreases · Whether the account would be debited DR or credited CR Date Transaction in chronological order Journal Account Names Account Balance Increase or Decrease DR or CR Example: 1 January 2021 Sold goods to a customer Byrne on credit terms. SJ A/c Receivable Sales Assets Revenue Increase Increase DR CR 1/1/2021 Owner of Happy Feet Walking Tours Mr Smiley started business with capital of $100,000 cash GJ Capital Cash Assets Owner’s Equity Increase Increase DR CR 1/1/2021 Owner of Happy Feet Walking Tours Mr Smiley started business with one car $50,000 GJ Vehicles Capital Assets Owner’s Equity Increase Increase DR CR 2/1/2021 Owner Mr Smiley purchased new office furniture from Ikea on 30-day term $4,500 GJ Purchases A/c payables Assets Expenses Liabilities Increase Increase DR CR 4/1/2021 Purchased equipment for cash $10,500 CPJ Cash Equipment Assets Assets Decrease Increase CR DR 5/1/2021 Purchased stationary for cash $150 CPJ Cash Stationary Assets Assets Decrease Increase CR DR 6/1/2021 Purchased 3 computers from JB Hi-Fi on credit $4,500 GJ Computers A/c payables Assets Liabilities Increase Increase DR CR 7/1/2021 Sold walking tours for cash $990 CRJ Cash Sales Assets Revenue Increase Increase DR CR 7/1/2021 Returned 1 computer to JB Hi-Fi as it was too slow and it was agreed it was not necessary for the business $500 GJ Computers A/c payable Assets Liabilities Decrease Decrease CR DR 9/1/2021 Walking tours provided to Toyota Pty Ltd. Invoice has been issued $3,200 SJ A/c Receivables Sales Assets Revenue Increase Increase DR CR 10/1/2021 Cash sales $2,000 CRJ Cash Sales Assets Revenue Increase Increase DR CR 12/1/2021 Purchased equipment for cash $450 CPJ Cash Equipment Assets Assets Decrease Increase CR DR 13/1/2021 Sold walking tours to customer Mr Ford on credit $5,500 SJ Sales A/c receivables Revenue Assets Increase Increase CR DR 13/1/2021 Paid rent in cash $2,000 CPJ Cash Rent Assets Expenses Decrease Increase CR DR 15/1/2021 Mr Ford complained that the invoice should have been only for $5,300 (mistake in the invoice has occurred) SRJ A/c receivables Sales Return Assets - Revenue Decrease Increase CR DR 17/1/2021 Mr Smiley decided to take a bank loan for purchase of 2 new company vehicles $75,000 CRJ Bank Loan Vehicle Liabilities Assets Increase Increase CR DR 19/1/2021 Paid the outstanding invoice to JB Hi-Fi by cash CPJ Cash A/c payable Assets Liabilities Decrease Increase CR DR 20/1/2021 Paid salaries $10,000 via bank transfer GJ Bank Salaries Assets Expenses Decrease Increase CR DR 25/1/2021 Owner of Happy Feet Walking Tours Mr Smiley withdrew cash from the company account for his personal expenses $1,000 GJ Cash Drawings Assets - OE Decrease Increase CR DR 27/1/2021 Mr Ford paid the outstanding amount on his invoice by cash CRJ Cash A/c Receivable Assets Assets Decrease Increase CR DR 31/1/2021 Owner Mr Smiley sold old furniture for cash to Mr Mitsubishi $1,000 CRJ Cash Furniture Assets Assets Increase Decrease DR CR 1/2/2021 Sold goods on credit $1,000 to Mrs Renault SJ Sales A/c receivables Revenue Assets Increase Increase CR DR 5/2/2021 Sold walking tours to Skoda Pty Ltd $9,000 on credit SJ A/ Receivable Sales Assets Revenue Increase Increase DR CR 5/2/2021 Sold walking tours to Skoda Pty Ltd $3000 cash CRJ Cash Sales Assets Revenue Increase Increase DR CR 7/2/2021 Owner Mr Smiley withdrew $5000 cash for personal use GJ Cash Drawings Assets - OE Decrease Increase CR DR 10/2/2021 Sold walking tours for cash $5,000 SJ Sales Cash Revenue Assets Increase Increase CR DR 11/2/2021 Purchased goods for cash $500 from Sun Pty Ltd CRJ Cash Purchases Assets Expenses Decrease Increase CR DR 11/2/2021 Purchased goods on credit $2,000 from Sun Pty Ltd PJ A/ Payable Purchases Liabilities Expenses Increase Increase CR DR 12/2/2021 Purchased goods for cash $2,000 from Sky Pty Ltd CPJ Cash Purchases Assets Expenses Decrease Increase CR DR 12/2/2021 Purchased goods on credit $3,000 from Sky Pty Ltd PJ A/ Payable Purchases Liabilities Expenses Increase Increase CR DR 13/2/2021 Paid rent in cash $2,000 CPJ Cash Rent Assets Expenses Decrease Increase CR DR 15/2/2021 Mrs Renault paid the invoice by cash $1,000 CRJ Cash A/c receivables Assets Assets Increase Decrease DR CR 20/2/2021 Paid salaries $12,000 via bank transfer GJ Bank Salaries Assets Expenses Decrease Increase CR DR 23/2/2021 Took a bank loan $40,000, where $10,000 was withdrawn for business (cash) and the rest in the bank account CRJ Cash Bank Bank Loan Assets Assets Liability Increase Increase Increase DR DR CR 23/2/2021 $10,000 was withdrawn for business (cash) and the rest in the bank account CRJ Cash Bank Bank Loan Assets Assets Liability Increase Increase Increase DR DR CR 24/2/2021 Paid the invoice to Sun Pty Ltd in cash $2,000 CPJ A/ Payable Cash Liabilities Assets Decrease Decrease DR CR 27/2/2021 Sold walking tours on credit $2,500 to Mr Volvo SJ Sales A/c receivables Revenue Assets Increase Increase CR DR b) Then transfer all January transactions into ‘T-account’ structure and determine the account balance ** Please fix January cash T-account – DR ($100,000, $990, $2000, $5,300, $1,000) and CR ($10,500, $150, $450, $2,000, $4,000, $1,000 DR Cash CR DR Bank CR DR Equipment CR 7/1/21 $990 4/1/21 $10,500 20/1/21 $10,000 4/1/21 $10,500 1/1/21 $100,000 05/1/21 $150 12/1/21 $450 10/1/21 $2,000 12/1/21 $450 13/1/21 $5,300 13/1/21 $2,000 31/1/21 $1,000 19/1/21 $4,000 25/1/21 $1,000 DR Accounts Receivable CR DR Accounts Payable CR DR Bank Loan CR 9/1/21 $3,200 27/1/21 $5,300 7/1/21 $500