Assessment Task 1Part A: Identify Assets and Prepare an Asset Register
Part a;From the following list of items, identify assets and liabilities. Once identified, label the assets into current andnon-current in the last column.
Part b;Once you have completed the above sheet, prepare an asset register using MS Excel for non-current (Fixed)assets. The asset register may contain an asset card for each of the non-current asset. Enter all the non-currentassets identified under appropriate categories. You will use the following labels for the assets;IDGeneral Ledge AccountDescriptionCost (Purchase Price)QuantityLocationDepreciation MethodDepreciation RateResidual ValueDisposal DateDisposal ValueYou may use a sample template for preparing the asset cards and register with appropriate referencing.Keep a copy of the Excel sh
Part B: Apply Depreciation Rules
Part a:Fixed assets are recognised as having a useful working life before becoming worn out or obsolete. The limitedlife of these assets is recognised by depreciating them over the estimated period of time.For this assessment task, you will need to visit Australian Taxation Office (ATO) website and downloadinformation regarding depreciation rules and relevant legislations. Use the information to complete thefollowing tasks.
Assessment Task 2
PART A:Assuming that Bean’s Coffee uses an accrual accounting system, note the following additional information forBalance Day adjustments as at 30 June 2012;▪ Insurance expense of $9,800 paid during the year for the period of 2 years from 1 April 2012▪ A lump sum payment of $2000 has been made towards bank loan▪ The company bought new equipment worth $18,900 at the end of the period and forgot to recordthis transaction▪ Calculate depreciationo Furniture at 20% p.a. prime cost using straight line methodo Coffee equipment at 20% p.a. using reducing balance method▪ Bank interest from fixed term deposits of $900 received weekly and the last interest received was on27 June 2012.▪ One of the customer has gone bankrupt and the company decided to write off bad debt of $5,975▪
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here