San Diego State Special purpose financial report
Accounting Practices Assessment Full Year Case Study Your Full Year Case Study will be based on Chocolate Delights. Your job is to complete the Full Year Case Study of the assessment. At each question, we require you to complete the related steps covered in the Assessment Information Area. By the end of this assessment, you should have completed a full set of Special Purpose Financial Report. In this assessment, you must complete all 9 questions below. Once you have saved your work click on the Assessment submission link within this course and upload all required assessment files to your tutor for marking. Files to Upload: • This Question Paper • Word Document for the Special Purpose Financial Report Full Year Case Study – Chocolate Delights Question 1: Bank Reconciliation Complete the following bank reconciliation for the Trading Bank Account by extracting data from tab B1100 in your Workpapers. Make sure to fill in all yellow areas. Trading Bank Account Ref Amount Bank balance Unbanked revenue Unpresented Cheques Calculated Balance TB balance Variance Question 2: Accounts Receivable and Accounts Payable Provide the Bulk Journal for recording Accounts Receivable of $1,035 into the trial balance as you would in the Correction Journal Tab: Date GL Code GL Description Please note: Narration should be provided on the last (merged) line Dr Cr Provide the Bulk Journal for recording Accounts Payable of $4312.50 as you would in the Correction Journal Tab: Date GL Code GL Description Dr For the next three questions, you will be required to refer to Xero’s Profit/loss and Balance Sheet. At each stage, ensure you have the CORRECT PERIOD selected. Question 3: Payroll, GST and Motor Vehicle Finance After Step 4, provide the balances by referring to Xero’s Profit/Loss and Balance Sheet: Chocolate Delights Ltd Profit and Loss Sales Purchases Employee Gifts Interest – MV Loan Salaries Chocolate Delights Ltd Balance Sheet PAYE Payable Motor Vehicle Finance Loan (Current Portion) Motor Vehicle Finance Loan (Non-Current Portion) Cr Question 4: Balance Day Adjustments After Step 5, provide the balances by referring to Xero’s Profit/Loss and Balance Sheet: Chocolate Delights Ltd Profit and Loss Closing Inventory Amortisation Bad Debts Doubtful Debts Depreciation Impairment Legal Expenses Shareholders Salary Chocolate Delights Ltd Balance Sheet Prepayments Accrual Interest Provisions Question 5: Tax Calculation Sheet Complete the tax calculation sheet for Chocolate Delights Ltd from your K tab in the Workpapers. Tax Calculation $ Accounting Profit Deduct: Non-assessable income Add back: Non-allowable deductions Tax Profit Losses brought forward Adjusted tax profit Income Tax liability (28%) Less: Tax credits Tax Payable $ Question 6: GST Complete the GST Reconciliation as according to Tab H3501 of your workpapers. This should contain all adjustments/timing differences up to Step 5. GST Ref GST Return 31 March Adjustments yet to be returned Timing differences GST on Accounts Receivable GST on Accounts Payable Calculated Balance TB balance Variance Amount Question 7: Statement of Cash Flows (Summary) Complete the following Statement of Cash Flows Summary by extracting data from your completed Statement of Cash Flows in Excel. Chocolate Delights Ltd Statement of Cash Flows (Summary) Net Cash Flows from Operating Activities Net Cash Flows from Investing Activities Net Cash Flows from Financing Activities Net Cash Flow Add Opening Bank Balance Ending Cash Balance Question 8: Reconciliation of Operating Cash Flows Complete the summarised version of the Reconciliation of Operating Cash Flows to Net Profit After Tax: Chocolate Delights Ltd Summarised Reconciliation of Net Cash Flows from Operating Activities Net Profit After Tax Add Back Non-Cash P&L Items Movements in Working Capital Items Net Cash Flows from Operating Activities Question 9: Special Purpose Financial Report After completing step 8, this question requires you to include the final copy of your Special Purpose Financial Report as part of your assessment submission (in a separate word document).
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