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Assessment Task 1 Part 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 and...

Assessment Task 1
Part 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 and
non-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-current
assets identified under appropriate categories. You will use the following labels for the assets;
ID
General Ledge Account
Description
Cost (Purchase Price)
Quantity
Location
Depreciation Method
Depreciation Rate
Residual Value
Disposal Date
Disposal Value
You 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 limited
life 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 download
information regarding depreciation rules and relevant legislations. Use the information to complete the
following tasks.

Assessment Task 2

PART A:
Assuming that Bean’s Coffee uses an accrual accounting system, note the following additional information for
Balance 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 record
this transaction
▪ Calculate depreciation
o Furniture at 20% p.a. prime cost using straight line method
o 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 on
27 June 2012.
▪ One of the customer has gone bankrupt and the company decided to write off bad debt of $5,975

Sep 18, 2019FNS40615
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