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of XXXXXXXXXXAutomatic Zoom Actual Size Page Fit Page Width XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% XXXXXXXXXX% CrownInstitute of Business andTechnologyPtyLtdABN86116018412National ProviderNo:91371 CRICOSProviderCode:02870DNorthSydneyCampus: 116PacificHighwayNorth Sydney NSW2060P0299550488F0299553888SydneyCBDCampus:Level 5,303Pitt StSydneyNSW 2000P0289596340F0299553888SydneyCBDCampus:Level 11,307Pitt StSydneyNSW 2000P028034 6431Canberra Campus:Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P XXXXXXXXXX5184FNSACC416Assessment Task 02v1.1Page 1of 3FNSACC416 Set Up and Operate a Computerised Accounting SystemAssessment Task 02–Practical TestTask Summary:This assessment task requires you to use the data set up for the system from Assessment Task 01and continue to enter the Sales, Purchases and Inventories records for the company. This assessment is to be completed in the simulated work environment in the RTO.Required:•Computer with Microsoft Office and Internet Access•Access to a Computerised Accounting System –MYOB•Bank StatementsSubmit:➢Journal Report ➢Prepayment of Expenses Account Transaction Report➢Trial Balance➢Goods and Services Tax (GST) Accrual Report➢Payroll Report➢Reconciliation Report➢Banking Transactions Report.Using the file that you created for Assessment Task 01, complete the following activities:1.Make Balance Day Adjustments:Use the General Journal to adjust for Wages, Rent and Insurance on June 30th.Use the General Journal to make any Balance Day Adjustments for Prepayments and Accruals:•Generate a Journal Report that includes these transactions.•Generate a Prepayment of Expenses Account Transaction Report.2.Perform an End of Year Rollover:•Generate a fully Reconciled Trial Balance.•Generate a Reconciliation Report of each posting Account.3.Ensure that the Bank Account Reconciles with the Bank Statements:•Generate a Banking Transactions Report for the months of May and June.Reconcile this report with the Bank Statements.CrownInstitute of Business andTechnologyPtyLtdABN86116018412National ProviderNo:91371 CRICOSProviderCode:02870DNorthSydneyCampus: 116PacificHighwayNorth Sydney NSW2060P0299550488F0299553888SydneyCBDCampus:Level 5,303Pitt StSydneyNSW 2000P0289596340F0299553888SydneyCBDCampus:Level 11,307Pitt StSydneyNSW 2000P028034 6431Canberra Campus:Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P XXXXXXXXXX5184FNSACC416Assessment Task 02v1.1Page 2of 34. Submit the following to your Assessor:➢Journal Report ➢Prepayment of Expenses Account Transaction Report➢Trial Balance➢Goods and Services Tax (GST) Accrual Report➢Payroll Report➢Reconciliation Report➢Banking Transactions Report.
Answered Same Day Jun 03, 2021 FNSACC416 Training.Gov.Au

Solution

Rithik answered on Jun 11 2021
147 Votes
FNSACC416 SET UP AND OPERATE A COMPUTERISED ACCOUNTING SYSTEM
Table of Contents
Journal Report    3
Profit & Loss Statement    4
Pre - Payment of Expenses Account Transaction Report    6
GST Accrual Report    7
Payroll Report    7
Reconciliation Report    7
Banking Transactions Report    8
Part A:
Journal Report
    
    Date Particular L.f. Amt.(Dr.) Amt. (Cr.)
    
    May 1 Cash A/C Dr $19,783
     To Capital A/C
    May 3 Local Newspaper A/C Dr $285
     To Cash A/C
    May 4 Shady Timber Mill A/C Dr $1,340
     To Cash A/C
    May 7 Wages A/C Dr $1,825
     To Cash A/C
    May 14 Wages A/C Dr $1,825
     To Cash A/C
     May 21 Wages A/C Dr $1,825
     To Cash A/C
    May 21 The Timber Guys A/C Dr $720
     To Cash A/C
    May 22 Jack Daniels A/C Dr $234
     To Cash A/C
    May 28 Wages A/C Dr $1,825
     To Cash A/C
    
    
    June 1 Cash A/C Dr $22,926
     To Capital A/C
    
    June 1 Local newspaper A/C Dr $285
     ...
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