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).