FNSACC301A – Process Financial Transaction and Extract Interim ReportsFNSACC302A – Administer subsidiary accounts and ledgers

ASSESSMENT 3 – MARKING GUIDE

Task / Topic / Element of competency / Marks available / Marks required to achieve competency
1 / Subsidiary ledgers / FNSBKG403/1 & 6 / 26 / 16
2 / Debtor listing / FNSBKG402/8
FNSBKG403/5 & 6 / 12 / 7
3 / Control accounts / FNSBKG403/1 & 6 / 10 / 6
4 / Reconcile supplier statements / FNSBKG403/6 / 12 / 7
5 / Petty cash / FNSBKG402/5 / 20 / 12
6 / Bank reconciliation / FNSBKG402/7 & 8
FNSBKG403/6 / 20 / 12
Total / 100 / 60

TASK 1 – 26 MARKS

Allocate 20 marks for subsidiary ledger postings. Deduct 1 mark for any incorrect or missing posting. Deduct 2 marks, once only, for incorrect or poor balancing techniques, or for not balancing accounts. Allocate 6 marks for listings - deduct 1 mark for every error in the listings.

Accounts Receivable Subsidiary Ledger

Red Supplies

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 1,500.00 Dr
4/7 / Bank / CRJ1 / 1,000.00 / 500.00 Dr
13/7 / Sales / SDJ1 / 550.00 / 1,050.00 Dr
17/7 / Sales return / SDJ1 / 44.00 / 1,006.00 Dr
21/7 / Sales / SDJ1 / 330.00 / 1,336.00 Dr

Black Inc

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 2,000.00 Dr
10/7 / Sales / SDJ1 / 605.00 / 2,605.00 Dr
24/7 / Sales return / SDJ1 / 22.00 / 2,583.00 Dr

Yellow

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 1,000.00 Dr
16/7 / Sales / SDJ1 / 319.00 / 1,319.00 Dr
21/7 / Bank / CRJ1 / 220.00 / 1,099.00 Dr

Listing of Accounts receivable

Red Supplies / 1,336.00
Black Inc / 2,583.00
Yellow / 1,099.00
$5,018.00

Accounts Payable Subsidiary Ledger

Short Supplies

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 500.00 Cr
2/7 / Purchases / PDJ1 / 220.00 / 720.00 Cr
5/7 / Bank / CPJ1 / 500.00 / 220.00 Cr
18/7 / Purchase return / PDJ1 / 22.00 / 198.00 Cr

Tall Wholesale

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 200.00 Cr
4/7 / Purchases / PDJ1 / 110.00 / 310.00 Cr
6/7 / Purchase return / PDJ1 / 33.00 / 277.00 Cr

Medium Services

Date / Particulars / Folio No. / Debit / Credit / Balance
1/7 / Opening balance / 800.00 Cr
16/7 / Purchases / 165.00 / 965.00 Cr
21/7 / Bank / 800.00 / 165.00 Cr
25/7 / Purchases / 220.00 / 385.00 Cr

Listing of Accounts Payable

Short Supplies / 198.00
Tall Wholesale / 277.00
Medium Services / 385.00
$860.00


TASK 2 – 12 MARKS

Deduct 2 marks for any incorrect entry in the Aged Debtors Report up to a maximum of 12.

Total / Current
(Jun) / 30 days
(May) / 60days
(Apr) / 90 days & over
(Mar+)
Georgie / 4 493 / 1 565 / 2 928
Harleen / 3 488 / 1 780 / 587 / 1 121
Michael / 4 192 / 2 750 / 1 442
Sharon / 440 / 440
Geoff / 1 350 / 1 350
TOTAL / 13 963 / 6 320 / 3 594 / 1 121 / 2 928


TASK 3 – 10 MARKS

Deduct 1 mark for any missing item or incorrect balancing.

Accounts receivable control

Opening Bal / 450,250 / Bad debts / 850
Sales / 15,000 / Bank / 147,500
Bad Debts Recovered / 4,840 / Contra / 814
Interest / 500 / Balance / 321,448
Late fee / 22
470,612 / 470,612

Accounts payable control

Discount Received / 1,485 / Opening Bal / 250,500
Bank / 85,025 / Inventory / 78,500
Contra / 814
Purchases returned / 825
Balance / 240851
329,000 / 329,000


TASK 4 – 12 MARKS

Deduct 2 marks for any missing entry and 1 mark for any other error.

Reconciliation of Big Limited as at 31/8/13

Balance as per suppliers statement / 3,225.00
Less: / Outstanding invoices
No. 8388 / 695.00
2,530.00
Less: / Payments made not yet recorded / 880.00
Credit note requested / 330.00
1,210.00
Balance as per general ledger / $1,320.00

TASK 5 – 20 MARKS

Deduct 1 mark for each error, including balancing.

FNSACC301A and FNSACC302A – Assessment 3 V2 NSI - Meadowbank College 1

Petty Cash Book

Date / Received / Details / Ref / Paid / Stationery / Staff Amen. / Cleaning / Travel / Off. Supp. / GST
2/1 / 250.00 / Float established / 111
3/1 / PC Book / 001 / 11.00 / 10.00 / 1.00
4/1 / Milk / 002 / 21.50 / 21.50
9/1 / Cleaning supplies / 003 / 57.20 / 52.00 / 5.20
10/1 / Taxi fares / 004 / 26.40 / 24.00 / 2.40
116.10 / 10.00 / 21.50 / 52.00 / 24.00 / 8.60
11/1 / Cash on hand / 133.90
250.00 / 250.00
11/1 / 133.90 / Cash balance b/d
116.10 / Reimbursement / 199
11/1 / Cancelled / 005
13/1 / Taxi fares / 006 / 55.00 / 50.00 / 5.00
16/1 / Stationery / 007 / 15.40 / 14.00 / 1.40
17/1 / Milk / 008 / 11.00 / 11.00
19/1 / Office supplies / 009 / 30.80 / 28.00 / 2.80
23/1 / Taxi fares / 009 / 22.00 / 20.00 / 2.00
30/1 / Office supplies / 010 / 44.00 / 40.00 / 4.00
178.20 / 14.00 / 11.00 / 70.00 / 68.00 / 15.20
30/1 / Cash on hand / 71.80
250.00 / 200.00
30/1 / 71.80 / Cash balance b/d
178.20 / Reimbursement / 234

Cash and Accrual Accounting – Assessment 3 MG V3 NSI - Meadowbank College Page 9 of 9

TASK 6 – 20 MARKS

BANK RECONCILIATION

Chatty Express

Cash at Bank
Date / Particulars / $ / Date / Particulars / $
1/4/08 / Balance b/d / 15079.25 / 30/4/08 / Payments / 27040.57
30/4/08 / Receipts / 14245.84 / Bank fees / 120.00
Direct deposit / 1480.00 / Adjust. Chq 1501 / 72.00
Interest received / 3.00 / Balance c/d / 3575.52
30808.09 / 30808.09
1/5/08 / Balance b/d / 3575.52
Total
Allocate: / 1 mark for correct balance b/d 1/4/08 / 1
1 mark for correct receipts and payments / 1
1 mark for each additional entry / 4
1 mark for balancing the account / 1
7

* Allow for consequential errors and alternative method. -1 per error in receipts or payments (ie check calculation)

Cash at Bank
Date / Particulars / $ / Date / Particulars / $
1/4/08 / Balance b/d / 15079.25 / 30/4/08 / Payments / 27232.57
30/4/08 / Receipts / 15728.84 / Balance c/d / 3575.52
30808.09 / 30808.09
1/5/08 / Balance b/d / 3575.52

Bank Reconciliation Statement at 30th April 2008

Credit balance as per bank statement / 5,712.41
Add outstanding deposits / 2,280.00
7,992.41
Less unpresented cheques
Cheque No. / Amount
1458 / 2,240.00
1504 / 1,341.64
1505 / 835.25 / 4,416.89
Debit balance as per cash at bank ledger a/c / 3,575.52
Allocate / 1 / marks for balance as per bank statement
1 / mark for o/s deposit (date not required)
3 / marks for u/p cheques
(must have cheque number and amount)
2 / marks for balance as per Bank Ledger
(1 mark for correct amount, 1 for DR)
7
* Allow for consequential errors.

6 marks for correct identification of items on the banks statement not yet recorded in the journals. 14 marks for the bank reconciliation – deduct 2 marks for any missing reconciling items and 1 mark for any other error.

Cash and Accrual Accounting – Assessment 3 MG V3 NSI - Meadowbank College Page 9 of 9