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BSBFIM501A
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BSBFIM501A
Subject Name: Manage budgets and financial plans LA No:
LA011414
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BSBFIM501A - Assignment 1
Manage budgets and financial plan
*LA011414* LA011414
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P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
Assignment 1
What you have to do The assessment components for this unit are two assignments. Each assignment has six tasks. You should wait for Assignment 1 to be returned to you before you submit Assignment 2; this will enable you to benefit from the feedback provided by your teacher. In part, the role of TAFE is to prepare students to perform effectively and efficiently in the workplace; that means not only having the knowledge necessary to solve problems but also the ability and skill to present the solution in a business like manner. If you use any of the Excel templates available for this unit or if you prepare your own spreadsheets to answer questions you must format them so that when printed they would be suitable to include in a report to be used in a work environment.
Tasks Excel templates for some tasks are available from the OLS website. These are marked with an *.
Task 1 Do the Chapter 1 Case study, ‘Performance Indicators’. Limit your answer to half a page.
Task 2 - * Excel template available. a. Sort the following list of account balances into debit and credit balances and determine the value of capital (owners’ equity).
P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
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DEBIT W Morgan (account receivable)
36,400
Shares in public company
122,000
Motor vehicles
44,600
Office furniture and equipment
17,000
Land and buildings
100,000
F Jones (account payable)
5,000
Mortgage on land and buildings
60000
Computer equipment
130,000
Salaries and wages
91,200
Photocopying and fax charges
7,100
Telephone
4,800
GST clearing account (credit balance)
12,200
Building maintenance
23,100
Capital (owners’ equity)
?
Drawings
65,000
Fees income
245,500
Interest income
4,000
Rent income
18,000
Petty cash
1,000
Bank (overdraft)
12,000
CREDIT
b. * Excel template available Nominate the account names that would be used to record the following transactions:
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J Hendry commenced business by depositing $200,000 in the business bank account.
Hendry paid wages of $2,000 (remember there is no GST on wages)
Paid cash for stationery, $10,000 plus $1,000 GST
Received cash for a cash sale, $1,200 plus $120
Received cash for commission income, $500 plus $50 GST
Sold surplus equipment for cash $2,400 plus $240 GST
Hendry withdrew cash for personal use $700
P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
Purchased office supplies on credit for $940 plus $94 GST from A Jones
Hendry sent an invoice to Win Chung $680 plus $68 GST
c. * Excel template available Use the following classification scheme to identify the accounts listed below: A=assets, L=liabilities; I or R=Income or Revenue; E=expenses and C or OE=capital or owners’ equity.
Stock on hand
Accounts payable
Drawings
Sales
Advertising
Bad debts
Petty cash
Investments
GST clearing
Mortgage
Dividends received
Discount allowed
Rates
P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
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d. * Excel template available From the following trial balance for OTEN Retail, prepare a Profit and Loss Statement. DEBIT Stock on hand
CREDIT 20,000
Cash at bank
4,800
Accounts receivable
1,230
Land and buildings
130,000
Equipment
34,000
Patents
16,000
Accounts payable GST clearing account
3,100 3,400
Capital (owners’ equity)
162,910
Sales (revenue)
116,700
Commissions income
6
3,780
Cost of goods sold
41,700
Sale’s persons commission
2,500
Advertising
1,450
Salaries and wages
19,860
Electricity
6,390
Repairs and maintenance
5,160
.
286,490
286,490
P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
Task 3 Do the Chapter 3, Case study 3.1, ‘Metropolitan Furniture’. Your answer should be about half a page.
Task 4 Do the Chapter 4, Case study 4.2, ‘Is there a limit to cutting a budget? Your answer should be about half a page.
Task 5 Do the Chapter 5, Case study 5.1, ‘Efficient use of space’. Your answer should be about half a page.
Task 6 Do the Chapter 6 Case study ‘Budget communication strategy’. Your answer should be about half a page. Note: Submit to OTEN when completed. Wait for feedback from your teacher on Assignment 1 before doing Assignment 2.
P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1 ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
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