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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).
 
4 P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1  ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
 DEBIT  CREDIT
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
b. * Excel template available
Nominate the account names that would be used to record the following transactions:
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 5 ©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  
 
6 P0043330 – LA011414 Assignment 1 – BSBFIM501A Ed 1  ©State of New South Wales, Department of Education & Training 2009, Version 1, March 2009
d. * Excel template available
From the following trial balance for OTEN Retail, prepare a Profit and Loss Statement.
DEBIT CREDIT
Stock on hand
20,000  
Cash at bank 4,800  
Accounts receivable
1,230  
Land and buildings
130,000  
Equipment 34,000  
Patents 16,000  
Accounts payable
 3,100
GST clearing account
3,400  
Capital (owners’ equity)
 162,910
Sales (revenue)
 116,700
Commissions income
 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 7 ©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.



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