The purpose of this assessment is to assess the student in the following learning elements and performance criteria of the unit:

The purpose of this assessment is to assess the student in the following learning elements and performance criteria of the unit:

1. Review accounts receivable process

Element 2: Identify bad and doubtful debts

Element 3: Review compliance with terms and conditions and plan recovery action

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The purpose of this assessment is to assess the student in the following learning elements and performance criteria of the unit:

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August 10th, 2017

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Details of Assessment
Term and Year	3, 2016	Time allowed	Week 2-7
Assessment No	2	Assessment Weighting	40%
Assessment Type	Project
Due Date	Week No. 8	Room

Details of Subject
Qualification	FNS40615 Certificate IV in Accounting
Subject Name	Subsidiary accounts & Ledgers
Details of Unit(s) of competency
Unit Code (s) and Names	FNSACC302 Administer Subsidiary Accounts and Ledgers

Details of Student
Student Name
College		Student ID
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.		Signature: ___________________________ Date: _______/________/_______________

Details of Assessor
Assessor’s Name
Assessment Outcome
Results	Competent Not yet competent	Marks	/ 40

FEEDBACK TO STUDENT

Progressive feedback to students, identifying gaps in competency and comments on positive improvements:

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure.

Signature: ____________________________

Date: ____/_____/_____

Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback

Student did not attend the feedback session.

Feedback provided on assessment.

Signature: ____________________________

Date: ____/_____/_____

Purpose of the Assessment
The purpose of this assessment is to assess the student in the following learning elements and performance criteria of the unit:	Assessment task 2	Competent (C)	Not yet competent (NYC)
1. Review accounts receivable process
1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness 1.2 Identify and accurately record incorrect entries according to type and source of receipt	Project
1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines 1.4 Amend receipts entered into accounts receivable System according to established procedures	Project
Element 2: Identify bad and doubtful debts
2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources 2.2 Verify bad or doubtful debt status through liaison with debtors 2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines	Project
Element 3: Review compliance with terms and conditions and plan recovery action
3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies 3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy 3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted 3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines	Project
Element 4: Prepare reports and file documentation
4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties 4.2 Promptly file documentation in accordance with organisational policy and procedures	Project
Element 5: Distribute creditors invoices for authorisation
5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 5.2 Request authorisation for payment from appropriate personnel	Project
Element 6: Remit payments to creditors
6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against 6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements 6.3 Prepare creditor payments in accurate manner	Project
Element 7: Prepare accounts paid report and reconcile balances outstanding
7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management 7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received	Project
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
Computer with relevant software applications and access to internet Weekly eLearning notes relevant to the tasks/questions
Instructions for Students
Please read the following instructions carefully · This assessment has to be completed In class At home · The assessment is to be completed according to the instructions given by your assessor. · Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term. · Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. · If you are not sure about any aspects of this assessment, please ask for clarification from your assessor. · Please refer to the College re-assessment for more information (Student Handbook).

Project ( 40 Marks)

Instruction for student:

This is an individual task. You need to prepare answers from the materials available at elearnings or you may use any web materials. You are required to prepare this task through questioning and active listening to clarify information and instructions with your supervisor (Your Trainer), and for approval and preparation of task 2. You must prepare Task 01, Task 05, Task 06 & Task 07 using spreadsheet application.

You are a new Accounts Clerk of Sydney Tourist Pty Ltd which is a Tours and Accommodation service provider. They sell Tours and Accommodation on credit and cash to their customers. They buy the tours and accommodations from IBIS Hotels and tours. All their transactions are based on the contracts with their customers and suppliers. Their credit term is 10% 7 days, net 30 days.

Sydney Tourist Pty follows the procedures to collect outstanding money from its customers and any uncollectable money will be treated as Bad debt after 90 days of the actual sales date.

They store all their corresponding documents in their Finance folder in PDF format.

As per their company rules and guidelines all cheques and EFT payments must be signed off by their Finance manager and the sales manager.

However, only the Finance manager is authorised to write off any uncollectable money as Bad Debt.

Sydney Tourist Pty has just signed off below two contracts

Contract 1: On 1st May 2014 Sydney Tourist Pty Ltd organised two hotel rooms for customer J Hood for $2200 (GST Incl) on credit for 2 days. Customer will pay the bill within 30 days

Contract 2: Sydney Tourist Pty Ltd booked those two hotel rooms at IBIS Gold Cost for $1900 (GST Incl). IBIS allowed Sydney Tourist Pty to pay this bill within 20 days

They have stored both contracts on the sales manager’s desk top.

Invoice Discrepancies

– IBIS charged Sydney Tourist Pty $2100 (GST Incl) by mistake on invoice

IB101

– Sydney Tourist Pty also incorrectly charged $2350 to customer J Hood on

invoice ST007

Credit notes

– Sydney Tourist Pty issued credit note STCR007 to J Hood for $150

– IBIS issued credit note ISCR101 to Sydney Tourist Pty for $200

Task1: Please record the transactions in appropriate journals and ledgers

Sales Journal SJ

Sales Return and Allowance Journal SRJ

Date

Credit No

Particulars

Folio (Ref)

Sales

Net GST

GST Collected

Total Accounts Receivable

Purchase Journal PJ

Purchase Return and Allowance Journal PRJ

Date

Credit No

Particulars

Folio (Ref)

Sales

net GST

GST Collected

Total Accounts Payable

Task 2:

Prepare the procedure to identify bad debt and collect outstanding money before writing off as Bad Debt. Prepare a recovery action plan. Describe measures to collect monies and features of recovery plans.

Task 3:

How much discount could J Hood get if he paid the bill in within 7 days?

Task 4:

Have they followed the proper rules and guidelines to store the contracts? List and describe 3 acts relevant to Tourism Industry.

Task 5:

Prepare the journal entry to write off the receivable if this money classified as Bad debt.

Task 6:

List the items should be included in a creditors aging statement

Accounts Receivable Aging Report:

Dhaka Retail has offered credit to the following customers on terms which state full payment is required within 30 days. The subsidiary ledgers are shown:

Accounts Receivable Ledger of Dhaka Retail

Chittagong Traders

Supplier number: AR1

Date	Particulars	Folio	Debit	Credit	Balance
Mar 14	Sales	SJ1	1200		1 200 Dr
Mar 22	Sales	SJ1	880		2080 Dr
Mar 31	Bank	CR1		1200	880 Dr
Apr 10	Sales	SJ1	400		1 280 Dr
Apr 17	Sales	SJ1	780		2060 Dr
May 20	Bank	CR1		400	1660 Dr

Accounts Receivable Ledger of Dhaka Retail

Khulna Traders

Supplier number: AR2

Date	Particulars	Folio	Debit	Credit	Balance
Mar 16	Sales	SJ1	1500		1 500 Dr
Mar 24	Sales	SJ1	980		2480 Dr
Mar 30	Bank	CR1		1500	980 Dr
Apr 12	Sales	SJ1	500		1 480 Dr
Apr 18	Sales	SJ1	780		2260 Dr
May 22	Bank	CR1		500	1760 Dr

Task 7:

Prepare the aged debtors report for Dhaka Retails as at 31 May 2014.

Dhaka Retails

Aged debtors report as at 31 May 2014.

Debtor

Folio

Total

Current

(May)

30 days (Apr)

60 days (Mar)

90 days and over

Marking Criteria

Each task contains 5 marks
Oral communication in task 2 contains 5 marks

Trainer to Check

Student consulted and communicated with trainer for all tasks
Student communicated and got approval for task 02
Task 01, 05, 06 & 07 completed in spreadsheets

Completed all tasks

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Details of Assessment
Term and Year	3, 2016	Time allowed	Week 2-7
Assessment No	2	Assessment Weighting	40%
Assessment Type	Project
Due Date	Week No. 8	Room

Invoice No

Particulars

Folio (Ref)

Sales

Net GST

GST Collected

Total Accounts Receivable