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Assessment description

Identify the asset and liability valuations that the organisation has recorded on the Balance Sheet.

Complete a comparison of the Profit and Loss Statement and Budget and identify any information that requires further investigation due to a discrepancy, unusual feature or query.

Complete financial calculations.

Procedure

Circle on the Balance Sheet the asset and liability valuations that the organisation has recorded.

Mark a number on the Profit and Loss Statement next to any information that requires further investigation due to a discrepancy, unusual feature or query when comparing the information with the information contained in the Budget.

Each discrepancy, unusual feature or query should have a different number.

Using the table below list each number, which you have detailed on the Profit and Loss Statement, and provide a short sentence describing the issue and how you would resolve it.

Number (5 marks each)	Details
1.
2.
3.

PACKETT PACKAGING PTY LTD BALANCE SHEET FOR THE PERIOD 1 JULY 2009 TO 30 JUNE 2010 This Year ACCUMULATED FUNDS BROUGHT FORWARD OWNERS CAPITAL OWNERS DRAWINGS PROFIT (LOSS) YEAR TO DATE 115,363 10,000 (5,000) 39,381 OWNERS EQUITY 159,744 REPRESENTED BY Current Assets CASHAT BANK PETTY CASH ACCOUNT STOCK ON HAND ACCOUNTS RECEIVABLE DEPOSITS GST PAID 119,402 1,000 36,942 23,437 310 14,786 195,877 Non Current Assets PLANT & EQUIPMENT LESS:DEPRECIATION FOR PLANT AND EQUIPMENT 55,410 6,540 48,870 Total Assets 244,747 Liabilities BANK LOANS ACCOUNTS PAYABLE PROVISION FOR EMPLOYEE ENTITLEMENTS BANK OVERDRAFT GST COLLECTED Total Liabilities 50,000 15,000 15,000 5,003 85,003 Net Assets 159,744

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