Reference no: EM132404852
FNSTPB401 Complete business activity and instalment activity statements
Assessment Task - BAS Summary Report
Description:
In this assessment task, you will be required to complete the Bean's Coffee's Business Activity Statement (BAS) ready for Mr Beans' to sign and lodge.
This task has two parts. Read the following instructions and completed the tasks as required.
Part a: As a Company
Specific organisational requirements need you to (in order of);
- Calculate and prepare end of the quarter cash position of the company
- Discuss and confirm the trial balance data with your manger (trainer/assessor role play) to ensure that company has the required cash flow to pay its BAS instalment
- You will see that the Trial Balance as at 30 June 2012 is not balanced. Find and fix the errors and show the corrected copy to your manager (trainer/assessor role play) for approval before proceeding
- Save your data file as a new version on your USB or a designated location
- Complete general journal
- Post final entries to the general ledger
- Prepare an Income (Profit & Loss) Statement in the given data sheet
- Complete the GST summary reports (accrual) and expected payment/refund
- Download and complete BAS Calculation Worksheet from ATO website (www.ato.gov.au)
- Download and complete a sample BAS from ATO website
- Verify the data between GST summary reports created in Excel (data file) and the BAS Calculation Worksheet
- Reconcile the BAS form to journal entries, profit and loss statement, and GST summary
- Correct errors, if any and make note of the corrections
- In the data file, complete the lodgement schedule and process according to ATO requirements
- Submit the final BAS with accompanying worksheet for signature to your manager (trainer/assessor role play)
Part b: As a Discretionary Trust
On advice of their accountant and financial planner, Mr and Mrs Bean have decided to move their business under a family trust (discretionary trust) structure. For this purpose, the accountant has set up the required trust and the existing company Bean's Coffee Pty Ltd has been appointed as the registered entity to conduct the business for the trust.
In this part, you will work with the same data set provided but this time prepare GST summary reports for Bean's Coffee assuming that the company structure is a trust with the following additional information;
Follow the same order of instructions as in Use the given tab in the same data sheet to complete the second BAS;
Copy and create new journal and ledger tabs/worksheets
Process all the additional information
Prepare a NEW Trial Balance
Discuss and confirm the trial balance data with your manger (trainer/assessor role play) to ensure that company has the required cash flow to pay its BAS instalment
Download and complete BAS Calculation Worksheet from ATO website (www.ato.gov.au)
Download and complete a sample BAS from ATO website
Verify the data between GST summary reports created in Excel (data file) and the BAS Calculation Worksheet
Reconcile the BAS form to journal entries, profit and loss statement, and GST summary
Correct errors, if any and make note of the corrections
In the data file, complete the lodgement schedule and process according to ATO requirements
Submit the final BAS with accompanying worksheet for signature to your manager (trainer/assessor role play) - assuming/simulating a lodgement procedure
Attachment:- Complete business activity statements.rar