2008 Level 3 Accounting ASSESSMENT SCHEDULE

Updated 2011 15% GST

ASSESSMENT SCHEDULE

90503 (AS 3.4) Practice Assessment

Level 3 Accounting 2008

90503 (AS 3.4) Prepare financial statements for partnerships and companies

Credits: Six

Achievement Criteria

Achievement / Achievement with Merit / Achievement with Excellence
Prepare financial statements following generally accepted accounting practice with some additional information correctly treated.

/ Prepare financial statements following generally accepted accounting practice with the majority of additional information correctly treated.
/ Prepare financial statements following generally accepted accounting practice with all or nearly all additional information correctly treated.

Overall Level of Performance

Accounting: 90503 (3.4) Prepare financial statements for partnerships and companies

Evidence Statement

Question / Evidence / Code
ONE
PART A / Handy Heaven
Balance Sheet (extract) as at 31 March 2008
Current Assets
Accounts Receivable / 20 330 / S ft if = notes
Building Supplies on Hand / 2 060 / S
Prepayments / 800 / SC
Non Current Assets
Property, Plant and Equipment / 43 200 / S ft if = notes
Total Assets / 66 390
Current Liabilities
Accounts Payable / 18560 / SC
Bank / 10 000 / S
Accrued Expenses / 100 / SC
GST Payable / 1768 / SC
Non Current Liabilities
Loan / 10 000 / S
Total Liabilities / 40 428
Net Assets / 25 962
1. Accounts Receivable
Accounts Receivable / 21 400 / SC
less Allowance for Doubtful Debts / 1 070 / SC
20 330
2. Property Plant and Equipment
Building Equipment
For the year ended 31 March 2008
Opening carrying amount / 48 000 / SC
Additions
Disposals
Depreciation / 4 800 / SC
Revaluations
Closing carrying amount / 43 200 / SC
As at 31 March 2008
Cost or valuation / 60 000 / C
less accumulated depreciation / 16 800 / C
Closing Carrying Amount / 43 200 / C
S for correct stem and any figure
C for correct figure
Question / Evidence / Code
PART B / Handy Heaven
Statement of Accounting Policies (extract)
Accounts Receivable
Receivables are stated at estimated residual value after allowing for doubtful debts.
Bad debts are expensed during the period in which they are identified. / S
S
Depreciation
The cost less residual value of property, plant and equipment is depreciated over their estimated useful lives. / S
Question / Evidence / Code
TWO / Organic Origins Ltd
Cash Flow Statement for the year ended 31 March 2008
$NZ000
Cash Flows from Investing Activities
Cash was provided from
Sale of vehicle / 4 / C
Cash was applied to
Purchase of vehicle / 20 / CC
Net cash inflow/outflow from investing activities / (16)
Cash Flows from Financing Activities
Cash was provided from
Mortgage raised / 40 / C
Issue of Shares / 17
Cash was applied to
Payment of debentures / 5 / C
Dividends / 92 / CC
Net cash inflow/outflow from financing activities / (40)
Question / Evidence / Code
THREE / Awesome Appliances Ltd
Income Statement (extract) for the year ended 31 March 2008
$NZ000
Revenue / 480
Other Income / 9 / C
Employment benefit expenses / 168
Depreciation on property, plant and equipment / 12 / C
Auditors remuneration / 6 / S
Advertising / 3 / S
Bad debts / 1 / S
Changes in inventories / 9 / S
Directors Fees / 29 / S
Donations / 12 / S
General expenses / 58 / S
Raw materials and consumables used / 70 / S
Write down of inventory / 2 / C*
Operating profit before interest and tax / 119
Notes to the Income Statement (extract) / $NZ000
2. Other Income
Interest Income / 2 / S
Rent Received / 4 / SC
Increase in Fair Value of investments held for trading / 3 / SC
3. Auditors Remuneration
Audit fees / 4 / S
Tax advice and planning / 2 / S
S for correct stem and figure
C for correct figure
C* for correct stem and correct figure
Question /

Evidence

Code

Awesome Appliances Ltd

Statement of Changes in Equity for the year ended 31 March 2008

/
/ /

Contributed Equity

Land Revaluation Surplus

Fair Value Surplus

Retained Earnings

Total

/
/ /

$NZ000

/ $NZ000 / $NZ000 / $NZ000 /
/

Balance at 31 March 2007

294

/ 12 / 62 / 388 /

Changes in equity for 2008

/ / /
/

Gain on revaluations

/ / / 2 / 2 /

Net income recognised directly in equity

/ / / 2 / 2 /

Profit for the year

/ / / 74 / 74 /

Total recognised income and expenses

/ / / 2 / 74 / 76 /

Proceeds from share issue

/ / 6 /

Distributions

/ / / 78 / 78 /

Balance at 31 March 2008

300

/ 14 / 58 / 392 /

St for correct stem

S for correct figure

Sf for correct balances allow follow through

S* for 2 out of 4 balances
S*C* for 3 out of 4 balances including Contributed Equity

Can not get S or Sf if there are extra numbers in boxes

Overall Judgement Statement

- using holistic approach

39 Ss (17 S in partnerships and 22 S in companies)

29 Cs (12 C in partnerships and 17 C in companies)

Achievement / Achievement with Merit / Achievement with Excellence
34 S or Cs
At least:
12 S or Cs from Q1 / Total of 45 S or Cs
including 19 Cs
and at least:
16 S or Cs from Q1 / Total of 45 S or Cs
including 24 Cs

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