FNSACC421 Prepare Financial Reports AT1 Assignment | SUT

Purpose of the Assessment Task 

This assessment is designed to gather evidence of your ability to apply the knowledge and skills required to record the acquisition, depreciation and subsequent disposal of fixed assets. 

Assessment Instructions and Requirements 

Students are required to complete this assignment after finishing the recommended reading and exercises in Chapter 5 of the textbook, and the Week 2 course content in Canvas. 

To complete this task, students can use the learning materials as a reference. 

Students may use a computer to complete this assignment. 

Generative artificial intelligence (GenAI) tools are not permitted to be used to complete this assignment. 

Using the templates and information provided as per the Task Instructions in Canvas, students are required to: 

• Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures.
• Determine the method of calculating depreciation according to organisational requirements.
• In the general journal, record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures.
• Establish process for maintaining the asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures. 

Time: Students are expected to complete the assessment by the due date specified in the unit outline and in Canvas. 

Location: Students will complete this assessment as a self-directed task and submit it to Canvas. 

If you have any queries regarding this assessment task or you feel that the assessment method is not suitable for you, before commencing, seek clarification from your teacher. 

Resources and Equipment Required 

To assist in completing this assessment, students will need to obtain the following items: 

• A computer, Internet and Microsoft Word. Microsoft Office 365 online is accessible for free as a Swinburne student.
• Canvas learning materials
• Textbook 

To assist in completing this assessment, your teacher has provided the following items:

Student Assessment 

• The assessment task cover sheet is electronically in Canvas 
• Assignment instructions document in Canvas, including data, templates and policy and procedures
• Learning resources and links provided in Canvas modules. 

Assessment Outcome 

To successfully achieve a Satisfactory (S) outcome for this assessment, you are required to complete all requirements and submit all evidence to be assessed against the marking criteria outlined in the Product-Based Marking Guide. 

An Unsatisfactory (US) will be applied where you have been unable to demonstrate the required evidence to meet parts or all of the criteria. 

The outcome of this assessment will contribute to the evidence used in the final decision to achieve competency for this unit/s.

Assessment Submission

Students are required to submit the following documents via Canvas to the teacher:

• Completed assessment task cover sheet
• Completed assessment task as a Word document or PDF.

Q1. Asset Register and Disposal of Assets 

As part of her aim to grow her business, Eastwood Furnishings, Emma has decided to expand her market and has started producing and wholesaling her range of natural timber cleaning products. 

To do this, she has had to purchase various pieces of equipment, one of which is a Packaging Machine. 

The transactions for this piece of equipment are included below. 

From the information you are required to: 

• Prepare a register of property, plant and equipment from the fixed asset transactions according to legislative and organisational policies and procedures for Eastwood Furnishings.
• Determine the method of calculating depreciation according to organisational requirements. 
• You must include your depreciation calculations in the space provided. (Round all calculations to the nearest whole dollar.) 

Purchase of the Packaging Machine, Model TRZ 90, Serial number PAL586349, from Comco Industries came with a 5-year warranty. 

Invoice #CC127 for the total amount of $30,745 (incl. GST) is due 31st July. The itemised invoice includes: 

• Purchase price $27,500 (including GST)
• Delivery $1,320 (including GST)
• Installation costs $880 (including GST)
• First year's Insurance of Equipment $1,045 (including GST) 

Paid Comco Industries for the first service and recalibration to ensure the machine was running correctly. $550 (including GST). 

Emma decided to purchase an automatic labelling component from Comco Industries to be fitted to the Packaging machine to speed up the overall process. (Note that the labelling machine is part of the packaging machine)

Invoice #CC150 for the total amount of $4,290 (incl. GST) is due 30th November. The itemised invoice includes: 

• Cost of Labelling machine $3,740 (including GST)
• Installation $385 (including GST)
• Testing $165 (including GST)

Maintenance call out to the machine to repair damage caused by incorrect use. $715 (including GST) paid to Repairs on the Run. 

Depreciation is charged on equipment as per the policies and procedures for Eastwood Furnishings. 

Annual Service by Comco Industries $1,650 (including GST)

Depreciation is charged on equipment as per the policies and procedures for Eastwood Furnishings. 

Emma has decided to get out of the timber cleaning products operations and sold the Packaging and Labelling machine (as a single unit) for $14,300 (including GST) cash. 

Depreciation Calculations

Q2. Record General Journal entries

 Record depreciation and the entries for the disposal of the packaging machine on 30th September 2025, according to accounting requirements and organisational policies and procedures for Eastwood Furnishings.