BSB40215 Certificate IV in Business

BSBFIA402 Report on Financial Activity

Assessment 2: Prepare a BAS Statement and Quiz

Submission details
This assessment task must be submitted online by the due date specified by your
Trainer/Assessor and Assessment Plan for this unit of competency. Any variations to this
arrangement must be approved in writing by your assessor.
Submit a file with the required evidence attached as per
 Specifications below
 Acknowledgement of original work, free from plagiarism as per Assessment Plan
 Special needs (considerations if required see Access & Equity Policy)
 Naming document files when submitting assessments (check Assessment Plan)
 Identifying the Unit, Assessment Number, student name, student number, date and page
number (preferably) in the Footer
 Assessor’s additional and particular instruction/s.

Performance objective
The candidate will demonstrate the ability to record revenue and expenses and complete a
BAS statement, taking advantage of GST credits in accordance with statutory requirements.

Assessment description
Using the scenario information supplied, the candidate will identify source documents,
record revenue and expense transactions, fill in and submit a BAS statement in accordance
with statutory requirements.
Candidates are required to complete ‘Part A: Manual procedure’ and ‘Part B: BAS procedure’
described in the procedure below.

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Procedure
Part A: Manual procedure
1. Read the scenario provided.
2. Read the Packett Packaging Policies and Procedures Manual provided with the
assessment materials.
3. Identify the relevant information from the two invoices provided and record the
financial data in appropriate journals, accounting for GST liabilities.
4. Submit all documents to your assessor. Ensure you keep a copy of all work submitted
for your records.

Part B: BAS procedure

1. Identify information from the reports to prepare BAS statement. Note that purchase
of stock sold is $90,000 GST included.
2. Complete the BAS form on Moodle(only fill in fields where data is required and
available), including:
a. BAS calculation worksheet
b. PAYG tax withheld – (W1, W2 and W5)
c. GST requirements (using option 1) G1, G2, G10 and G11
d. Summary
3. Submit the completed BAS on Moodle as part of the Assessment. Ensure you keep a
copy of all work submitted for your records.

Specifications
You must provide:
● Sales Journal entries

● Purchases Journal entries

● BAS statement (required fields only):

○ BAS calculation worksheet

○ PAYG tax withheld – (W1, W2 and W5)
○ GST requirements (using Option 1) G1, G2, G10 and G11
○ Summary
Your assessor will be looking for:
● completed Sales Journal and Purchases Journal with GST accounted for

● completed BAS statement with GST credits accounted for.

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Appendix 1 – Scenario information
Packett Packaging Pty Ltd is a business that manufactures and sells cardboard boxes.
You are employed by Packett Packaging as an accountant. Your duties include identifying
source documents and recording sales and purchases in the appropriate journals and
completing a BAS statement by the ATO due date (the date set by your assessor in this
scenario).
It is now the end of Q4 of the 2010–2011 financial year. The BAS statement is due to the ATO
before 28 July, but your CFO (assessor) requires the statement to be completed right away.
You have found 2 missing invoices from this quarter that will need to reflect in the BAS
statement:

Invoice 1

TAX INVOICE
From: Australian Paper Mills Pty Ltd
ABN: 32 123 456 789
10/06/2011
To: Packett Packaging Pty Ltd

Qty Description Unit price GST Total

10 300 x 500 corrugated $300 $30 $3,300

boxes (Pallet)

$3,300

Total price includes GST

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 Invoice 2

TAX INVOICE
From: Packett Packaging Pty Ltd
ABN: 87 671 495 227
10/06/2011
To: Kens Bargain Boxes Pty Ltd

Qty Description Unit price GST Total

7 300 x 500 corrugated $560 $56 $4,312

boxes (Pallet)

$4,312

Total price includes GST

You will need to record the transaction information contained in the source documents in
the appropriate journals and complete a BAS statement
Complete the following components of the BAS for the quarter ending December 2009.
● BAS calculation worksheet
● PAYG tax withheld – (W1, W2 and W5)
● GST requirements (using Option 1) G1, G2, G10 and G11
● Summary.

Packett Packaging BAS details are summarised below.

GST reporting frequency Quarterly

GST accounting basis Accruals

GST option Option 1

Calculation method Accounts

Instalment reporting frequency Quarterly

Instalment accounting basis Accruals

Instalment option Option 1

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 PAYG instalment amount 0

Withholding reporting frequency Quarterly

Other No FBT, WET, LCT, Fuel Tax Credits

Journal templates
Sales Journal (SJ01)

1 2 3 4 5 6 7

Date Debtor Folio no. Invoice no. Sales GST Debtors

details collected control

Purchases Journal (PJ01)

1 2 3 4 5 6 7

Date Creditor Folio no. Invoice no. Purchases GST paid Creditors
details control

Additional information

Organisation name Packett Packaging Pty Ltd

Established 01/07/2007

ABN/ACN 87 671 495 227/671 495 227

ABN Branch 347

Address 1357 Slippery Dip Trail, Ingleside, NSW, 2101

Postal Address PO Box 4589, Brookvale, NSW, 2100

Phone (02) 9905 0217

Fax (02) 9905 7210

Email packet-packaging-nsw@bigpond.com

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Organisational chart of accounts

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Use the table below as a working sheet. You can then transfer the same information onto
the BAS form.

Code Amount

Goods and Services Tax

G1

G2

G10

G11

PAYG Tax withheld

W1

W2

W5

Summary

1A

1C

1E

5A

6A

8A

1B

8B

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 BSB40215 Certificate IV in Business

BSBFIA402 Report on Financial Activity

Assessment 2 - Quiz

Read the question and highlight the appropriate answer:

Multiple Choice

Profit is equal to:

A. Income minus expenses
B. Receipts minus expenditures
C. Inflows minus outflows
D. Revenue minus expenses

The financial statement that reports the revenues and expenses for a period of time
such as a year or a month is the:

A. Balance Sheet
B. Income Statement
C. Statement Of Cash Flows
D. Bank Statement

The financial statement that reports the assets, liabilities, and shareholders'
(owner's) equity at a specific date is the:

A. Balance Sheet
B. Income Statement
C. Statement Of Cash Flows
D. None of the above

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Under the accrual basis of accounting, revenues are reported in the accounting
period when the:

A. Cash Is Received
B. Service or goods have been delivered
C. Accrual account reaches a minimum of $10,000
D. Either B or C

Under the accrual basis of accounting, expenses are reported in the accounting
period when the:

A. Cash Is Paid
B. Expense matches the revenues or is used up
C. Accrual expense account exceed $10,000
D. Either B or C

Assets are usually reported on the balance sheet at which amount?

A. Cost
B. Current Market Value
C. Expected Selling Price
D. Based on an independent valuers professional opinion

Unearned Revenues is what type of account?

A. Asset
B. Liability
C. Shareholders (Owner's) Equity
D. None of the above

Accounting entries involve a minimum of how many accounts?

A. One
B. Two
C. Three
D. None - it is a trick question

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What is a BAS?

A. Business Activation Schedule

B. Business Activity Statement
C. Bus Allocation Schedule
D. Business Authorization Statement

A Business Activity Statement is:

A. a tax reporting requirement for businesses issued by the ATO

B. a summary of all activities conducted by a business in a 30 day period
C. options A and C
D. None of the above

A Business Activity Statement is:

A. optional
B. Statutory/mandatory
C. negotiable
D. not applicable to small business, only large corporations

Read the statement and answer True or False

Fixed Assets include motor vehicles ______________

There is only one method for Depreciation ____________
Liabilities often have the word payable in their account title _____________
The listing of all of the accounts available for use in a company's accounting system is
known as the chart of accounts ______________

Select the correct answer

Which term is associated with "left" or "left-side"?

Debit
Credit

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Which term is associated with "right" or "right-side"?
Debit
Credit

When cash is received, the account Cash will be

Debited
Credited

When a company pays a bill, the account Cash will be

Debited
Credited

What will usually cause an asset account to increase?

Debit
Credit

What will usually cause the liability account Accounts Payable to increase?
Debit
Credit

Complete the missing word

Revenue minus expenses equals _________

Resources owned by a company (such as cash, accounts receivable, vehicles) are

reported on the balance sheet and are referred to as ________________

Obligations (amounts owed) are reported on the balance sheet and are referred to as
________________

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Developed by: Nortwest Pty Ltd Approved by: AM Issued: August 2017 Review: August 2018