Assessment Task 2 — Written Assessment Part B

Question 1             Total 10

The following transactions occurred during the month of January 2021 for Star Pharmacy. All amounts are GST inclusive unless otherwise stated.

 

January 3	Purchased inventory for $2 970 on credit terms of 4/10 net 30.
January 4	Returned $440 of the inventory purchased on 3 January as it was not what was ordered.
January 6	Paid a freight bill of $121 on the 3 January purchase.
January 9	Purchased inventory for cash of $1 870.
January 10	Sold inventory on credit for $4 785. Credit terms were 2/15 net 30. The cost of the inventory was $2 500 net of GST.
January 12	Paid the amount from the credit purchase on 3 January.
January 16	Granted a sales allowance of $550 on the 10 January sale.
January 18	Paid freight bill of $66 on the 10 January sale.
January 25	Received cash from the customer from the 10 January sale.

 

 

Required

 

Record the above transactions in the journal of Star Pharmacy. Journal pages are included in the ‘Written Assessment Resources’ folder in Moodle. Explanations/narrations are not required for the journal entries. 

     (10 marks)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 2             Total 10

 

Wilson Engineering is a metal engineering and steel fabrication business. On 1 July 2020, Wilson Engineering paid $27 000 to purchase an item of machinery. On this date it was estimated that the item of machinery had a useful life of four years and a residual value of $3 000. Wilson Engineering uses the straight-line method of depreciation for non-current assets. Wilson Engineering has a 30 June reporting date.

 

 

Required

1. Prepare the appropriate journal entries to account for (1) the purchase of the item of machinery and (2) depreciation for the years ending 30 June 2021 to 30 June 2024 and prepare a table using the following format to show the accumulated depreciation and carrying amount of the item of machinery over its useful life.               (4 marks)

 

Date	Cost	Accumulated depreciation	Carrying amount
30 June 2021
30 June 2022
30 June 2023
30 June 2024

 

2. Assume that the item of machinery was sold for $10 000 cash on 1 January 2023. Prepare the journal entries to record the sale of the item of machinery on this date.           (3 marks)

 

3. Assume that the item of machinery was sold for $8 000 cash on 1 October 2023. Prepare the journal entries to record the sale of the item of machinery on this date.           (3 marks)

 

Note

Journal pages are included in the ‘Written Assessment Resources’ folder in Moodle. Explanations/narrations are not required for the journal entries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 3               Total 5

 

1. Define sustainability reporting and explain the main characteristics of a sustainability reporting approach.                 (2 marks)

 

2. What are the GRI Guidelines, and how would they be of assistance to a company interested in preparing a sustainability report?               (3 marks)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assignment Information

 

 

Assignment presentation

You do not need to include a title page or a table of contents.

 

Use the question numbers to indicate which question you are answering. You do not need to include the question as part of your answer.

 

You should number all the pages and include your name and student number (as either a Header or a Footer) on each page.

 

You should use a consistent font and font size throughout your assignment. Suggested fonts include Calibri or Arial. The font size should be 11 or 12.

 

 

Referencing

Your assignment should include references (both in-text and in a reference list) that conforms to the American Psychological Association (APA) style. 

 

A copy of ‘The Abridged American Psychological Association Referencing Style Guide (APA) 2020’ can be accessed from the CQUniversity Referencing Guides web page:

 

https://sportal.cqu.edu.au/learning-support/academic-and-study-help/referencing