ASSESSMENT 1 – This information is to be handed to each student to outline the assessment requirements For this assessment, students are to create and maintain a fixed asset register for Frank Demario. The information for this is provided in Appendix 1. Students should: • Create a relevant asset register database using appropriate software • Accurately enter asset information provided • Follow the correct method of calculating depreciation • Create a depreciation schedule for 5 years following the method of depreciation set (Appendix 1 example is Diminishing Value) • Maintain these documents for submission Complete the necessary steps to enter the following information: • On the 18th July 2014 Frank's Fax machine stopped functioning – it was unable to be repaired and was thrown out. • On the 21st August, Frank sold his Office Desk for $450 and upgraded to a new model desk valued at $890 The required changes should be made and printed off separately for submission Assessment Summary You are to submit the following evidence / perform the following tasks • Your completed / updated Fixed Asset Register • Depreciating Schedule • Your assessor will observe you developing this task (during class time) assignment:2 ASSESSMENT 2 – STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements For this assessment, students are required to Refer to Appendices 2-4. Students are required to utilise the information provided to undertake the following tasks: Part 1: Complete the following steps and record journal entries for balance day adjustments: • Record the general journal entries for October & November • Adjust expense and revenue accounts for prepayments and accruals as required • Any bad debt should be recorded appropriately following Australian Accounting Standards • Adjust ledger accounts for inventories and transfer this into final accounts. Patrick is able to store his fish for 2 months without them going bad. Students should next prepare final general ledger accounts as follows: • Enter general journal entries for balance day adjustments into general ledger • Post revenue and expense account balances • Ensure general ledger accounts reflect gross and net profits for the reporting period of October-November 2014. Note: The instructor may role play the part of Patrick if more information in term of company procedure etc is sought. Part 2: For this part, students are required to prepare end-of-period reports as instructed. • Prepare a revenue statement for the October-November Operating period that includes costs of goods sold, gross profit, operating net profit and any unclassified adjusted expenses / revenue • Prepare a balance sheet with organizational requirements to reflect final position of business (either Narrative or T format) • Ensure any errors are identified & referred to Patrick (Played by instructor). If adjustments are required, they should be done in accordance to the guidelines set by the instructor. This assessment must be undertaken using double entry accounting principles Assessment Summary You are to submit the following evidence / perform the following tasks • General ledger • Revenue statement • Balance sheet attached • Your assessor will observe you developing this task (during class time)