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BSBFIA402 Assessment task 1

General Journal

General Journal Packett Packaging Pty Ltd

Date Account # Debit Credit

Asset acquisition

1/7/2010 1-1150 Cash in bank 88,000

1-5110 Motor vehicle 80,000

2-3030 GST 8,000

Total 88,000 88,000

General Journal Packett Packaging Pty Ltd

Date Account # Debit Credit

Depreciation entry

30/6/2011 1-5210 Accumulated 10,000


depreciation

6-0160 Depreciation 10,000


expense

Total 10,000 10,000

You notice a discrepancy. Another employee has created the following unauthorized
entry for the acquisition of the sales vehicle.

Date Account # Debit Credit

Asset acquisition

1/7/2010 1-5111 Motor vehicle 88,000

1-1150 Cash at bank 88,000

Total 88,000 88,000


BSBFIA402 Assessment task 1

Organisational asset register template

Asset register
Packett Packaging Pty Ltd

Asset description: Motor vehicle General Ledger acct: 1-5210

Value: $60,000 Person responsible: Fai

Depreciation method: Prime GST Depreciation rate: 12.5%

Estimated life: 8 years


Authorisation Asset Date Details Asset Accumulated
ID Depreciation

Debit Credit Balance Debit Credit Balance


x 1 1/7/2010 Motor vehicle 80000 80000

x 1 30/6/2011 Acc. dep. 10000


70000
30/6/2012 Accumulated
10000
depreciation
60000

30/6/2013 Accumulated 10000


depreciation 50000
30/6/2014 Accumulated
10000
depreciation
40000

30/6/2015 Accumulated 10000


depreciation 30000

30/6/2016 Accumulated 10000


depreciation 20000

30/6/2017 Accumulated 10000


depreciation 10000

30/6/2018 Accumulated 10000 0


depreciation

Authorisation Disposal Disposal method Disposal amount


date