Accounting Assignment

CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 1
ASSESSMENT PLAN ASSESSMENT TASKS
CPP40307
CERTIFICATE IV IN PROPERTY SERVICES
(REAL ESTATE)
RECORDS A N D FI N ANC E S I N RE A L ESTA T E
BSBRKG3 0 4 Maint ain b u s ines s rec o r d s
BSBSMB 4 0 6A M anage s m all bus i ness f i nanc e s
CPPDSM4006A Est a b l is h a n d m a na g e a g e n c y t r ust ac c ou nt s
ASSESSMENT TASK 3
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 26
ASSESSMENT TASK 3
Assessment Task 3: Pr0ject – Preparing financial documents
What you need to do:
§ Complete the following financial documents for ABC Real Estate.
What you will need:
§ Research materials such as books, internet, magazines, workplace documentation etc.
§ Calculator
§ Templates (supplied as part of this task).
What you need to submit:
§ All parts to this task.
Instructions:
1. Consider the following extract from ABC Real Estate’s income budget.
§ Calculate the variance on income
§ Explain the possible causes of any negative variances.
Revenue for ABC Real Estate for July 20XX
July budget
$
July actual
$
Variance
$
Variance
%
Sales commissions 70,000 67,000
Property management commission 3,500 3,750
Letting fees 500 525
Auction fees 2,000 1,700
76,000 72,975
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 27
ASSESSMENT TASK 3
2. From the following trial balance, prepare the following using the templates provided at the end of this task.
§ Profit and loss statement for the period ending 30 April 20XX
§ Statement of financial position as at 30 April 20XX.
Trial balance – ABC Real Estate
as at 30 April 20XX
Account name Debit Credit
Premises 370,000
Bank (overdraft) 20,000
Utilities 3,750
Legal expenses 1,500
Accountant’s fees 1,000
Sales commissions 380,000
Commissions receivable 67,500
Telephone 9,200
Office equipment 35,000
Auction fees 5,500
Bank interest paid 1,250
Capital 100,000
Accounts payable 5,250
Sales staff commission 105,000
Letting fees 4,800
Corporate advertising 5,000
Repairs and maintenance 3,450
Bank loan 50,000
Office furniture 10,000
Property manager’s salary 50,000
WorkCover premium 7,600
Stationery 7,500
GST payable 7,645
Newspapers/magazines 850
Property management commission 63,000
Bank fees and charges 1,000
Motor vehicles 63,000
Petty cash float 500
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 28
ASSESSMENT TASK 3
Trial balance – ABC Real Estate
as at 30 April 20XX
Account name Debit Credit
Insurances 4,500
Interest received 250
Office staff salaries 52,000
Mortgage 175,000
Motor vehicle expenses 1,500
Professional and licence fees 2,000
General office expenses 3,000
Interest on mortgage 10,200
GST receivable 2,400
Creditors 7,255
818,700 818,700
3. Calculate the following ratios:
§ Current ratio
§ Working capital
§ Contribution margin ratio
§ Net profit ratio
§ Net profit after tax
§ Return on equity ratio
§ Debt to equity
§ Total debt to total assets
4. Report on the financial position of the organisation by reviewing the following:
§ Liquidity
§ Profitability
§ Leverage
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 29
ASSESSMENT TASK 3
Templates:
Profit and loss statement – ABC Real Estate
for period ending 30 April 20XX
$ $
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 30
ASSESSMENT TASK 3
Profit and loss statement – ABC Real Estate
for period ending 30 April 20XX
$ $
CPP40307 Certificate IV in Property Services (Real Estate)
© 2015 National Real Estate Learning Page 31
ASSESSMENT TASK 3
Statement of financial position – ABC Real Estate
as at 30 April 20XX

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