9. Update the stock card in Excel to include this sale.

10. On 25 June, 2016, a cheque from Sportspower Queensland was received in settlement of invoice 1.

11. On 25 June, bank the 2 cheques received from Sportspower.

12. A stocktake was taken at the end of June. Stocktake figures were as follows:

Enter the above stocktake figures in the company file.

(1 timber photo frame was damaged and needs to be written off.)

13. Complete the following:

(a) The opening stock value of Novelty Keyrings is $110.00. Referring to your Inventory card prepared in Excel, what is the closing stock value of Novelty Keyrings?

(b) Complete the correct journal entries, in the General Journal below. Do not enter this transaction into your company data file.

(c) What method of stock valuation is used for the Novelty Items – Key-rings in your company file?

14. Submit the following reports with your Assessment:

(a) Transaction Journal (All) for June 2016 - Save as “your name - Report 3”.

(b) General Ledger (Detail) for June 2016 - Save as “your name - Report 4”.

(c) Check all entries have been allocated to the correct accounts. Make any necessary adjustments.

(d) Balance Sheet as at 30 June 2016 - Save as “your name - Report 5”.

(e) Items List (Summary) as at 30 June 2016 - Save as “your name - Report 6”.

15. Backup your company file.

16. Complete the following:

(a) Prepare an Inventory Value Reconciliation report as at 30 June 2016. Save as “your name - Report 7”.

(b) What is the value of stock in the Stock Ledger?

(c) What is the balance of the Inventories Control account in the General Ledger?

(d) Does the Stock Ledger reconcile with the General Ledger?

17. Complete the following:

(a) Prepare a Profit and Loss (Accrual) Statement for period end 30 June 2016.

(b) Export the Profit and Loss to Excel. Save as “your name - Report 8”.

(c) What is the total cost of sales for the month of June?

18. Complete the following:

(a) What is the objective of AASB 102?

(b) According to AASB 102, when calculating the actual cost of purchases of inventories, what would you include (especially if importing from overseas)?

Ive-Been-Frames-Policies-Procedures-Manual