ACCY5101 Assessment Brief

Weighting – 20%

Learning outcomes

1. Apply accounting concepts and standards to prepare financial statements for an organisation.
2. Process end-of-period and balance day adjustments for an organisation.
3. Apply tax rules for individuals and small businesses in Aotearoa New Zealand

Instructions

Complete and submit your assessment according to the Open Polytechnic’s Assessment webpage. This includes information on academic integrity, formatting, word limits and referencing.

• Include your name, student number and the assessment number.
• Number your pages.

Submission

• Submit your assessment in one or two files.
• Submit your work through your iQualify course.
• Emailed assessments will not be accepted.
• You will receive an automated notice advising you of your successful submission.

By submitting your assessment, you confirm that it is your own original work.

You are a junior accountant at Accountable Accounting Ltd. Your supervisor, Selena, emails you the following:

“Mōrena. Sorry, I’m off sick today. I have client meetings lined up in two days’ time. I need you to assist me in preparing for these meetings by completing three tasks. Once you complete these tasks, send them to me for review.

Please complete the following:

1. Panitahi Land Trust: Prepare financial statements for the 2026 financial year and give the trustees some advice.
2. Luigi Moretti: Prepare a statement of cash flows for Azzurra Mediterranean Warehouse.
3. Helena Dupont: Prepare 2026 financial statements for Lena’s Cuisine.

See below for a summary of each client with all the relevant information and a more detailed description of what I require you to do.

Ngā mihi.”

Task 1: Māori Land Trust

Scenario

Panitahi Land Trust is an Ahu Whenua Trust under section 215 of Te Ture Whenua Māori Act 1993. Panitahi Land Trust provides papakāinga (communal Māori land) housing at affordable rentals to whānau, along with leasing land to the neighbouring farmer and providing contracting services.

Prepare the following financial statements for Panitahi Land Trust using the adjusted trial balance as at 31 March 2026:

(c) the statement of profit or loss with all expenses listed under the heading ‘Operating expenses’

(9 marks)

(c) the statement of changes in equity

(2 marks)

(c) The trustees of Panitahi Land Trust also have the following questions for you: We are considering no longer getting our accounts audited because of the additional costs. Can you explain our responsibilities in relation to keeping accounts? How do we find out if an audit is required?

(2 marks)

(d) One of the items included in the trial balance is ‘koha’. Explain what ‘koha’ is and how it is treated in the Trust’s financial statements.

(3 marks)

Panitahi Land Trust

Adjusted Trial Balance as at 31 March 2026