Administer Subsidiary Accounts and Ledgers - Desklib

Administer subsidiary
accounts and ledgers

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Enter the suppliers bills and payments........................................................................................3
Entries of Customer Invoices receipts.........................................................................................4
Entries of Customer receipts.......................................................................................................5
Aged Receivables and Aged Payables Report..........................................................................10
Answer the questions on the basis of the prepared reports.......................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
A subsidiary ledger account is very similar to the accounts which are made in the general
ledger accounts. Its purpose it to provide the details and equalise the balance of the specific
ledger accounts. Because the general ledgers only provide the closing balance but it provide the
details from which the result is calculated in the ledgers. It tracks the information of the
transactions such as, accounts receivable and payables (Kuter, and et. al., 2017). In this report,
the bill and payments made to the supplier is made, Customer receipts and invoices. The aged
receivable and payables calculation is performed and an analysis is made on the basis of the
results. The journal entries are also performed on the basis of the adjustments given. The GST
and income tax calculations is also made where needed.
MAIN BODY
Enter the suppliers bills and payments.
A journal book is the day book in which firms are required to record all its transactions
on daily basis and in chronological order. It comprises of all the entries along with the amount in
which that entry took place an a brief narration telling about the description of the accounts. The
values are recorded on the debit and credit side on the basis of the nature of that account
(Sunyaev, 2020).
Journal Entries
In the books of Surf and Skate Ltd.
Date Particulars Debit Credit
04/03/20 General Expenses
Jimmy’s Garden Maintenance
(The general expenses are made for monthly lawn
mowing)
165
165
05/03/20 Advertisement Expenses
Skate Review
(Full page advertisement expenses are made)
610
610
06/03/20 Subscription Expenses
Sun Weekly
275
275

(The annual subscription expenses are being made)
08/03/20 Stock
Convex
(The Long Skate Board Black is purchased as an
inventory of 10 units)
749.9
749.9
08/03/20 Stock
Sun n Surf Supplies
(The invetory of men's and women's blue and gold
swimwear is purchased of different quantity at
different prices)
1914.5
1914.5
10/03/20 Stock
Quicksilver
(The purchase of sunglasses, sack and t-shirt is
stocked with 10, 20 and 5 quantities)
495.65
494.65
10/03/20 Stock
Hang 10
(The short and long surf is purchased as inventory
of 5 quantity)
1199.5
1199.5
15/03/20 Office Equipment
Office Worx
(The HP Printer is purchase for office use)
198
198
Entries of Customer Invoices receipts.
Date Particulars Debit Credit
15/11/19 Janine Westaway
Sales
(The sales of Long surg board is done)
299..99
299.99
05/01/20 Bells Surf Club 1299.95