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BZ102 – Accounting Principles Assignment

   

Added on  2021-04-16

6 Pages1380 Words77 Views
BZ102 – ACCOUNTING PRINCIPLESPORTFOLIO QUESTIONS – Topics 3 & 4Question 1Assume that the following business is registered for GST.For each of the following transactions, indicate in the table belowa)Whether or not GST is applicable, and if so, how much is payable or able to be claimed as an input credit?b)Indicate which source document/s would provide evidence of the transaction? TransactionGST -yes orno?If GST, howmuch?Which source document/s would provideevidence of the transaction?Paid for overseas flights $2,200 to attend a conferenceNo.Bank statementPurchased goods on credit from W Willis $770Yes$70Tax Invoice of purchaseReceived and banked daily cash sales $1,807NoBank StatementSold inventories on credit to B. Blake $979Yes$89Tax Invoice of SalePaid a cheque to Telstra $429NoBank StatementBanked daily cash sales $1 716NoBank StatementBought goods on credit from M Miles $858Yes$78Tax Invoice of purchaseInterest received on investment account $63NoInterest certificate / Bank StatementMonthly wages and salaries paid directly from business bank account to various employees $4,600NoBank StatementPaid off some of the amount owing toM. Miles $700NoBank StatementDividend received from investment shares $215NoBank StatementSent tax invoice to C Hunter for goods sold $1,793Yes$163Tax Invoice of SaleReceived some money owing from an account receivable, C. Hunter, $1,100NoLedger and Bank StatementReturned some faulty goods which had been bought on credit from W. Willis for $80Yes$7.27Credit/ Debit NoteRecorded the interest which had been charged on overdrawn bank account - $28NoBank Statement

Question 2Transaction Analysis and Posting to the General LedgerRefer to the Journal entries which were prepared for Question 3 in topics 1 and 2 portfolio tasks for Sister’s Tiling Service. (You may use the correct journals which were provided as suggested solutions for that task)Required - a)Post from the journals to the general ledger accounts, in “T” format (Use the General Ledger paper provided below)b)Prepare a Trial Balance (refer attached)(Original transactions from Weeks 1 and 2 are reproduced below for your convenience)March 23Performed tiling services ‘cash job’ of $600, which was bankedMarch 25Received commission from Tiling Manufacturers Pty Ltd for being “best tradie” for the month.March 28Attended building site and repaired floor tiling. Invoiced the builder $350, due 7 days.March 29Paid apprentice wages $700March 30Client paid invoice from last week, directly to Sisters Tiling bank account, $1150March 31 Transferred $800 from bank account to pay monthly loan repayment.

Journal EntriesDateParticularsDr./Cr.Amount March 23Cash at Bank A/cDr.$ 600 To Service Fee RevenueCr.$ 600 March 28Accounts Receivable A/cDr.$ 350 To Service Fee RevenueCr.$ 350 March 29WagesDr.$ 700 To Cash at Bank A/cCr.$ 700 March 30Cash at Bank A/cDr.$ 1,150 To Accounts Receivable A/cCr.$ 1,150 March 31Loan from Bank A/cDr.$ 800 To Cash at Bank A/cCr.$ 800 General Ledger for Sister’s Tiling ServiceDEBITCREDITDateDetailsAmt. $DateDetailsAmt. $Capital A/c31/3/18Balance c/d44,0001/1/18Balance b/fwd40,0001/3/18From Cash at Bank4,00044,00044,000Cash at Bank A/c1/3/18From Capital4,00029/3/18Wages70028/3/18Service Fee Revenue60031/3/18Loan from Bank80030/3/18Accounts Receivable1,15031/3/18Balance c/d4,2505,7505,750

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