Organisational Policies and Procedures

Added on - 21 Feb 2021

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include your totals in your journals, I have attached a file that should help you makecorrections where needed, there has been a carry on effect from errors early in theassignmentAdd the bank interest/expense to the cash payments and cash receipts etc. and checkcalculationsAreas Marked need to be Looked over and correctedJolly Amusements commenced operations in January with a minigolf course and gamesparlour. The accounts manager (Jenny Chee) has kept a full set of journals which areshown below. You are required to:a)Check that all journals have been properly authorised in accordance with theOrganisational Policies and Procedures. Add the name of the authoriser if not alreadyincluded. (Note: The Organisational Policies and Procedures require that journals besigned and dated by the accounts manager prior to being posted to the Generalledger.)b)Reconcile the bank account and prepare a Bank Reconciliation Statement as at31January 2018c)Total and balance the journals as required.d)Post the journals to the General Ledger accounts.e)Prepare the Trial balance as at 31 January 2018.f)Prepare the Income Statement for the period ended 31 January 2018 on the templateprovided.g)Preapare the Balance Sheet as at 31 January 2018 on the template provided.General Journal CorrectDebit21.01.18Motor vehicle10,500Equipment at cost700Capital11,200(Ownerintroduced assetsinto the business)23.01.18Equipment at cost1,500GST paid150
Accounts payable(Purchased equipment on credit)31.01.18Accounts receivable10Late Fee Revenue(Late fee charged on GDT Pty Ltdaccount )Authorised:Jenny Chee31.01.18Sales Journal CorrectDateInvoice no.Sold to:Sales*GSTcollectedAccountsreceivable05.01.181214Solid SolutionsLtd1020.00102.001122.0009.01.181256Allens Accounting620.0062.00682.0010.01.181259Gumby FootyClub755.0075.50830.5011.01.18CN554Allens Accounting-40.00-4.00-44.0015.01.181285GDT Pty Ltd230.0023.00253.0024.01.181304S Smith154.0015.40169.4031.01.181324Goodfield SHS140.0014.00154.00Totals2892.00287.903166.90Authorised:Jenny Chee31.01.18* All credit sales include GST.Purchases Journal CorrectDateInvoice no.Bought from:PurchasesGST paidAccountspayable04.01.18100471CocaCola Ltd485.0048.50533.50
04.01.1856594DonaldsonsDairy124.000124.0005.02.182201AllensConfection260.0026.00286.0007.01.18567AllensConfection-20.00-2.00-22.0008.01.185546Clear Springs155.000155.0013.01.1856594DonaldsonsDairy146.005.50151.5015.01.18102484CocaCola Ltd845.0084.50929.5019.01.1844494CocaCola Ltd-42.00-4.20-46.2020.01.188997Gmart Golf62.006.2068.2030.01.1856657DonaldsonsDairy180.0018.00198.00Totals2195.00182.502377.50Authorised:JennyChee31.01.18
Cash Receipts Journal*Cash sales include GST Free sales and taxable sales.Areas Marked yellow need fixingDateRef no.ParticularsFolio/accountGST CollectedSales*OtheraccountsAccountsreceivableDiscountAllowedBank06.01.18215Cash salesSales142.001510.001,652.0008.01.18216Cash salesSales135.001,410.501,545.5010.01.18217Cash salesSales5.0050.0012.01.18218Cash salesSales36.40387.20478.6013.01.18219Rent receivedRent110.001,100.001,210.0014.01.18220Solid SolutionsA/C Rec1122.001,122.0018.01.18221Cash salesSales62.50690.10752.6021.01.18222Gumby FootballClA/C Rec830.50830.5022.01.18223Cash salesSales40.00400.00440.0028.01.18224S SmithA/C Rec169.40169.429.01.18225Cash salesSales35.00380.00584.4030.01.18226OwnercontributionCapital2,000.002,000.0031.01.18227Cash salesSales121.001,245.001,366.00From bankstatementexcludingcontra entriesDeposits7315.787315.78Totals686.96072.810415.782121.919521.78
tmpo_d6gzt0A92468_15650948601565100807537.docCash Payments JournalAreas Marked yellow need fixingDateRef no.ParticularsFolio/AccountGST PaidPurchasesOtheraccountsAccountspayableDiscountReceivedBank01.01.1845ColesPurchases35.60384.20419.8004.01.1846Ready RealtyRent paid100.001,000.001,100.0011.01.1847CocaCola LtdA/C Pay533.50533.5011.01.1848TelephoneTelephone32.40324.00356.4011.01.1849Donaldsons DairyA/C Pay124.00124.0013.01.1850Cash purchasesPurchases4.3043.0047.3013.01.1851WagesWages430.00430.0014.01.1852Clear SpringsVarious-0.50155.00-5.00149.5022.01.1853CocaCola LtdA/C Pay883.30883.3026.01.1854Gmart Golf -ClubsEquipment230.002,300.002,530.0027.01.1855WagesWages510.00510.0031.01.1856Donaldsons DairyA/C Pay198.00198.00From B/Sexcludingcontra entries844.3844.3Totals401.81427.24408.31893.88126.1
The BankStatement forJanuary 2018JollyAmusements2018WithdrawalsDepositsBalance1 JanOpening balance25,154.68 Cr4 JanDeposit1,256.0026,410.68 Cr4 JanWithdrawal - Chq 000043176.0026,234.68 Cr5 JanWithdrawal – Chq 000045419.8025,814.88 Cr7 JanDeposit1,652.0027,466.88 Cr9 JanDeposit1,545.5029,012.38 Cr12 JanWithdrawal – Chq 000047533.5028,478.88 Cr12 JanWithdrawal – Chq 0000461,100.0027,378.88 Cr12 JanDeposit478.6027,857.48 Cr12 JanWithdrawal – Chq 000048356.4027,501.08 Cr13 JanWithdrawal – Chq 000049124.0027,377.08 Cr13 JanDeposit1210.0028,587.08 Cr15 JanWithdrawal – Chq 000051430.0028,157.08 Cr15 JanDeposit1122.0029,279.08 Cr17 JanWithdrawal – Chq 000052149.5029,129.58 Cr18 JanDirect debit Loan – TheBank230.0028,899.58 Cr21 JanDeposit752.6029,652.18 Cr
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