Process Financial Transactions and Extract Interim Reports

This report provides a detailed guide on how to process financial transactions and extract interim reports. It includes information on preparing financial statements, petty cash management, and cash receipts. The report also includes examples and step-by-step instructions. Suitable for accounting and finance students. Course code: N/A, Course name: N/A, College/University: N/A

Process Financial
Transactions
and
Extract Interim Reports

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Assessment Task 1 Cover Sheet......................................................................................................3
Assessment Task 2: Petty cash and cash receipts............................................................................9

INTRODUCTION
Accounting is wider field which involve recording of financial transactions and preparation
of financial statements and related reports. This report consists of two tasks, the first task is
related to preparation of financial statements like balance sheet, profit and loss and trial balance,
while second in second task petty cash book is prepared along with journal ledger. Both these
tasks are based upon given case scenario of Andrew.
MAIN BODY
Assessment Task 1 Cover Sheet
Provided Information
Cheque account $19,783
Furniture and fittings $14,200
Motor vehicles $7,520
Office equipment & computers $4,750
Plant & equipment $4,050
Inventory $127,540
Andrew’s Slabs’ liabilities
Accounts payable $14,200
Capital $45,000
Retained earnings $22,469
May month transactions:
May
02-May Purchase (Bank) 10000
06-May Sales 12000
15-May Utility Bills Paid 4500
16-May Credit Purchase 15700
17-May Other business expenses 3500
20-May Purchases 10000
28-May Sales 40000
Reconciliation of all
transactions with Bank
Statements
For May month
01-May Opening Balance 19783 19783
02-May Purchase 12000 7783
06-May Sales 12000 19783

15-May Utility Bills Paid 4500 15283
17-May Other business expenses 3500 11783
20-May Purchases 10000 1783
28-May Sales 40000 41783
Profit and Loss Account May ($)
Total Revenue 52000
Cost of goods sold 35700
Gross Profit 16300
Expenses
Utility Bills 4500
Other Business Expenses 3500
Total Expenses 8000
Net Profit 8300
Balance Sheet as on May month ending
Assets May ($)
Current Assets
Bank Account 41783
Inventories 33366
Total Current Assets 75149
Non-current Assets
Furniture and fittings 14200
Motor vehicles 7520
Office equipment & computers 4750
Plant & equipment 4050
Total non-current assets 30520
Total Assets 105669
Current Liabilities
Accounts payable 29900
Non-current Liabilities -
Total Liabilities 29900

Net Assets 75769
Owner's Equity (including retained earning) 67469
Net Profit 8300
Total Equity 75769
Trail Balance
Accounts Dr. Cr.
Bank Account 41783
Inventories 33366
Furniture and fittings 14200
Motor vehicles 7520
Office equipment & computers 4750
Plant & equipment 4050
Accounts payable 29900
Owner's Fund 67469
Revenue 52000
Cost of goods sold 35700
Utility Bills 4500
Other Business Expenses 3500
149369 149369
Cash Flow Statement
Cash flow from operating activities
Total Revenue 52000
Cost of goods sold -35700
Utility Bills -4500
Other Business Expenses -3500
Inventory Change 13700
Net Flow 22000
Opening Balance 19783
Closing Balance 41783
June Month Transactions:
June
04-Jun Purchase 21000
10-Jun Sales 26000
18-Jun Utility Bills Paid 4750
21-Jun Other business expenses 3850
25-Jun Credit Purchase 16800

28-Jun Purchases 18750
30-Jun Sales 45000
Reconciliation of all transactions with Bank Statements
01-May Opening Balance 41783 41783
04-Jun Purchase 21000 20783
10-May Sales 26000 46783
18-May Utility Bills Paid 4750 42033
21-May Other business expenses 3850 38183
28-May Purchases 18750 19433
30-May Sales 25350 44783
Profit and Loss Account June ($)
Total Revenue 71000
Cost of goods sold 56550
Gross Profit 14450
Expenses
Utility Bills 4750
Other Business Expenses 3850
Total Expenses 8600
Net Profit 5850
Balance Sheet as on June month ending
Assets May ($)
Current Assets
Bank Account 44783
Inventories 53016
Total Current Assets 97799
Non-current Assets
Furniture and fittings 14200
Motor vehicles 7520
Office equipment & computers 4750
Plant & equipment 4050
Total non-current assets 30520
Total Assets 128319
Current Liabilities

Accounts payable 46700
Non-current Liabilities -
Total Liabilities 46700
Net Assets 81619
Owner's Equity (including retained earnings) 75769
Net Profit 5850
Total Equity 81619
Trail Balance
Accounts Dr. Cr.
Bank Account 44783
Inventories 53016
Furniture and fittings 14200
Motor vehicles 7520
Office equipment & computers 4750
Plant & equipment 4050
Accounts payable 46700
Owner's Fund 75769
Revenue 71000
Cost of goods sold 56550
Utility Bills 4750
Other Business Expenses 3850
193469 193469
Cash Flow Statement
Cash flow from operating activities
Total Revenue 71000
Cost of goods sold -56550
Utility Bills -4750
Other Business Expenses -3850
Inventory Change -5850
Net Flow 3000
Opening Balance 41783
Closing Balance 44783

Assessment Task 2: Petty cash and cash receipts
Balance the Petty Cash Log and prepare for reimbursement of the Petty Cash Fund:
Date Voucher
Number
Particulars Total Paid Who paid
Apr-01 1001 Taxi Fare 27.5 David
3 1002 Ring binders 8.8 Angela
8 1003 Coffee and sugar for staff
room
28.6 Angela
12 1004 Fruit for staff room 12.3 Angela
18 1005 Carton of paper for
photocopier
19.8 Angela
23 1006 Taxi fare 16.5 David
25 1007 New kettle for staff room 26.4 Andrew
25 1008 Taxi fare 25.3 Andrew
29 1009 Fruit for staff room 13.2 Angela
Petty Cash Fund 178.4
Batch and total the cheques:
Denomination Quantity Value
Notes
$100 1 $ 100
$50 1 $ 50
$20 1 $ 20
$10 5 $ 50
$5 5 $ 25
Coins
$2 11 $ 22
$1 21 $ 21
50c 10 $ 5
20c 20 $ 4
10c 20 $ 2

5c 20 $ 1
Total $ 300
Petty Cash Book:
Petty
Cash
Book
Date Amount
Received
Date Particulars Amount
Paid
Taxi
Fare
Ring
binders
Refreashment
Expenses
Photocopy
Expenses
Apr-
01
Taxi Fare 27.5 27.5
03-
Apr
Ring
binders
8.8 8.8
08-
Apr
Coffee and
sugar for
staff room
28.6 28.6
12-
Apr
Fruit for
staff room
12.3 12.3
18-
Apr
Carton of
paper for
photocopier
19.8 19.8
23-
Apr
Taxi fare 16.5 16.5
25-
Apr
New kettle
for staff
room
26.4 26.4
25-
Apr
Taxi fare 25.3 25.3
29-
Apr
Fruit for
staff room
13.2 13.2
01-
May
178.4
Total 178.4 Total 178.4 69.3 8.8 80.5 19.8
General Journal

Dr. Cr.
Taxi Fare 27.5
Petty Cash 27.5
Ring binders Expenses 8.8
Petty Cash 8.8
Coffee and sugar for staff room 28.6
Petty Cash 28.6
Fruit for staff room 12.3
Petty Cash 12.3
Carton of paper for photocopier 19.8
Petty Cash 19.8
Taxi fare 16.5
Petty Cash 16.5
New kettle for staff room 26.4
Petty Cash 26.4
Taxi fare 25.3
Petty Cash 25.3
Fruit for staff room 13.2
Petty Cash 13.2
Petty Cash 178.4
Petty Cash Reimbursement Fund 178.4