Process Financial Transactions and Extract Interim Reports

This document provides a detailed guide on how to process financial transactions and extract interim reports. It includes step-by-step instructions and examples for various tasks such as petty cash management, advertising expenses, rent payments, and more. Suitable for finance and accounting students.

Process Financial
Transactions
And
Extract Interim Reports

Table of Contents
TASK...............................................................................................................................................3
(1)...........................................................................................................................................3
(2)...........................................................................................................................................4
ASSESSMENT................................................................................................................................6

TASK
(1).
Date Particulars Debit Credit
1 Petty Cash A/c Dr. $300
To Bank A/c 300
(Being cheque #013 drew to establish an imprest petty cash fund.)
2 Advertisement A/c Dr. $15.62
To Petty Cash A/c $15.62
(Being cash paid for an advertisement in the local newspaper: Voucher #1)
3 Stationery A/c Dr. $11.22
To Petty Cash A/c $11.22
(Being cash paid for office stationery: Voucher #2)
5 Courier Service A/c Dr. $9.02
To Petty Cash A/c $9.02
(Being cash paid for courier service: Voucher #3)
8 Rent A/c Dr. $363
To Bank A/c $363
(Being cheque #014 drew to pay the April rent)
9 Stationery A/c Dr. $13.42
To Petty Cash A/c $13.42
(Being cash paid for office stationery: Voucher #4)
11 Postage Stamps A/c Dr. $19.80
To Petty Cash A/c $19.80
(Being cash paid for postage stamps: Voucher #5)

12 Accounts Payable A/c Dr. $480
To Bank A/c $480
(Being cheque #015 drew to pay an account payable)
15 Office Supplies A/c Dr. $8.25
To Petty Cash A/c $8.25
(Being cash Paid for office supplies: Voucher #6)
16 Drawing A/c Dr. $250
To Bank A/c $250
(Being cheque #016 drew to Jack for personal use)
(2).
Jan Brown Petty Cash Book
For 01/07/2015 through 05/07/2015
Date
Cheque/
Voucher No. Description
Amount
Deposited
Amount
Withdrawn
Approved
By
01/07/15 Ch. No. 241 Deposit to petty cash $100.00
01/07/15
Voucher No.
001 Paid for: Stationery $19.20 J. Brown
02/07/15
Voucher No.
002 Paid for: Taxi fare $7.80 J. Brown
02/07/15
Voucher No.
003 Paid for: Postage $6.00 J. Brown
03/07/15
Voucher No.
004 Paid for: Amenities $8.50 J. Brown

03/07/15
Voucher No.
005 Paid for: Stationery $19.20 J. Brown
04/07/15
Voucher No.
006 Paid for: Stationery $4.80 J. Brown
04/07/15
Voucher No.
007 Paid for: Postage $6.00 J. Brown
05/07/15
Voucher No.
008 Paid for: Taxi fare $9.60 J. Brown
05/07/15 Ch. No. 312 Reimbursement $18.90
Totals $100.00 $100
01/07/15 Petty Cash A/c Dr. $100
To Bank A/c $100
(Being cheque no. 241 drew to establish an
imprest petty cash fund.)
01/07/15 Stationery A/c Dr. $13.42
To Petty Cash A/c $13.42
(Being Stationery expenses paid)
02/07/15 Taxi-fare A/c Dr. $7.80
To Petty Cash A/c $7.80
(Being taxi-fare paid)
02/07/15 Postage Expenses A/c Dr. $6.00
To Petty Cash A/c $6.00
(Being postage expenses paid)
03/07/15 Amenities A/c Dr. $8.50

To Petty Cash A/c $8.50
(Being Amenities paid)
03/07/15 Stationery A/c Dr. $19.20
To Petty Cash A/c $19.20
(Being Stationary expenses paid)
04/07/15 Stationery A/c Dr. $4.80
To Petty Cash A/c $4.80
(Being Stationary expenses paid)
04/07/15 Postage Expenses A/c Dr. $6.00
To Petty Cash A/c $6.00
(Being postage expenses paid)
05/07/15 Taxi-fare A/c Dr. $9.60
To Petty Cash A/c $9.60
(Being taxi-fare paid)

ASSESSMENT
PURCHASES RETURNS AND ALLOWANCES JOURNAL – TYRES WORLD
Date Adjust No Supplier
Post
Ref
Invoice
No
Purchase
s
Returns
CR
GST
paid
CR
Accou
nts
Payab
le
DR
20 July,
20XX 441 Best Tyres
ABN
35933853
286 500.00 50.00 550
20 July,
20XX 1782 Motor Supplies
ABN
26043854
287 30.00 30.00 330
530.00 80.00 880
PURCHASES JOURNAL – TYRES WORLD
Date Invoice No
Purchas
es
Order
No Supplier
Post
Ref
Purcha
ses DR
GST
paid
DR
Accoun
ts
Payabl
e CR
1 July, 20XX
ABN
35933853286 124 Best Tyres 4994
EOM
after
EOM
4,500.0
0
450.
00
4,950.
00
8 July, 20XX
ABN
35933853286 126 Best Tyres 5001
EOM
after
EOM
4,000.0
0
400.
00
4,400.
00

10 July,
20XX
ABN
26043854287 130
Motor
Supplies 1781
EOM
after
EOM 500.00
50.0
0 550.00
18 July,
20XX
ABN
35933853286 135 Best Tyres 5010
EOM
after
EOM
5,000.0
0
500.
00
5,500.
00
14000 1400 15400
SALES JOURNAL – TYRES WORLD
Date Invoice No Customer
Post
Ref
Sales
CR
GST
Collected
CR
Account
s
Receivab
le
DR
3 July, 20XX
ABN
45789123447
Pine Shire
Council 15 7500 750 8250
10 July, 20XX
ABN
45789123447 Seymore Logistics 19 4250 425 4675
10 July, 20XX
ABN
45789123447 Lilydale Transport 20 1400 140 1540
15 July, 20XX
ABN
45789123447 Seymore Logistics 21 850 85 935
20 July, 20XX
ABN
45789123447 Hugh Jackson 22 1200 120 1320
15200 1520 16720
SALES RETURNS AND ALLOWANCES JOURNAL – TYRES WORLD
Date Adjust No Customer Post Sales GST Accounts

Ref
Returns
DR
Collecte
d DR
Receivab
le
CR
4 July, 20XX
ABN
45789123447 Pine Shire Council 6 300 30 330
20 July, 20XX
ABN
45789123447 Hugh Jackson 7 50 5 55
350 35 385
CASH RECEIPTS JOURNAL – TYRES WORLD
Date
July Particulars
Ref
No. Credits
Accounts
Receivab
le
Control
[no GST]
Tyre
Sales
[ex GST]
Interest
[no
GST]
Other
Account
s
GST
Collect
ed
Amts
deposited
Account
Amt ex
GST
6 July,
20XX T J Smith 16 100 10 110
6 July,
20XX M Smith 17 500 50 550
6 July,
20XX
Rosedale
Properties 18 700 70 770
15 July,
20XX
Pine Shire
Council R44 7500 750 8250

15 July,
20XX
Seymore
Logistics R45 4250 425 4675
22 July,
20XX
Cash sales of
accessories 24 400 40 440
22 July,
20XX M Madden 23 200 20 20
22 July,
20XX
Lilydale
Transport R46 1400 140 1540
22 July,
20XX
Suncorp
Insurance for
refund Cheque 210 - 210
15260 1505 16565
CASH PAYMENTS JOURNAL – TYRES WORLD
Date
July Particulars
Ref
No
Post
Ref Credit Debit
Bank
Accounts
Payable
[no
GST]
Wages
[no
GST]
Fuel
[ex
GST]
Advertising
[ex GST] Drawings
Office
Equipment
G
P
A
G
1
July,
20XX
The
Chronicle:
Advertising 612 330 300
1
July,
Local
Garage: Fuel
613 99 90

20XX
6
July,
20XX
Downs
College:
School Fees
for daughter 614 700 700 -
10
July,
20XX
Payment to
Best Tyres 615 4400 4400 -
12
July,
20XX
Carol Ward:
Wages 616 360 360 -
16
July,
20XX
Web-sitters:
Advertising 617 165 150
18
July,
20XX
Local
Garage: Fuel 618 110 100
20
July,
20XX
Office-works:
Office
Equipment 619 440 400
20
July,
20XX
Payment to
Best Tyres 620 1000 1000
28
July,
20XX
Carol Ward:
Wages 621 360 360
7964 5400 720 190 450 700 400 10
GENERAL LEDGER of Tyres World

110 Bank
Date Particulars Ref Debit Credit Balance Dr/Cr
July 1 Balance GJ 10,000 10,000 Dr
6 July,
20XX T J Smith 110 10110
6 July,
20XX M Smith 550 10660
6 July,
20XX Rosedale Properties 770 11430
15 July,
20XX Pine Shire Council 8250 19680
15 July,
20XX Seymore Logistics 4675 24355
22 July,
20XX Cash sales of accessories 440 24795
22 July,
20XX M Madden 20 24815
22 July,
20XX Lilydale Transport 1540 26355
22 July,
20XX
Suncorp Insurance for
refund 210 26565
Balance 26565 26565
120 Accounts Receivable (Debtor)
Date Particulars Ref Debit Credit Balance Dr/Cr
Balance
3 July,
20XX Pine Shire Council 8250
8250
10 July,
20XX Seymore Logistics 4675
12925

10 July,
20XX Lilydale Transport 1540
14465
15 July,
20XX Seymore Logistics 935
15400
20 July,
20XX Hugh Jackson 1320
16720
Balance
150 Office Equipment
Date Particulars Ref Debit Credit Balance Dr/Cr
1 July,
20XX
Balance 8000 8000 Dr
Purchase of office
equipment
400 8400 Dr
Balance 8400 Dr
Bank Reconciliation
31 July 20XX
Credit Balance as per Bank Statement 31 July 10000
Less Un-presented cheques:
02/07/20xx Cheque 612 330
03/07/20xx Cheque 613 99
11/07/20xx Cheque 615 4400
12/07/20xx Cheque 614 700
18/07/20xx Cheque 616 360
28/07/20xx Cheque 620 1000
28/07/20xx Cheque 621 360 7249
Less: Other Adjustment

EFT – Lease 1100
Bank Charges 18
Add: Deposit in Transit
06/07/20xx Cash and Cheques 1430
15/07/20xx Cash and Cheques 12925
22/07/20xx Cash and Cheques 2410 16765
Add: Interest Received 82
Equals Debit Balance as per Bank Account 31 July 18480
Income Statement
Revenue 20xx
Sales revenue 15,200
Less: sales returns and allowances (350)
GST Received 2,990
Interest revenue 82
Other revenue 65
Total Revenues 17,987
Expenses
Purchases 14000
Less: Purchase Return -530
Advertising 450
Wages 720
Fuel 190
GST Paid 1,424

Office Equipment 400
EFT – Lease 1,100
Bank Charges 18
Provision for Doubtful debts @5% 817
Depreciation @ 20% 8,680
Total Expenses 27,269
Income from Continuing Operations (9,282)
BALANCE SHEET – TYRES WORLD
As at 31 July 20XX
ASSETS
Bank 27081
Stock on Hand (tyres, accessories) 13620
Office Equipment 8400
Motor Vehicles 35000
Trade Receivables 16335
Less: Provision for doubtful debts 816.75 15518.25
99619.25
Less LIABILITIES
Bank Loan 40000
Trade Payable 14520
OWNER’S EQUITY

Capital 28000
Add:Net Profit -9281.75
Less: Drawings 700 18018.25
Complete the following General Journal entry.
Particulars Ref Debit Credit
July 1 Bank 27081
Stock on Hand (tyres,
accessories)
13620
Office Equipment 8400
Motor Vehicles 35000
Trade Receivables 15518.25
To Bank loan 40000
To Trade payables 14520
To Equity 18018.25
To reserve and surplus 27081
3.
Trial Balance of Brown
As at 30 June
Unadjusted trial balance Adjusted trial balance
Debit Credit Debit Credit
Capital 374,000 374,000
Drawings 32,000 32,000
Sales 210,000 210,000
Cost of goods sold 130,000 130,000
Inventory 21,000 21,000

Accounts receivable control 18,700 15,700
Allowance for doubtful debt 4,600 1600
Land 296,900 296,900
Buildings 44,600 44,600
Accumulated depreciation – buildings 1,200 1,200
Motor vehicle 29,200 29,200
Accumulated depreciation – motor
vehicle
6,500 6,500
Accounts payable control 28,300 23,800
GST collected 1,200 1,200
Sales salaries 31,200 31,200
Rent expense 1,100 1,100
Motor vehicle expenses 10,400 10,400
GST paid 3,200 3,200