Managing Accounts Receivable and Payables

There are 3 stages for this assignment. Please Complete all and with balance.
Posting to the ledger
Post journals to ledger in line with organisational input standards
Enter data into system according to organisational input standards and allocate transactions
to system and accounts
Extract and check trial balance and prepare other required interim reports
Determine scope of any special transactions to be made, and process the transactions
Review trial balance and interim reports for accuracy and completeness
Finalise and file trial balance and interim reports according to organisational and regulatory
requirements
Assessment
C Aroma commenced business on 1st July 2019 as The Club Caféserving drinks and snacks. You have been
provided with the journals for the month of July 2019, and are required to:
1. Post the journals to the General Ledger
2. Prepare a Trial Balance as at 31st July 2019
General Journal
Date Particulars Folio Debit Credit
2019
July 1 Cash at bank 15 000
Computer equipment 3 500
Stock 19 000
Premises 40 000
Mortgage on premises 25 000
Capital – C Aroma 52 500
Assets introduced by owner at
commencement of business
15 Drawings – C Aroma 330
Purchases 300
GST Paid 30
Withdrawal of stock by the owner

There are 3 stages for this assignment. Please Complete all and with balance.
Posting to the ledger

Cash Receipts Journal
Date
2019 Particulars Folio Ref No
Discount Expense
Acc. Rec.
Control
Cash
Sales
Sundries
GST
Collected BankAcc. Rec.
Control
GST
Collecte
d
Discount
Expense Amount Account
July 7 AMEX EFT
- gross 260
- merchant fee (20)
Merchan
t fee
exp.
- GST paid (2) GST
paid 238
15 Cash sales POS 1 200 120 1 320
22 EFTPOS sales POS 800 80 880
28 B Smith 132 10 1 9 230 230
31 Wilson Bank W26 38 Interest
Income 38
10 1 9 490 2 000 16 200 2 706
Cash Payments Journal
Date
2019 Particulars Folio Ref No
Discount Income
Acc. Pay.
Control
Cash
Purchases Wages
Sundries
GST
Paid Bank
Acc.
Pay.
Control
GST Paid Discount
Income
Amoun
t Account
July 10 Bright Electrics 501 360 36 396
12 S Hunter 502 55 5 50 2 145 2 145
16 Wages 503 550 550
24 L Sample 504 22 2 20 150 150
25 Leader Newspaper 505 132 132
C Aroma 506 200
Drawing
s– C
Aroma
200
30 Mortgage 507 2 000 Mortgag 2 000

e
31 L Castle 508 80 8 88
77 7 70 2 427 440 550 2 200 44 5 661

Sales Journal
Date
2019 Debtor Folio Ref No Sales Sundries GST
Collected
Acc. Rec.
ControlAmount Account
July 7 AMEX POS 250 25 275
10 R Riley 101 190 19 209
14 P Giles 102 50 5 55
25 A Sorensen
103 220
Sale of
non-current
asset
22 242
490 220 71 781
Purchases Journal
Date
2019 Creditor Folio Ref No Purchases Sundries GST Paid Acc. Pay.
ControlAmount Account
July 2 Leader Newspaper 53 120 12 132
11 G Taylor A45 570 57 627
19 J Paul 112 2 100 Computer
equipment 210 2 310
29 M Gregory 84 90 9 99
780 2 100 288 3 168
Sales Returns and Allowances Journal
Date
2019 Debtor Folio Ref No
Sales
Returns &
Allowances
Sundries GST
Collected
Acc. Rec.
ControlAmount Account
July 20 R Riley CN01 20 2 22
20 2 22
Purchases Returns and Allowances Journal
Date
2019 Creditor Folio Ref No
Purchases
Returns &
Allowances
Sundries
GST Paid Acc. Pay.
ControlAmount Account
July 29 G Taylor R22 130 13 143
130 13 143

Assessment
Title Subsidiary Ledgers
The Club Cafe
General Ledger
Stock Account
Date Particulars Folio Debit
$
Credit
$
Balance
$
1ST JULY By bal b/d 19000
By bal c/d 19000
Cash at Bank Account
Date Particulars Folio Debit
$
Credit
$
Balance
$
1ST JULY By bal b/d 15000
To Merchant fees
To Gst Paid
260 20
2
By Gst Collected 120
To sales 1200
To EFTPOS Sales 800
By Gst Collected 80
By Wages 550
To Sales a/c 221
To Discount income 9
To Gst 1
By purchases a/c 2095
By purchases 130
By drawings a/c 200
By mortgage 2000
By purchases a/c 80
By bal c/d 15691 7000 8691
Computer Equipment Account
Date Particulars Folio Debit
$
Credit
$
Balance
$
1ST
JULY
By bal b/d 3500