FNSACC301: Financial Transactions and Reporting Homework Assignment

This document contains a completed homework assignment for the FNSACC301 unit, focusing on processing financial transactions and extracting interim reports. The assignment covers essential elements such as checking and verifying supporting documentation, preparing and processing banking and petty cash documents, preparing and processing invoices, preparing and posting journals, posting journals to the ledger, entering data into the system, preparing deposit facilities, and extracting trial balances and interim reports. The student provides detailed answers to knowledge-based questions, including the importance of filing invoices, examples of special transactions with journal entries, the concept of proof of lodgement, security and safety precautions, types of source documents, common financial transaction errors, security procedures for handling cash and cheques, and the main types of business reports. The assignment also includes a practical activity where the student acts as an Accounts Assistant and prepares invoices for a sale. Overall, this assignment demonstrates a strong understanding of financial transaction processing and reporting principles.

PROCESS FINANCIAL
TRANSACTIONS AND EXTRACT
INTERIM REPORTS
FNSACC301: Assessment Tasks
Q1.
Q2.
Q3. ASSESSMENT COVER
SHEET
Q4.
Unit Name Process Financial
Transactions and
Extract Interim
Reports
Company Name of
students workplace
Training Location
Assessors Name
Result code: COM
– Competent NYC – Not Yet
Competent CT – Credit
Transfer RPL – Recognition
Prior Learning

Assessment Result
Assessor’s Feedback
Method: Assessment methods
used:
 Q - Questions
 A – practical
activities
 P - Project
I agree that the purpose and
consequences of the
assessment(s) have been
explained and I have received all
the relevant tools and resources
necessary to undertake
assessment, being fully aware of
Upskilled’s assessment, complaint
and appeal processes, and I
believe that I am ready for
assessment.
I acknowledge and agree that
recorded activities have been
conducted on specified dates and
the assessment process was
carried out fairly, with integrity,
professionally with appropriate
feedback during and after the
assessment.
A Note on Presenting Assessment Tasks.
Provide your answers in the space given, if you need to attach a separate file (e.g. word doc/ppt slides), submit it on
your student portal with appropriate file name.
Q5. ELEMENTS AND
PERFORMANCE CRITERIA
FNSACC301 Process financial transactions and extract
interim reports
ELEMENT PERFORMANCE CRITERIA
Elements describe the
essential outcomes.
Performance criteria describe the performance needed to
demonstrate achievement of the element.
1. Check and verify
supporting documentation
1.1 Identify, check and record information from documents
1.2 Examine supporting documentation to establish accuracy and
completeness and to ensure authorisation by appropriate personnel

2. Prepare and process
banking and petty cash
documents
2.1 Enter accurately and balance deposits and withdrawals
according to organisational procedures
2.2 Check cheques and card vouchers for validity before processing
2.3 Reconcile banking documentation with organisation’s financial
records
2.4 Check, process and record petty cash claims and vouchers, and
balance petty cash book according to organisational procedures
3. Prepare and process
invoices for payment to
creditors and for debtors
3.1 Prepare invoices in accordance with organisational procedures
3.2 Check invoices against source documents for accuracy and
correct any errors
3.3 File all invoices and related documents for auditing purposes
4. Prepare and post
journals and batch
monetary items
4.1 Prepare journals accurately and completely, and batch items
within organisational timelines
4.2 Match batch items precisely to initial receipt records
4.3 Ensure journals are authorised by appropriate person and
process in accordance with organisational policy and procedures
5. Post journals to ledger 5.1 Post journals accurately to ledger in accordance with
organisational input standards, with transactions correctly allocated
to system and accounts
6. Enter data into system 6.1 Enter data accurately into system in accordance with
organisational input standards and correctly allocate transactions to
system and accounts
6.2 Update related systems to maintain integrity of relationships
between financial systems
7. Prepare deposit facility
and lodge flows
7.1 Select deposit facility appropriate to banking method to be used
7.2 Balance batch with deposit facility without error
7.3 Take security and safety precautions appropriate to method of
banking, in accordance with organisational policy and industry and
legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible
and traceable
8. Extract trial balance and
interim reports
8.1 Process accurately any special transactions
8.2 Complete cash and credit journals and post to general ledger
8.3 Extract and check trial balance and prepare other required
reports
8.4 Find and correct any errors
Note: There is a range of skills, knowledge and critical evidence that must also be demonstrated in order for
you to be deemed competent in this unit of study. You can find more information about this on
www.training.gov.au and typing in the unit number.
Q6.
Q7.
Q8.
Q9.
Q10. ASSESSMENT TASK 1
Knowledge based activities
Using your understanding from the learner guide (and maybe from external research or
previous work experience) please provide responses to the following questions in the
space given below. Refer to the Learner Guide and Additional Resources for information.
1. Why is it important to file all invoices and related documents? Provide an
example of a systematic naming convention of filing documents.
Appropriate maintenance related to source documentation is major and
overlooked factor for ensuring accurate and proper transactions which are posted in
specific accounting system. The systematic naming convention of filing documents
would be performed through SAP software.

2. Provide at least 3 examples of special transactions. For each example show the
journal entry
 Amount of 4500 was paid as rend advance for 2 months.
Prepaid rent ac dr 4500
Cash ac 4500
 Office supply was purchased at cost of 2600 on account
Office supplies ac dr 2600
Account payable ac 2600
 Dividends paid of 800
Dividends ac dr 800
Cash ac 800
3. What is proof of lodgement? How can you obtain it? Describe a method of filing
proof of lodgement to ensure it’s easily accessible and traceable.
While depositing money in bank, cash would be checked through bank teller along with
cheques, detail of credit card for ensuring balance. Generally, teller stamps copy of
specific deposit in form of evidence that deposit is made. The stamped deposit slip is
replicated as proof of lodgement while returning from bank. This proof of lodgement
must be reflected in section of accounts where it will file and checked as well.
4. List at least three security and safety precautions that you take while banking
and preparing deposit facilities.
1. Bank statements must be checked for verifying deposit which is correctly entered
or not.
2. All banking details must be completed on documents.
3. The time of banking should be vary.
4. The person must perform bank deposits accountable for cheques and money.
5. What is a source document? What is the purpose of having a source
document? List at least 5 types of common source document that a
business may use.

It is an original record which consist of details for substantiate transactions where
whole key information about transactions are captured like involved parties, transaction's
substance along with date and paid amount. The main objective during audit as
evidence of specific transaction of business which incurred.
Types:
 Cash Memo
 Receipt
 Cheque
 Vouchers
 Debit Note
6. List at least four typical errors that can be made in processing financial
transactions
 Error of Omission
 Error of Commission
 Error of duplication
 Error of Principle
7. Explain the security procedures for handling cheques, eftpos and cash of your
organisation (If you are not currently working, do an online research and
find any organisation to answer the question).
Cash handling security procedure:
 Supervisors must observe signals of cash theft.
 Store policy is closed to drawer and change must be given.
 Unauthorised person are not permitted behind counter for any reason.
 Cash drawer should not be left open and cash office should be notified during
requirement of cash pick up.
 Cash should be counted through cash office only.
 Security procedure and measure must be not discussed rather than manager.
Cheque transaction procedure
 The name of company must be correctly used and each correction should be
initialled through customer.
 Cheque must be signed in front of supervisor.

 All overseas and interstate cheques should be authorised through telephone.
 Verification of words and figures must match.
 Signature should be verified on cheque match with application of identification.
EFTOPS procedure
 Expiration must be checked
 Verification of correct amount along with approved circle
 Credit card slip must be initiated
 Ensure that customer obtain appropriate copy
8. List the three main types of reports that a business prepares. Outline at least
two items of types of account that must be included in each of the
reports.
 Statement of Profit and Loss: Revenues, Expenditure
 Statement of Cash flows: Operating activities, investing activities
 Statement of financial position: Current Asset and Current liability
9. What is double entry bookkeeping? Describe the difference between cash
accounting and accrual accounting.
Double entry system of bookkeeping or accounting signifies about involvement of two or
more accounts. The differences among accrual and cash accounting is with context of
timing when purchases and sales are recorded in particular accounts. Cash accounting
considers expenses and revenue when cash at hand is altered but accrual accounting
considers earned revenue and expenses when they are not bpaid.
10. Do an online research and identify and describe the key features of
finance/accounting industry codes of practice relevant to the profession.
It is set of enforceable rules which are set for commitments of industry for
delivering certain standard of practice. It is intended for raising standards of industry and
legislative requirements are complemented. Reliability and validity is main feature of
accounting.

11. What is a trial balance? How can you locate an error in a trial balance and
correct it?
Trial balance is replicated as worksheet of bookkeeping where whole balance of
every ledger is combined into credit and debit account column where its aggregate is
always equal. If there is mismatch among total of credit and debit which shows that one
or more transaction posting through journal to ledger is missing or has any other error.
ASSESSMENT TASK 2
Practical activities
You are the Accounts Assistant at OMG Ltd. OMG Ltd sells gym equipment like treadmills,
bikes, cross-trainers etc. You work in their accounts team. Your job role includes
processing financial transactions. Complete the following activities as a part of your daily
job role.
Part 1: Prepare and process invoices
1.1 Sally Mexico comes to your store this morning and enquires about your
treadmills. Sally works for Star Hotel in the city. You sell five treadmills to
Sally. Each of the treadmill costs $1200 plus GST. Sally has paid cash and
now requires a tax invoice.
a. If a customer asks you for a tax invoice, how long do you have to provide one?
At the time of sale Sally must get tax invoice nothing matters even she had paid cash for purchase of
treadmills.
b. Use the template provided below to prepare a tax invoice for Sally Mexico. Some
of the fields are pre-filled for you. Only complete the grey fields.
Tax invoice will be billed to Sally Mexico for $6600.
OMG Pty Ltd
111 Forest Rd, Jungle City
Phone: [phone]
ABN: 666 444 666 44
Tax Invoice #3601210
Date: <18/10>

Bill to:
Sally Mexico
Star Hotel
2525 City Circle, Oceanville
ABN: 111 222 333 444
Payment Terms: Cash or within 5 business days of invoice for online purchase
Item Qty Description Unit Price Total ($)
TDM 5 Treadmills 1200 6000
Subtotal 6000
GST 600
Total 6600
If you have any questions about this invoice, please contact
[e-mail]
Thank you for your business!
1.2 Analyse the following scenarios and highlight the most appropriate answer.
Provide a reason for your answer.
Scenario 1
You have received an invoice from OfficeSolutions for the order that you have
placed last week.
What should you do?
a. Pay them straight away
b. Check the invoice against your purchase order and make sure everything
is as per requirement
c. You don’t take any action. You have other important things to do
d. None of the above
Reason for my answer
B will be correct as there is need to check goods with the invoice and price that
had been fixed at any time of order had been placed.
Scenario 2
You have received 15 notepads and 5 white board markers from
OfficeSolutions. However, you have ordered 15 whiter board markers and 5
notepads.
What should you do?
a. You will contact them straight away and enquire about the mistake.
b. You will double check your purchase order and make sure you have
placed the order correctly before contacting them
c. You will keep them as you may need them in the future.
d. Both A and B
Reason for my answer
D option will be correct answer as there is need to check P.O. First as there can be mistake
than can be done by us and afterwords if you are right than enquire about the mistake done by

office solutions.
Scenario 3
You are not quite sure of some of the requirements of invoicing and filing duties
that you have been assigned by the Finance Manager. You want to ask further
questions. Asking open-ended questions also lets your listener know that you
want to hear more about their story and that you’re not just listening for
information. Provide three open ended questions where you can demonstrate
active listening skills to convey and clarify information and instructions. You
may do further online research to gather more information.
From where to get authorization?
Format of Invoicing?
Access for the Files ?
Part 2 Process petty cash transactions
These are the petty cash vouchers for the month of October.
OMG Petty Cash
Voucher
Number 019
Date 6/10/2015
Paid for Parking
Sum paid 12.10
GST amount 1.10
Supporting Doc Y
Approved by Sales Manager
OMG Petty Cash
Voucher
Number 021
Date 16/10/15
Paid for Milk
Sum paid 6
GST amount 0
Supporting Doc Y
Approved by Office Manager
OMG Petty Cash
Voucher
Number 020
Date 11/10/15
Paid for Stationary
Sum paid 49.50
GST amount 4.50
Supporting Doc N
Approved by Office Manager
OMG Petty Cash
Voucher
Number 022
Date 22/10/15
Paid for Parking
Sum paid 5.50
GST amount 0.5
Supporting Doc N
Approved by Sales Manager

OMG Petty Cash
Voucher
Number 023
Date 24/10/15
Paid for Postage
Sum paid 16.50
GST amount 1.50
Supporting Doc Y
Approved by NIL
OMG Petty Cash
Voucher
Number 024
Date 27/10/15
Paid for Taxi
Sum paid 66
GST amount 6
Supporting Doc Y
Approved by Office Manager
2.1 You are required to complete the checklist below to ensure accuracy and
validity. Provide a comment when the answer is ‘No’. The first one is done
for you.
Insert your response in the table below
OMG Limited: Petty Cash Payment Checklist
Checklist Yes/No Comment
Date Yes
Voucher number Yes
What was paid for Yes
Amount Yes
GST paid (if applicable) Yes
Supporting documentation
(e.g. invoice, card receipt)
No In voucher number no. 20 and 22
Authorisation signature No In postage voucher no. 23
2.2 After going through the checklist, you find some discrepancies.
What should you do? (Highlight the most appropriate option and provide a
reason for your answer)
a. Process the vouchers without checking with anyone.
b. Contact the relevant supervisor to confirm validity and obtain written
approval.
c. You go to the person who provided you the vouchers and get into an
argument.
d. None of the above
Reason for my answer:
Option B is correct as to contacting relevant supervisor will be a great and getting written
approval from them will be a better proof.

2.3 You have resolved the issues. Now you need to prepare the petty cash book.
Complete the table below in order to record the transactions provided
above. The first one is done for you.
Note: On 1 November, a cheque (#456222) was issued to top up the petty cash float.
Original float was $200

OMG Limited: Petty Cash Book
Amount
Received
$
Date Voucher
No.
Particulars Amount
Net GST
$
GST Paid
$
Total
Paid
$
200 1 October Cheque#
456 123
Bank
(Reimbursement)
6 October 019 Parking 11 1.10 12.10
11
October
020 Stationary 45 4.5 49.5
16
October
021 Milk 6 0 6
22
October
022 Parking 5.45 .05 5.5
24
October
023 Postage 15 1.5 16.5
27
October
24 Taxi 60 6 66
155.6 Total 142.45 13.15 155.6
44.4 31
October
Balance C/D 44.4
200 200
44.4 1
November
Balance B/D
155.6 Cheque #
456222
Bank
Reimbursement
2.4 Now you are required to prepare the journal entries for the transactions
mentioned above. You will be batching items (e.g. Parking, taxi, milk will be
under Staff Amenities) to avoid having too many transactions. All these
petty cash expenses are to be journalised on 31 October. Another journal
entry to be made to show the float top up.
Date Particulars Debit Credit
1
October
Petty Cash 200
Cash at Bank 200
Petty cash float topped up
31
October
Staff Amenities a/c Dr 89.6
Stationary a/c Dr 49.5
Postage a/c Dr 16.5
To Petty Cash 155.6
Equipment purchased on credit

Petty Cash a/c Dr 155.6
To Cash at Bank 155.6
Petty cash float topped up
Part 3 Prepare Bank Reconciliation
OMT Ltd reconciles its bank statement monthly. At the beginning of July, it found
the following concerning the June reconciliation:
 The bank balance on the bank statement was $4810, and the bank balance
according to the OMG Ltd’s record was $5,112
 Check #306 in the amount of $27, #309 in the amount of #108, and #311 in the
amount of of $87 were still unpaid by the bank at 30 June.
 At the end of June, the bank had added to the OMG Ltd’s bank account an
amount of $38 for interest earned on a savings account it has at the bank and
had deducted $8 for a service charge. A deposit made by the OMG Ltd on 30
June in the amount of $554 did not appear on the bank’s statement.
Required: Prepare a bank reconciliation report for OMG Ltd using the following
template. (Only fill out the grey fields)
Bank reconciliation Report
OMG Ltd
30 June
$ $
Balance as per Bank Statement 4810
Add deposits outstanding
554
Subtotal 5364
Less Unpresented cheques
#306 27
#309 108
#311 87
Subtotal 222
Adjusted balance 5142
Balance as per Cash Book (GL) 5112
Add
Interest credited 38
EFT - inwards 0
Subtotal 38
Less
Bank charges & Fees 8
Interest debited 0
Direct debits 0
Subtotal 8
Adjusted balance 5142

Part 4 Prepare an income statement
4.1 Today is 30 June 2015 and you are required to report the profitability of the
month. Using the template below complete the income statement for OMG
Ltd (You only need to fill out the grey fields).
OMG Ltd
Income Statement
For the month ended 30
June 2015
Income
Sales 12000
Less Cost of Goods Sold
Purchases 6000
Freight Inwards 750
Customs Duty 250
Total COGS 7000
Gross Profit (Sales-COGS) 5000
Expenses
Marketing Expense
Salary Expense 2200
Advertising 300
Total Marketing expenses 2500
Administrative Expense
Rent 600
Electricity 300
Stationery 100
Total Administrative Expenses 1000
Financial Expenses
Bank Charges 25
Interest Expenses 75
Total Financial Expenses 100
Total Expenses 3600
Net Profit / Loss
(Gross Profit-Total Expenses)
1400
Part 5 Process banking and prepare Deposit facility
Today is 9 October. In the table below you will find different forms of payment received
during the day.

09 Oct 10.30 am
Cheque
received
Richie Rich Bank Riverville Branch
Date
: 09/10/201X
PAY: OMG Ltd or bearer
THE
SUM OF:
Eight Hundred and Ninety
dollars ------- $ 890.00
Rita England
Rita England
(signature)
96311 85895
09 Oct 12.15pm
Cash received
Qty: 4
Qty: 9
09 Oct 02.05pm
EFTPOS payment received
EASTPAC Bank
Client copy
OMG Ltd 9635axe741
Credit Card AC
****987461
PUR
AUD 1690
Accepted

Auth: 39746
09 Oct 13:26
09 Oct 3.00pm
Cash Received
Qty: 17

09 Oct 04.15pm
EFTPOS payment received
EASTPAC Bank
Client copy
OMG Ltd 9635axe798
Credit Card AC ****9800023
PUR AUD
600
Declined Auth:
39874
09 Oct 16:06
5.1 based on the payment received as given above on 9 October, it is a good idea to
batch the different types of payments together to make it easy to count and
ensure fewer chances of mistakes.
How many times did you
receive cash payment today?
2 times
How many cheques did you
receive?
1 time
How many eftpos
transactions did take place?
2 times
5.2 It is also important to check the validity of the cheques and eftpos vouchers
before processing. Complete the following checklist to ensure the cheques
and eftpos vouchers received today are valid. You will only process the
ones that are valid. Provide a comment if you enter no for any of the
checklist items.
Checklist Yes No Comment
Date Yes
Reference number Yes
Amount Yes
Authorisation by the
bank
Yes
5.3 Using the cash calculation form, count the cash and calculate the total amount
received on 9 October.
Cash Calculation form

Denominatio
n
Quantity Value ($)
$100 4 400
$50 17 850
$20 9 180
$10
$5
Total 1430
5.4 Complete the deposit form given below to prepare deposit facility to the bank.
Enter date, name and your signature to complete the process. Note you are
only required to deposit the cheques and cash, the eftpos payment direct
goes to the bank account.
FASTPACK Bank
Deposit Slip
Date …18/10………………
Name ………….OMG
Limited…………
Account Number: 8956 3278
ABN: 666 444 666 44
Paid in/by Signature:
………Accountant………
Cheques
Drawer Bank and
Branch
Amount ($)
Rita England Richie Rich
Bank
890
Riverville
Branch
Subtotal 890
Cash
Notes 30
Coins 0
Subtotal 30
Total ($)
1430

5.5 The following steps are to be taken when using night-safe banking with
FASTPACK Bank, but they are not in the correct order. Rank them into
correct order from 1 to 6, 1 being the first thing to do and the 6 being the
last step.
Close the Night Safe drawer 4
Place the wallet or envelope into the back of the drawer 3
Reopen the Night Safe drawer to ensure the wallet has dropped
down into the body of the safe
5
Prepare your deposit in a Night Safe wallet or a Business Express
Deposit envelope
1
Close and lock the Night Safe drawer. 6
Unlock the Night Safe and open drawer fully 2
ASSESSMENT TASK 3
Project
You are the accounts assistant at OMG Ltd. Your role is to enter all the source documents
into their respective journals, and then post the entries to the General Ledger Accounts.
You are then required to complete a trial balance to show that your accounts are balanced.
The following transactions took place on 20 October 2015
Date Transaction Amount
$
GST
$
Total
$
20
Oct
Paid Cash for purchase of a water filter for the
customers
1500 150 1650
20
Oct
Invoiced clients for sale of two tread mills for which
payment has not yet been received
4200 420 4620
20
Oct
Received cash on outstanding sales made in
previous month
6000 0 6000
20
Oct
Paid salaries to all the stuff 4400 0 4400
20
Oct
Paid for advertising in local newspaper to promote
the business
120 12 132
20
Oct
Purchased five cycles from Best Equipment as
inventory; Invoice has been received. However,
payment has not yet been made
3500 350 3850
Part 1
1.1 Analyse the transactions by completing the table below. This table will help you
to prepare the journal entries in the next step. The first one is done for you.
Transactions The accounts
that are being
affected
Type of
Accounts
(Asset/
Increase
or
decreasing
Debit or credit

Liability/
Expense/Inco
me/ Owner’s
Equity)
Paid Cash for purchase
of a water filter for the
customers
1. Cash at Bank Asset Decreasing Credit
2. Property, Plant
& Equipment
Asset Increasing Debit
3. GST Paid Liability Decreasing Debit
Invoiced clients for sale
of two tread mills
1. Debtors Asset Increasing Debit
2. Treadmills
Sales
Asset Decreasing Credit
3. GST Collected Liability Increasing Credit
Received cash on
outstanding sales made
in previous month
1. Cash at Bank Asset Increasing Debit
2. Debtors Asset Decreasing Credit
Paid salaries to all the
stuff
1. Salary to Staff Expenses Increasing Debit
2. Cash at Bank Asset Decreasing Credit
Paid for advertising in
local newspaper to
promote the business
1. Advertising Expenses Increasing Debit
2. Cash at Bank Asset Decreasing Credit
3. GST Paid Liability Decreasing Debit
Purchased five cycles
from Best Equipment;
Invoice has been
received. However,
payment has not yet
been made
1. Cycle
Purchases
Asset Increasing Debit
2. GST paid Liability Decreasing Debit
3. Creditors Liability Increasing Credit
1.2 Prepare the journal entries in a running balance format, of the transactions that
occurred on 20 October. The template and the narrations for each
transaction are provided below. The first one is done as an example.
Date Particulars Debit Credit

20
Oct
Property, Plant & Equipment 1500
GST Paid 150
Cash at Bank 1650
Cash paid for equipment purchase
20
Oct
Accounts Receivable 4620
Sales 4200
GST Collected 420
Invoiced client for sales made on
credit
20
Oct
Cash at Bank 6000
Debtors 6000
Cash received on owing amount
20
Oct
Salary to staff 4400
Cash at Bank 4400
Salaries paid
20
Oct
Advertisement 120
GST Paid 12
Cash at Bank 132
Paid for advertising
20
Oct
Purchase 3500
GST Paid 350
Accounts Payable
3850
Purchased Inventory
on credit
1.3 Before you formally record the journal entries, you need to obtain approval. To
ensure journals are authorised by the appropriate person, who must you
get authorisation from? (Highlight the most appropriate option)
a. Production Manager
b. Accounts Clerk

c. Chief Financial Officer
d. Sales Manager
Reason for your answer
As to collect vouchers for entering journal entry
Part 2
Post the journal entries to ledger accounts. The ledger account templates are
provided below. The first two are done as a guide.
Cash at Bank
Date Particulars Debit Credit Balance
20 October Property, Plant
& Equipment 1650 1650 Cr
20 October Accounts
Receivable 6000 4350 Dr
20 October Salary to Staff 4400 50 Cr
20 October Advertisement 132 182 Cr
Accounts
Receivable
Date Particulars Debit Credit Balance
20 October Sales 4620 4620 Dr
20 October Cash 6000 1380 Cr
Inventory
Date Particulars Debit Credit Balance
20 October Purchase 3500 3500
Property, Plant
& Equipment
Date Particulars Debit Credit Balance
20 October Cash at Bank 1500 1500 Cr
Accounts Payable
Date Particulars Debit Credit Balance
20 October Purchase 3850 3850 Cr
GST Collected
Date Particulars Debit Credit Balance

20 October Sales 420 420 Cr
GST Paid
Date Particulars Debit Credit Balance
20
Oct PPE 150 150 Dr
20
Oct Advertising Expenses 12 162 Dr
20
Oct Purchase 350 512 Dr
Sales
Date Particulars Debit Credit Balance
20
Oct Accounts Receivables 4200 4200 Cr
Salaries Expense
Date Particulars Debit Credit Balance
20
Oct Cash at Bank 4400 4400 Dr
Advertising Expense
Date Particulars Debit Credit Balance
20
Oct Cash at Bank 120 120 Dr
Part 3
You are required to extract a trial balance based on the balances you have in the
ledger accounts. Use the following table to prepare the trial balance. The
total of debit balance should equal to the total of credit balance.
OMG Ltd
Trial Balance
As at 20 October 201X
Account Name Debit Credit
Cash at Bank 182
Accounts Receivable 1380
Inventory 3500
Property, Plant &
Equipment
1500
Accounts Payable 3850

GST Collected 420
GST Paid 512
Sales 4200
Salaries Expense 4400
Advertising Expense 120
Total 10032 10032