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23 Aug
2019

Case Study Assignment | Good Grade Guarantee!

Student Name
 
Student Number
 
Unit Code/s & Name/s
FNSACC311 – Process financial transactions and extract interim reports FNSACC312 – Administer subsidiary accounts and ledgers
Assessment Type
☐Case Study☒ Assignment    ☐ Project    ☐ Other (specify)
Assessment Name
Assessment 3
Assessment Task No.
AT3
Assessment Due Date
21 August 2019
Date submitted
 
Assessor Name
Kim Goriss
Student Declaration:  I declare that this assessment is my own work.  Any ideas and comments made by other people have been acknowledged as references.  I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules.  I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature.
Student Signature
 
Date
 
PRIVACY DISCLAIMER: TAFE Queensland is collecting your personal information for assessment purposes. The information will only be accessed by authorised employees of TAFE Queensland. Some of this information may be given to the Australian Skills Quality Authority (ASQA) or its successor and/or TAFE Queensland for audit and/or reporting purposes. Your information will not be given to any other person or agency unless you have given us written permission or we are required by law.

Instructions to Student
General Instructions: This assessment requires you to complete 2 tasks. You are required to achieve a satisfactory result in both tasks to be successful in this assessment. Task 1 will require you to identify and correct receipt errors. Task 2 will require you to complete the processing for a new entity and prepare: Subsidiary ledgersA bank reconciliationCompleted journalsGeneral Ledger accountsSubsidiary ledger reconciliationsA Trial BalanceAn Income StatementA Balance Sheet All documents will be prepared in accordance with industry standards and organisational policies. Information / Materials provided: Task 2 templates are provided within the assessment document.   Work, Health and Safety: Students are to ensure they have a safe working environment, conducting WHS risk assessments before completing any assessment task. Students are responsible for following the TAFE Queensland Student Rules. Students can seek support and assistance from TAFE Queensland Learning Support Services. Students are to discuss any concerns with their Assessor prior to submission and due date.   Assessment Criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard: ·              Accurately and completely record entries in all required books of account in accordance with accounting conventions, industry standards and policies and procedures. ·              Complete the required documents as listed in accordance with industry standards and organisational policies.   Number of Attempts: You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules.
Submission details
Insert your details on page 1 and sign the Student Declaration. Include this template with your submission.  Assessmentto be submitted via ·              TAFE Queensland Learning Management System: Connect   url: https://connect.tafeqld.edu.au/d2l/login ·              Username; 9 digit student number ·              For Password: Reset password go to  https://passwordreset.tafeqld.edu.au/default.aspx>
Instructions for the Assessor
Students are to:  Satisfactorily complete all the questions. provide their own computers/devices, software and internet facilities to produce the assessment task.  professionally present their responses in the assessment task  completed all tasks in their own time, no time restrictions applied  refer to notes and resources and seek clarification on tasks and questions  Assessors are to:  provide feedback on all assessment attempts and identify additional learning and/or practice required by the student before their second attempt.  use the Benchmark Answers and Marking Criteria to record their assessment and feedback.  negotiate to complete assessment tasks and/or resubmissions verbally, where the opportunity presents:  scribe the student’s response verbatim on the assessment task/marking criteria, and note the questions verbally addressed as reasonable adjustment on the coversheet.  initial and date additional comments  
Note to Student
An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide.

Assessment
Jolly Amusements commenced operations in January with a minigolf course and games parlour. The accounts manager (Jenny Chee) has kept a full set of journals which are shown below. Templates are provided below for all required entries or you may use the templates contained in the Excel file provided:
FNSACC311_312_AT3_W_TQM_v4.xls
Task 1 – Verifying receipts
Copies of the receipts (source documents) for the period 21 January 2018 to 31 January 2018 have been provided at Appendix A.
You are required to check the receipts against the entries made in the Cash Receipts Journal to ensure that:
All receipts have been fully and correctlycompleted
Details recorded match the entry in the Cash Receipts Journal
If any discrepancies are found the following actions are required to comply with the organisations policies and procedures:

a) List the discrepancy including all relevant details below:
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
b) Examine the information you have available (subsidiary ledgers, sales figures, bank statement) to determine the correct transaction to be recorded. For this exercise you should assume that the bank statement figure is always correct.
c) Make the necessary corrections to the Receipt and to the Cash Receipts Journal if required to correctly record the transaction.Initial and date any changes made to the source document or journal.
Task 2 – Ledgers and reports
To complete the January accounting for Jolly Amusements you are required to:
Check that all journals have been properly authorised in accordance with the Organisational Policies and Procedures. Add the name of the authoriser if not already included.(Note: The Organisational Policies and Procedures require that journals be signed and dated by the accounts manager prior to being posted to the General ledger.)
Check that the total of the opening balances in the Accounts Receivable and Accounts Payable Subsidiary ledgers match the Accounts Receivable and Accounts Payable General Ledger opening balance and make any necessary corrections. Record all relevant transactions into the Accounts Receivable and Accounts Payable Subsidiary Ledger accounts.
Check the opening Bank Balance in the General Ledger and ensure that it agrees with the Bank Reconciliation as at 31 December 2017 as provided. Reconcile the bank account and prepare a Bank Reconciliation Statement as at 31January 2018
Total and balance the journals as required.
Ensure all opening balances in the General Ledger (refer to Templates provided) match the December Trial Balance provided. If they don’t then you need to enter the balance from the December Trial Balance. Post the journals to the General Ledger accounts.
Complete the Accounts Receivable and Accounts Payable reconciliations for 31January 2018.
Prepare the Trial balance as at 31 January 2018.
Prepare the Income Statement for the period ended 31 January 2018 on the template provided. 
Prepare the Balance Sheet as at 31 January 2018 on the template provided.
General Journal
 
Debit
Credit
21.01.18
Motor vehicle
10,500
 
 
Equipment at cost
700
 
 
Capital
 
 
 11,200
 
(Owner introduced assets into the business)
   
 
 
 
23.01.18
Equipment at cost
1,500
 
 
GST paid
150
 
 
Accounts payable
 
1,650
 
(Purchased equipment from John Deere on credit)
 
 
 
 
 31.01.18
Accounts receivable
10 
 
 
Late Fee Revenue
 
10
 
(Late fee charged on Trendy Tricks Pty Ltd account )
 
 
Authorised:Jenny Chee   31.01.18
Sales Journal
Date
Invoice no.
Sold to:
Sales*
GST collected
Accounts receivable
05.01.18
1214
Solid Solutions Ltd
1020.00
102.00
1122.00
09.01.18
1256
Allen’s Accounting
620.00
62.00
682.00
10.01.18
1259
Gumby Footy Club
755.00
75.50
830.50
11.01.18
CN554
Allen’s Accounting
-40.00
-4.00
-44.00
15.01.18
1285
GDT Pty Ltd
230.00
23.00
253.00
24.01.18
1304
S Smith
154.00
15.40
169.40
31.01.18
1324
Goodfield SHS
140.00
14.00
154.00
 
 
 
 
 
 
 
 
 
 
 
 
 Totals
 
 
 
 
 
Authorised:Jenny Chee   31.01.18
* All credit sales include GST.
Purchases Journal
Date
Invoice no.
Bought from:
 
Purchases
GST paid
Accounts payable
04.01.18
100471
Coca Cola Ltd 
 
485.00
48.50
533.50
04.01.18
56594
Donaldson’s Dairy
 
124.00
0
124.00
05.01.18
2201
Allen’s Confection
 
260.00
26.00
286.00
07.01.18
567
Allen’s Confection
 
-20.00
-2.00
-22.00
08.01.18
5546
Clear Springs
 
155.00
0
155.00
13.01.18
56596
Donaldson’s Dairy
 
146.00
5.50
151.50
15.01.18
102484
Coca Cola Ltd
 
845.00
84.50
929.50
19.01.18
44494
Coca Cola Ltd
 
-42.00
-4.20
-46.20
20.01.18
8997
Smart Golf
 
62.00
6.20
68.20
30.01.18
56657
Donaldson’s Dairy
 
180.00
18.00
198.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
 
 
 
 
 
Authorised:Jenny Chee   31.01.18
Cash Receipts Journal   * Cash sales include GST Free sales and taxable sales.
Date
Ref no.
Particulars
Folio/ account
GST Collected
Sales*
Other accounts
Accounts receivable
Discount Allowed
Bank
06.01.18
215
Cash sales
Sales
142.00
1510.00
 
 
 
1,652.00
08.01.18
216
Cash sales
Sales
135.00
1,410.50
 
 
 
1,545.50
12.01.18
217
Cash sales
Sales
5.00
50.00
 
 
 
 
12.01.18
218
Cash sales
Sales
36.40
387.20
 
 
 
478.60
13.01.18
219
Rent received
Rent
110.00
 
1,100.00
 
 
1,210.00
14.01.18
220
Solid Solutions
A/C Rec
 
 
 
1122.00
 
1,122.00
18.01.18
221
Cash sales
Sales
62.50
690.10
 
 
 
752.60
21.01.18
222
Gumby Football Club
A/C Rec
 
 
 
803.50
 
803.50
22.01.18
223
Cash sales
Sales
40.00
400.00
 
 
 
440.00
29.01.18
224
S Smith
A/C Rec
 
 
 
169.40
 
 
29.01.18
225
Cash sales
Sales
35.00
380.00
 
 
 
584.40
30.01.18
226
Owner contribution
Capital
 
 
2,000.00
 
 
2,000.00
31.01.18
227
Cash sales
Sales
121.00
1,245.00
 
 
 
1,366.00
 
 
 
 
 
 
 
 
 
 
 Totals
 
 
 
 
 
 
 
 
 
Authorised:Jenny Chee   31.01.18
Cash Payments Journal
Date
 Ref no.
Particulars
 Folio/ Account
GST Paid
Purchases
Other accounts
Accounts payable
Discount Received
Bank
 
01.01.18
45
Coles
Purchases
35.60
384.20
 
 
 
419.80
 
04.01.18
46
Ready Realty
Rent paid
100.00
1,000.00
 
 
 
1,100.00
 
11.01.18
47
Coca Cola Ltd 
A/C Pay
 
 
 
533.50
 
533.50
 
11.01.18
48
Telephone
Telephone
32.40
 
324.00
 
 
356.40
 
11.01.18
49
Donaldson’s Dairy
A/C Pay
 
 
 
124.00
 
124.00
 
13.01.18
50
Cash purchases
Purchases
4.30
43.00
 
 
 
47.30
 
13.01.18
51
Wages
Wages
 
 
430.00
 
 
430.00
 
14.01.18
52
Clear Springs
Various
-0.50
 
 
155.00
-5.00
149.50
 
22.01.18
53
Coca Cola Ltd
A/C Pay
 
 
 
883.30
 
883.30
 
26.01.18
54
Harvey Norman
Equipment
230.00
 
2,300.00
 
 
2,530.00
 
27.01.18
55
Wages
Wages
 
 
510.00
 
 
510.00
 
31.01.18
56
Donaldson’s Dairy
A/C Pay
 
 
 
198.00
 
198.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
 
 
 
 
 
 
 
 
 
Authorised:
b) Subsidiary Ledgers
Accounts Receivable Subsidiary Ledger

Allen’s Accounting

1-2001

Date
Details
Folio
Debit
Credit
Balance

1/01/2018
Opening balance(Invoice date 18/12/17)
 
 
 
540.00
 DR
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

GDT Pty Ltd

1-2012

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Goodfields SHS

1-2014

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Gumby’s Footy Club

1-2018

Date
 
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

             

Solid Solutions Pty Ltd

1-2025

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

S Smith

1-2026

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Trendy Tricks Pty Ltd

1-2030

Date
Details
Folio
Debit
Credit
Balance

1/01/2018
Opening balance(Invoice date 05/12/17)
 
 
 
              870.00
 DR
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Accounts Payable Subsidiary Ledger

Allen’s Confection

2-2001

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Clear Springs

2-2013

Date
Details
Folio
Debit
Credit
Balance

1/01/2018
Opening balance(Invoice dated 24/12/17)
 
 
 
155.00
 CR
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Coca Cola

2-2014

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Donaldson’s Dairy

2-2020

Date
Details
Folio
Debit
Credit
Balance

1/01/2018
Opening balance(Invoice dated 28/12/17)
 
 
 
124.00
 CR
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

          Smart Golf

2-2040

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

John Deere

2-2018

Date
Details
Folio
Debit
Credit
Balance

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

The Bank Statement for January 2018 Jolly Amusements
2018
 
Withdrawals
Deposits
Balance
1 Jan
Opening balance
 
 
25,154.68 Cr
4 Jan
Deposit
 
1,256.00
26,410.68 Cr
4 Jan
Withdrawal – Chq 000043
176.00
 
26,234.68 Cr
5 Jan
Withdrawal – Chq 000045
419.80
 
25,814.88 Cr
7 Jan
Deposit
 
1,652.00
27,466.88 Cr
9 Jan
Deposit
 
1,545.50
29,012.38 Cr
12 Jan
Withdrawal – Chq 000047
533.50
 
28,478.88 Cr
12 Jan
Withdrawal – Chq 000046
1,100.00
 
27,378.88 Cr
12 Jan
Deposit
 
478.60
27,857.48 Cr
12 Jan
Withdrawal – Chq 000048
356.40
 
27,501.08 Cr
13 Jan
Withdrawal – Chq 000049
124.00
 
27,377.08 Cr
13 Jan
Deposit
 
1210.00
28,587.08 Cr
15 Jan
Withdrawal – Chq 000051
430.00
 
28,157.08 Cr
15 Jan
Deposit
 
1122.00
29,279.08 Cr
17 Jan
Withdrawal – Chq 000052
149.50
 
29,129.58 Cr
18 Jan
Direct debit Loan – The Bank
230.00
 
28,899.58 Cr
21 Jan
Deposit
 
752.60
29,652.18 Cr
21 Jan
Deposit
 
830.50
30,482.68 Cr
22 Jan
Deposit
 
440.00
30,922.68 Cr
27 Jan
Withdrawal – Chq 000054
2,530.00
 
28,392.68 Cr
29 Jan
Deposit
 
584.40
28,977.08 Cr
31 Jan
Bank charges
18.50
 
28,958.58 Cr
31 Jan
Withdrawal – Chq 000055
510.00
 
28,448.58 Cr
31 Jan
Interest on account
 
22.28
28,470.86 Cr

Trial Balance as at 31 December 2017
Account
Debit
Credit
Cash at bank
26234.68
 
Accounts receivable
1410.00
 
Equipment at cost
12870.00
 
Accounts payable
 
279.00
GST Collected
 
783.00
GST Paid
521.30
 
Loan – The Bank
 
17439.50
Capital
 
22534.48
 
 
 
 
41035.98
41035.98
Bank Reconciliation as at 31/12/2017
Balance as per Bank Statement                                 $25,154.68
Plus Outstanding Deposits
31.12.17                                                                         1,256.00
             26,410.68
Less Unpresented Cheques
Chq no. 000043                                                          176.00
Balance as per GL                                                      $26,234.68
c) Bank Reconciliation as at 31/01/2018
Balance as per Bank Statement        
Plus Outstanding Deposits
Less Unpresented Cheques
Balance as per GL                                         
e) General Ledger accounts
Account Name: Cash at bank
Account No.100
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
26,234.68 dr
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Accounts receivable
Account No.110
Date
Details
Folio
Debit
Credit
Balance
 01.01.18
Opening balance 
 
 
 
1410.00 dr 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Equipment at cost
Account No.170
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
12,870.00 dr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Motor Vehicles at cost
Account No.174
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Accounts payable
Account No.210
Date
Details
Folio
Debit
Credit
Balance
 01.01.18
Opening balance 
 
 
 
279.00 cr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   

   

Account Name: GST collected
Account No.230
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
783.00 cr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: GST paid
Account No.125
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
521.30 dr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Loan – The Bank
Account No.270
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
17,439.50 cr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Capital
Account No.300
Date
Details
Folio
Debit
Credit
Balance
01.01.18
Opening balance
 
 
 
22,534.48 cr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

     

Account Name: Sales
Account No.400
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Rent received
Account No.455
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Interest received
Account No.460
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Account Name: Discount received
Account No.465
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Account Name: Late Fee Revenue
Account No.475
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           

 
 
 
 
 
 
Account Name: Purchases
Account No.500
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

         

         

Account Name: Bank Charges
Account No.602
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name: Telephone
Account No.650
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Account Name: Wages
Account No.670
Date
Details
Folio
Debit
Credit
Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
f) Accounts Receivable and Accounts Payable Reconciliations
Account Receivable Reconciliation 31 January 2018
 
 
 
 
Account Number
Account Name
Total Due
Current
0 – 30 days
31 – 69 Days
61 – 90 Days
90+ days
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Totals

 
Balance per GL

 
 
 
 
 
Variance 
$
 
 
 
 
Account Payable Reconciliation 31 January 2018
 
 
 
 
Account Number
Account Name
Total Due
Current
0 – 30 days
31 – 69 Days
61 – 90 Days
90+ days
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Totals

 
Balance as per GL
 $
 
 
 
 
 
 Variance
$
 
 
 
 

g)
                        Trial Balance of Jolly Amusements as at 31 January 2018
Account Number
Account Name
Debit
Credit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
h) Income Statement for the period ended 31 January 2018

JOLLY AMUSEMENTS

Income Statement for the period ended 31 January 2018

Revenue

Sales Revenue

 $

Less COGS

 $

GROSS PROFIT

 $

Add Other Revenue

Rent Received
 $

Interest Received
 $

Discount Received
 $

Late Fee Revenue
 $
 $

 $

Less Operating Expenses

Bank Charges
 $

Telephone
 $

Wages
 $
 $

NET PROFIT

 $

i) Balance Sheet as at 31 January 2018

JOLLY AMUSEMENTS

Balance Sheet as at 31 January 2018

Current Assets

Cash at bank
 $

Accounts Receivable Control
 $
 $

Non-current Assets

Motor Vehicles at Cost
 $

Equipment at Cost
 $
 $

TOTAL ASSETS

 $

Current Liabilities

GST Collected
 $

Less
GST Paid
 $
 $

Accounts Payable Control

 $

 $

Non-current Liabilities

Loan – The Bank

 $

TOTAL LIABILITIES

 $

NET ASSETS

 $

OWNERS’ EQUITY

 Capital 
 $

Net Profit (From Income Statement)
 $
 $

APPENDIX A
RECEIPT
Jolly Amusements
No.
 
222
 
 

Date
 
21/01/2018
 
 

 
Received from
Gumby Football Club

 
 

 
Amount in words
Eight hundred and thirty
Dollars
$
803.50
 
 
Fifty
 
 
Cents
 
 

 
For payment of
Invoice 1259

 
Cash
 
 

X
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 

RECEIPT
Jolly Amusements
No.
 
223
 
 

Date
 
22/01/2018
 
 

 
Received from
Cash
 
 

 
 

 
Amount in words
Four hundred and forty
Dollars
$
440.00
 
 
Nil
 
 
Cents
 
 

 
For payment of
Sales (Including GST $40)

X
Cash
 
 

 
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 

RECEIPT
Jolly Amusements
No.
 
224
 
 

Date
 
29/01/2018
 
 

 
Received from
S Smith
 

 
 

 
Amount in words
One hundred and sixty nine
Dollars
$
169.40
 
 
Forty
 
 
Cents
 
 

 
For payment of
 
 
 

 
Cash
 
 

X
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 
RECEIPT
Jolly Amusements
No.
 
225
 
 

Date
 
29/01/2018
 
 

 
Received from
Cash
 
 

 
 

 
Amount in words
Four hundred and fifteen
Dollars
$
415.00
 
 
Nil
 
 
Cents
 
 

 
For payment of
Sales (Including GST $35)

X
Cash
 
 

 
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 

RECEIPT
Jolly Amusements
No.
 
226
 
 

Date
 
30/01/2018
 
 

 
Received from
Cash
 
 

 
 

 
Amount in words
Two thousand
 
Dollars
$
2000.00
 
 
Nil
 
 
Cents
 
 

 
For payment of
Capital contributed by owner

X
Cash
 
 

 
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 

RECEIPT
Jolly Amusements
No.
 
227
 
 

Date
 
31/01/2018
 
 

 
Received from
Cash
 
 

 
 

 
Amount in words
One thousand three hundred and sixty six
Dollars
$
1366.00
 
 
Nil
 
 
Cents
 
 

 
For payment of
Sales (Including GST $121)

X
Cash
 
 

 
Cheque
 
Received by
C Clown
 
 

 
Other
 
 
 
 
 
 
 
 
 

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