Financial Accounting, specialised journals, adjusting entries, closing entries, financial reports

User Generated

Wryran

Business Finance

Description

there is 5 task, but task 1 is already done. So you just need to answer task 2,3,4 and 5 in the excel sheets provided.

Do not change any fonts. Just follow the instruction provided. Answer everything in the excel sheets.

Thank you :)

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Please enter the names of your group membe First name Hanadi Amni Family name Alalawi Ahmad Fazli ames of your group members below Please complete the template questionnares Ensure Dr =Cr Task List – Task 4 Ensure Dr =Cr Please complete the template questionnares below Task List – Task 1 Completed? Yes/No 1. Does your Opening General Journal entry balance? (Dr=CR) 2. Date/Narration entered on opening General Journal entry? 3. All postings to ledgers complete (tick them off as you go). Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr =Cr 4. Check that the total of all accounts in your subsidiary ledgers equals the Control account(s) in the General Ledger 5. Submit this completed checklist with your Opening entries for review Task List – Task 3 1. Do your General Journal entries balance? (Dr=CR) 2. Date/Narration/account number entered on every General Journal entry? Completed? Yes/No 3. All postings to ledgers complete (tick them off as you go). Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr =Cr 4. Submit this completed checklist with your Opening entries for review Task List – Task 4 1. The trial balance you prepared in Step 1 balances? (Dr=CR) 2. All your Income/Expense accounts in the General Ledger have zero balances after you have posted your Closing Journal entry to the P & L Summary Account? 3. All postings to ledgers complete (tick them off as you go). The trial balance prepared after you have posted all the entries balances (Step 6)? Ensure Dr =Cr 4. Submit this completed checklist with your Closing entries for review Completed? Yes/No Marks will be deducted for Tasks not actually completed. If not completed write 'INCOMPLETE' Task List- Task 2 1. Have you entered totals in all of the columns of your Specialised Journals? 2. Have you entered account numbers underneath each column total in your specialised journals? For the sundries column enter the Account number on each line as referred to in the lecture materials. 3. All postings to General Ledger and Subsidiary Ledgers complete? 4. Have you entered Date/Details/Posting reference in all ledger accounts? 5. Tick off entries as you go. 6. Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr=Cr 7. Check that the total of all accounts in your subsidiary ledgers equals the Control account(s) in the General Ledger. 8. Submit this completed checklist with your completed work Task List – Task 5 1. Balance Sheet Balances? If not – check that all postings and tasks from 1 to 4 have been completed properly. 2. Accounts Receivable and Accounts Payable Listings from the Subsidiary Ledgers agree with the General Ledger Control Accounts? 3. Income Statement Profit agees with Balance Sheet in the Equity Section? 3. Submit this completed checklist with your Closing entries for review mpleted write 'INCOMPLETE' Completed? Yes/No Task List – Task 3 1. Do your General Journal entries balance? (Dr=CR) 2. Date/Narration/account number entered on every General Journal entry? 3. All postings to ledgers complete (tick them off as you go). Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr =Cr 4. Submit this completed checklist with your Opening entries for review Completed? Yes/No Completed? Yes/No Task 1 Trial Balance as at may 31,2018 DR Account name Cash at Bank Debtor-Formidable Foods Debtor-Banning Supplies Debtor-Windham Construction Debtor-Head Chef Restaurant Debtor-BBQ Inc Debtor-The Grey Group Allowance for Bad and Doubtful Debts Inventory Stationery Prepaid Expenses Baking Plant and Equipment CR 5,370.00 1,000 1,495 228 9,000 5,751 880 1,290.00 12,410.00 324 2,400.00 103,000.00 Accumulated Depreciation – Baking Plant & Equipment Toyota Panel Van Accumulated Depreciation –Toyota Panel van Office Equipment Accumulated Depreciation – Office Equipment GST Receivable Creditors - Border Limited Creditors - Piecart Inc Creditors - Global Food Creditors - Laucke’s Flour Creditors - Bakers R Us Council Rates Payable – Tea Tree Gully Council Advertising Expense Payable Telephone Expense Payable GST Payable Big Bank Mortgage Loan (10-years) Capital – Bob Baker Total 76,500.00 30,000.00 7,957.00 11,800.00 860 4,580.00 188,238.00 1,000 3,169 275 2,436 4,470 771 1,520.00 840 4,950.00 40,000.00 42,200.00 188,238 INSERT YOUR TRIAL BALANCES FOR EACH TASK HERE - PLEASE LABEL EACH TRIAL BALANCE CAREFULLY Include Narrations on all Journal Entries BOB’S BAKERY GENERAL JOURNAL PAGE 1 Date Posting DR Reference Details 6/1/2018 Cash at Bank 6/1/2018 Debtor-Formidable Foods 605 607 5,370.00 1,000 Debtor-Banning Supplies 1,495 Debtor-Windham Construction 228 Debtor-Head Chef Restaurant 9,000 Debtor-BBQ Inc 5,751 Debtor-The Grey Group 880 6/1/2018 Allowance for Bad and Doubtful Debts 609 6/1/2018 Inventory 611 12,410.00 6/1/2018 Stationery 613 324 6/1/2018 Prepaid Expenses 6/1/2018 653 6/1/2018 Baking Plant and Equipment Accumulated Depreciation – Baking Plant & Equipment 6/1/2018 Toyota Panel Van 657 615 2,400.00 103,000.00 655 30,000.00 6/1/2018 Accumulated Depreciation –Toyota Panel van 659 6/1/2018 6/1/2018 6/1/2018 6/1/2018 Office Equipment Accumulated Depreciation – Office Equipment 661 GST Receivable 699 Creditors - Border Limited 703 Creditors - Piecart Inc Creditors - Global Food 11,800.00 663 4,580.00 Date Posting DR Reference Details Creditors - Laucke’s Flour Creditors - Bakers R Us 6/1/2018Council Rates Payable – Tea Tree Gully Council 707 6/1/2018 6/1/2018 6/1/2018 6/1/2018 6/1/2018 Advertising Expense Payable Telephone Expense Payable GST Payable Big Bank Mortgage Loan (10-years) Capital – Bob Baker 709 711 799 753 503 *Assets, liabilities and capital at this date entered to open the books. / Opening entries as at 1 June 2018* 188,238.00 Date Details Posting DR Reference Date Details Posting DR Reference JOURNAL PAGE 1 CR BOB’S BAKERY GENERAL JOURNAL P Date 1,290.00 76,500.00 7,957.00 860 1,000 3,169 275 Details Posting Reference CR Date 2,436 4,470 771 1,520.00 840 4,950.00 40,000.00 42,200.00 188238 Details Posting Reference CR Date Details Posting Reference CR Date Details Posting Reference GENERAL JOURNAL PAGE 2 DR CR BOB’S BAKERY GENERAL JOURNA Date Details DR CR Date Details DR CR Date Details DR CR Date Details KERY GENERAL JOURNAL PAGE 3 Posting Referenc DR CR Posting Referenc DR CR Posting Referenc DR CR Posting Referenc DR CR Insert Account numbers under Journal Totals BOB’S BAKERY SPECIALIS Cash Receipts Journal Date Particulars Jun-21 Sales Jun-29 Formidable foods Post Ref Discount 7199 GST 5 5 Cash Payments Journal Date Particulars Jun-14 Toyota Panel Van Jun-21 Big Bank Loan Post Ref Discount 719 720 GST 1439 Sales Journal Date Particulars Post Ref Sales Freight Sales Returns Journal Date Particulars Post Ref Sales Returns Freight Purchases Journal Date Particulars Jun-13 Border Limited Post Ref Purchases 634 flour Freight Purchases Returns Journal Date Particulars Post Ref Purchase Returns Freight S BAKERY SPECIALISED JOURNALS ash Receipts Journal Accounts Receivable Sales Other Receipts GST 500 Bank 10000 475 500 10475 sh Payments Journal Accounts Payable Purchases Other Payments 1000 1000 1000 GST 1000 Accounts Receivable GST 200 250 Bank 1200 1250 450 2450 al Accounts Receivable GST 200 Accounts Payable 2200 200 2200 GST rnal GST Accounts Payable Cash at Bank Date 6/1/2018 Details Posting Ref Balance 605 Debit $ 5,370.00 Accounts Receivable Control Date Details Posting Ref Debit $ 5/31/2018 Formidable Foods 60701 1,000 5/31/2018 Banning Supplies 60703 1,495 5/31/2018 Windham Construction 60705 228 5/31/2018 Head Chef Restaurant 60707 9,000 5/31/2018 BBQ Inc 60709 5,751 5/31/2018 The Grey Group 60711 880 Inventory on Hand Date Details 6/1/2018 Balance Posting Ref 611 Debit $ 12,410.00 Prepaid Expenses Date Details 6/1/2018 Balance Posting Ref 615 Debit $ 2,400.00 Baking Plant & Equipment Date Details 6/1/2018 Balance Posting Ref 653 Debit $ 103,000.00 Toyota Panel Van Date Details 6/1/2018 Balance Posting Ref Debit $ 30,000.00 657 Office Equipment Date 6/1/2018 Details Posting Ref Balance 661 Debit $ GST Receivable 11,800.00 Date 6/1/2018 Date Details Posting Ref Balance 699 Details Posting Ref Debit $ 4,580.00 Debit $ BOB’S BAKERY GENERAL LEDGER - ASSET ACCOUNT ank Credit $ Balance $ DR/CR Date 5,370.00 DR ble Control Credit $ Balance $ DR/CR 1,000 DR Date 6/1/2018 2,495 DR 2,723 DR 11,723 DR 17,474 DR 18,354 DR Hand Credit $ Balance $ DR/CR 12,410.00 DR Date 6/1/2018 enses Credit $ Balance $ DR/CR Date 2,400.00 DR quipment Accumulated Depreciation - Bak Credit $ Balance $ DR/CR 103,000.00 DR Date 6/1/2018 el Van Credit $ Balance $ DR/CR 30,000.00 DR Date 6/1/2018 ment able Credit $ Balance $ 11,800.00 DR/CR DR Date 6/1/2018 Credit $ Balance $ 4,580.00 Credit $ Balance $ DR/CR DR DR/CR Date NERAL LEDGER - ASSET ACCOUNTS Details Posting Ref Debit $ Credit $ Allowance for Bad and Doubtful Debts Details Balance Posting Ref Debit $ Credit $ 1,290.00 609 Stationery on Hand Details Balance Posting Ref 613 Debit $ 324.00 Credit $ Details Posting Ref Debit $ Credit $ Accumulated Depreciation - Baking Plant & Equipment Details Balance Posting Ref 655 Debit $ Credit $ 76,500.00 Accumulated Depreciation - Toyota Panel Van Details Posting Ref Balance 659 Debit $ Credit $ 7,957.00 Accumulated Depreciation - Office Equipment Details Posting Ref Balance 663 Debit $ Credit $ 860 Details Posting Ref Debit $ Credit $ Balance $ DR/CR Balance $ DR/CR 1,290.00 Balance $ CR DR/CR 324.00 DR Balance $ DR/CR Balance $ DR/CR 76,500.00 CR Balance $ DR/CR 7,957.00 CR Balance $ DR/CR 860 CR Balance $ DR/CR Accounts Payable Control Date Details Posting Ref Debit $ Credit $ 1-Jun-18 Border Limited 70301 1,000 1-Jun-18 Piecart Inc 70303 3,169 1-Jun-18 Global Food 70305 275 1-Jun-18 Laucke’s Flour 70307 2,436 1-Jun-18 Bakers R Us 70309 4,470 Advertising Expense Payable Date Details 1-Jun-18 Balance Posting Ref Debit $ 709 GST Payable Credit $ 1,520.00 Date Details 1-Jun-18 Balance Date Details Posting Ref Debit $ 4,950.00 799 Posting Ref Credit $ Debit $ Credit $ BOB’S BAKERY GENERAL LEDGER - LIABILITY ACCOUNTS Council Rates Payable- Tea Tree Gully Balance $ DR/CR 1,000 CR Date Details 1-Jun-18 Balance Posting Ref 707 4,169 CR 4,444 CR 6,880 CR 11,350 CR Telephone Expense Payable Balance $ DR/CR 1,520.00 CR Date Details 1-Jun-18 Balance Posting Ref 711 Big Bank Mortgage Loan Balance $ DR/CR 4,950.00 CR Balance $ DR/CR Date Details 1-Jun-18 Balance Date Details Posting Ref 753 Posting Ref CCOUNTS ble- Tea Tree Gully Council Debit $ Credit $ Balance $ 771 DR/CR 771 CR Expense Payable Debit $ Mortgage Loan Credit $ Balance $ 840 DR/CR 840 CR Debit $ Credit $ 40,000.00 Debit $ Credit $ Balance $ DR/CR 40,000.00 CR Balance $ DR/CR Capital - Bob Baker Date 6/1/2018 Details Balance Posting Ref Debit $ 503 Profit & Loss Summary Account** Date Details Posting Ref Debit $ BOB’S BAKERY GENERAL LEDGER - EQUITY ACCOUN Bob Baker Credit $ 42,200.00 Balance $ DR/CR 42,200.00 CR ss Summary Account** Credit $ Balance $ DR/CR **Don't forget your inventory entries DGER - EQUITY ACCOUNTS Date Date Details Posting Ref Debit $ Credit $ Details Posting Ref Debit $ Credit $ BOB’S BAKERY GENERAL LEDGER - INCOME (REVENUE) ACCOU (You Must Create Accounts to complete the Assignment Tasks) Balance $ Balance $ DR/CR DR/CR Date Date Details Posting Ref Details Posting Ref VENUE) ACCOUNTS ment Tasks) Debit $ Credit $ Balance $ DR/CR Debit $ Credit $ Balance $ DR/CR Date Date Details Posting Ref Debit $ Credit $ Details Posting Ref Debit $ Credit $ Date Details Posting Ref Debit $ Credit $ BOB’S BAKERY GENERAL LEDGER - EXPENSE ACCOUNTS (You Must Create Accounts to complete the Assignment Tasks) Balance $ Balance $ DR/CR DR/CR Date Date Details Posting Ref Details Posting Ref Balance $ DR/CR Date Details Posting Ref COUNTS signment Tasks) Debit $ Credit $ Balance $ DR/CR Debit $ Credit $ Balance $ DR/CR Debit $ Credit $ Balance $ DR/CR Border Limited Date Details Jun-13 Purchases Posting Ref Debit $ 634 Credit $ 2200 Piecart Inc Date Details Posting Ref Debit $ Credit $ Global Food Date Date Details Posting Ref Debit $ Credit $ Details Posting Ref Debit $ Credit $ BOB’S BAKERY SUBSIDIARY LEDGER- ACCOUNTS PAYABLE Bakers R Us Balance $ DR/CR Date Details Posting Ref 2200 CR Laucke's Flour Balance $ DR/CR Date Details Posting Ref Balance $ DR/CR Balance $ DR/CR Date Details Posting Ref OUNTS PAYABLE Bakers R Us Debit $ Credit $ Balance $ DR/CR Credit $ Balance $ DR/CR Laucke's Flour Debit $ Debit $ Credit $ Balance $ DR/CR Formidable Foods Date Details Jun-29 Bank and discount Posting Ref Debit $ 7199 Credit $ 475 Banning Supplies Date Details Posting Ref Debit $ Credit $ Windham Construction Date Details Posting Ref Debit $ Credit $ Date Details Posting Ref Debit $ Credit $ BOB’S BAKERY SUBSIDIARY LEDGER- ACCOUNTS RECEIVABLE Head Chef restaurant Balance $ DR/CR Date Details Posting Ref DR BBQ Inc Balance $ DR/CR Date Details Posting Ref The Grey Group Balance $ DR/CR Date Details Posting Ref Balance $ DR/CR UNTS RECEIVABLE ad Chef restaurant Debit $ Credit $ Balance $ DR/CR Debit $ Credit $ Balance $ DR/CR Debit $ Credit $ Balance $ DR/CR The Grey Group BOB’S BAKERYL FINANC BOB’S BAKERY BALANCE SHEET AS AT 30 JUNE 2018 BOB’S BAKERY INCOME STATEMENT FOR THE PERIOD 1 JUNE 20 Financial Accounting 1 Major Group Assignment ©Based on a case prepared by Scott Copeland, University of South Australia Bob’s Bakery. Bob Baker purchased a small business in the Modbury Plaza shopping centre. The business also caters for corporate functions in the area. The purchase of the business was settled on 31 May 2018, and Bob has asked if you would take the role of accountant to prepare his accounting records and process transactions for June, and finalise his accounting reports for the year ending 30 June 2018. A trial balance at the date of the purchase (31 May) appears below. You accept the role and you are required to undertake the following tasks. Please note – you are required to complete ALL the Task Checklists provided in this assignment. If you state that you have completed a task and the task has not actually been completed – marks will be DEDUCTED: Task 1 Task 2 Task 3 Task 4 Task 5 Prepare an Opening Journal Entry and Post the entry to the General Ledger and Subsidiary Ledgers Record Transactions in Specialised Journals for the month of June 2018 Process Adjusting entries at 30 June 2018 - post to the General Ledger. Prepare Closing entries for the year ended 30 June 2018 – post to the General Ledger. This includes the P&L Summary Account. Prepare Financial Reports for 30 June- Balance Sheet/Income Statement/ Subsidiary Ledger Listings 10% 25% 25% 20% 20% 100% Task 1: Using the 31 May 2018 Trial Balance (below), prepare an Opening Journal entry to create the new Accounting records for Bob’s Bakery as at 1 June. Post the Journal to the relevant General Ledger and Subsidiary Ledger accounts contained in the Excel File provided for this assignment. You are NOT required to prepare reversing entries as part of this task. ** Check to ensure that the totals of your subsidiary ledger accounts (when posted) agree with the relevant General Ledger Control Account. **(The Excel files contain the General Journal, General Ledger, Accounts Receivable/Accounts Payable Subsidiary Ledgers that you are required to complete. The necessary ledger accounts (as well as blank accounts to be used if needed) have been included. You may be required to add new accounts as part of the assignment.) Student Task Checklist: Task List – Task 1 Completed? Yes/No 1. Does your Opening General Journal entry balance? (Dr=CR) 2. Date/Narration entered on opening General Journal entry? 3. All postings to ledgers complete (tick them off as you go). Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr =Cr 4. Check that the total of all accounts in your subsidiary ledgers equals the Control account(s) in the General Ledger 5. Submit this completed checklist with your Opening entries for review 605 607 609 611 613 615 653 655 657 659 661 663 699 703 707 709 711 799 753 503 Bob’s Bakery - Chart of Accounts as at 31 May 2018 Cash at Bank Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory on Hand Stationery on Hand Prepaid Expenses Baking Plant and Equipment Accumulated Depreciation – Baking Plant & Equipment Toyota Panel Van Accumulated Depreciation –Toyota Panel van Office Equipment Accumulated Depreciation – Office Equipment GST Receivable Accounts Payable Control Council Rates Payable – Tea Tree Gully Council Advertising Expense Payable Telephone Expense Payable GST Payable Big Bank Mortgage Loan (10-years) Capital – Bob Baker 5,370.00 18,354.00 1,290.00 12,410.00 324.00 2,400.00 103,000.00 76,500.00 30,000.00 7,957.00 11,800.00 860.00 4,580.00 11,350.00 771.00 1,520.00 840.00 4,950.00 40,000.00 42,200.00 Additional Notes Subsidiary Ledger Balances Schedule of Accounts Receivable as at 31 May 2018 Acc. No. 60701 60703 60705 60707 60709 60711 70301 70303 70305 70307 70309 Formidable Foods Banning Supplies Windham Construction Head Chef Restaurant BBQ Inc The Grey Group 1,000 1,495 228 9,000 5,751 880 $18,354 Schedule of Accounts Payable as at 31 May 2018 Border Limited 1,000 Piecart Inc 3,169 Global Food 275 Laucke’s Flour 2,436 Bakers R Us 4,470 $11,350 You will need to enter this information into the appropriate subsidiary ledger accounts. Task 2 – Record Transactions in Specialised Journals Your next task is to record the transactions (below) in the specialised journals provided in your Excel Spreadsheet. When you have entered the transactions into the relevant specialised journal you are required to enter the column totals (for all columns) on all the specialised journals. Don’t forget to enter the General Ledger Account numbers underneath the totals for each column (or in the relevant column for (sundries). As part of this exercise you will be required to create new General Ledger Accounts – blank accounts have been included in relevant worksheets for this purpose. Don’t forget to allocate an account number in your ledger. When you have done this, you are required to post the totals of each of the specialised journals to the relevant General and Subsidiary Ledger Accounts in the Excel Spreadsheet. Make sure each debit entry balances with the credit entry as you go. You will need to create new accounts in your General Ledger Excel Spreadsheet to complete this Task. (Please Note: The business is using the periodic inventory method and will therefore use a purchases account in its general ledger). Transactions June 4 Purchased 200 bags of flour from Bakers R Us (Invoice 663) for $9.50 per bag, plus a total freight charge of $100 and total GST of $200. June 6 Billed Banning Supplies (Sales Invoice 7198) for Corporate Catering Services for a business meeting $1,100 including GST. June 10 Purchased 50 cases of dried fruit from Global Food (invoice 851) for $12 each, plus a total freight charge of $60 and total GST of $66. June 10 Issued Cheque number 718 to Global Food. The cheque amount was $247.50 and a discount of $27.50 (including GST of $2.75) was received for early payment. June 11 Cash Sales were made to the local School: 10 Cakes for $25 each plus total GST of $25 (Receipt 286) June 12 Sold muffins on Credit to Formidable Foods – the price was $500 (net of GST). Invoice 7199. June 13 Purchased Flour from Border Limited (Invoice 634) for $2,200 including GST. June 14 Paid “Toyota Motors” (Chq 719) $1,200 (net of GST) for Motor repairs to the Toyota Panel Van. June 21 Made a repayment of $1,250 on the Big Bank Loan – the repayment related to Principal $1,000 and Bank Interest $250. Cheque Number 720. June 21 Cash Sales banked $10,000 (Net of GST). June 29 Formidable Foods paid Invoice 7199 dated 12 June. An early payment discount of 5% of the Invoice amount was allowed. Task List- Task 2 Completed? Yes/No 1. Have you entered totals in all of the columns of your Specialised Journals? 2. Have you entered account numbers underneath each column total in your specialised journals? For the sundries column enter the Account number on each line as referred to in the lecture materials. 3. All postings to General Ledger and Subsidiary Ledgers complete? 4. Have you entered Date/Details/Posting reference in all ledger accounts? 5. Ticked off entries as you go? 6. Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr=Cr 7. Check that the total of all accounts in your subsidiary ledgers equals the Control account(s) in the General Ledger. 8. Submit this completed checklist with your completed work Task 3 Adjusting Entries Your next task is to enter the adjusting entries into your General Journal and post the entries to the General Ledger. When you enter a journal entry don’t forget the date, the account number and a narration for each entry. Please note – you are NOT required to prepare a worksheet to record the adjusting entries and an adjusted trial balance. (a) Depreciation on the Baking Plant & Equipment is 20% using the Diminishing Balance Method. Other assets are depreciated using the Straight Line Method. The Office Equipment is expected to have a useful life of 10 years with a residual value of $400. The Toyota Panel Van has a residual value of $6,000 and has a useful life of 4 years. (Remember – you are only accounting for one month for this exercise!) (b) Prepaid Expenses taken over from the previous owner (as at 31 May) was for rent paid 12 months’ in advance on the shop premises. Only 11 months’ rent remains prepaid at 30 June. (c) The periodic inventory method is used. Closing Inventory at 30 June 2018 is $13,000. You will need to process a Journal entry to account for the Opening and Closing Inventory. (Hint – Prepare a General Journal Entry to first Transfer the Opening Inventory to the P&L Summary Account; and then account for the Closing Inventory, also using the P&L Summary Account). Do NOT net off the opening and closing Inventory. (d) Accrued rent to 30 June 2018 is $1,000. (e) On 10 July you sent an invoice (your business name is ‘Accounting Plus’) to Bob Baker to charge him for your accounting services for June 2018. The invoice you sent was fr $5,000 (excluding GST). The charges payable to you by Bob’s Bakery have not yet been included in Bob’s business’s records. (f) Staff wages of $4,000 are paid monthly. Wages have been paid for the two weeks ended 15 June. Task List – Task 3 Completed? Yes/No 1. Do your General Journal entries balance? (Dr=CR) 2. Date/Narration/account number entered on every General Journal entry? 3. All postings to ledgers complete (tick them off as you go). Prepare a trial balance after you have posted all the entries to ensure your General Ledger balances. Ensure Dr =Cr 4. Submit this completed checklist with your Opening entries for review Task 4 Closing entries Once you have completed the data entry for the above tasks, you need to prepare and record the closing entries so that you can prepare your financial reports. Step 1 Prepare the General Journal entry to close off all income and expense accounts to the Profit and Loss Summary Account. It is suggested that you create a new General Ledger Account in the Equity Worksheet in the Excel file for this purpose. Step 2 – Prepare the General Journal entry to transfer the opening inventory to the P&L Summary and to account for the Closing Inventory (which must appear in your Balance Sheet). Step 3 – Post the Closing entry to the P & L Summary Account and all the income and expense accounts. Please ensure that, after posting the entry, ALL your income and expense accounts have zero balances. The balance in your Profit & Loss Summary Account will be the profit or loss for the month ended 30 June. Step 4 - Prepare a General Journal Entry to transfer the balance in the Profit & Loss Summary Account to Bob Baker’s Capital Account and post the entry into the General Ledger. The balance of the Profit & Loss Summary Account should now be zero. The only General Ledger accounts left with a balance should be the Balance Sheet Accounts. Step 6 – Prepare another Trial Balance of your General Ledger (which should be Balance Sheet accounts only) and ensure that it balances (ie DR=CR) Task List – Task 4 Completed? Yes/No 1. The trial balance you prepared in Step 1 balances? (Dr=CR) 2. All your Income/Expense accounts in the General Ledger have zero balances after you have posted your Closing Journal entry to the P & L Summary Account? 3. All postings to ledgers complete (tick them off as you go). The trial balance prepared after you have posted all the entries balances (Step 6)? Ensure Dr =Cr 4. Submit this completed checklist with your Closing entries for review Task 5 Financial Reports You are only required to prepare (a) a properly classified Balance Sheet (b) Income Statement (c) Accounts Receivable and Accounts Payable Listings from the Subsidiary Ledgers – to agree with the General Ledger Control Account for Bob’s Bakery – A Cash Flow Statement is not required. Please enter your reports in the Financial Reports Worksheet in the Excel File provided. Additional Information: The Big Bank Loan repayments are $1,000 per month. The Loan is for 10 years. Task List – Task 5 1. Balance Sheet Balances? If not – check that all postings and tasks from 1 to 4 have been completed properly. 2. Accounts Receivable and Accounts Payable Listings from the Subsidiary Ledgers agree Completed? Yes/No with the General Ledger Control Accounts? 3. Submit this completed checklist with your Closing entries for review
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Explanation & Answer

Please check what i have managed so far. i made a lot of changes i noticed from the previous excel. the task 1 was ok but the general ledger were not. tick off task one to task four. go through it. thanks. let me know if you have anything. am sure you are brainstorming on your end as well. thanks for your understanding on this. am here anytime

Please enter the names of your group membe
First name
Hanadi
Amni

Family name
Alalawi
Ahmad Fazli

ames of your group members below

Please complete the template questionnares

Ensure Dr =Cr

Task List – Task 4

Ensure Dr =Cr

Please complete the template questionnares below
Task List – Task 1

Completed?
Yes/No

1.
Does your Opening General
Journal entry balance? (Dr=CR)
2.
Date/Narration entered on
opening General Journal entry?
3.
All postings to ledgers complete
(tick them off as you go). Prepare a trial
balance after you have posted all the
entries to ensure your General Ledger
balances.
Ensure Dr =Cr
4.
Check that the total of all accounts
in your subsidiary ledgers equals the
Control account(s) in the General Ledger
5.
Submit this completed checklist
with your Opening entries for review

Task List – Task 3
1.
Do your General Journal entries
balance? (Dr=CR)
2.
Date/Narration/account number
entered on every General Journal entry?

Completed? Yes/No

3.
All postings to ledgers complete
(tick them off as you go). Prepare a trial
balance after you have posted all the
entries to ensure your General Ledger
balances.
Ensure Dr =Cr
4.
Submit this completed checklist
with your Opening entries for review

Task List – Task 4
1.
The trial balance you prepared in
Step 1 balances? (Dr=CR)
2.
All your Income/Expense accounts
in the General Ledger have zero balances
after you have posted your Closing
Journal entry to the P & L Summary
Account?
3.
All postings to ledgers complete
(tick them off as you go). The trial
balance prepared after you have posted
all the entries balances (Step 6)?
Ensure Dr =Cr
4.
Submit this completed checklist
with your Closing entries for review

Completed?
Yes/No

Marks will be deducted for Tasks not actually completed. If not completed write 'INCOMPLETE'

Task List- Task 2
1.
Have you entered totals in all of the columns of your Specialised
Journals?
2.
Have you entered account numbers underneath each column
total in your specialised journals? For the sundries column enter the
Account number on each line as referred to in the lecture materials.

3.
All postings to General Ledger and Subsidiary Ledgers
complete?
4.
Have you entered Date/Details/Posting reference in all ledger
accounts?
5.

Tick off entries as you go.

6.
Prepare a trial balance after you have posted all the entries to
ensure your General Ledger balances.
Ensure Dr=Cr
7.
Check that the total of all accounts in your subsidiary ledgers
equals the Control account(s) in the General Ledger.
8.

Submit this completed checklist with your completed work

Task List – Task 5
1.
Balance Sheet Balances? If not – check that all postings and
tasks from 1 to 4 have been completed properly.
2.
Accounts Receivable and Accounts Payable Listings from the
Subsidiary Ledgers agree with the General Ledger Control Accounts?

3. Income Statement Profit agees with Balance Sheet in the Equity
Section?

3.
Submit this completed checklist with your Closing entries for
review

mpleted write 'INCOMPLETE'

Completed?
Yes/No

Task List – Task 3

1.

Do your General Journal entries balance? (Dr=CR)

2. Date/Narration/account number entered on every
General Journal entry?

3. All postings to ledgers complete (tick them off as you
go). Prepare a trial balance afte...


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