accounting

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timer Asked: Jan 21st, 2021

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fish the assignment

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Name of Business Cash Receipts Journal Sales Date A. Cash Receipts Journal Rec Particulars Post Ref Accounts Receivable Control Other GST Clearing Bank Name of Business Cash Payments Journal Inventories Date Chq B. Cash Payments Journal Particulars Post Ref Accounts Payable Control Other GST Clearing Bank Name of Business Purchases Journal Date Ref Accounts Payable Inventories GST Clearing Accounts Payable Control Sales GST Clearing Accounts Receivable Control Post Ref Name of Business Sales Journal Date C. Purchases and Sales Journal Inv Accounts Receivable Post Ref Name of Business General Journal Date D. E. General Journal Particulars Post Ref Debit Credit Name of Business General Ledger Date F. General Ledger Particulars Post Ref Debit Credit Balance Name of Business Accounts Receivable Subsidiary Ledger Date Particulars G1. Accounts Receivable Subsidiary Ledger Post Ref Debit Credit Balance Name of Business Accounts Payable Subsidiary Ledger Date Particulars G2. Accounts Payable Subsidiary Ledger Post Ref Debit Credit Balance Name of Business Trial Balance Account Name H1. Trial Balance Debit Credit Name of Business Schedule of Accounts Receivable Name of Business Schedule of Accounts Payable H2. Schedules Name of Business Accounting Equation Accounting Equation: Trial Balance Figures: Final Calculation: K. Accounting Equation Name of Business Policies and Procedures Methods of verifying accuracy of data (rectifying errors or fixing problems): Methods of presenting journals: Cash Journals Credit Journals General Journal Methods of presenting ledgers. Methods used to account for accrual system entries. Methods and justification of credit control (100 words) Methods and justifcation of cash control (100 words) Specify two reports that your business will prepare to manage cash flow and describe the purpose of each report. (50 words) Financial Recording ASSIGNMENT INSTRUCTION In this assignment you will: 1. produce the following for the month of May 2020: Journals Cash Receipts Journal Cash Payments Journal Sales Journal Purchases Journal General Journal Ledgers Verify General Ledger Trial Balance Accounts Receivable Subsidiary Ledger Accounts Receivable Schedule Accounts Payable Subsidiary Ledger Accounts Payable Schedule 2. use the extended accounting equation, to demonstrate the double entry principle for your business 3. complete the Policies and Procedures Manual STUDENT NAME: _________________________________________________ CLASS: _________________________________________________________ TEACHER: _______________________________________________________ 1 In this assignment, you are required to submit the following: EXCEL: 1. All journals (5) 2. General Ledger 3. 2 Subsidiary Ledgers 4. Trial Balance 5. 2 Schedules 6. Extended Accounting Equation (including amounts from Trial Balance) 7. Policies and Procedures Manual 2 STEP 1: Log into Moodle and download and read the Financial Recording assignment Task Sheet and Mark sheet. STEP 2: Log into Moodle and download the Financial Recording Assignment EXCEL TEMPLATE. SAVE this document as “Your name Class Financial Recording Assignment.XLSX. It must be excel format. If you do not have excel you can save it by exporting it and choosing an excel format. STEP 3: Record the information about your business BEFORE you started Trading. Save this Instruction booklet on your computer. Business Name: Product 1 Name: Find out the Product 1 name, quantity (Qty), cost price and selling price from Management Page / View business data. ________________ Cost price $____________(excl GST) per unit Qty: ____________ Product #1 total cost price (Qty x cost price) = $_________ Product 2 Name: Selling price $____________(incl GST) per unit Find out the Product 2 name, quantity (Qty), cost price and selling price from Management Page / View business data. ________________ Cost price $____________(excl GST) per unit Qty: ____________ Product #2 total cost price (Qty x cost price) = $_________ Total cost price Bank balance Selling price $____________ (incl GST) per unit Product #1 total cost price + Product #2 total cost price $_______________ $_______________ 3 STEP 4: Complete the journals in the excel template using the transactions in this booklet. Record these transactions in the Cash Receipts Journal Date 1-May 7-May Transaction Details The owner contributes $500 into the business. This amount is included in the bank balance you entered on page 3 of this booklet. The owner’s loan application has been approved and is included in the starting bank balance for the business. Information can be found on Management Page / View business data. Loan: Bank balance (from page 3) – $500 = $__________ Choose 3 cash sales transactions. May (To find the information needed to record these transactions, you will need to go to MYFY, My Management Page and Download Sales Data and choose 3 Cash Sales transactions to record). 4 STEP 5: Record these transactions in the Cash Payments Journal Date Transaction Details Enter three staff benefits (paid cash). May (To find the information needed to record these transactions, you will need to log into your email account that you used for Trading. Download 3 Receipts sent to you after you purchased from other businesses for cash (PAY NOW) and record 3 staff benefits). Pay the full amount owing to ‘Bills Central’. Each expense should be recorded separately in the cash payments journal using one (1) cheque ONLY. Account 27-May Stationery Subscriptions Insurance premiums Promotion printing Fire protection services Electricity Rates Computer repairs Rent expenses Telephone Sales training expenses Advertising costs Computer training expenses Accountant fees Petrol and oil Travel expenses Amount indicated in % of bank balance $ ____________ 1% (incl GST) 1.25% (incl GST) 2% (incl GST) 1.5% (incl GST) 1.75% (incl GST) 2% (incl GST) 1.25% (no GST) 1.5% (incl GST) 15% (incl GST) 1.25% (incl GST) 2% (incl GST) 3.5% (incl GST) 1.25% (incl GST) 3.5% (incl GST) 1.25% (incl GST) 5% (incl GST) 5 Amount MYOB Excel GST GST GST incl excl Cash Payments Journal continued Date Transaction Details Pay half the loan amount. 28-May Loan amount (see 7 May) / 2 = $______________ Purchased six (6) Product #1s for cash from The Wholesaler (supplier). 31-May 31-May 31-May Purchased four (4) Product #2s for cash from The Discount Warehouse (supplier). When reconciling your records with the bank statement, you discover that the bank has deducted an amount of 2% interest on the remaining loan amount. 2% x remaining loan amount (see 28 May) = $__________ 6 STEP 6: Record these transactions in the Purchases Journal Date 31-May Transaction Details Purchased four (4) Product #1s on credit from The Wholesaler (supplier). 31-May Purchased five (5) Product #2s on credit from The Discount Warehouse (supplier). STEP 7: Record these transactions in the Sales Journal Date Transaction Details Enter credit sales transactions. May (To find the information needed to record these transactions, you will need to go to MYFY, My Management Page and Download Sales Data and choose 3 Credit Sales transactions to record). 7 STEP 8: Record these transactions in the General Journal Date Transaction Details Owner contributed inventories (see total cost price 1-May amount on page 3) Enter three (3) staff benefits purchased on credit. May 21-May 22-May 23-May (To find the information needed to record these transactions, you will need to log into your email account that you used for Trading. Download 3 Tax Invoices sent to you after you purchased from other businesses on credit (PAY LATER) and record 3 staff benefits). Furniture was purchased on credit from Piersim General. The asset costs 5% of the total loan amount (incl GST). Delivery Vehicle was purchased on credit from Piersim General. The asset costs 10% of the total loan amount (incl GST). Copyright was purchased on credit from Piersim General. The asset costs 2% of the total loan amount. GST is not applicable for this asset. Enter the cost of goods sold entry. To determine the cost of goods sold value: 31-May • Total number of Product #1s sold x cost price = $______ • Total number of Product #2s sold x cost price = $______ • Add both totals $__________ 8 STEP 9: Continue the Accounting process by completing the remaining documents in the excel template: 1. Finish recording all journals (Cash Receipts Journal, Cash Payments Journal, Purchases Journal, Sales Journal and General Journal) 2. Post to the General Ledger 3. Post to the Accounts Receivable Subsidiary Ledger 4. Post to the Accounts Payable Subsidiary Ledger 5. Prepare an Accounts Receivable Schedule 6. Prepare an Accounts Payable Schedule 7. Prepare a Trial Balance 8. Complete the extended Accounting Equation (including amounts from Trial Balance 9. Answer the questions in the Policies and Procedures Manual STEP 10: SUBMISSION SAVE this document as “Your name Class Financial Recording Assignment.XLSX. It must be excel format. If you do not have excel you can save it by exporting it and choosing an excel format. Submit the excel template into Moodle. Check the Moodle Assessment Calendar for the due date. **Congratulations you have completed the Financial Recording Assignment** 9 ASSESSMENT ACTIVITY B – RECORDING ACCOUNTING AUGUST STANDARD 2020 TASK DETAILS: ASSESSMENT TYPE: Written assignment ASSESSMENT WEIGHTING: 20% RESOURCES REQUIRED: Internet, Financial Recording Template TASK OUTLINE: Recording You will be assigned a VBE Commerce business in which you will be managing. You will set up the online business website, so that it is able to capture sales data and financial transactions during the allocated business trading period. You will then use bookkeeping procedures to record the financial data on documents and journals, and transcribe the data to ledgers. You will use accounting systems and techniques to check the accuracy of the financial records. As part of the assignment, you will also be required to complete the policies and procedures manual for your assigned business. TASK DOCUMENTS: (on Moodle) Assessment section SUBMISSION METHOD: Online submission Written and oral assessment tasks submitted or performed after the due date without an approved extension of time will ordinarily be met with a penalty of 5% of the percentage grade per working day late up, to a maximum of five working days. LATE SUBMISSION: If the assessment is submitted/performed after five working days, a grade of 0% will be applied. Requesting an assignment extension: if a student wishes to apply to an assignment extension, they need to fill out and submit the “Assignment Extension Application” form found in Student Support on Moodle at least 24 hours before the due date of their assessment item and provide any relevant supporting evidence (e.g. medical certificate, letter from parent/homestay). Document1 ...
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