Accounting and Bookkeeping Assignment Sample

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Introduction : Accounting and Bookkeeping Assignment

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Task 1: Verifying receipts

The discrepancy includes all relevant to the cash receipt journal:
Receipt no 223 was paid by cash and also included by GST for the sold valuation. it can be received by the C Clame
Receipt no 225 was paid by Cash and also included by GST for the sold valuation. It can be received by the C Clame also but the entries transactions are different.
Receipt no 226 was paid by cash and also by the owner for the passbook entries. It can be received by the C Clame
There are three statements available in this part to examine whether the transactions are accurate or not. The three statements are the subsidiary ledger, bank statements, and sales ledger. In order, there is one incorrect transaction that has been identified which is, Solid Solutions Pty Ltd purchased goods in a credit of $ 1122 and made a payment on 14/1/2021. On the other side, it has been seen that no transaction was made on that date. Along with this, another wrong transaction has been identified, which is Gumby's Football Club was purchased on the credit of $ 830.50 on 10/1/2021 and wrongly made payment of 803.50 on 21/1/2021 instead of 830.50. Moreover, Gumby's Football Club has to pay an additional $ 27 to the company.

Gumby's Football Club
Date	Particulars	Debit	Credit
10.1.2021	Credit purchase	$ 830.50
21.1.2021	Payment		$ 803.50
Difference		$ 27

As per the above table, it has been seen that in the Gumby's football club was made the wrong transaction. As it was seen that the football club was purchased for $ 830.50 on 10.102021, and made a payment of 803.50 on 21.1.2021. Hence, this table shows the club was not paid $ 27.

Task 2: Ledgers and reports

The general ledger is unable to set the journal books. It was assured to set up the journal sources used in ledger balances. The journal sources created to use the process must be approved for the company's assets and liabilities in the business. The policy is required for manual journal entries made to the general ledger. It is made to grant related to the business markets. The fiscal officer entry loads no additional was established to department procedure in the business. Journal entries should not be stored on an individual’s needs for an audit. Then the applicable journal entries are approvals through on the bases required in controlling the financial statements.
Subsidiary Ledgers

Accounts Receivable Subsidiary Ledger
Allen's Accounting				1-2001
Date	Details	Folio	Debit	Credit	Balance
1/1/2021	Opening balance (Invoice date 18/12/20)				540.00	DR
9/1/2021	Purchase		682.00
11/1/2021	Purchase		44.00
GDT Pty Ltd				1-2012
Date	Details	Folio	Debit	Credit	Balance
15/1/2021	Purchase		253		253 (DR)


Goodfields SHS				1-2014
Date	Details	Folio	Debit	Credit	Balance
31/1/2021	Purchase		154		154 (DR)


Gumby's Footy Club				1-2020
Date		Folio	Debit	Credit	Balance
10/1/2021	purchase		755
21/1/2021	Cash payment			803.5


Solid Solutions Pty Ltd				1-2025
Date	Details	Folio	Debit	Credit	Balance
5/1/2021	Credit Purchase		1,122.00
14/1/2021	Payment of credit purchase			1122


S Smith				1-2026
Date	Details	Folio	Debit	Credit	Balance
24/1/2021	Purchase		169.00
29/1/2021	Payment of credit purchase			169.00


Trendy Tricks Pty Ltd				1-2030
Date	Details	Folio	Debit	Credit	Balance
1/01/2021	Opening balance (Invoice date 05/12/20)				870.00	DR

Accounts Payable Subsidiary Ledger


Clear Springs				2-2013
Date	Details	Folio	Debit	Credit	Balance
1/01/2021	Opening balance (Invoice dated 24/12/20)				155.00	CR

Donaldson's Dairy				2-2020
Date	Details	Folio	Debit	Credit	Balance
1/01/2021	Opening balance (Invoice dated 28/12/20)				124.00	CR

(c) Bank Reconciliation as at 31/01/2021

Balance as per bank statement		$26,234.68
Plus outstanding deposits	$
		1,256.00

Less Unpresented cheques		27,490.68
	$ 533.50
	$ 1,100.00
	$	$ 1,633.50
Balance as per cash at bank a/c		$ 25,857.18

(d) The balance journal are bank reconciliation as at 31/01/2021 was as per the companies are required in the balances was managed in the statement for an organization. It can add all bank statement is outstanding and less about the unpresented cheques assets and liabilities for an organization. The total bank statement is reconciliation by a $25,857.18 cash payment.

(e)General Ledger Account

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



Account Name: Equipment at cost					Account No.170
Date	Details	Folio	Debit	Credit	Balance
01.01.21	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
01.01.21	Opening balance				279.00 cr




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



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


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


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



Account Name: Sales					Account No.400
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ 2,879.00 CR


Account Name: Rent received					Account No.455
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				1210.00 (Cr)



Account Name: Interest received					Account No.460
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ 10,317.20


Account Name: Discount received					Account No.465
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ -5 (CR)




Account Name: Late Fee Revenue					Account No.475
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ 10.00 (CR)


Account Name: Purchases					Account No.500
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$2195.00 (Dr)




Account Name: Bank Charges					Account No.602
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ 419.80 (Dr)




Account Name: Telephone					Account No.650
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance				$ 356.40 (DR)

Account Name: Wages					Account No.670
Date	Details	Folio	Debit	Credit	Balance
01.01.21	Opening balance
13/1/2021	Wages		$ 430.00
27/1/2021	Wages		$ 510.00		$ 940.00 (DR)

(f)Accounts Receivable and Accounts Payable Reconciliations

Account Receivable Reconciliation 31 January 2021
Account Number	Account Name	Total Due	Current
Account Number	Account Name	Total Due	0 - 30 days	31 - 69 Days	61 - 90 Days	90+ days
215	Sales	1,652.00	6.1.2021
216	Sales	1,545.50	08.01.21
217	Sales	50.00	12.01.21
218	Sales	387.2	12.01.21
221	Sales	752.6	18.01.21
223	Sales	440	22.01.21
225	Sales	584.4	29.01.21
227	Sales	1,366.00		31.01.21
	Grand Total	6,777.70	0.00	0.00	0.00	0.00
Balance per GL Difference (should be $0.00) 6,777.70

Account Payable Reconciliation 31 January 2021
Account Number	Account Name	Total Due	Current
Account Number	Account Name	Total Due	0 - 30 days	31 - 69 Days	61 - 90 Days	90+ days
45	Purchases	419.8	01.01.21
46	Purchases	1,100.00	04.01.21
47,48,49	A/C Pay, TELEPHONE	1,002.90	11.01.21
50,51	Purchases and wages	477.30	13.01.21
52	Various	149.5	14.01.21
53	A/C Pay	883.3	22.01.21
54	Equipment	2,530.00	26.01.21
55	Wages	510	27.01.21
56	A/C Pay	198.00		31.01.21
	Grand Total	7,270.80	0.00	0.00	0.00	0.00
Balance as per GL Difference (should be $0.00) 7,270.80

(g) Trial Balance of Jolly Amusements as of 31 January 2021

Account Number	Account Name	Debit	Credit
100	Cash at bank	$ 26,234.68
110	Account receivable Control	$ 1,410.00
170	Motor Vehicles at cost	$ 10,500.00
174	Equipment at cost	$ 12,870.00
210	Account Payable Control		$ 279.00
230	GST Collected		$ 783.00
235	GST Paid	$ 521.30
270	Loan- The Bank		$ 17,439.50
300	Capital		$ 22,534.48
400	Sales		$ 2,879.00
455	Rent Received		$ 1,210.00
460	Interest Received		$ 10,327.20
465	Discount Received		-$ 5.00
475	Late Fee Revenue		$10.00
500	Purchase/ COGS	$ 2,195.00
602	Bank Charges	$ 419.80
650	Telephone	$ 356.40
670	Wages	$ 940.00

	Total	$ 55447.18	$ 55447.18

(h)

JOLLY AMUSEMENTS

Income Statement for the period ended 31 January 2021

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

$ 1,210.00

$ 10,317.20

$ -5.00

$ 10.00

$ 419.80

$ 356.40

$ 940.00

$ 2,879.00

$ 2,195.00

$684.00

$ 55,447.18

$ 56,131.18

$ 1,716.20

$54,414.98

(i)

JOLLY AMUSEMENTS

Balance Sheet as at 31 January 2021

Current Assets
Cash at bank	$ 26,234.68
Accounts Receivable Control	$ 1410.00	$ 27,644.68
Non-current Assets
Motor Vehicles at Cost	$ 10500
Goodwill	$ 43914.98
Equipment at Cost	$ 12,870.00	$ 67284.98
TOTAL ASSETS		$ 94,929.66
Current Liabilities
GST Collected	$ 783.00
Less GST Paid	$ 521.30	$ 261.70
Accounts Payable Control		$ 279.00
		$ 540.70
Non-current Liabilities
Loan - The Bank		$ 17439.50
TOTAL LIABILITIES		$ 17,980.20

NET ASSETS		$ 76,949.46

OWNERS' EQUITY
Capital	$ 22534.48
Net Profit (From Income Statement)	$ 54414.98	$ 76949.46
		$ 94,929.66