.494px;=”” block;=”” baseline;=”” 14px;=”” sans-serif;=”” arial,=”” helvetica,=”” neue”,=”” “helvetica=”” web”,=”” grot=”” “haas=”” inherit;=”” 6px;=”” 0px=”” border-box;=””>T-1.8.1 Accounts Receivable
Sydney Norman Pty Ltd is an Electronic items Retailer. They sell both on credit and cash.
The following are the transactions of June 2014 (all the amounts are GST included): June 1: Sold goods to CITI Cafe for $ 33,000 on credit. (Invoice # 4101)
June 6: Sold Goods to Jody Foods for $22,000 on credit (Invoice # 4102)
June 8: Sold Goods to XYZ Traders for $24,500 on credit (Invoice # 4103)
June 10: Sold Goods to HIFI foods for $5,500 on credit. (Invoice # 4104)
June 13: Sold goods to JAT foods for $ 14,200 on credit. (Invoice # 4105)
June 15: Send adjustment notes to XYZ Traders for $ 4,400. (Adjustment note # CT11)
June22: Sold Goods to Harry’s Restaurant for $1,550 on credit. (Invoice # 4106)
June 27: Sold goods to TNT Foods for $ 4400 for credit. (Invoice # 4107)
June 29: Send adjustment notes to CITI Cafe for $ 3,300 for June 1 sale. (Adjustment note #
CT12) Required:
a)
b)
c)
d) Record the transactions in appropriate journals. (4 Marks)
Calculate the column totals in Journal. (4 Marks)
Update Cash receipt journals. (4 Marks)
Post total amounts in to general Ledgers. (4 Marks) Instruction: Please complete below tables with respective journals, indicate debit and credit
below the totals.
Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Page 1 T-1.8.1 Sales Journal Date Invoice
No SJ Particulars Folio
(Ref) Sales Adj. Particulars Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Total sales Net GST Sales Return and Allowance Journal
Date GST SRJ
Folio Sales GST Total sales
Page 2 T-1.8.1 Note No. (Ref) Return
net GST Adjustm
ent return & all 13 Accounts receivable Control Date Particulars Folio
(ref) Debit Credit Balance Particulars Folio
(ref) Debit Credit Balance 40 Sales Date Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Page 3 T-1.8.1 41 Sales Return and allowance Date Particulars Foli
o
(ref) Debit Credit Foli
o
(ref) Debit Credit Balance 25 GST Collected
Date Particulars Balance 43 Discount Given
Date Particulars Folio
(ref) Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Debit Credit Balance Page 4 T-1.8.1 10 Bank
Date Particulars Folio
(ref) Debit Credit Balance Opening 350000.00 Cash Receipts Journal Dat
e Re
c
No
. CRJ Discount
s Given
TTL Disc Particular
s
(Acc. to
be
Debited) Foli
o
Discount
GST Adj.
Accs
Receiv Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Accounts
Receivabl
e Sale
s GST
Collecte
d Gener
al Ban
k Page 5 T-1.8.1 Week 07 Activities (10 Marks) ACA Retail has offered credit to the following customers on terms which state full payment
is required within 30 days. The subsidiary ledgers are shown: Accounts Receivable Ledger of ACA Retail
Bull Dog Players
Date Particulars Folio Debit Folio no. AR1
Credit Balance 2014
Mar 14 Sales SJ1 1 500 1 500 Dr 22 Sales SJ1 680 2180 Dr 31 Bank CR1 Apr 10 Sales SJ1 400 1080 Dr Apr 17 Sales SJ1 780 1 860 Dr May 20 Bank CR1 Particulars Date
2014
Mar 16 Parramatta Footy
Folio Sales
Sales SJ1
SJ1 Apr 3
Bank
Subsidiary Accounts & Ledgers, Assessment No. 1
14 Sales
v1.2, Last updated on 03/07/2015
29 Sales CR1 18 1 500 400 Debit 870 SJ1 530 May 16 Bank CR1 19 Sales SJ1 560 Dr
1310 Dr
560 750 Dr
Page 6
1620Dr
2150 Dr 750
355 1 460 Dr Folio no. AR2
Balance
Credit 560
750 SJ1 680 Dr 1400 Dr
1 755 Dr T-1.8.1 Required: Prepare the aged debtors report as at 31 May 2014. Identify any accounts that
require follow-up action and what action you would take. Debtor Folio Total Current
(May) Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 30 days
(Apr) 60 days
(Mar) 90 days
and
over Page 7 T-1.8.1 Subsidiary Accounts & Ledgers, Assessment No. 1
v1.2, Last updated on 03/07/2015 Page 8