Assessment Task - AT3 Silver Services Catering. Following your complete and correct Assessment 2, you will now post the general journals to the ledgers, undertake a bank reconciliation and Trial Balance and prepare the Income Statement and Balance Sheet. Task 1 - Ledgers and reports Use your satisfactory AT2 Excel Template that has been marked by your teacher to complete the January accounting for Silver Services Catering Complete the following steps: 1 . The Organisational Policies and Procedures require journals to be signed and dated by the K Silver, prior to being posted to the General ledger. Check that all journals have been properly authorised in accordance with the procedures. Authorisation and date to be completed at the bottom of the general journal template. 2. Post the journals to the General Ledger accounts. Ensure the Details column contains the name of the account(s) where the other half of the transaction is recorded. You must follow the submission checklist provided on the AT3 Ledgers tab in the template file. 3. Reconcile the Cash at Bank ledger to the bank statement provided below. 4. In the space provided on AT2 General Journals tab, create new general journals to record any new transactions appearing on the bank statement that you do not have journals for. 5 . Post all new general journals to the relevant General Ledger accounts. 6. Prepare the Bank Reconciliation Statement as at 31 January 2023. 7. Prepare the Trial balance as at 31 January 2023 and ensure that the debits equal the credits. Check for posting errors if the trial balance doesn't balance. 9. Prepare the Income Statement for the period ended 31 January 2023 on the template provided. 10. Prepare the Balance Sheet as at 31 January 2023 on the template provided. 11. Review your reports and submit for approval by your supervisor (assessor). For online students, this is done by submitting all your completed assessment files through Connect, on or before the due date.Bank Statement for Reconciliation MY BANK - Statement for January 2023 Silver Services Catering 2023 Withdrawals Deposits Balance DR/CR 2-Jan Deposit 10,500.00 10,500.00 CR 6-Jan | Withdrawal EFT 255.00 10,245.00 CR 6-Jan Withdrawal EFT 956.35 9,288.65 CR 12-Jan Deposit - Tablelands 1,000.00 10,283.65 CR 12-Jan Deposit - EFT 934.20 11,222.85 CR Withdrawal - Direct 19-Jan 825.00 10,397.85 transfer- Commrent CR 19-Jan Withdrawal DD 1,320.00 9,077.85 CR 28-Jan Electronic pay 1,140.00 7,937.85 CR 28-Jan Transfer K.Silver 900.00 7,037.85 CR Deposit branch (cho & 29-Jan 2,099.50 91,37.35 cash) CR 31-Jan Interest 3.28 9,140.63 CR 31-Jan Bank Plan fee 10.00 9,130.63 CR Bank Reconciliation (also in Excel) Closing Balance as per Bank Statement $ 9,130.36 Plus Outstanding deposits S Minus outstanding withdrawals $ 304.36 S Balance as per General Ledger (bank ac) $ 8,826.27General Journal Date Details Folio Debit Credit 1/01/2023 MyBank Business Account 1-1100 $10,500.00 Capital Contributed 3-1000 $10,500.00 From owner to get business started 2/ 1/01/2023 Delivery Vehicle at Cost 1-5100 $8,100.00 Capital Contributed 3-1000 $8,100.00 Contributed personal van to business 31 5/01/2023 Purchases 5-1000 $3,650.00 GST Paid 1-2010 $365.00 Accounts Payable 2-2000 $4,015.00 Smith and Sons Wholesalers 6/01/2023 Equipment at Cost 1-5300 $869.41 GST Paid 1-2010 $86.94 MyBank Business Account 1-1100 $956.35 Bought cash register from Officeworks 51 6/01/2023 Motor Vchicle Expenses 6-1100 $231.82 GST Paid 1-2010 $23.18 MyBank Business Account 1-1100 $255.00 Mick Motors - Vehicle Service 6 8/01/2023 MyBank Business Account 1-1100 5899.50 Sales 4-1000 $817.73 GST Collected 2-3010 $81.77 NAB Branch 236547 | Cheque number 876 Events R Us 7 9/01/2023 MyBank Business Account 1-1100 $1,498.00 Sales 4-1000 $1,361.82 GST Collected 2-3010 $136.18 Goods sold Tablelands Supplies Tax Invoice 1001 8 12/01/2023 MyBank Business Account 1-1100 $1,000.00 Accounts Receivable 1-2000 $1,000.00 Tablelands Supplies partial amount9 12/01/2023 MyBank Business Account 1-1100 $934.20 Sales 4-1000 $849.27 GST Collected 2-3010 $84.93 Marjory Brown Tax invoice 7280 10 15/01/2023 Kitchen Cleaning 6-2500 $1,200.00 GST Paid 1-2010 $120.00 MyBank Business Account 1-1100 $1,320.00 Transfer to Bright & Shiny 11 16/01/2023 Accounts Receiable 1-2000 $8,967.00 Sales 4-1000 $8,181.82 GST Collected 2-3010 $818.18 Accounts Receiable 1-2000 $33.00 Delivery Chargers 4-4000 $30.00 GST Collected 2-3010 $3.00 B Jones- ABN; 45632698612 |Tax Invoices 1002 12 19/01/2023 MyBank Business Account 1-1100 $1,200.00 Sale 4-1000 $1,090.91 GST Collected 2-3010 $109.09 G Green, 24 Tree St, Gardenvale 13 19/01/2023 Rent 6-4000 $750.00 GST Paid 1-2010 $75.00 MyBank Business Account 1-1100 $825.00 Paid commercial rent to Extra Property PTY LTD 14 28/01/2023 Telephone Expense 6-3400 $276.69 GST Paid 1-2010 $27.67 MyBank Business Account 1-1100 $304.36 BPAY Optus 15 28/01/2023 Wage and Salaries 6-5100 $1,140.00 MyBank Business Account 1-1100 $1,140.00 Direct Debit after PAYG Withholding16 28/01/2023 Drawings 3-2000 $900.00 MyBank Business Account 1-1100 $900.00 Owner withdrew cash for personal use 17 31/01/2023 MyBank Business Account 1-1100 $255.00 Vehicle expense (private vehicle) 6-1100 $231.82 GST Paid (private vehicle) 1-2010 $23.18 Found serivce was for private vehicle 18 31/01/2023 Bad Debit 6-2100 $452.73 GST Collected 2-3010 $45.27 MyBank Business Account 1-1100 $498.00 Tableland Supplies shut and uncontactable $43,633.41 $43,633.41 $43,633.41 $43,633.41 Signature K Silver Date 1/02/20233 General Ledger 5 Cash at bank (MyBank Business Acc) 1-1100 Date Details Folio Debit Credit Balance DR/CR 1/01/2023 From Owner to start 1-1100 10,500.00 10,500.00 Dr 6/01/2023 Bought equipment 1-1100 956.35 9,543.65 Cr LD 00 6/01/2023 Vehicle Service 1-1100 255.00 9,288.65 Cr 10 8/01/2023 Events R Us 1-1100 899.50 10,188.15 Dr 11 9/01/2023 Sales - Invoice 1001 6-2000 10,188.15 Dr 12 12/01/2023 Tablelands Supplies partial amount 1-1100 1000.00 11,188.15 Dr 13 12/01/2023 Goods sold invoice 7280 1-1100 934.20 12,122.35 Dr 14 15/01/2023 Transfer Bright & Shiny 1-1100 1320.00 10,802.35 Cr 15 19/01/2023 Goods sold G Green 1-1100 1200.00 12,002.35 Dr 16 19/01/2023 Rent Paid 1-1100 825.00 11,177.35 Cr 17 28/01/2023 BPAY Optus 1-1100 304.36 10,872.99 Cr 18 28/01/2023 Wages and Salaries 1-1100 1140.00 9,732.99 Cr 19 28/01/2023 Drawings 1-1100 900.00 8,832.99 Cr 20 31/01/2023 Vehicle expense (private vehicle) 1-1100 8,832.99 Dr 21 31/01/2023 Bad Debt 6-2100 498.00 8,334.99 Cr 22 23 Accounts Receivable Control 1-2000 24 Date Details Folio Debit Credit Balance DR/CR 25 12/01/2023 Tablelands Supplies partial amount 1-2000 1,000.00 1,000.00 Cr 26 16/01/2023 Sales - B Jones 1-2000 8,967.00 7,967.00 Dr 27 16/01/2023 Delivery - B Jones 1-2000 33.00 7,934.00 | Dr 28 29 3031 32 Delivery vehicle at Cost 1-5100 33 Date Details Folio Debit Credit Balance DR/CR 34 1/01/2023 Contributed personal van 1-5100 8,100.00 8,100.00 Dr 35 36 37 38 39 Office Equipment at Cost 1-5300 10 Date Details Folio Debit Credit Balance DR/CR 41 6/01/2023 Cash register 1-5300 869.41 869.41 Dr 42 43 44 45 46 47 48 Accounts Payable Control 2-2000 19 Date Details Folio Debit Credit Balance DR/CR 50 5/01/2023 Purchase - Smith and Sons 2-2000 4,015.00 4,015.00 | Cr 51 52 53 54 55 56 5758 GST Collected 2-3010 59 Date Details Folio Debit Credit Balance DR/CR 60 8/01/2023 Events R Us 2-3010 81.77 81.77 Cr 61 9/01/2023 Goods sold Tablelands Supplies 2-3010 136.18 217.95 Cr 62 12/01/2023 Goods sold invoice 7280 2-3010 84.93 302.88 Cr 63 16/01/2023 Sales - B Jones 2-3010 818.18 1,121.06 Cr 64 16/01/2023 Delivery - B Jones 2-3010 3.00 1,124.06 Dr 65 19/01/2023 Goods sold G Green 2-3010 109.09 1,233.15 Cr 66 31/01/2023 Tablelands shut 2-3010 45.27 1,278.42 Dr GST Paid 1-2010 68 Date Details Folio Debit Credit Balance DR/CR 69 5/01/2023 Smith and Sons 1-2010 365.00 365.00 Dr 70 6/01/2023 Cash register 1-2010 86.94 278.06 Dr 6/01/2023 Vehicle Service 1-2010 23.18 254.88 Or 72 19/01/2023 Rent Paid 1-2010 75.00 179.88 Dr 73 15/01/2023 Transfer Bright & Shiny 1-2010 120.00 59.88 Dr 74 28/01/2023 BPAY Optus 1-2010 27.67 32.21 Dr 75 31/01/2023 Vehicle expense (private vehicle) 1-2010 23.18 55.39 | Cr 76 77 78 Capital Contributed 3-1000 Date Details Folio Debit Credit Balance DR/CR BO 1/01/2023 From Owner to start 3-1000 10,500.00 10,500.00 Cr 1/01/2023 Contributed personal van 8,100.00 18,600.00 Cr 82 83 84 85 Drawings 3-2000 86 Date Details Folio Debit Credit Balance DR/CR 87 28/01/2023 Owner withdrawal personal use 3-2000 900.00 900.00 Dr 38Sales 4-1000 Date Details Folio Debit Credit Balance DR/CR 8/01/2023 Events R Us 4-1000 817.73 817.73 |Cr 9/01/2023 Goods sold invoice 1001 4-1000 1,361.82 2,179.55 Cr 12/01/2023 Goods sold invoice 7280 4-1000 849.27 3,028.82 Cr 16/01/2023 Sales - B Jones 4-1000 8,181.82 11,210.64 Cr 19/01/2023 Goods sold G Green 4-1000 1,090.91 12,301.55 |Cr Delivery Charges 4-2000 Date Details Folio Debit Credit Balance DR/CR 16/01/2023 Delivery - B Jones 4-2000 30 30 Cr Interest Income 4-3000 Date Details Folio Debit Credit Balance DR/CR Purchases/COGS 5-1000 Date Details Folio Debit Credit Balance DR/CR 5/01/2023 Smith and Sons 5-1000 3650.00 3650.00 DrMotor Vehicle Expenses 6-1100 Date Details Folio Debit Credit Balance DR/CR 6/01/2023 Vehicle Service 6-1100 231.82 231.82 Dr 31/01/2023 Vehicle expense (private vehicle) 6-1100 231.82 Cr Bank Charges 6-2000 Date Details Folio Debit Credit Balance DR/CR Bad Debts Expense 6-2100 Date Details Folio Debit Credit Balance DR/CR 31/01/2023 Tablelands shut 6-2100 452.73 452.73 Dr Kitchen Cleaning 6-2500 Date Details Folio Debit Credit Balance DR/CR 15/01/2023 Transfer Bright & Shiny 6-2500 1,200.00 1,200.00 DrTelephone expense 6-3400 Date Details Folio Debit Credit Balance DR/CR 28/01/2023 BPAY Optus 6-3400 276.69 276.69 Dr Rent 6-4000 Date Details Folio Debit Credit Balance DR/CR 19/01/2023 Rent Paid 6-4000 750.00 750.00 Dr Wages and Salaries 6-5100 Date Details Folio Debit Credit Balance DR/CR 28/01/2023 Wages and Salaries 6-5100 1,140.00 1,140.00 Dr1-0000 Assets 4-0000 Income 1-1000 Current Assets 4-1000 Sales 1-1100 MyBank Business Account 4-2000 Delivery Charges 1-1160 Petty Cash 4-3000 Interest Income 1-2000 A/C Receivable Control 4-4000 Other income 1-2010 GST Paid 1-3000 Inventory (for stocktake) 5-0000 Cost of Sales 1-4000 Prepaid Expenses 5-1000 Purchases 1-5000 Non-Current Assets 5-4000 Freight Paid on Purchases 1-5100 Delivery Vehicle at Cost 1-5200 less Accum Dep Delivery 6-0000 Expenses Vehicle 6-1000 Advertising 1-5300 Office Equipment at Cost 6-1100 Motor Vehicle Expenses 1-5400 less Accum Dep - Office 6-2000 Bank Charges Equipment 6-2100 Bad Debts Expense 6-2200 Discount Expense 2-0000 Liabilities 6-2300 Interest Paid 2-1000 Current Liabilities 6-2500 Kitchen Cleaning 2-2000 A/C Payable Control 6-3000 Insurance 2-2500 Westpac Credit Card 6-3100 Electricity 2-3010 GST Collected 6-3200 Depreciation Expense 2-5000 Payroll Liabilities 6-3300 Admin Expenses 2-5010 PAYG Payable 6-3350 Postage 2-5020 Superannuateon Payable 6-3400 Telephone Expense 2-6000 Non-Current Liabilities 6-3550 Stationery 2-6100 Bank Loan 6-4000 Rent 6-4200 Water Rates 3-0000 Equity 6-5000 Superannuateon Expense 3-1000 Capital Contributed 6-5100 Wages & Salaries 3-2000 Drawings Expense 6-5200 Staff AmenitiesTransactions for the first month of business for Silver Services Catering Date Details 1 1/1/2023 Owner contributed cash to the business to get started with $10,500 (bank) the business 2 1/1/2023 The owner also contributed their personal delivery van to 58,100 the business with a value of $8,100 3 5/1/2023 The business purchases stock from Smith and Son's 54,015 incl GST Wholesalers on a credit account ( Do not allocate to inventory, as this will be covered later.) 4 6/1/2023 Bought a cash register from Officeworks via EFTPOS from $956.35 incl GST the bank account. 5 6/1/2023 Received invoice from Mick's Motor's for a motor vehicle $255 incl GST service and this was paid on pick up in their office via EFTPOS. 6 8/1/2023 Goods for $899.50 including GST were sold to Events R $899.50 incl GST Us. Cheque number 876 was received immediately. (Does not affect Accounts Receivable as it was a cash sale paid on delivery.) This cheque will be included in the next bank deposit. The bank of Events R Us is NAB, Branch code 236 547. 7 9/1/2023 Sold goods to Tablelands Supplies for $1, 498 including $1,498.00 ing GST GST on a 7 day account. Prepare the Tax Invoice 1001 for this sale from the details on purchase order given. 8 12/1/2023 Tablelands Supplies paid a partial amount towards their $1,000 invoice by a direct deposit to the bank account. 9 12/1/2023 Issued invoice no. 7280 to Marjory Brown for a sale which 5934 20 incl GST includes GST of $934.20. Marjory Brown decided to settle her account immediately via EFTPOS. 10 15/1/2023 Cash payment (bank transfer) was made to Bright & Shiny $1,320 Including Cleaning to undertake a thorough clean of the kitchen for GST $1,320 in total.B Jones. Prepare a Tax Invoice for thizs sale on Inveice 1002. The ABN for B. Jones is 45632693312, 12 19/1/2023 | A cash sale was made for $1,200. The customer was G. 21,200 including Green of 24 Tree 5t Gardenvale. G5T The cash breakdown was: 3500 of 3100 nofes, 3400 of 250 notes, $100 of 310 notes, 5100 of 35 notes, 350 of 52 1 16172023 | A credit zale was made to event customer for a business 29,000 including function for a total of 9,000 including GST and delivery G5T and freight charges of 333 also including G5T. The customer was coins, and 540 of 51 coins. As this cash was banked on this day, prepare the banking summary and cash summary slip. Also to be banked will be the chegque from Events R Us. 19172023 | Paid commercial rent via Direct Debit. Extra Property Pty 2825 (includes Ltd. G5T) 14 28M/2023 | Paid the telephone account via BPAY direct from the bank | 2304 .36 including account The company was Oplus. GST 15 28M/2023 | Wages were paid via Direct Debit. Details were; Wages 51,140 21,140. This amount iz after the PAYG withholding has been removed and yvou only have authority to prepare the actual payment of the net wages. 28M/2023 | Owner withdrew cash for personal use. S500 17 31172023 | During the end of month balance day checks, it was found that the motor vehicle service was for the owner's private car and not the delivery van, as presumed by the bookkeeper. As this was for the owners' private car, this needs to be corrected in a general journal. (don'f forgef fo adjust the GST). 18 31172023 | Tableland Supplies has shut down and are uncontactable. | 249500 The remaining balance, which you have tried fo chase up, is still unpaid. Kate Silver (the owner) has instructed you fo write this balance off as a bad debt. Remember to also adjust the GST collected if it was charged. GJ 1 Remove and add bank charges $10.00 CR recalculate.Total should = $8826.27 GJ2 Sales should be $9000.00 Remove $33 and replace with Bad debt exp $498 CR. ALSO ADD MISSING FURTHER ENTRY OF 9/1/23 SALES $1498.00 DR GJ5 Entry should be Purchases GST $4015.00 GJ6 Remove $3.00 and MOVE $45.27 to DR GJ7Move $365 TO DR and recalculate GJ9 Add missing entry of MV EXPENSES FOR $255.00 and recalculate total, which should be $1155.00 SALES Correct entry to $8151.82. TOTAL should =$12271.55 Interest Enter $3.28 CR Bank charges Enter $10.00 DR Bad debt expenses Enter $452.73 DRTRIAL BALANCE Total should = $36104.71 and use feedback provided against GJ to add the correct entries and totals. BANK REC. Closing Balance $9130.63 Minus Telephone $304.36 Total should = $8826.27 INCOME STATEMENT Net profit should = $4825.41 and use feedback provided against GJ to add the correct entries and totals. BALANCE SHEET Totals of NET ASSETS AND TOTAL EQUITY should match and = $522270.41 Use feedback provided against Gl to add the correct entries and tortals. TRIAL BALANCE 31 lanuary 2023 SILVER SERVICES CATERING Telephone 5276.69 50.00 Rent Expense 5750.00 50.00 $1,140.00 $0.00 50.00 Bank Reconcilation Statement - 31st lanuary 2023 Closing balance as per bank statement 55,70071 Plus outstanding deposits 0 Minus outstanding withdrawals o Closing balance as per bank ledger 5 570071 SILVER SERVICES CATERING Income Statement for the period ended 31 January 2023 Revenue Sales Revenue $12,301.71 Less COGS Purchases $3,650.00 Freight in $3,650.00 GROSS PROFIT $ 8,651.71 Add Other Revenue Delivery Charges S 30.00 Interest Received S -$30.00 $ 8,681.71 Less Operating Expenses Bank Charges Bad Debt Expense 498.00 Kitchen Cleaning expense 1,200.00 Rent 750.00 Telephone $276.69 Wages $ 1,140.00 [$ 3,864.69 NET PROFIT $ 4,817.02SILVER SERVICES CATERING Balance Sheet as at 31 January 2023 Current Assets Cash at bank 5 8,832.99 Accounts Receivable Control $ 9,033.00 $17,865.99 Non-current Assets Equipment at Cost S 869.40 Delivery Vehicle 8,100.00 $ 8,969.40 TOTAL ASSETS $26,835.39 Current Liabilities Accounts Payable Control 5 4,015.00 GST Collected S 1,232.99 Less GST Paid S 674.62 $ 4,573.37 Non-current Liabilities S TOTAL LIABILITIES $ 4,573.37 NET ASSETS $22,262.02 OWNERS EQUITY Capital Contributed $18,600.00 Minus Drawings -$1,155.00 Net Profit (From Income Statement) $22,262.02 TOTAL EQUITY $22,262.02