FNSACC311/312 Assessment Task 3 Case Study Activity 1 Post Journals to Ledgers and short answer theory questions Background You work for Thrifty Traders Pty. Ltd Denham Road, Keilor. Your job is to maintain the general ledger as well as the debtors and creditors ledgers. Business has commenced keeping double entry records and the opening balances at commencement of business have been entered for you. Chart of Accounts 1.1 Cash at Bank 4.1 Sales 1.2 Petty Cash 4.2 Fees 1.3 Accounts Receivable Control 4.3 Discounts Received 1.4 Inventory 4.4 Interest Revenue 1.5 Furniture & Fittings 1.6 Motor Vehicles 5.1 Purchases 1.7 Term Deposit (Mature in 5 years) 5.2 Advertising 18 GST Paid 5.3 Discounts Allowed 5.4 Interest Expense 2.1 Account Payable Control 5.5 Stationery 2.2 GST Collected 5.6 Rent Expense 2.3 Loan - Gap Motors 5.7 Wages 3.1 Capital 3.2 Drawings1.1. Post Journals into appropriate accounts in the General Ledger, opening balances have been entered for you. Whole dollars only - show cents only if a positive figure. 1.2. Extract an accurate trial balance as at October 31, 20XX. 1.3. Prepare an Income Statement for October and a Balance Sheet as at 31 October. 1.4. Post Journal entries to the Accounts Receivable ledger. 1.5. Reconcile Accounts Receivable ledger with Accounts Receivable Control ledger in Sales and Cash Receipt Journals. 1.6. Complete the Aged Accounts Receivable Schedule as at October 31. 1.7. Post Journal entries to the Accounts Payable Ledger. 1.8. Reconcile Accounts Payable Ledger with Accounts Payable Control in the Purchases and Cash Payments Journals. 1.9. Short answer theory questions. Task 1.1 General Journal GJ1 Date Particulars Folio Debit Credit Oct 2 Motor Vehicle 1.6 17,000 GST Paid 1.8 1,700 Loan - Gap Motors 2.3 18,700 Purchase of motor vehicle on invoice 344544 Oct 16 Interest Expense 5.4 33 Accounts Payable Control (L Lin) 2.1 33 Interest on overdue account charged by L LinThe Trading Journals for October 20XX Purchases Journal of Thrifty Traders Pty PJ1 Date Invoice Creditors Purchases GST Accounts Paid Payable 3-Oct 0518 Fenn & Co 2,400 2,640 240 4 CN130 | Fenn & Co -250 - 25 - 275 5 0639 |L. Lin 450 495 45 11 3025 Colpo P/L 1,000 100 1,100 12 CN250 Colpo P/L -100 - 10 -110 13 0286 | Kenny P/L 1, 100 110 1,210 19 2258 D. Sing 1,250 1,375 125 19 1877 ABS Wholesalers 250 25 275 20 3038 Kenny P/L 500 650 50 CN044 | D. Sing -125 - 12.50 -137.50 21 645 L Lin, 900 06 990 22 CN571 L.Lin -900 90 990 26 2269 D. Sing 1,500 1,650 150 30 0553 Fenn & Co 600 660 60 8,575 857.50 9,432.50Cash Payments Journal of Thrifty Traders Pty CP1 Cbo/CN Particulars Accounts. Sundries Date No. Payable Purchases GST (Acc. to be Debited) Paid Bank Amount Account 1-Oct Petty Cash Adv 200 Petty cash 200 Advance Rent 90 900 Rent con Purchases 700 70 770 Kenny P/L 1,210 Discount Received 1,144 28 Stationery 25 250 Statonery 275 29 Purchases 1 225 122.50 1,347.50 L. Lin 933 833 30 Drawings 2,500 |Drawings 2500 31 Wages P Rye 3,500 | Wages 3,500 2,143 1,925 301.50 7,290 11,659.50 Sales Journal of Thrifty Traders Pty SJ1 Date Invoice Debtors Sales GST Accounts No. Collected Receivable 13-Oct R. North 2,500 250 2,750 2 C. Milne .500 150 .850 L. VVU 2.500 250 2,750 23 4 V. Jones 7.500 750 8,250 24 5 E. Smith 2,000 200 2,200 R. North 3,000 300 3,300 25 C. Milne 1,500 150 1.850 CN 001 E. Smith - 200 - 20 - 220 125 L. Wu 2,500 250 2.750 19 L. WVU 3.000 300 3,300 CN 002 -. Wu - 500 50 550 ON 003 V. Jones 10 11 25,290 2,529 27,819Cash Receipts Journal of Thrifty Traders Pty CR1 Receipt Particulars (Account Accounts Sales GST Sundries Date Bank No. to be Credited) Receivable Collected Amount Account 1-Oct CSS Sales 1,380 138 1518 10 R. North 200 200 11 CSS Sales 1,250 125 1,375 14 2 V. Jones 928 928 18 CSS Sales 1,420 142 1,562 21 3 C. Milne 50 50 25 CSS Sales 1,500 150 1,650 28 C. Milne 391.00 -20 Discount 4 -2 369 allowed 29 Interest on Term Interest on 5 250 250 Deposit deposit 30 6 E. Smith 350 350 1,919 5,550 553 230 8.252General Ledger Cash at Bank 1.1 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 220m0 dr Petty Cash Advance 1.2 Date Particulars Folio Debit Credit Balance Accounts Receivable Control 1.3 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 2,902 dr Inventory 1.4 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 2,000 drMotor Vehicles 1.6 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 6,000 dr Term Deposit 1.7 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 10,000 dr GST Paid 1.8 Date Particulars Folio Debit Credit Balance Accounts Payable Control 2.1 Date Particulars Folio Debit Credit Balance 1/10 Opening Balance 900 CF