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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. Postthe 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 pravided 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. 8. 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. 8. 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. 123 TMP C v1.4 (23/08/2022) TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 5 FNSACC321_AT3_PE_TOM_v4 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 10,288.65 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 (cha & 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 $ $ Minus outstanding withdrawals $ 304.36 $ Balance as per General Ledger (bank ac) $ 8,826.27 End of Assessment 123 TMP C v1.4 (23/08/2022) @ TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 6A B C D E F G General Journal Date Details Folio Debit Credit w 1/01/2023 MyBank Business Account 1-1100 $ 10,500.0 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 1 00 Contributed personal van to business 10 11 3 5/01/2023 Purchases 5-1000 $ 3,650.00 12 GST Paid 1-2010 $ 365.00 13 A/C Payable Control 2-2000 $ 4,015.00 14 Smith and Sons Wholesalers 15 16 4 6/01/2023 Office Equipment at Cost 1-5300 869.41 17 GST Paid 1-2010 86.94 18 MyBank Business Account 1-1100 $ 956.35 19 Bought cash register from Officeworks 20 21 5 6/01/2023 Motor Vehicle Expenses 5-1100 231.82 22 GST Paid 1-2010 23.18 23 MyBank Business Account 1-1100 $ 255.00 24 Mick Motors - Vehicle Service 25 26 6 8/01/2023 MyBank Business Account 1-1100 899.50 27 Sale 1-2000 817.73 28 GST Collected 1-2010 81.77 29 Goods sold to Events R Us 30 Cheque number 876 31 7 9/01/2023 A/C Receivable Control 1-2000 $ 1,498.00 32 Sales 4-1000 $ 1,361.82 33 GST Collected 1-2010 136.18 34 Goods sold Tablelands Supplies 35 Tax Invoice 1001 36 8 12/01/2023 MyBank Business Account 1-1100 $ 1,000.00 37 A/C Receivable Control 1-2000 $ 1,000.00 38 Tablelands Supplies partial amount 39A B C D F F G 40 9 12/01/2023 MyBank Business Account 1-1100 S 934.20 41 Sales 4-1000 849.27 42 GST Collected 1-2010 S 84.93 43 Marjory Brown 44 Tax invoice 7280 45 10 15/01/2023 Kitchen Cleaning 6-2500 1,200.00 46 GST Paid 1-3030 120.00 47 MyBank Business Account 1-1100 $ 1,320.00 48 Transfer to Bright & Shiny 49 50 11 16/01/2023 A/C Receivable Control 1-2000 $ 8,967.00 51 Delvery Chargers 4-2000 $ 30.00 52 GST Collected 1-2010 818.18 53 Sales 4-1000 8,151.82 54 B Jones ABN; 45632698612 55 Tax Invoices 1002 56 12 19/01/2023 MyBank Business Account 1-1100 $ 1,200.00 57 Sale 4-1000 $ 1,090.91 58 GST Collected 1-2010 $ 109.09 59 G Green, 24 Tree St, Gardenvale 60 13 19/01/2023 Rent 6-4000 $ 750.00 61 GST Paid 1-2010 75.00 62 MyBank Business Account 1-1100 $ 825.00 63 Extra Property PTY LTD 64 65 14 28/01/2023 Telephone Expense 6-3400 $ 276.69 66 GST Paid 1-2010 27.67 67 MyBank Business Account 1-1100 $ 304.36 68 BPAY Optus 69 70 15 28/01/2023 Wage and Salaries 6-5100 1,140.00 71 MyBank Business Account 1-1100 $ 1,140.00 72 Direct Debit after PAYG Withholding 73 74 16 28/01/2023 Drawings 3-2000 $ 900.00 75 MyBank Business Account 1-1100 $ 900.00 76 Owner withdrew cash for personal use78 17 31/01/2023 MyBank Business Account 1-1100 S 255.00 79 Vehicle expense (private vehicle) 6-1100 un 231.82 80 GST Paid (private vehicle) 1-2010 23.18 81 Found serivce was for private vehicle 82 83 18 31/01/2023 Bad Debit 6-2100 452.73 84 GST Collected 2-3010 45.27 85 A/C Receivable Control 1-2000 $ 498.00 86 Tableland Supplies shut and uncontactable 87 88 $43,567.41 $43,600.41 89 90 91 92 93 94 95 96 97 98 $43,567.41 $43,600.41 99 Signature K Silver Date 1/02/2023 100 101 102 103A B C D E F G H Not required for Assessment 2 NH General Ledger ID W Cash at bank (MyBank Business Acc) 1-1100 The only transaction that go in here are the ones that affected the bank account in 6 Date Details Folio Debit Credit Balance DR/CR the Journals 1/01/2023 From Owner to start 1-1100 10,500.00 10,500.00 Dr 6 00 V 6/01/2023 Bought equipment 1-1100 956.35 11,456.35 Cr 6/01/2023 Vehicle Service 1-1100 255.00 11,711.35 Cr 10 8/01/2023 Events R Us 1-1100 899.50 10,811.85 Dr 11 9/01/2023 Goods sold Tablelands Supplies 1-1100 1498.00 9,313.85 Dr 12 12/01/2023 Tablelands Supplies partial amount 1-1100 1000.00 8,313.85 Dr 13 12/01/2023 Goods sold invoice 7280 1-1100 934.20 7,379.65 Dr 14 15/01/2023 Transfer Bright & Shiny 1-1100 1320.00 8,699.65 Cr 15 19/01/2023 Goods sold G Green 1-1100 1200.00 7,499.65 Dr 16 19/01/2023 Rent Paid 1-1100 825.00 8,324.65 Cr 17 28/01/2023 BPAY Optus 1-1100 304.36 8,629.01 Cr 18 28/01/2023 Wages and Salaries 1-1100 1140.00 9,769.01 Cr 19 28/01/2023 Drawings 1-1100 900.00 10,669.01 Cr 20 31/01/2023 Tablelands Supplies shut 1-1100 498.00 11,167.01 Cr 21 22 23 Accounts Receivable Control 1-2000 24 Date Details Folio Debit Credit Balance DR/CR The GJ's that should be in here are the ones that have affected the accounts 25 12/01/2023 Tablelands Supplies partial amount 1-2000 1,000.00 1,000.00 Cr receivable journals 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 30 31 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 3639 Office Equipment at Cost 1-5300 40 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 49 Date Details Folio Debit Credit Balance DR/CR The GJ's that should be in here are the ones that have affected the accounts 50 5/01/2023 Smith and Sons 2-2000 365.00 365.00 Dr Payable journal 51 52 53 54 55 56 57 58 GST Collected 2-3010 59 Date Details Folio Debit Credit Balance DR/CR 60 8/01/2023 Events R Us 2-3010 31.77 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 19/01/2023 Goods sold G Green 2-3010 109.09 1,230.15 Cr 65 31/01/2023 Tablelands shut 2-3010 45.27 1,184.88 Dr This should be in the DR as it is a bad debt journal 6667 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 This should be a dr, it is still classed as a Asset as the company will pay this amount 70 6/01/2023 Cash register 1-2010 86.94 278.06 Dr 71 6/01/2023 Vehicle Service 1-2010 23.18 254.88 Dr 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 79 Date Details Folio Debit Credit Balance DR/CR 80 1/01/2023 From Owner to start 3-1000 10,500.00 10,500.00 Cr 81 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 88 There is a GJ missing (hint-Motor vehicle) 89 90Sales 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 Tablelands Supplies 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 $ 8,151.82 11,180.64 Cr The amount in here is incorrect, double check your Journal 19/01/2023 Goods sold G Green 4-1000 1,090.91 12,271.55 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 GJ19 is missing interest amount 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 GJ20 bank charges are missing 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 Dr Telephone expense 6-3400 Date Details Folio Debit Credit Balance DR/CR 28/01/2023 BPAY Optus 6-3400 276.69 276.69 DrRent 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 DrA B C D E 1 Not required for Assessment 2 2 3 SILVER SERVICES CATERING 4 TRIAL BALANCE 31 January 2023 DR CR 5 Cash at Bank $8,826.27 6 Ac Receivable Control 5,700.71 7 Office Equipment at Cost $1,498.00 8 Delivery Vehicle $8,100.00 9 Accounts payable Control $4,015.00 10 GST Collected $1,232.99 11 GST paid $697.81 12 Capital Contributed $18,600.00 13 Drawings $1,155.00 14 Sales $12,301.71 15 Delivery Charges $30.00 16 Interest received $3.28 17 Purchases $3,650.00 18 Motor Vehicle Expenses $231.81 19 Bank Charges $498.00 20 Bad Debts Expense $0.00 21 Kitchen Cleaning expense $1,200.00 22 Telephone $750.00 23 Rent Expense $1,140.00 24 Wages $43,633.41 25 This report is incorrect due 26 $77,111.01 $36,152.98|to errors in your ledgers ] 27 $40,958.03 28 29 Bank Reconcilation Statement - 31st January 2023 30 Closing balance as per bank statement $9,130.63 31 32 Plus outstanding deposits 0 33 34 35 Minus outstanding withdrawals 304.36 36 37 38 39 Closing balance as per bank ledger $8,826.27 v 40 41 SILVER SERVICES CATERING Income Statement for the period ended 31 January 2023 Revenue Sales Revenue r $12,301.71 Less COGS Purchases $3,650.00 Freight in 5 - T $3,650.00 GROSS PROFIT S 8,651.71 Add Other Revenue Delivery Charges $30.00 Interest Received S3.28' $33.28 s 8,618.43 Less Operating Expenses Bank Charges r $498.00 Bad Debt Expense r $0.00 Kitchen Cleaning expense '$ 1,200.00 Rent s 1,140.00 Telephone r $750.00 Wages [s 43632415 47,221.41 NET PROFIT $ 38,602.98 This report isincorrect due to errors in your ledgers SILVER SERVICES CATERING Balance Sheet as at 31 January 2023 Current Assets Cash at bank s 8826.27 Accounts Receivable Control 'S 5,700.71 r $14,526.98 Non-current Assets Equipment at Cost [s 1,498.00 Delivery Vehicle ls 8100005 9,598.00 e TOTAL ASSETS $24,124.98 Current Liabilities Accounts Payable Control 'S 4,015.00 GST Collected [s 1,232.90 Less GST Paid s 697818 4,550.18 Non-current Liabilities S - S - _ TOTAL LIABILITIES $ 4,550.18 P NET ASSETS $19,574.80 OWNERS' EQUITY Capital Contributed [ $18,600.00 Minus Drawings -$1,155.00 Net Profit (From Income Statement) $38,602.98 TOTAL EQUITY $20,002.98 Net Assets and Total Equity must balance on the balance sheet This report isincorrect due to errors in your ledgers A B D E F G H K M N P Q R Silver Services Catering Source Documents Silver Services Catering Tax Invoice Number: 1001 Silver Services Catering Tax Invoice Number: 1002 15 Buckjumper Ave 15 Buckjumper Ave Rodeocity QLD 4277 Date: 9/01/2023 Rodeocity QLD 4277 Date: 16/01/2023 ABN: 164 134 314 ABN: 164 134 314 9 10 To: Tableland Supplies ABN: 123695874 To: B.Jones ABN: 45632698312 11 436 Main Street 26 Smith Rd 12 Westwood, QLD 4532 Chatswood, NSW 4698 13 14 Amount Ex Amount Incl Amount Ex 15 Details GST GST GST Details GST GST Amount Incl GST 16 Credit Sale 1 Cheese platter for 300 guests 24.45 2.45 8,967.00 17 Sold Goods 428 Meat Pies 3.18 0.32 3.50 18 19 20 Subtotal 3.18 0.32 1,498.00 Subtotal 24.45 2.45 3,967.00 21 22 Delivery Charges Delivery Charges 33 23 Total including GST $ 1,498.00 Total including GST $ 9,000.00 24 Amount of GST in this invoice: 136.18 Amount of GST in this invoice: $ 818.18 25 26 27 PURCHASE ORDER - SILVER SERVICES CATERING PURCHASE ORDER - SILVER SERVICES CATERING 28 From: Tableland Supplies PO Number: 2054 From: B.Jones PO Number: 2055 29 ABN: 123695874 ABN: 45632698312 30 436 Main Street 26 Smith Rd 31 Westwood QLD 4532 PO Date: 8/01/2023 Chatswood, 4698 PO Date: 8/01/2023 32 33 Qty Description Unit Price Total Qty Description Unit Price Total 34 428 Meat Pies $ 3.50 $ 1,498.00 1 Cheese platters for 300 guests 29.89 $ 8,967.00 35 1 Delivery Charge 33 S 33.0 36 37 TOTAL $ 1,498.00 TOTAL S 9,000.00 38 Includes GST) Includes GST) 39 40 41 42 43A B C D E F G H K 1 Silver Services Catering 2 3 Banking 4 Banking Summary Cash Summary Slip 5 Date of deposit: 19/01/2023 BSB: 111-111 Notes Value 6 Account Name: Silver Services Catering Account No.: 88888888 $100 $500 $50 $400 8 Cheques received: $20 9 From Cheque No Bank Branch Amount $10 $100 10 Events R Us 876 NAB 236547 $899.50 $5 $100 11 Total $1,100 12 13 Coins 14 Total Cheques $899.50 $2 $60 15 $1 $40 16 Cash Receipts: 50c 17 Total - Cash Summary Slip Total cash $1,200.00 20c 18 G.Green 24 Tree St Gardenvale 10c 19 Total funds to be deposited 2,099.50 5c 20 Total $100 21 Signature of depositor K Silver 22 Total Cash Received $1,200 23 24Task 1 - Ledgers and reports 1. Check all journals have been signed and dated as correct as per organisation policy and procedures. 2. Post the journals to the general ledger accounts using the template given and ensuring that double entry processes have been followed. 3. Reconcile the bank account ledger to the given bank statement. 4. Create new journals to record any new transactions that came through the bank statement. 5. Post any new general journals (from the bank statement) to the required ledgers. 6. Reconcile the bank account and prepare a Bank Reconciliation statement for Jan 31 2023. 7. Prepared the Trial Balance. 8. Check for posting errors to ensure the trial balance does balance. 9. Prepare the Income Statement for Jan 23. 10. Prepare the Balance sheet for Jan 23. 11. Reports submitted for approval. Policies and Procedures Manual FNSACC321 Process financial transactions and extract interim reports Silver Services Catering Policies and Procedures Manual 123 TMP R Template Student Handout v1.2 Page 1of 7 FNSACC321 Process financial transactions and extract interim reports Policies and Procedures Manual (Extract) Policy Silver Service Catering has implemented this policy to ensure that financial administration is completed in accordance with legal, ethical and accounting requirements. Processing of financial fransactions Employees must ensure financial transactions are recorded in chronological order, accurately and timely. Confidentiality Employees should perform their duties with honesty and integrity. Observe Privacy Rules & Procedures at all times Financial Reporting Financial statements should be prepared in accordance with the Australian Accounting Standards AASB101. Accrual basis Al transactions should be prepared on an accrual basis and are based on historical costs. 1. Accounts Receivable/Accounts Payable The business uses accrual accounting, and therefore maintains an Accounts Receivable Control Account to record Credit Sales and Bank Receipts, and an Accounts Payable Control to record Credit Purchases and Cash Payments to suppliers. Issuing Invoices: The business is registered for GST and issues Tax Invoices for sales transactions. The Tax Invoices are prepared in accordance with the ATO guidelines on the Preparation of Tax Invoices for over $1000 and under $1000. Bad and Doubtful Debts Bad Debts are those that are unable to be collected due to bankruptcy or the debtor being untraceable. The write-off of the outstanding debt is to be approved by K Silver. Upon approval, the bad debit is to be written off to the Bad Debts expense account. A Doubtful Debt Provision of 2% of Accounts Receivable as at 30 Jun is to be raised in the accounts. Accounts Receivable Summary Five copies of the Accounts Receivable Summary need to be prepared. They need to be distributed to the Sales Manager, Sales Supervisor, CEQ, Accounts Receivable Officer and Accountant. 123 TMP R - Template Student Handout 3 Page 2 of 7 FNSACC321 Process financial transactions and extract interim reports 2. Accounts Payable The business uses accrual accounting, and therefore maintains an Accounts Payable Control Account to record Credit Purchases and Bank payments. All cheques and electronic payments are to be signed off by K Silver. Chegue requisitions are required for cheques over $50. Any discrepancies must be referred to K Silver Where there is an issue regarding a supplier invoice having errors, the supplier must be contacted via email with a request for the invoice to be reissued, advising of the missing information. If the supplier will not reissue the invoice then the issue needs to be escalated to the Accountant. 3. Petty Cash A petty cash float of $120.00 is to be maintained by the bookkeeper. The cash is to be kept in a locked cash tin in the filing drawers which are also locked at the end of each day. Only the K Silver and the Accountant (Penny Lane) will have authority to approve reimbursement of expenses incurred by other staff members on behalf of the business so long as they meet the requirements set out below. To be eligible for reimbursement from the petty cash float, the following conditions must be met: . The expenditure must be for business purposes. . No private expenses are to be claimed. . A receipt must be provided which shows the date, amount and nature of the expense incurred including any GST included. . The reimbursement for a single expense must not exceed $50.00 excl GST. . Fines or penalties incurred are not eligible for reimbursement from petty cash. Any items which do not meet Petty Cash conditions above are reported to the Accountant for verification and electronic payment directly into the employee's bank account. Petty Cash Book The petty cash book is to be kept up to date and the balance to be matched to the cash in the float after each reimbursement. Reimbursement Method; A 'Cash' cheque is written to reimburse the petty cash float to $120 at the end of the month. The chegue must be made out to 'Cash' and authorised / signed by K Silver. 4. General Journal Entries The Chart of Accounts has been created using standard accounting practices. Addition or deletion of accounts can only be made with approval of the Accountant It is essential that the documents and books of the business are accurate and correct. Any discrepancies should be authorised by K. Silver. * Transactions are to be processed in the General Journal. These include Cash Receipts, Cash Payments, Sales, and Purchases. + Exceptions to the above transactions must be authonised by the Accountant. These may include opening balances, correction of posting errors (this will be dealt with later in this section), purchase of a non-current assets on credit (this will be dealt with later in this section), BAD DEEBTS written off, depreciation/accumulated depreciation of assets, owner's withdrawal of stock items, Interest Income, Interest Expenses, stock sales and year-end adjusting entries. 123 TMP R Template Student Handout v3 Page 3 of 7 FNSACC321 Process financial transactions and extract interim reports Procedure to write General Journal entries: s Every Journal entry must have a date associated with it, so that financial statements can always be produced in chronological order. Each General Journal entry must have two separate and distinct sides; debit and credit, which must always balance. Debit entries must be listed in the row(s) above the credit entries for each journal. Each debit and credit entry must be allocated an account number from the Chart of Accounts into the Folios Column A narration /f memo should be included in all general journal entries to explain the transaction in enough detail that future auditors or accountants can understand the transaction. The following checklist is provided to ensure all journal entries are recorded correctly: General Journal Checklist 1. Details column contains name of account from Chart of Accounts 2. Folio column contains account number from Chart of Accounts 3. Debits are listed first 4. Credits are listed last 5. Debits and credits ALWAY'S balance 6. Narration / Description is written at the bottom of each journal entry 7. All figures must be rounded to 2 decimal places, eg $100 is expressed as $100.00 At the end of the month, the General Journal must be authorised by K Silver. 5. Bank Register Report s Only General Journal entries for cash receipts and cash payments must be posted to the monthly Bank Register Report. Not all general journals will need to be posted, as some do not affect the cheque account. + The register must be posted in chronological order. Each row must include a debit or credit entry, a running balance and state whether the balance is drorcr. + Transaction Details column must include the account names from the other / balancing side (debit or credit) of the general journal it originates from. + At end of the month a Closing Balance should be given. Bank Register Report must be authorised by K. Silver. 123 TMP R Template Student Handout v3 Page 4 of 7 FNSACC321 Process financial transactions and extract interim reports 6. General Ledger Entries The General ledger contains separate accounts numbered from the Chart of Accounts. The General Ledger is a record of capital invested, each asset account, each liability account, each expense account and each revenue account. Accounts Receivable and Accounts Payable control accounts would appear in the General Ledger for all Credit transactions. An individual LEDGER is a collection of the business accounts. After transactions are recorded in the General Journal, they are transferred, or posted, to the correct ledger Accounts. The Chart of Accounts has been created using standard accounting practices. Addition or deletion of accounts can only be made with approval of the Accountant. It is essential that the documents and books of the business are accurate and correct. Any discrepancies should be authorised by K Silver. 7. Monthly Reconciliations a) Bank reconciliations are performed on the last day of the month to reconcile the accounting records against the bank statement. b) The amounts outstanding from customers should be the same as the Accounts Receivable Control account in the general ledger at the end of each month. c) The amount outstanding to suppliers should be the same as the Accounts Payable Control account in the general ledger at the end of each month. Year-end balance day adjustments are recorded in the General Journal, and then posted to the General Ledger. Folios and narrations must be used in the General Journal. B. Filing of Documents and Reports Invoices from Suppliers Paper supplier tax invoices should be filed in alphabetical order in lever arch folders. Electronic invoices should be filed in each supplier's folder in the Accounts folder on the D drive. Invoices to Debtors All invoices are recorded on the accounting system used in numerical order. A backup of data is maintained daily onsite with the external drive being placed in a fireproof safe each night. Bank Statements and Lodgements Paper bank statements should be filed in date order in lever arch folder with any Bank Reconciliation reports. Any proof of lodgement documents, such as bank stamped depaosit slips, are to be filed along with the relevant bank statements. Electronic statements should be filed in the Banking folder in the Accounts folder on D drive. Trial Balance and Interim Reports These should be filed in the Reports folder in the Accounts folder on D drive. 123 TMP R - Template Student Handout w3 Page S of 7 FMNSACC321 Process financial transactions and extract interim reports Accounts Receivable /Payable Summary Report These should be filed in the Reports folder in the Accounts folder on D drive. 9. Depreciation Depreciation rates and methods to be used are: . Office/ Equipment 10% Straight Line . Trucks 22.5% Diminishing Value The balance in the General Ledger for Accumulated Depreciation and Depreciation Expense after all the balance day adjustment journals are done, should be the same as the Accumulated Depreciation and Depreciation Expense shown on the Depreciation Schedule. 10. Financial Reports Yearly Income Statements and Balance Sheets are to be prepared, checked for errors, and corrected if necessary, prior to distributing to the Owner and Manager. Templates are available, and must be used. The reports are to be prepared under the accrual method of accounting, where revenue is recognised and recorded when it is earned, and expenses are recognised and recorded when they are incurred. 123 TMP R Template Student Handout v3 Page 6 of 7 FNSACC321 Process financial transactions and extract interim reports Appendix 1: Silver Service Catering - Chart of Accounts 1-0000 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 Amenities End of Policy extract 123 TMP R - Template - Student Handout v3 Page 7 of 7