Practical Completion Point 2

This section of the practical is designed to allow you to compare how a basic General Journal and Ledger System operates with a system of Specialised Journals. You should be taking note of the different data entry processes and the efficiencies that can be achieved as well as any difficulties that arise with the more complex system.

You have been provided with an Excel File which contains the General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included. You will need to complete this task by entering the relevant information into the excel spreadsheet provided.

The opening and reversing entries have been completed for you.

You will be re-entering the transaction data from Completion Point 1 as well as a number of new transactions into the new system using specialised journals.

Task 1

Using the excel file provided for Completion Point 2 you must enter the transactions below into the Specialised Journals and then update the Ledger accounts as required. (The transactions below include previous transactions that you completed previously using only the General Journal but may no longer be appropriate to record there and a number of new transactions)

Transactions

July 3 Issued Cheque number 718 to Amped Up Industries. The cheque amount was $269.50 and a discount of $5.50 (including GST of $0.50) was received for early payment.

July 4 Purchased 200 metres of cabling from Clips n Cables (Invoice 3081) for $9.50 per metre, plus a total freight charge of $100 and total GST of $200.

July 6 Sold 15 Energy Saving Timers for $25 each, plus a total GST of $37.50 to Medical Centres SA (Invoice 4296)

July 10 Purchased 20 safety switches from Amped Up Industries (invoice 7050) for $12 each, plus a total freight charge of $60 and total GST of $30.

July12 Cash Sale of 30 power boards with surge protection for $25 each plus a total GST of $75 to Heather Philips (Receipt 286)

July 14 Paid The Advertiser Newspaper (Chq 725) $660 (GST included) for advertising in the local paper.

July 18 Sold 150 metres of cabling for $12.50 per metre plus a total GTS of 187.50 to Gully Construction (Invoice 4297)

July 20 Issued Cheque number 719 to Safety First. The cheque amount was $1463 as full payment of their account.

Transactions continued

July 23 Received full payment from Gully Contraction for Invoice 4297. A 10% discount of $206.25 (including GST of $18.75) was applied for early payment.

July 23 Cash Sale of 50 power boards with USB points for $35 each plus a total GST of $175 was made to the local community housing group. (Receipt 287)

July 26 Purchased 30 power point covers with LED lighting from Action Limited (invoice 54279) for $10 each, plus a total freight charge of $40 and total GST of $34.

July 29 Steve Parks withdrew $750 cash for personal use. (Receipt 288)

A stocktake on July 31 reveals $12 660 worth of inventory on hand.

If possible, provide in excel spreadsheet format