BZ102 Accounting Principles
a)Post from the journals to the general ledger accounts, in “T” format (Use the General Ledger paper provided below)
b)Prepare a Trial Balance (refer attached)
For each of the following transactions, indicate in the table below
a)Whether or not GST is applicable, and if so, how much is payable or able to be claimed as an input credit?
b)Indicate which source document/s would provide evidence of the transaction?
Answer:
Question 1
Assume that the following business is registered for GST.
For each of the following transactions, indicate in the table below
- Whether or not GST is applicable, and if so, how much is payable or able to be claimed as an input credit?
- Indicate which source document/s would provide evidence of the transaction?
|
Transaction | ="69"> GST - yes or no? |
If GST, how much? |
Which source document/s would provide evidence of the transaction? |
|
Paid for overseas flights $2,200 to attend a conference |
No. |
|
Bank statement |
|
Purchased goods on credit from W Willis $770 |
Yes |
$70 |
Tax Invoice of purchase |
|
Received and banked daily cash sales $1,807 |
No |
|
Bank Statement |
|
Sold inventories on credit to B. Blake $979 |
Yes |
$89 |
Tax Invoice of Sale |
|
Paid a cheque to Telstra $429 |
No |
|
Bank Statement |
|
Banked daily cash sales $1 716 |
No |
|
Bank Statement |
|
Bought goods on credit from M Miles $858 |
Yes |
$78 |
Tax Invoice of purchase |
|
Interest received on investment account $63 |
No |
|
Interest certificate / Bank Statement |
|
Monthly wages and salaries paid directly from business bank account to various employees $4,600 |
No |
|
Bank Statement |
|
Paid off some of the amount owing to M. Miles $700 |
No |
|
Bank Statement |
|
Dividend received from investment shares $215 |
No |
|
Bank Statement |
|
Sent tax invoice to C Hunter for goods sold $1,793 |
Yes |
$163 |
Tax Invoice of Sale |
|
Received some money owing from an account receivable, C. Hunter, $1,100 |
No |
|
Ledger and Bank Statement |
|
Returned some faulty goods which had been bought on credit from W. Willis for $80 |
Yes |
$7.27 |
Credit/ Debit Note |
|
Recorded the interest which had been charged on overdrawn bank account - $28 |
No |
|
Bank Statement |
Question 2
Transaction Analysis and Posting to the General Ledger
Refer to the Journal entries which were prepared for Question 3 in topics 1 and 2 portfolio tasks for Sister’s Tiling Service. (You may use the correct journals which were provided as suggested solutions for that task)
Required -
- Post from the journals to the general ledger accounts, in “T” format (Use the General Ledger paper provided below)
- Prepare a Trial Balance (refer attached)
(Original transactions from Weeks 1 and 2 are reproduced below for your convenience)
March 23 Performed tiling services ‘cash job’ of $600, which was banked
March 25 Received commission from Tiling Manufacturers Pty Ltd for being “best tradie” for the month.
March 28 Attended building site and repaired floor tiling. Invoiced the builder $350, due 7 days.
March 29 Paid apprentice wages $700
March 30 Client paid invoice from last week, directly to Sisters Tiling bank account, $1150
March 31 Transferred $800 from bank account to pay monthly loan repayment.
|
Journal Entries |
|
| |
|
Date |
Particulars |
Dr./Cr. |
Amount |
|
March 23 |
Cash at Bank A/c |
Dr. |
$ 600 |
|
|
To Service Fee Revenue |
Cr. |
$ 600 |
|
March 28 |
Accounts Receivable A/c |
Dr. |
$ 350 |
|
|
To Service Fee Revenue |
Cr. |
$ 350 |
|
March 29 |
Wages |
Dr. |
$ 700 |
|
|
To Cash at Bank A/c |
Cr. |
$ 700 |
|
March 30 |
Cash at Bank A/c |
Dr. |
$ 1,150 |
|
|
To Accounts Receivable A/c |
Cr. |
$ 1,150 |
|
March 31 |
Loan from Bank A/c |
Dr. |
$ 800 |
|
|
To Cash at Bank A/c |
Cr. |
$ 800 |
General Ledger for Sister’s Tiling Service
|
DEBIT |
CREDIT | ||||||||
|
Date |
Details |
Amt. $ |
Date |
Details |
Amt. $ | ||||
|
|
|
Capital A/c |
|
| |||||
|
31/3/18 |
Balance c/d |
44,000 |
1/1/18 |
Balance b/fwd |
40,000 | ||||
|
|
|
|
1/3/18 |
From Cash at Bank |
4,000 | ||||
|
|
|
44,000 |
|
|
44,000 | ||||
|
|
|
Cash at Bank A/c |
|
| |||||
|
1/3/18 |
From Capital |
4,000 |
29/3/18 |
Wages |
700 | ||||
|
28/3/18 |
Service Fee Revenue |
600 |
31/3/18 |
Loan from Bank |
800 | ||||
|
30/3/18 |
Accounts Receivable |
1,150 |
31/3/18 |
Balance c/d |
4,250 | ||||
|
|
|
5,750 |
|
|
5,750 | ||||
|
|
|
Building A/c |
|
| |||||
|
1/1/18 |
Balance b/fwd |
200,000 |
31/3/18 |
Balance c/d |
200,000 | ||||
|
|
|
200,000 |
|
|
200,000 | ||||
|
DEBIT |
CREDIT | ||||||||
|
Date |
Details |
Amt. $ |
Date |
Details |
Amt. $ | ||||
|
|
|
Accounts Receivable A/c |
|
| |||||
|
28/3/18 |
Service Fee Revenue |
350 |
30/3/18 |
Cash at Bank |
1,150 | ||||
|
31/3/18 |
Balance c/d |
800 |
|
|
| ||||
|
|
|
1,150 |
|
|
1,150 | ||||
|
|
|
Loan from Bank A/c |
|
| |||||
|
31/3/18 |
Cash at Bank |
800 |
1/1/18 |
Balance b/f |
160,000 | ||||
|
31/3/18 |
Balance c/d |
159,200 |
|
|
| ||||
|
|
|
160,000 |
|
|
160,000 | ||||
|
|
|
Service Fees Revenue a/c |
|
| |||||
|
31/3/18 |
Balance c/d |
950 |
23/3/18 |
Cash at Bank |
600 | ||||
|
|
|
|
28/3/18 |
Accounts receivable |
350 | ||||
|
|
|
950 |
|
|
950 | ||||
|
|
|
Commission Revenue A/c |
|
| |||||
|
|
|
Wages A/c |
|
| |||||
|
29/3/18 |
Cash at Bank |
700 |
31/3/18 |
Balance c/d |
700 | ||||
|
|
|
700 |
|
|
700 | ||||
Sister’s Tiling Services
TRIAL BALANCE as at 31 March, 2018
|
General Ledger Accounts |
DEBIT |
CREDIT |
|
Capital |
|
44,000 |
|
Cash at Bank |
4,250 |
|
|
Building |
200,000 |
|
|
Accounts Receivable |
|
800 |
|
Loan from Bank |
|
159,200 |
|
Service Fee Revenue |
|
950 |
|
Commission Revenue |
|
|
|
Wages |
700 |
|
|
|
$ 204,950 |
$ 204,950 |
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