BSBFIA303A/BSBADM309A Process Accounts Payable and Receivable

COMPETENCY TASK 1: MITCHELL FURNISHINGS

You have now completed the posting of all the journals to the Accounts Receivable Ledger cards AND the Accounts Payable Ledger cards and proven accuracy with the Accounts Receivable Control Account AND the Accounts Payable Control Account in the General Ledger. You have carried out Accounts Payable Reconciliation on statements received from trade creditors (accounts payable, suppliers) and you have issued statements to trade debtors (accounts receivable, customers).

You are now required to ‘put it all together’—use Mitchell Furnishings.

Carry out the following tasks:

Ø  In the accounts payable journals, from the source documents supplied

o  enter details of transactions from the original copies of tax invoices received from suppliers (vendors) into the Purchases Journal.

o  enter details of transactions from the original copies of adjustment notes received from suppliers (vendors) into the Purchases Returns and Allowances Journal.

o  enter details of transactions from cheque butts into the Cash Payments Journal.

Ø  In the accounts receivable journals, from the source documents supplied

o  enter details of transactions from the duplicate copies of tax invoices issued to customers into the Sales Journal.

o  enter details of transactions from the duplicate copies of adjustment notes issued to customers into the Sales Returns and Allowances Journal.

o  enter details of transactions from duplicate receipts and cash register records/cash sales dockets into the Cash Receipts Journal.

Ø  Post all amounts relating to accounts payable to the Accounts Payable Ledger and prepare a Schedule of Accounts Payable as at 31 July.

Ø  Post all amounts relating to accounts receivable to the Accounts Receivable Ledger and prepare a Schedule of Accounts Receivable as at 31 July.

Ø  Reconcile creditors’ (suppliers) statement for payment.

Ø  Issue statements to debtors (customers) at 1 August.

Please hand this completed task to your session facilitator for marking.

This task will be retained as part of your portfolio of evidence of competency in this unit.

Documents received from and issued to suppliers and customers

R GIBSON
Raymond Terrace
ABN: 12 111 222 333 /

P McDONOUGH

Raymond Terrace
ABN: 12 222 333 444
To: Mitchell Furnishings
Maitland Tax Invoice 123
Date: 08 July PO 1 / To: Mitchell Furnishings
Maitland Tax Invoice 554
Date 10 July PO 2
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount

Trade Goods

Less Trade Discount
Subtotal
Add GST
TOTAL (GST inclusive) / 700.00
70.00
630.00
63.00
$693.00 /

Trade Goods

Less Trade Discount
Subtotal
Add GST
TOTAL (GST inclusive) / 450.00
45.00
405.00
40.50
$445.50
D McDONOUGH
Seaham
ABN: 12 555 666 777 / P McDONOUGH
Raymond Terrace
ABN: 12 222 333 444
To: Mitchell Furnishings
Maitland Tax Invoice 472
Date: 25 July PO 3 / To: Mitchell Furnishings
Maitland Tax Invoice 603
Date: 29 July PO 4
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount

Trade GoodsLess Trade DiscountSubtotal

Add GST
TOTAL (GST inclusive) / 2000.00
200.00
1800.00
180.00
$1980.00 /

Trade Goods

Less Trade Discount
Subtotal
Add GST
TOTAL (GST inclusive) / 440.00
44.00
396.00
39.60
$435.60
P McDONOUGH
Raymond Terrace
ABN: 12 222 333 444 / R GIBSON
Raymond Terrace
ABN: 12 111 222 333
To: Mitchell Furnishings
Maitland Adjustment Note 461
Date: 14 July Inv No 554 / To: Mitchell Furnishings
Maitland Adjustment Note 356
Date: 15 July Inv No 123
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount
By Returns: (damaged)

Trade Goods

Less Trade Discount
Subtotal
Add GST
TOTAL (GST inclusive) / 100.00
10.00
90.00
9.00
$99.00 / Returns: (wrong colour)

Trade Goods

Less Trade Discount
Subtotal
Add GST
TOTAL (GST inclusive) / 120.00
12.00
108.00
10.80
$118.80
No 1298 02 July / No 1299 02 July
To Cash / To Cash
For PETTY CASH (IMPREST) / For WAGES
Cheque $200.00 / Cheque $500.00
No 1300 04 July / No 1301 07 July
To R GIBSON / To Antique Wares
For June A/c $220 less (discount $10.00 and GST Outlaid Adjustment $1.00) / For PURCHASE OF TRADE GOODS
(GST inclusive)
Cheque $209.00 / Cheque $495.00
No 1302 07 July / No 1303 16 July
To P McDONOUGH / To R GIBSON
For June A/c $770 less (discount $35.00 and GST Outlaid Adjustment $3.50) / For Tax Invoice 123 less Adjustment Note 356 ($574.20) less (discount $26.10 and GST Outlaid Adjustment $2.61)
Cheque $731.50 / Cheque $545.49
No 1304 16 July / No 1305 25 July
To Cash / To Dentist Fees
For WAGES / For DRAWINGS
Cheque $700.00 / Cheque $550.00
No 1306 30 July / No 1307 30 July
To Cash / To Cash
For WAGES / For PETTY CASH REIMBURSEMENT (Advertising$60.00 + GST Outlaid $6.00;
Stationery $50.00 + GST Outlaid $5.00)
Cheque $500.00 / Cheque $121
No 1308 31 July
To ABC Suppliers Ltd
For GUILLOTINE
(GST inclusive)
Cheque $264.00
MITCHELL FURNISHINGS
Maitland ABN: 12 303 234 345 /

MITCHELL FURNISHINGS

Maitland ABN: 12 303 234 345
To: D Johnson
Dungog Tax Invoice 451
Date: 1 July PO 456 / To: T Luckless
Singleton Tax Invoice 452
Date 5 July PO 132
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount

Trade Goods

Less Trade Discount
Sub total
Freight & Insurance
Add GST
TOTAL (GST inclusive) / 800.00
80.00
720.00
50.00
77.00
$847.00 /

Trade Goods

Less Trade Discount
Sub total
Freight & Insurance
Add GST
TOTAL (GST inclusive) / 700.00
70.00
630.00
50.00
68.00
$748.00
MITCHELL FURNISHINGS
Maitland ABN: 12 303 234 345 / MITCHELL FURNISHINGS
Maitland ABN: 12 303 234 345
To: T Luckless
Singleton Tax Invoice 453
Date: 21 July PO 151 / To: Crafts’r’Us
Medowie Tax Invoice 454
Date: 26 July PO 891
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount

Trade Goods

Less Trade Discount
Sub total
Freight & Insurance
Add GST on freight
TOTAL (GST inclusive) / 400.00
40.00
360.00
50.00
41.00
$451.00 /

Trade Goods

Less Trade Discount
Sub total
Freight & Insurance
Add GST
TOTAL (GST inclusive) / 520.00
52.00
468.00
50.00
51.80
$569.80
MITCHELL FURNISHINGS
Maitland ABN: 12 303 234 345 / MITCHELL FURNISHINGS
Maitland ABN: 12 303 234 345
To: D Johnson
Dungog Adjustment Note 156
Date: 9 July Inv 451 / To: T Luckless
Singleton Adjustment Note 157
Date: 12 July Inv 452
Qty / Particulars / Rate / Amount / Qty / Particulars / Rate / Amount
By Returns: (damaged)

Trade Goods

Less Trade Discount
Sub total
Add GST
TOTAL (GST inclusive) / 200.00
20.00
180.00
18.00
$198.00 / Returns: (wrong colour)

Trade Goods

Less Trade Discount
Sub total
Add GST
TOTAL (GST inclusive) / 220.00
22.00
198.00
19.80
$217.80
Receipt No 135 4 July
Received from Keith Richards (owner)
the sum of five thousand dollars
being for (extra) CAPITAL
Cheque $5,000.00
Receipt No 136 6 July
Received from D Johnson
the sum of Five hundred and twenty-two dollars 50 cents
being for JUNE ACCOUNT--$550.00
Cheque $522.50
Discount 25.00
GST Collected Adjustment 2.50
Receipt No 137 9 July
Received from T Luckless
the sum of Four hundred and eighteen dollars
being for JUNE ACCOUNT--$440
Cheque $418.00
Discount 20.00
GST Collected Adjustment 2.00
Receipt No 138 19 July
Received from G Winter Pty Ltd
the sum of Five hundred and fifty dollars
(GST inclusive)
being for 2 OFFICE DESKS (book value)
Cheque $550.00
Receipt No 139 30 July
Received from D Johnson
the sum of Six hundred and sixteen dollars 55 cents
being for PAYMENT-TAX INVOICE 451 less ADJUSTMENT NOTE 156
Cheque $616.55
Discount 29.50
GST Collected Adjustment 2.95

GENERAL LEDGER (extract)

ACCOUNTS RECEIVABLE CONTROL ACCOUNT Folio 1.3

Date
200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 1496 / 00 DR
31 / Sales / S1 / 2615 / 80 / 4111 / 80 DR
Sales Returns & Allowances / SR1 / 415 / 80 / 3696 / 00 DR
Cash Receipts, Discount Allowed / CR1 / 1639 / 00 / 2057 / 00 DR

ACCOUNTS PAYABLE CONTROL ACCOUNT Folio 2.1

Date
200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 1188 / 00 CR
31 / Purchases / P1 / 3554 / 10 / 4742 / 10 CR
Purchases Returns & Allowances / PR1 / 217 / 80 / 4524 / 30 CR
Cash Payments, Discount Received / CP1 / 1564 / 20 / 2960 / 10 CR

PURCHASES JOURNAL OF MITCHELL FURNISHINGS Folio P1

Date

/ Tax Invoice / Particulars-Accounts Payable / Folio / Purchases / GST Outlaid (Paid) / Accounts Payable Control (Creditors)

PURCHASES RETURNS AND ALLOWANCES JOURNAL OF MITCHELL FURNISHINGS Folio PR1

Date

/ Adjust Note / Particulars-Accounts Payable / Folio / Purchases Returns / GST Outlaid (Paid) / Accounts Payable Control (Creditors)

Faculty of Business and Computing Section 4 Page 6 of 24

Business Administration 26 January 2009

BSBFIA303A/BSBADM309A Process Accounts Payable and Receivable

CASH PAYMENTS JOURNAL OF MITCHELL FURNISHINGS Folio CP 1

Date

200X /

CH No

/ Account Debited /

Folio

/

Debits

/

Credits

Accounts Payable / Purchases / Other Accounts / GST Outlaid / Cash at Bank / Discount Received / GST Outlaid

SALES JOURNAL OF MITCHELL FURNISHINGS Folio S1

Date

200X
/ Tax Invoice /

Particulars-Accounts Receivable

/ Folio / Sales / GST Collected / Freight and Insurance Collected / Accounts Receivable Control (Debtors)

SALES RETURNS AND ALLOWANCES JOURNAL OF MITCHELL FURNISHINGS Folio SR1

Date

200X / Adjust Note /

Particulars-Accounts Receivable

/ Folio / Sales Returns / GST Collected / Freight and Insurance Collected / Accounts Receivable Control (Debtors)


CASH RECEIPTS JOURNAL OF MITCHELL FURNISHINGS Folio CR 1

Date

200X /

Rec No

/ Account Credited /

Folio

/

Debits

/

Credits

Cash at Bank / Discount Allowed / GST Collected / Accounts Receivable / Sales / Other Accounts / GST Collected

Faculty of Business and Computing Section 4 Page 9 of 24

Business Administration 26 January 2009

BSBFIA303A/BSBADM309A Process Accounts Payable and Receivable

ACCOUNTS PAYABLE LEDGER OF MITCHELL FURNISHINGS

R GIBSON AP 1

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 220 / 00 CR

P McDONOUGH AP 2

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 770 / 00 CR

R NELSON AP 3

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 198 / 00 CR

D McDONOUGH AP 4

Date 200X / Particulars / Folio / Debit / Credit / Balance

SCHEDULE OF ACCOUNTS PAYABLES BALANCES

31 July
Account No / Account Name / Amount
AP 1 / R Gibson
AP 2 / P McDonough
AP 3 / R Nelson

AP 4

/

D McDonough

/

TOTAL

/

ACCOUNTS RECEIVABLE LEDGER OF MITCHELL FURNISHINGS

D JOHNSON AR 1

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 550 / 00 DR

T LUCKLESS AR 2

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / G1 / 440 / 00 DR

S GROVES PTY LTD AR 3

Date 200X / Particulars / Folio / Debit / Credit / Balance
JUL / 01 / Capital / 506 / 00 DR

CRAFTS’r’US AR 4

Date / Particulars / Folio / Debit / Credit / Balance

SCHEDULE OF ACCOUNTS RECEIVABLE BALANCES

31 July
Account No / Account Name / Amount
AR 1 / D Johnson
AR 2 / T Luckless
AR 3 / S Groves Pty Ltd
AR 4 / Crafts’r’Us

TOTAL

/
STATEMENT FROM: / DATE: 20 July
R GIBSON
122 William Street
RAYMOND TERRACE NSW 2324
ABN: 12 111 222 333
Telephone: (02) 8721 7861
Fax: (02) 8721 1441 / TO:
The Accountant

MITCHELL FURNISHINGS

82 Maitland Road
MAITLAND NSW 2324
DATE / REFERENCE / DEBIT / CREDIT / BALANCE
JUL 01
/ Opening Balance 220.00
04 / Receipt 800 (Cheque No 1300) / 220.00 / 0.00
08 / Tax Invoice 123 / 693.00 / 693.00
15 / Adjustment Note / 118.80 / 574.20
16 / Receipt 825 (Cheque No 1303) / 545.49 / 28.71

OVER 90 DAYS

/ 90 DAYS / 60 DAYS / 30 DAYS / CURRENT
28.71
TERMS: 5% in 10 days and strictly net 30 days

REMITTANCE ADVICE

Please return this section with your payment to:
R GIBSON
122 William Street
RAYMOND TERRACE NSW 2324
ABN: 12 111 222 333
NAME: MITCHELL FURNISHINGS / AMOUNT:______
DISCOUNT:______

R Gibson—

Reconciliation of account as at 31 July

Closing balance as per Creditor’s statement
/ $28.71
STATEMENT FROM: / DATE: 25 July
P McDONOUGH
122 City Road
RAYMOND TERRACE NSW 2324
ABN: 12 222 333 444
Telephone: (02) 8721 8861
Fax: (02) 8721 8841 / TO:
The Accountant

MITCHELL FURNISHINGS

82 Maitland Road
MAITLAND NSW 2324
DATE / REFERENCE / DEBIT / CREDIT / BALANCE
JUL 01
/ Opening Balance 770.00
07 / Receipt 499 (Cheque No 1302) / 707.00 / 63.00
10 / Tax Invoice 554 / 454.50 / 517.50
14 / Adjustment Note 461 / 99.00 / 418.50

OVER 90 DAYS

/ 90 DAYS / 60 DAYS / 30 DAYS / CURRENT
63.00 / 355.50
TERMS: 5% in 10 days and strictly net 30 days

REMITTANCE ADVICE

Please return this section with your payment to:
P McDONOUGH
122 City Road
RAYMOND TERRACE NSW 2324
ABN: 12 222 333 444
NAME: MITCHELL FURNISHINGS / AMOUNT:______
DISCOUNT:______

P McDonough—

Reconciliation of account as at 31 July

Closing balance as per Creditor’s statement
/ $418.50

Faculty of Business and Computing Section 4 Page 13 of 24

Business Administration 26 January 2009