Establish and maintain a cash accounting system
Assessment 1
Scenario
Macca Jones operates Macca's Plumbing, and has provided you with the following chart of accounts and cash documents. You are required to:
- Code the receipts and payments documentation with the account codes from the chart of accounts
- Prepare the Cash journals for the business for 9 December
- Reconcile the cash register for the day
- Prepare the bank deposit on 9 December
Additional information:
- Macca uses a cash register to control receipts
- The business maintains a cheque account to record all cash and cheques received and cheques issued.
- All VISA payments are recorded in a separate VISA Payments journal.
SECTION 1
Chart of Accounts given in attachment - Macca's Plumbing
Prepare Cash receipts journal - Cheque account
Prepare Cash payments journal - Cheque account
Prepare Cash payments journal - Credit card account
Prepare Cash drawer reconciliation report
SECTION 2
Wally's Computer Sales maintains a single business cheque account. Payments made by credit card are recorded in the journals using the bank statement as a source document. Using the following statement and the cash journals presented in the Workbook, prepare a bank reconciliation statement for May.
Assessment 2
SECTION 1
Scenario
The following documents have been supplied by Fred's Fun Park, a GST registered business. You are required to:
1. Record the cheques in the Cash Payments journal
2. Record the vouchers in the petty cash book
3. Total the Cash Payments journal after recording all transactions.
The petty cash book classifies as petrol and oils, postage, office, sundries and GST paid.
Establish and maintain an accrual accounting system
Assessment 1
SECTION 1
The following journals have been provided by Harvey's. From the below journals you are required to:
1. Prepare the Debtors and Creditors Subsidiary ledgers
2. Prepare the debtors and creditors reconciliation schedules
3. Explain to the business owner the relationship between the Debtors and Creditors Control accounts and the debtors and creditors reconciliation schedules
4. Explain how aged debtors and creditors listings provide effective management of debtors and creditors
5. Explain the procedure you would recommend for the recovery of an amount owing by a debtor.
Attachment:- Activity and Project.rar