Assessment

Jolly Amusements commenced operations in January with a minigolf course and games parlour. The accounts
manager (Jenny Chee) uses the specialised journal process (journal totals are posted to the general ledger –
Refer to Chapter 10 in the Learning Resources). The relevant journals are shown below. Templates are
provided below for all required entries or you may use the templates contained in the Excel file provided: All
Journals and General Ledgers can be found in both the Word Documents and the Excel file. Just complete
one set of Journals and Ledgers – not both.

FNSACC311_312_AT3_W_TQM_v6.1.xls

Task 1 – Verifying receipts

Copies of the receipts (source documents) for the period 21 January 2021 to 31 January 2021 have been
provided at Appendix A.

You are required to check the receipts against the entries made in the Cash Receipts Journal to ensure that:
- All receipts have been fully and correctly completed
- Details recorded match the entry in the Cash Receipts Journal
- If any discrepancies are found the following actions are required to comply with the organisations
policies and procedures:

a) List the discrepancy including all relevant details below:

______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
b) Examine the information you have available (subsidiary ledgers, sales figures, bank statement) to
determine the correct transaction to be recorded. For this exercise you should assume that the
bank statement figure is always correct.
c) Make the necessary corrections to the Receipt and to the Cash Receipts Journal if required to
correctly record the transaction. Initial and date any changes made to the source document or
journal.

Task 2 – Ledgers and reports

To complete the January accounting for Jolly Amusements you are required to:

a) The Organisational Policies and Procedures require that journals be signed and dated by the accounts
manager prior to being posted to the General ledger. Check that all journals have been properly au-
thorised in accordance with the Organisational Policies and Procedures. Add the title of the author-
iser if not already included.

123 TMP E – Assessment Template – Written v1.3 Page 1 of 23

b) Check that the total of the opening balances in the Accounts Receivable and Accounts Pay-
able Subsidiary ledgers match the Accounts Receivable and Accounts Payable General
Ledger opening balance and make any necessary corrections. Record all relevant transactions
into the Accounts Receivable and Accounts Payable Subsidiary Ledger accounts.

c) Check the opening Bank Balance in the General Ledger and ensure that it agrees with the Bank
Reconciliation as at 31 December 2020 as provided. Reconcile the bank account and prepare a Bank
Reconciliation Statement as at 31 January 2021

d) Total and balance the journals.

e) Ensure all opening balances in the General Ledger (refer to Templates provided) match the
December Trial Balance provided. If they don’t then you need to enter the balance from the
December Trial Balance. Post the journals to the General Ledger accounts.

f) Complete the Accounts Receivable and Accounts Payable reconciliations for 31 January 2021.

g) Prepare the Trial balance as at 31 January 2021.

h) Prepare the Income Statement for the period ended 31 January 2021 on the template provided.

i) Prepare the Balance Sheet as at 31 January 2021 on the template provided.

General Journal   Debit Credit
21.01.21 Motor vehicle 10,500  

  Equipment at cost 700  

  Capital    11,200

  (Owner introduced assets into the business)

 
 
23.01.21 Equipment at cost 1,500

GST paid 150

  Accounts payable   1,650

(Purchased equipment from John Deere on credit)

 31.01.21 Accounts receivable 10 

  Late Fee Revenue   10

  (Late fee charged on Trendy Tricks Pty Ltd account )

Authorised: Jenny Chee 31.01.21

Sales Journal

Accounts
Date Invoice no. Sold to: Sales* GST collected receivable

05.01.21 1214 Solid Solutions Ltd 1020.00 102.00 1122.00

09.01.21 1256 Allen’s Accounting 620.00 62.00 682.00

10.01.21 1259 Gumby Footy Club 755.00 75.50 830.50

11.01.21 CN554 Allen’s Accounting -40.00 -4.00 -44.00

15.01.21 1285 GDT Pty Ltd 230.00 23.00 253.00

24.01.21 1304 S Smith 154.00 15.40 169.40

31.01.21 1324 Goodfield SHS 140.00 14.00 154.00

     
 Totals

Authorised: Jenny Chee 31.01.21

* All credit sales include GST.

Purchases Journal

Date Invoice no. Bought from: Purchases GST paid Accounts payable
04.01.21 100471 Coca Cola Ltd  485.00 48.50 533.50

04.01.21 56594 Donaldson’s Dairy 124.00 0 124.00

05.01.21 2201 Allen’s Confection 260.00 26.00 286.00

07.01.21 567 Allen’s Confection -20.00 -2.00 -22.00

08.01.21 5546 Clear Springs 155.00 0 155.00

13.01.21 56596 Donaldson’s Dairy 146.00 5.50 151.50

15.01.21 102484 Coca Cola Ltd 845.00 84.50 929.50

19.01.21 44494 Coca Cola Ltd -42.00 -4.20 -46.20

20.01.21 8997 Smart Golf 62.00 6.20 68.20

30.01.21 56657 Donaldson’s Dairy 180.00 18.00 198.00

     

Totals
Authorised: Jenny Chee 31.01.21
Cash Receipts Journal * Cash sales include GST Free sales and taxable sales therefore may not be 1/11.
Accounts Discount
Date Ref no. Particulars Folio/ account GST Collected* Sales* Other accounts receivable Allowed Bank

06.01.21 215 Cash sales Sales 142.00 1510.00 1,652.00

08.01.21 216 Cash sales Sales 135.00 1,410.50 1,545.50

12.01.21 217 Cash sales Sales 5.00 50.00

12.01.21 218 Cash sales Sales 36.40 387.20 478.60

13.01.21 219 Rent received Rent 110.00 1,100.00 1,210.00

14.01.21 220 Solid Solutions A/C Rec 1122.00 1,122.00

18.01.21 221 Cash sales Sales 62.50 690.10 752.60

Gumby Football
21.01.21 222 Club A/C Rec 803.50 803.50
22.01.21 223 Cash sales Sales 40.00 400.00 440.00

29.01.21 224 S Smith A/C Rec 169.40

29.01.21 225 Cash sales Sales 35.00 380.00 584.40

Owner
30.01.21 226 contribution Capital 2,000.00 2,000.00

31.01.21 227 Cash sales Sales 121.00 1,245.00 1,366.00

 Totals                  
Authorised: Jenny Chee 31.01.21
Cash Payments Journal
Other Accounts Discount
Date  Ref no. Particulars  Folio/ Account GST Paid Purchases accounts payable Received Bank
01.01.21 45 Coles Purchases 35.60 384.20 419.80

04.01.21 46 Ready Rewards Purchases 100.00 1,000.00 1,100.00

11.01.21 47 Coca Cola Ltd  A/C Pay 533.50 533.50

11.01.21 48 Telephone Telephone 32.40 324.00 356.40

11.01.21 49 Donaldson’s Dairy A/C Pay 124.00 124.00

13.01.21 50 Cash purchases Purchases 4.30 43.00 47.30

13.01.21 51 Wages Wages 430.00 430.00

14.01.21 52 Clear Springs Various -0.50 155.00 -5.00 149.50

22.01.21 53 Coca Cola Ltd A/C Pay 883.30 883.30

26.01.21 54 Harvey Norman Equipment 230.00 2,300.00 2,530.00

27.01.21 55 Wages Wages 510.00 510.00

31.01.21 56 Donaldson’s Dairy A/C Pay 198.00 198.00

                 
Totals

Authorised:
b) Subsidiary Ledgers

Accounts Receivable Subsidiary

Ledger
Allen's Accounting 1-2001
Date Details Folio Debit Credit Balance
Opening balance (In-
1/01/2021 voice date 18/12/20)       540.00 DR
           
           
           
           
           
           

GDT Pty Ltd 1-2012

Date Details Folio Debit Credit Balance
           
           
           
           
           
           

Goodfields SHS 1-2014

Date Details Folio Debit Credit Balance
           
           
           
           
           
           

Gumby's Footy Club 1-2020

Date   Folio Debit Credit Balance
           
           
           
           
           
           
Solid Solutions Pty Ltd 1-2025
Date Details Folio Debit Credit Balance
           
           
           
           
           
           

S Smith 1-2026
Date Details Folio Debit Credit Balance
           
           
           
           
           
           

Trendy Tricks Pty Ltd 1-2030

Date Details Folio Debit Credit Balance
Opening balance (In-
1/01/2021 voice date 05/12/20)       870.00 DR
           
           
           
           
           
Accounts Payable Subsidiary Ledger
Allen's Confection 2-2001
Date Details Folio Debit Credit Balance
           
           
           
           
           
           

Clear Springs 2-2013

Date Details Folio Debit Credit Balance
Opening balance (In-
1/01/2021 voice dated 24/12/20)       155.00 CR
           
           
           
           
           
           

Coca Cola 2-2014

Date Details Folio Debit Credit Balance
           
           
           
           
           
           
           

Donaldson's Dairy 2-2020

Date Details Folio Debit Credit Balance
Opening balance (In-
1/01/2021 voice dated 28/12/20)       124.00 CR
           
           
           
           
           
           

           

Golf Smart 2-2040

Date Details Folio Debit Credit Balance
           
           
           
           
           
           

John Deere 2-2018

Date Details Folio Debit Credit Balance
           
           
           
           
           
           

The Bank
Statement for January 2021
Jolly Amusements
2021 Withdrawals Deposits Balance

1 Jan Opening balance 25,154.68 Cr

4 Jan Deposit 1,256.00 26,410.68 Cr

4 Jan Withdrawal - Chq 000043 176.00 26,234.68 Cr

5 Jan Withdrawal – Chq 000045 419.80 25,814.88 Cr

7 Jan Deposit 1,652.00 27,466.88 Cr

9 Jan Deposit 1,545.50 29,012.38 Cr

12 Jan Withdrawal – Chq 000047 533.50 28,478.88 Cr

12 Jan Withdrawal – Chq 000046 1,100.00 27,378.88 Cr

12 Jan Deposit 478.60 27,857.48 Cr

12 Jan Withdrawal – Chq 000048 356.40 27,501.08 Cr

13 Jan Withdrawal – Chq 000049 124.00 27,377.08 Cr

13 Jan Deposit 1210.00 28,587.08 Cr

15 Jan Withdrawal – Chq 000051 430.00 28,157.08 Cr

15 Jan Deposit 1122.00 29,279.08 Cr

17 Jan Withdrawal – Chq 000052 149.50 29,129.58 Cr

18 Jan Direct debit Loan – The Bank 230.00 28,899.58 Cr

21 Jan Deposit 752.60 29,652.18 Cr

21 Jan Deposit 830.50 30,482.68 Cr
22 Jan Deposit 440.00 30,922.68 Cr

27 Jan Withdrawal – Chq 000054 2,530.00 28,392.68 Cr

29 Jan Deposit 584.40 28,977.08 Cr

31 Jan Bank charges 18.50 28,958.58 Cr

31 Jan Withdrawal – Chq 000055 510.00 28,448.58 Cr

31 Jan Interest on account 22.28 28,470.86 Cr

Trial Balance as at 31 December 2020

Account Debit Credit

Cash at bank 26234.68
Accounts receivable 1410.00
Equipment at cost 12870.00
Accounts payable 279.00
GST Collected 783.00
GST Paid 521.30
Loan – The Bank 17439.50
Capital 22534.48

41035.98 41035.98

Bank Reconciliation as at 31/12/2020

Balance as per Bank Statement $25,154.68

Plus Outstanding Deposits

31.12.20 1,256.00

26,410.68
Less Unpresented Cheques

Chq no. 000043 176.00

Balance as per GL $26,234.68

c) Bank Reconciliation as at 31/01/2021

Balance as per Bank Statement

Plus Outstanding Deposits

Less Unpresented Cheques

Balance as per GL
e) General Ledger accounts

Account Name: Cash at bank Account No.100

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       26,234.68 dr
           
           

Account Name: Accounts receivable Account No.110

Date Details Folio Debit Credit Balance

 01.01.21 Opening balance        1410.00 dr 
           
           
           

Account Name: Equipment at cost Account No.170

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       12,870.00 dr
           
           
           
           

Account Name: Motor Vehicles at cost Account No.174

Date Details Folio Debit Credit Balance

           
           

Account Name: Accounts payable Account No.210

Date Details Folio Debit Credit Balance

 01.01.21 Opening balance        279.00 cr
         
         
         
Account Name: GST collected Account No.230

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       783.00 cr
           
           
           
           

Account Name: GST paid Account No.125

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       521.30 dr
           
           
           
           
           

Account Name: Loan - The Bank Account No.270

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       17,439.50 cr
           
           
           

Account Name: Capital Account No.300

Date Details Folio Debit Credit Balance

01.01.21 Opening balance       22,534.48 cr
           
           
           
Account Name: Sales Account No.400

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Rent received Account No.455

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Interest received Account No.460

Date Details Folio Debit Credit Balance

           
         
           

Account Name: Discount received Account No.465

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Late Fee Revenue Account No.475

Date Details Folio Debit Credit Balance

           
           
           
Account Name: Purchases Account No.500

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Bank Charges Account No.602

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Telephone Account No.650

Date Details Folio Debit Credit Balance

           
           
           

Account Name: Wages Account No.670

Date Details Folio Debit Credit Balance

           
           
           
f) Accounts Receivable and Accounts Payable Reconciliations

Account Receivable Reconciliation 31 January 2021      

Account Num- Account Name Total Due Current
ber 90+
0 - 30 days 31 - 69 Days 61 - 90 Days
days
             
             
             
             
             
             
             
             
  Grand Totals
  Balance per GL $         
  Variance  $        

Account Payable Reconciliation 31 January 2021        

Account Account Name Total Due Current
Number 90+
0 - 30 days 31 - 69 Days 61 - 90 Days day
s
             
             
             
             
             
             
             
             
             
  Grand Totals
  Balance as per GL  $        
   Variance $        
g)
Trial Balance of Jolly Amusements as at 31 January 2021

Account Account Name Debit Credit

Number
h) Income Statement for the period ended 31 January 2021

JOLLY AMUSEMENTS
Income Statement for the period ended 31 January 2021

Revenue
Sales Revenue $
Less COGS $
GROSS PROFIT $
Add Other Revenue
Rent Received $
Interest Received $
Discount Received $
Late Fee Revenue $ $
$
Less Operating Expenses
Bank Charges $
Telephone $
Wages $ $

NET PROFIT $
i) Balance Sheet as at 31 January 2021

JOLLY AMUSEMENTS
Balance Sheet as at 31 January 2021

Current Assets
Cash at bank $
Accounts Receivable Control $ $
Non-current Assets
Motor Vehicles at Cost $
Equipment at Cost $ $
TOTAL ASSETS $

Current Liabilities
GST Collected $
Less GST Paid $ $
Accounts Payable Control $
$
Non-current Liabilities
Loan - The Bank $
TOTAL LIABILITIES $

NET ASSETS $

OWNERS' EQUITY
Capital $
Net Profit (From Income Statement) $ $
APPENDIX A

RECEIPT Jolly Amusements No.   222  

  Date   21/01/2021  
   
Received from Gumby Football Club  
   
Amount in
words Eight hundred and thirty Dollars $ 803.50  
  Fifty     Cents  
   
For payment of Invoice 1259   Cash  
  X Cheque  
Received by C Clown       Other  
               

RECEIPT Jolly Amusements No.   223  

  Date   22/01/2021  
   
Received from Cash      
   
Amount in
words Four hundred and forty Dollars $ 440.00  
  Nil     Cents  
   
For payment of Sales (Including GST $40) X Cash  
    Cheque  
Received by C Clown       Other  
               

RECEIPT Jolly Amusements No.   224 

  Date   29/01/2021  
   
Received from S Smith    
   
Amount in
words One hundred and sixty nine Dollars $  
  Forty     Cents 169.40  
   
For payment of         Cash  
  X Cheque  
Received by C Clown       Other  
               
RECEIPT Jolly Amusements No.   225  
  Date   29/01/2021  
   
Received from Cash      
   
Amount in
words Four hundred and fifteen Dollars $ 415.00  
  Nil     Cents  
   
For payment of Sales (Including GST $35) X Cash  
    Cheque  
Received by C Clown       Other  
               

RECEIPT Jolly Amusements No.   226  

  Date   30/01/2021  
   
Received from Cash      
   
Amount in
words Two thousand   Dollars $ 2000.00  
  Nil     Cents  
   
For payment of Capital contributed by owner X Cash  
    Cheque  
Received by C Clown       Other  
               

RECEIPT Jolly Amusements No.   227 

  Date   31/01/2021  
   
Received from Cash      
   
Amount in
words One thousand three hundred and sixty six Dollars $  
  Nil     Cents 1366.00  
   
For payment of Sales (Including GST $121) X Cash  
    Cheque  
Received by C Clown       Other