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Assessment Jolly Amusements Commenced Operations in January With A Minigolf Course and Games Parlour. The Accounts
Assessment Jolly Amusements Commenced Operations in January With A Minigolf Course and Games Parlour. The Accounts
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
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:
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.
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
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.
h) Prepare the Income Statement for the period ended 31 January 2021 on the template provided.
Accounts
Date Invoice no. Sold to: Sales* GST collected receivable
Totals
Date Invoice no. Bought from: Purchases GST paid Accounts payable
04.01.21 100471 Coca Cola Ltd 485.00 48.50 533.50
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
Owner
30.01.21 226 contribution Capital 2,000.00 2,000.00
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
Totals
Authorised:
b) Subsidiary Ledgers
S Smith 1-2026
Date Details Folio Debit Credit Balance
The Bank
Statement for January 2021
Jolly Amusements
2021 Withdrawals Deposits Balance
41035.98 41035.98
26,410.68
Less Unpresented Cheques
Balance as per GL
e) General Ledger accounts
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