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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

  1. Whether or not GST is applicable, and if so, how much is payable or able to be claimed as an input credit?
  2. 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 -

  1. Post from the journals to the general ledger accounts, in “T”  format (Use the General Ledger paper provided below)
  2. 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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