Hi,
This is FNSACC312_Assignment_2
Can you please help me with the answer for the Task 4?
Please find the attached jpg of Task 4 details below.
Thank you a lot.
Task 4 30 Marks You are an accounts receivable/payable clerk of G Accounting Pty Ltd. G Accounting purchased an existing business called Perfect Pty Ltd on 1 October 2018. The accounts receivable and accounts payable balances at that time were: Details Accounts Receivable Control 20,000 Account Accounts receivable 20,000 Top Supplies 9,000 Middle Inc 6,000 Medium Ltd 5,000 Accounts Payable Control 15,000 Account Accounts payable 15,00 Fame Supplies 5,000 Fine Wholesale 4,000 Prompt Services 6,000 The following joumals for Perfect Pty Ltd contain the transactions for October 2018: Sales Distribution Journal SDJ1 Date Particulars Accounts Sales GST CN No Receivable collected/ 10 Oct 18 Payable 25 Middle Inc 3,300 3,000 300 13 Oct 26 Top Supplies 1,980 1,800 180 16 Oct 27 Medium Ltd 2,200 2,000 200 17 Oct CN 5 Top Supplies (176) (160 ) (16) 21 OC 28 Top Supplies 1,540 1,400 140 24 Oct CN 6 Middle Inc (220) (200) (20) 8,624 (Dr) 7,840 (Cr) 784 (Cr) Purchases Distribution Journal PDJ1 Date InviCN No Particulars Accounts Payable Inventory GST Paid/Receivable 2 Oct 18 311 Fame Supplies 2.200 2,00 4 Oct 700 Fine Wholesale 1.100 1,000 6 Oct CN Fine Wholesale (110) (100 (10) 16 Oct 250 Prompt Services 1.760 1.800 160 18 Oct SH Fame Supplies (220) (200) (20) 25 Oct Prompt Services 1.320 1,200 120 6,050 (Cr) 5,500 (Dr) 550 ( Dr) Cash Payments Journal CPJ1 cha Particulars Bank Accounts Payable Discount Inventory Wages Electricity GST Paid/ 3 Oct 18 910 Wages 2,400 2.400 5 0ct 911 Fame Supplies 1,868 2,000 11 Oct 912 Electricity 550 (120) [12) 500 50 13 Oct 913 Purchases 1,100 1,000 100 21 Oct 914 Prompt Services 3,000 3,000 8,918 5,000 (120) 1,000 2,400 500 138 Cash Receipts Journal CRJ1 Date Particulars Bank Accounts Receivable Discount Allowed Sales GST Payable Oct 18 Sales 110 4.400 4.000 4 Oct Top Supplies 3.780 4.00 (200) 8 Oct 141 Sales 1,320 12 Oct 112 Sales 1,780 1.200 120 1.600 21 0 113 Medium Ltd 986 1000 12,216 5,000 (4) (240 ) 6,800 Required: a) Reviewing debtor and credit ledger according to organisational policies and guidelines to identify outstanding monies and payments is one of the responsibilities of accounts receivable/payable clerk. Record the Individual accounts receivable and accounts payable subsidiary ledgers to identify and make record of entries according to type and source of receipt. b) An accounts receivable ayable clerk's responsibility is to identify clients in default of trading terms according to organisational credit policies and operating procedures. It is also important to identify the suppliers' outstanding money to pay on time. Extract a list of balances from the accounts receivable and accounts payable subsidiary ledgers to identity outstanding payables and receivables. C) As an accounts receivable/payable clerk it is important to ensure that the entries were entered into manual accounts receivable and accounts payable systems with accuracy, consistency and completeness and the receipts and payments were entered into accounts receivable system according to established procedures. The debtor and creditor ledgers were prepared according to organisational policies and guidelines to identify outstanding monies and seek further information where required. Prepare Accounts Receivable Control Account and Accounts Payable Control Account to reflect these statements. d) G accounting is now required to prepare creditor payment in line with organisational requirements. To do so, G Accounting is required to request authorisation for payment from designated personnel and then draw up and ensure authorisation of cheque requisition. What amount of cheque G Accounting is required to draw and sign to make 31/10/2018? payment to Fame Supplies if G Accounting pays Fame Supplies in full on e) G Accounting is required to check receipts entered into manual accounts receivable system for accuracy, consistency and completeness. 31/10/2018. Prepare journal to record receipt of all outstanding amounts from Middle Inc. on f) G Accounting is required to prepare creditor payment in line with organisational requirements and made arrangement to pay all the outstanding amounts to Prompt Services on 31/10/2018 Prepare the journal to record payment. Checklist I have: . answered all questions in the space provided . clearly identified my answers . etc. If you are unable to complete this task for a specific reason, please contact your teacher to ernative arrangements for demonstrating your skills and knowledge
