list and briefly explain two effect that incorporation has on the function of a not for profit organisation

AT 3: Holistic task HL01 James Music Supplies FNSACC312 Administer subsidiary acounts and ledgers Use the student data file HLO1-Journals. xls to prepare the following for James Music Supplies. The Note: Monica's music hits (Accounts Receivable) owes the business $1320 from the previous month Accounts Receivable Nikki's Music Classes ledger shows a balance of $715 from previous month business receives and allows a discount of 2.5% if the account is paid and received within 7 days and charges interest of 1% on overdue accounts. Suppliers charge the business 2% interest on accounts not paid within 30 days. This debt and the interest is written off at the end of the month, notification was received that Monica's music hits has been declared bankrupt. however, customer has informed the business that last month's statement did not show payment of $715. This has been investigated and corrected; payment was posted to Shelley Music Retailer P/L in error Accounts Payable Notes & Lyrics P/L has a balance of $3300 from the previous month. Interest is charged by suppliers at 2% if account is not paid in 30 days. 1. Post the journals to General ledger (Accounts Receivable and Accounts Payable control ledgers). 2. Post the journals to Subsidiary Accounts Receivable and Subsidiary Accounts Payable ledgers 3. Extract a schedule of Accounts Receivable and Accounts Payable balances. 4. Prepare statements for all customers that include an aged analysis of balance owing. 5. Reconcile statemen business records and prepare a reconciliation statement. 6. What procedures should the business follow to recover the outstanding debts of Accounts Receivables? nt received from Accounts Payable, Notes & Lyrics P/L for the month with the Sales Returns &Allowances Journal SRJ Adi. Note Sales ReturnsGST Collected Date Debtors Control Debtor Fol. No Allowances 2010 Jessica and partners 27-Jun music tutors ( Inv AR4 1162 650 65 715 2184) Nikki's Music Classes (Inv 2185) 27-Jun 1163 850 85 935 1500 1650 Purchase Returns & Allowances Journal PRJ Adj. Note Purchase Returns No. & Allowances GST Paid Creditors Control Date Creditor Fol 2010 Ed Musical Supplier Musical Wholesale (Inv 8920) 5-Junnv 6175) 1120 112 1232 AP3 5123 AP2 7121 500 50 550 18-Jun suppliers P/L 1620 1621782 AT 3: Holistic task HL01 James Music Supplies FNSACC312 Administer subsidiary acounts and ledgers Use the student data file HLO1-Journals. xls to prepare the following for James Music Supplies. The Note: Monica's music hits (Accounts Receivable) owes the business $1320 from the previous month Accounts Receivable Nikki's Music Classes ledger shows a balance of $715 from previous month business receives and allows a discount of 2.5% if the account is paid and received within 7 days and charges interest of 1% on overdue accounts. Suppliers charge the business 2% interest on accounts not paid within 30 days. This debt and the interest is written off at the end of the month, notification was received that Monica's music hits has been declared bankrupt. however, customer has informed the business that last month's statement did not show payment of $715. This has been investigated and corrected; payment was posted to Shelley Music Retailer P/L in error Accounts Payable Notes & Lyrics P/L has a balance of $3300 from the previous month. Interest is charged by suppliers at 2% if account is not paid in 30 days. 1. Post the journals to General ledger (Accounts Receivable and Accounts Payable control ledgers). 2. Post the journals to Subsidiary Accounts Receivable and Subsidiary Accounts Payable ledgers 3. Extract a schedule of Accounts Receivable and Accounts Payable balances. 4. Prepare statements for all customers that include an aged analysis of balance owing. 5. Reconcile statemen business records and prepare a reconciliation statement. 6. What procedures should the business follow to recover the outstanding debts of Accounts Receivables? nt received from Accounts Payable, Notes & Lyrics P/L for the month with the Sales Returns &Allowances Journal SRJ Adi. Note Sales ReturnsGST Collected Date Debtors Control Debtor Fol. No Allowances 2010 Jessica and partners 27-Jun music tutors ( Inv AR4 1162 650 65 715 2184) Nikki's Music Classes (Inv 2185) 27-Jun 1163 850 85 935 1500 1650 Purchase Returns & Allowances Journal PRJ Adj. Note Purchase Returns No. & Allowances GST Paid Creditors Control Date Creditor Fol 2010 Ed Musical Supplier Musical Wholesale (Inv 8920) 5-Junnv 6175) 1120 112 1232 AP3 5123 AP2 7121 500 50 550 18-Jun suppliers P/L 1620 1621782