Practical Completion Point 2

This section of the practical is designed to allow you to compare how a basic General Journal and Ledger System operates with a system of Specialised Journals. You should be taking note of the different data entry processes and the efficiencies that can be achieved as well as any difficulties that arise with the more complex system.

You have been provided with file which contains the General Journal and Specialised Journal. The necessary accounts as well as blank accounts to be used if needed have been included. You will need to complete this task by entering the relevant information into the spreadsheet provided. The opening and reversing entries have been completed for you.

You will be re-entering the transaction data from Completion Point 1 as well as a number of new transactions into the new system using specialised journals.

Task 1

Using the excel file provided for Completion Point 2 you must enter the transactions below into the Specialised Journals as required. (The transactions below include previous transactions that you have completed using only the General Journal and a number of new transactions) The GST for the transactions are 10%

Transactions

July 1 Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST).

July 2 Received a cheque for $2475 from Developing Naturally as part payment of their account.

July 4 Sold 2 Smart Meters to The Charity Stores for $350 each plus a $50 delivery fee (all amounts are net of GST)

July 6 Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752.30 and a discount of $194.7 (including GST of $17.70) was received for early payment.

July 8 Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a freight charge of $50 and total GST of $85.

July 12 Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report.

July 13 Purchased 500 Energy Saving light globes for $3 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726.

July 15 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (net of GST).

Transactions continued

July 16 Paid wages of $1,680 to Minnies two part time employees Lei Zhee and Ena Jetic.

July 16 Made a cash purchase of $60 stationery (net of GST) from Little M department store.

July 19 Purchased 15 LED Lighting Kits for a total of $330 (GST inclusive) from Flooded Industries.

July 20 Cash Sale to Mr D Rock of 5 LED Lighting Kits for a total of $275 (including GST)

July 20 Received a cheque from Unplugged Ltd of $1166 being full settlement of their account.

July 21 Sold 100 meters of premium low voltage cable to Unplugged Ltd for $20 per meter (net of GST)

July 23 The office supplies account of $186 was paid in full in cash.

July 25 Minnie Armim withdrew $1,050 cash for personal use.

July 27 Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amounts are net of GST)

July 29 Paid all amounts owing to Reduce, Reuse, Get Rich.

July 30 Made a cash payment of $921 (including $40 GST) to The Big Telco for the last two months telephone and internet usage.

A stocktake on July 31 reveals $4 140 worth of inventory on hand and $114 of stationery on hand. Prepaid insurance was paid for 3 months in advance on June 30, 2020. Prepaid rent was paid for 6 months in advance on 1 June, 2020. Depreciation is only calculated at the end of the financial year and so no adjustments are required for these accounts.

Specialised Journal

Cash Receipts Journal

Date	Particulars	Post Ref	Discount	GST	Accounts Receivable	Sales	Other Receipts	GST	Bank

Cash Payments Journal

Date	Particulars	Post Ref	Discount	GST	Accounts Payable	Purchases	Other Payments	GST	Bank

Sales Journal

Date	Particulars	Post Ref	Sales	Freight	GST	Accounts Receivable

Sales Returns Journal

Date	Particulars	Post Ref	Sales Returns	Freight	GST	Accounts Receivable

Purchases Journal

Date	Particulars	Post Ref	Purchases	Freight	GST	Accounts Payable

Purchases Returns Journal

Date	Particulars	Post Ref	Purchases Returns	Freight	GST	Accounts Payable

General Journal: Date Details Posting Reference DR CR 1/07/2020 Petty Cash Imprest 91 210.00 Bank 90 3,860.00 Accounts Receivable Control 610 13,585.00 Unplugged Ltd - 726 The Charity Stores - 2310 X Developing Naturally - 4455 Hotels United - 6094 Inventory on Hand 111 3,090.00 Stationery on Hand 113 130.00 Prepaid Insurance 115 1,800.00 Prepaid Rent 116 10,000.00 Equipment 140 6,400.00 Premises 150 140,000.00 Vehicle 150 23,000.00 Allowance for Bad and Doubtful Debts 611 462.00 Accumulated Depreciation - Equipment 141 1,460.00 Accumulated Depreciation - Equipment 141 1,460.00 Accumulated Depreciation - Premises 151 21,000.00 Acc. Depreciation - Vehicle 161 229.00 Accounts Payable Control 800 7,887.00 Get Connected Ltd-4180 Reduce, Reuse, Get Rich - 1760 Flooded Industries - 1947 Office Supplies Owing 205 186.00 Internet and Telephone Expenses Payable 210 481.00 Wages Expense Payable 220 862.00 GST 820 950.00 Big 4 Bank Mortgage Loan (5-year) 250 123,000.00 Capital - Minnie Armin 303 45,558.00 Opening Entry 202,075.00 202,075.00 1/07/2020 Wages Expense Payable 220 862 1/07/2020 Wages Expense Payable 220 862 Wages Expense 505 862 Reversing Entry 1/07/2020 Internet and Telephone Expenses Payable 210 481.00 Internet and Telephone Expenses 510 481.00 Reversing Entry 1/07/2020 Office Supplies Owing 205 186 Office Supplies Expense 520 186 Reversing Entry General Journal: Date Details Posting Reference DR CR 1/07/2020 Petty Cash Imprest 91 210.00 Bank 90 3,860.00 Accounts Receivable Control 610 13,585.00 Unplugged Ltd - 726 The Charity Stores - 2310 X Developing Naturally - 4455 Hotels United - 6094 Inventory on Hand 111 3,090.00 Stationery on Hand 113 130.00 Prepaid Insurance 115 1,800.00 Prepaid Rent 116 10,000.00 Equipment 140 6,400.00 Premises 150 140,000.00 Vehicle 150 23,000.00 Allowance for Bad and Doubtful Debts 611 462.00 Accumulated Depreciation - Equipment 141 1,460.00 Accumulated Depreciation - Equipment 141 1,460.00 Accumulated Depreciation - Premises 151 21,000.00 Acc. Depreciation - Vehicle 161 229.00 Accounts Payable Control 800 7,887.00 Get Connected Ltd-4180 Reduce, Reuse, Get Rich - 1760 Flooded Industries - 1947 Office Supplies Owing 205 186.00 Internet and Telephone Expenses Payable 210 481.00 Wages Expense Payable 220 862.00 GST 820 950.00 Big 4 Bank Mortgage Loan (5-year) 250 123,000.00 Capital - Minnie Armin 303 45,558.00 Opening Entry 202,075.00 202,075.00 1/07/2020 Wages Expense Payable 220 862 1/07/2020 Wages Expense Payable 220 862 Wages Expense 505 862 Reversing Entry 1/07/2020 Internet and Telephone Expenses Payable 210 481.00 Internet and Telephone Expenses 510 481.00 Reversing Entry 1/07/2020 Office Supplies Owing 205 186 Office Supplies Expense 520 186 Reversing Entry