Task 2- Please help me in filling out template with the answer
Sales invoice
| Memory Lanes Ltd ABN 12 345 678 888 88 Swanston St Melbourne VIC 3000 (03) 9268 2288 TAX INVOICE No: 001 |
| To: | Mr. James Smith 3 Russel St Melbourne VIC 3000 | |
| | | Date: 10 May 2020 |
| Quantity | Description | Unit | Price |
| 4 | Leather Flipbook | $50.00/book | 150.00 |
| 1 | Edit Processing | $120.00/hr | 12.00 |
| 1 | Misc. postage and stationery | 25.00 | 25.00 |
| | | | 217.00 |
| | Less 5% discount | | 10.85 |
| | | | 205.15 |
| | 10% GST | | 20.00 |
| | | | 225.00 |
| | | | |
| Remittance Advice please return with your payment |
| To: | Memory Lanes Ltd ABN 12 345 678 888 88 Swanston St Melbourne VIC 3000 (03) 9268 2288 |
| Due Date | Customer account no 2 | Amount due |
| 30 June 2020 | Order No: 001 | $252.15 |
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| | | | | | |
Subsidiary Ledger JS02
| Date | Particulars | Debit | Credit | Balance |
| 30/06 | Balance | | | 5,000 Dr |
| 30/06 | Sales and GST collected | | 252 | 5,250 Dr |
| | | | | |
Template provided:
| Memory Lanes Ltd ABN 12 345 678 888 88 Swanston St Melbourne VIC 3000 (03) 9268 2288 TAX INVOICE No: 001 |
| To: | Mr. James Smith 3 Russel St Melbourne VIC 3000 | |
| | | Date: |
| Quantity | Description | Unit | Price |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Remittance Advice please return with your payment |
| To: | Memory Lanes Ltd ABN 12 345 678 888 88 Swanston St Melbourne VIC 3000 (03) 9268 2288 |
| Due Date | Customer account no 2 | Amount due |
| 30 June 2020 | Order No: 001 | |
| | | | | | |
Subsidiary Ledger JS02
| Date | Particulars | Debit | Credit | Balance |
| 30/06 | Balance | | | 5,000 Dr |
| | | | | |
Task 2 Background You are working as one of the Accountants with Complete Business Services. Complete Business Services offer accounting and bookkeeping services to small and medium sized businesses. Your manager has asked you to handle one of the clients Memory Lanes Ltd. You are required to review the below information below and complete activity 1-5: Memory Lanes Ltd - Policy Procedures and Guidelines (extract) The following is the extract of Memory Lanes Ltd company debt recovery process and collection policy for Accounts Receivable: If you identify any discrepancies between monies owed and monies paid, you will need to check the sales invoice/receipts and correct it as soon as you find the discrepancies. Any error when entering data need to be corrected as soon as you find the error. The following is the extract of Memory Lanes Ltd Policy and Procedures for payments for Accounts Payables: Accounts are paid by BPAY, electronic transfer or cheque. A supervisor might be able to authorise payments up to $1,000. A manager might authorise amounts up to $10,000 while a director will perhaps be required to authorise amounts in excess of this. If you identify any discrepancies between monies owed and monies paid, you will need to check the tax invoices/receipts and correct it as soon as you find the discrepancies. Any error when entering data need to be corrected as soon as you find the error and notify the creditor/supplier immediately Amend the error and obtain the new updated statements of outstanding balances from suppliers where required. Task 2 Activity 1 Background You have identified a problem with the following account for Memory Lanes Ltd. The Accounts Receivable Clerk has incorrectly recorded the following sales invoice. Complete the following: Check the accuracy of the receipt that has been entered into the manual accounts receivable ledger and investigate and identify any discrepancies and errors. If there are errors, amend the recorded entries to what it should reflect according to organisational Policies and Procedures and guidelines of Memory Lanes Ltd. Task 2 Background You are working as one of the Accountants with Complete Business Services. Complete Business Services offer accounting and bookkeeping services to small and medium sized businesses. Your manager has asked you to handle one of the clients Memory Lanes Ltd. You are required to review the below information below and complete activity 1-5: Memory Lanes Ltd - Policy Procedures and Guidelines (extract) The following is the extract of Memory Lanes Ltd company debt recovery process and collection policy for Accounts Receivable: If you identify any discrepancies between monies owed and monies paid, you will need to check the sales invoice/receipts and correct it as soon as you find the discrepancies. Any error when entering data need to be corrected as soon as you find the error. The following is the extract of Memory Lanes Ltd Policy and Procedures for payments for Accounts Payables: Accounts are paid by BPAY, electronic transfer or cheque. A supervisor might be able to authorise payments up to $1,000. A manager might authorise amounts up to $10,000 while a director will perhaps be required to authorise amounts in excess of this. If you identify any discrepancies between monies owed and monies paid, you will need to check the tax invoices/receipts and correct it as soon as you find the discrepancies. Any error when entering data need to be corrected as soon as you find the error and notify the creditor/supplier immediately Amend the error and obtain the new updated statements of outstanding balances from suppliers where required. Task 2 Activity 1 Background You have identified a problem with the following account for Memory Lanes Ltd. The Accounts Receivable Clerk has incorrectly recorded the following sales invoice. Complete the following: Check the accuracy of the receipt that has been entered into the manual accounts receivable ledger and investigate and identify any discrepancies and errors. If there are errors, amend the recorded entries to what it should reflect according to organisational Policies and Procedures and guidelines of Memory Lanes Ltd
