Task 5 Financial Reports
You are only required to prepare (a) a properly classified Balance Sheet (b) Classified Income Statement, and (c) Accounts Receivable and Accounts Payable Listings from the Subsidiary Ledgers to agree with the General Ledger Control Account for John Banner Hardware A Cash Flow Statement is not required. Please enter your reports in the Financial Reports Worksheet in the Excel File provided.
John Banner Hardware John Banner purchased a small business in a suburban shopping centre selling general hardware ( for the handyman). The purchase of the business was settled on 31 May 2019, and John has asked if you would take the role of accountant to prepare his accounting records, process transactions for June, and finalise his accounting reports for the year ending 30 June 2019. A trial balance at the date of the purcl (31 May) appears below. Task 1 Using the 31 May 2019 Trial Balance (below 1 Prepare an Opening dournat entry to create the new Accounting records for John Banner Hardware Ensure you have a narration on all General Journal Entries. 2Post the Opening joutnat entry to the relevant General Ledger and Subsidiay Ledger laccounts contained in the Excel File provided for this assignment The Excel file for your assignment is in the Assessments Modute on the Course website. Check to ensure that the tottais of your subsidiary ledger accounts when posted) agree with the relevant General Ledger Control Account e Excel fies contain the General Journal. General Ledger Accounts Rceable Accounts Payabie tth t you are required to compiete. The necessary ledger accounits las well as blank if reededt have been included. You may be required to add newaccounts as part of tedgers ascouts to be usecti the assignment, John Banner Hardware Chart of Accounts as at 31 May 2019 Bank 605 2597000 607 Accounts Receivable Control lowance for Badla Additional Notes Subsidiary Ledger Balances Schedule of Accounts Receivable as at 31 May 2019 Acc. No 60701 New Star Kitchens 60703 60707 Construction SA 990 Harry's Hardware 6:456 60709 Macroton Homes 9 504 1760 $28,710 60711 Hotels tta Schedule ofAccounts Payable as at 31 May 2019 Builders Linited Hammer Suppter 2926 $16.698 Task 2 Record Transactions in Specialised Journals Your next task is to record the effect of the June transactions (below) in the specialised journals provided in Spreadsheet When you have entered the transactions into the relevant specialised journal our you re required to enter the column totals on all the specialised journals. Don't forget to enter the General Accourt n you have done this you are required to post the totals of each of the specizised journais to the relevant General Ledger and Subsidiary Ledger Accounts (Accounts Receivable and Accounts Payable) in the Excel Spreadsheet umbers underneath the totals for each column (or in the relevant column for (sundries). Transaction owing to eing Industnes The chequel JuneB Issued Cheque number 359 for the amount amount was for $500. Tooling Industries gave John Banner a early payment. t of $50 (including GST of $5) lune Purchased electric tools from the Electric do freight charge of $100. GST is to be added to both the freight and the cost of the tools $1900 nvoi june 6 50 per tite Pplus GST nyoles Sold 150 litres of paint to Harry's Ha tre jine 7 Purchased Building Produsts from Ac including GST. june loPurchased timber from Hammer Supplies invoice for 8600.plus s a total freight charge $60land total GST of $66 i0 net of GST on (thvoice 23971 #r 91100 (including GST Soid builicing suppresonr eoid, Bar fittings s330 priadvertising in the lca aid eligelewspa GST inc N 361 dated e nunipen 5 Net of GS On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 AutoSave (. G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Format as . Cell Formatting Table Styles Insert Delete Format Sort & Find & Ideas i , .6848 E @werge & Center . $ % Clear, Filter Select Editing Clipboard Number Cells G8 YOU SHOULD TAKE OUT A TRIAL BALANCE AFER EACH TASK TASK 1 DR CR TASK 2 DR CR TASK 13 DR CR TASK 14 DR CR TASKS DR CR 10 30 NAMES GROUP MEMBERS | MARKING GUIDE TASK CHECKLSTS | Trial Balances General Journal | Specialised Journ 70% 10:30 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Format as . Cell Formatting Table Styles Insert Delete Format Sort & Find & Ideas i , .6848 E Merge & Center . $ % Clear, Filter Select Editing Clipboard Number Cells L2 OHN BANNER HARDWARE SPECIALISED JOURNALS Cash Receipts Joarnal GST Particulars Post Ref Discount GST Date Cash Payments Jcurnal GST Post Ref Discount GST Accounts Payable PurchasesPayments 20 Date | MARKING GUIDE TASK CHECKLISTS Specialised Journals C Trial Balances General Journal General Ledger-Asset 70% 10:32 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E Merge & Center . $ % , 68 48 Clear, Formatting Table Styles Filter Select Editing Clipboard Number Cells L54 Sales lournal 35 Date Post Ref Sales Fr GST Sales Returns Journal 44 Date Post Ref Returns Fr Purchases Journal Post Ref Purchases Fr 53 Date GST | MARKING GUIDE TASK CHECKLISTS Trial Balances | General Journal | Specialised Journals | General Ledger-Asset 70% 10:32 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum A 11A A Wrap Text. General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E E @werge & Center . $ % , 558 48 Clear, Formatting Table Styles Filter Select Editing Clipboard Number Cells 73 Purchases Journal 53 Date Post Ref Purchases Fr 54 60 Purchases Returns Journal Particulars Post Ref Returns Fr 63 Date GST 68 72 73 | MARKING GUIDE TASK CHECKLISTS Trial Balances | General Journal | Specialised Journals | General Ledger-Asset 70% x ENG 10:33 PM 515/2019 2 AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 14A A Wrap Text. Calibri General Fill Format as. Cell Formatting Table Styles Paste Insert Delete Format Sort & Find & Ideas Filter Select @werge & Certer . $ .% , .6848 ClearF Editing Clipboard Font Number Cells K26 OHN BANNER HARDWARE GENERAL LEDGER LIABILITY ACCOUNTS Accounts Payable Control Insurance Expense Payable Debit Credit Date Details Debit Credit 5 Details Income Tax Payable Big Bank Mortgage Loan 16 Details Credit Date Details Credit | Trial Balances General Journal | Specialised Journals | General Ledger-Assets | General Ledger-Liabilities Gener 70% 10:34 PM ^ x ENG 5/15/2019 rP On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 AutoSave (. G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Filter Select i E Merge & Center . $ % , 68 48 Clear, Formatting Table Styles Editing Clipboard Number Cells JOHN BANNER HARDWARE FINANCIAL REPORTS Fully Classified Income Statement Required 3 Fully Classified Balance Sheet JOHN BANNER HARDWARE OHN BANNER HARDWARE JOHN BANNER HARDWARE BALANCE SHEET INCOME STATEMENT List of Subsidiary Ledger Accounts AS AT 3O JUNE 2019 FOR THE PERIOD 1 JUNE 2019 TO 30 JUNE 2019 AS AT 30 JUNE 2019 10 Account Name 12 13 15 16 17 18 TOTAL As per General 21 Account Name 25 .General Ledger - Expenses Subsidiary Ledgers - Receivable Subsidiary Ledgers -Payable FINANCIAL REPORTS Ready 80% 10:40 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Calibri General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E Merge & Center . $ % , 68 48 Formatting Table Styles Filter Select Editing Clipboard Font Number Account Name CAs per General Account Name TOTAL (As per General .General Ledger - Expenses Subsidiary Ledgers - Receivable Subsidiary Ledgers -Payable FINANCIAL REPORTS Ready 80% 10:40 PM ^ x ENG 5/15/2019 rP John Banner Hardware John Banner purchased a small business in a suburban shopping centre selling general hardware ( for the handyman). The purchase of the business was settled on 31 May 2019, and John has asked if you would take the role of accountant to prepare his accounting records, process transactions for June, and finalise his accounting reports for the year ending 30 June 2019. A trial balance at the date of the purcl (31 May) appears below. Task 1 Using the 31 May 2019 Trial Balance (below 1 Prepare an Opening dournat entry to create the new Accounting records for John Banner Hardware Ensure you have a narration on all General Journal Entries. 2Post the Opening joutnat entry to the relevant General Ledger and Subsidiay Ledger laccounts contained in the Excel File provided for this assignment The Excel file for your assignment is in the Assessments Modute on the Course website. Check to ensure that the tottais of your subsidiary ledger accounts when posted) agree with the relevant General Ledger Control Account e Excel fies contain the General Journal. General Ledger Accounts Rceable Accounts Payabie tth t you are required to compiete. The necessary ledger accounits las well as blank if reededt have been included. You may be required to add newaccounts as part of tedgers ascouts to be usecti the assignment, John Banner Hardware Chart of Accounts as at 31 May 2019 Bank 605 2597000 607 Accounts Receivable Control lowance for Badla Additional Notes Subsidiary Ledger Balances Schedule of Accounts Receivable as at 31 May 2019 Acc. No 60701 New Star Kitchens 60703 60707 Construction SA 990 Harry's Hardware 6:456 60709 Macroton Homes 9 504 1760 $28,710 60711 Hotels tta Schedule ofAccounts Payable as at 31 May 2019 Builders Linited Hammer Suppter 2926 $16.698 Task 2 Record Transactions in Specialised Journals Your next task is to record the effect of the June transactions (below) in the specialised journals provided in Spreadsheet When you have entered the transactions into the relevant specialised journal our you re required to enter the column totals on all the specialised journals. Don't forget to enter the General Accourt n you have done this you are required to post the totals of each of the specizised journais to the relevant General Ledger and Subsidiary Ledger Accounts (Accounts Receivable and Accounts Payable) in the Excel Spreadsheet umbers underneath the totals for each column (or in the relevant column for (sundries). Transaction owing to eing Industnes The chequel JuneB Issued Cheque number 359 for the amount amount was for $500. Tooling Industries gave John Banner a early payment. t of $50 (including GST of $5) lune Purchased electric tools from the Electric do freight charge of $100. GST is to be added to both the freight and the cost of the tools $1900 nvoi june 6 50 per tite Pplus GST nyoles Sold 150 litres of paint to Harry's Ha tre jine 7 Purchased Building Produsts from Ac including GST. june loPurchased timber from Hammer Supplies invoice for 8600.plus s a total freight charge $60land total GST of $66 i0 net of GST on (thvoice 23971 #r 91100 (including GST Soid builicing suppresonr eoid, Bar fittings s330 priadvertising in the lca aid eligelewspa GST inc N 361 dated e nunipen 5 Net of GS On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 AutoSave (. G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Format as . Cell Formatting Table Styles Insert Delete Format Sort & Find & Ideas i , .6848 E @werge & Center . $ % Clear, Filter Select Editing Clipboard Number Cells G8 YOU SHOULD TAKE OUT A TRIAL BALANCE AFER EACH TASK TASK 1 DR CR TASK 2 DR CR TASK 13 DR CR TASK 14 DR CR TASKS DR CR 10 30 NAMES GROUP MEMBERS | MARKING GUIDE TASK CHECKLSTS | Trial Balances General Journal | Specialised Journ 70% 10:30 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Format as . Cell Formatting Table Styles Insert Delete Format Sort & Find & Ideas i , .6848 E Merge & Center . $ % Clear, Filter Select Editing Clipboard Number Cells L2 OHN BANNER HARDWARE SPECIALISED JOURNALS Cash Receipts Joarnal GST Particulars Post Ref Discount GST Date Cash Payments Jcurnal GST Post Ref Discount GST Accounts Payable PurchasesPayments 20 Date | MARKING GUIDE TASK CHECKLISTS Specialised Journals C Trial Balances General Journal General Ledger-Asset 70% 10:32 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. Calibri General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E Merge & Center . $ % , 68 48 Clear, Formatting Table Styles Filter Select Editing Clipboard Number Cells L54 Sales lournal 35 Date Post Ref Sales Fr GST Sales Returns Journal 44 Date Post Ref Returns Fr Purchases Journal Post Ref Purchases Fr 53 Date GST | MARKING GUIDE TASK CHECKLISTS Trial Balances | General Journal | Specialised Journals | General Ledger-Asset 70% 10:32 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum A 11A A Wrap Text. General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E E @werge & Center . $ % , 558 48 Clear, Formatting Table Styles Filter Select Editing Clipboard Number Cells 73 Purchases Journal 53 Date Post Ref Purchases Fr 54 60 Purchases Returns Journal Particulars Post Ref Returns Fr 63 Date GST 68 72 73 | MARKING GUIDE TASK CHECKLISTS Trial Balances | General Journal | Specialised Journals | General Ledger-Asset 70% x ENG 10:33 PM 515/2019 2 AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 14A A Wrap Text. Calibri General Fill Format as. Cell Formatting Table Styles Paste Insert Delete Format Sort & Find & Ideas Filter Select @werge & Certer . $ .% , .6848 ClearF Editing Clipboard Font Number Cells K26 OHN BANNER HARDWARE GENERAL LEDGER LIABILITY ACCOUNTS Accounts Payable Control Insurance Expense Payable Debit Credit Date Details Debit Credit 5 Details Income Tax Payable Big Bank Mortgage Loan 16 Details Credit Date Details Credit | Trial Balances General Journal | Specialised Journals | General Ledger-Assets | General Ledger-Liabilities Gener 70% 10:34 PM ^ x ENG 5/15/2019 rP On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 AutoSave (. G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Wrap Text. General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Filter Select i E Merge & Center . $ % , 68 48 Clear, Formatting Table Styles Editing Clipboard Number Cells JOHN BANNER HARDWARE FINANCIAL REPORTS Fully Classified Income Statement Required 3 Fully Classified Balance Sheet JOHN BANNER HARDWARE OHN BANNER HARDWARE JOHN BANNER HARDWARE BALANCE SHEET INCOME STATEMENT List of Subsidiary Ledger Accounts AS AT 3O JUNE 2019 FOR THE PERIOD 1 JUNE 2019 TO 30 JUNE 2019 AS AT 30 JUNE 2019 10 Account Name 12 13 15 16 17 18 TOTAL As per General 21 Account Name 25 .General Ledger - Expenses Subsidiary Ledgers - Receivable Subsidiary Ledgers -Payable FINANCIAL REPORTS Ready 80% 10:40 PM ^ x ENG 5/15/2019 rP AutoSave On Major Assignment Banner Hardware (1) - Excel Anh Hong -0 G File Home nsert Page Layout Formulas Review View Help Search Share Comments AutoSum . A 11A A Calibri General Fill Conditional Format as Cell Insert Delete Format Sort & Find & Ideas i E Merge & Center . $ % , 68 48 Formatting Table Styles Filter Select Editing Clipboard Font Number Account Name CAs per General Account Name TOTAL (As per General .General Ledger - Expenses Subsidiary Ledgers - Receivable Subsidiary Ledgers -Payable FINANCIAL REPORTS Ready 80% 10:40 PM ^ x ENG 5/15/2019 rP
