Transcript
https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3
Feedback: Bank reconciliation Feedback: This is a feedback page. page. Please review this page carefully because later pages in this practice practice set build on the feedback provided provided here. After you have reviewed your feedback page, click Continue Continue at the bottom bottom of this page to move on to the next page of your practice set.
Your progress
Your grading Your Yo ur grad grading ing outc outcome ome (st (still ill in progr progress ess)) Awarded Awarded Total Poin Points ts (prior ior to this this page)
517
517
Point s (on t his page)
165
165
−
368
Points (after (after this page) Total
Completed:
682 1, 050
51% (appr oximately) oximately)
Remaining Remaining pages will take: up to 9.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each step.
Now that you have finished recording all of the transactions for the month of June, you are required to prepare a bank reconciliaton as at 30 June 2017. The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account against the balance of cash reported in the bank statement. Instructions for bank reconciliation 1) Identify any reconciling items and record the relevant reconciling items in the appropriate journals. To do this, you will need to use: the previous month's bank reconciliation statement, reconciliation statement, and the current month's bank statement
Note that the general journal is not provided on this page of the practice set because you are required to use other journals to record those reconciling items. When you enter items into the journals, if a cheque number is not required, you need to fill the appropriate input box with an X. 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. procedures. 3) Total the Cash at Bank columns in the special journals. Record the amount in the Total row of each journal. On this web page, you are not required to total the rest of the columns in the special journals. You will total these columns and post them to the ledger in the next stage of the practice set. 4) Post the total of the Cash at Bank columns in the special journals to their corresponding ledger account. To confirm that the posting has been performed, a posting reference is recorded in the last row of the special journals. 5) Prepare the bank reconciliation statement as at 30 June 2017. The bank reconciliation statement provided below may contain more rows than required. All answers can be entered as positive or negative negative numbers as required.
Back-On-Track functionality functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. dollar. When completing the journals, if a cheque number is not required, you need to fill the appropriate input box with an X. You are also required to apply the journals the journals and ledgers instructions instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All All tab and check that all relevant accounting records have been completed. If you want to print this page, please read and follow the special printing information information to ensure you can print the special journals in full.
Bank k Rec Recon onciliat ciliation ion Show All Ban
Special Spe cial Jou Journ rnals als
Subsi Su bsidiar diary y Led Ledger gers s
Gener Gen eral al Led Ledger ger
Glorious Pants Bank Reconciliation Statement As at 30/06/20 30/06/2017 17 Balance as per bank st atement:
85382 C R
Add:
deposit in transit
17282 17
deposit in transit
12880 12
Total
30162 115544 CR
Less:
unpresented cheque
No.
628
3626
unpresented cheque
No.
631
5300
No. No. Total Adjusted bank bank balance balance
8926
Balance as per ledger account
106618 CR 106618 D R
Feedback
Glorious Pants Bank Reconciliation Statement as at 30/06/2017
Balance as per bank statement:
85, 382 CR
Add:
depos it in t rans it
17,282
depos it in t rans it
12,880
30, 162 115,544 CR
Less:
unpresented cheque
No. 628
3,626
unpresented cheque
No. 631
5,300
Adjusted bank bank balance balance
8,926 106,618 CR
Balance as per ledger account
106,618 DR
(Q=801.cashJournalsBankRec)
CASH RECEIPTS JOURNAL Note: Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column.
Date Jun
A ccount
Post Ref.
3 AR C - Quick Bolt C offee
D ebit
C redit
Discount Cash at Bank Allowed
Sales Revenue
Accou nts Other Receivable Accoun ts
Cost of Sales
110-5
3, 200
110-1
2, 250
X
6, 6, 160
110-6
1, 600
X
12, 960
110-3
17, 282
Jun 26 Sales R evenue
X
22, 440
22,440
13, 600
Jun 29 Sales R evenue
X
12, 880
12,880
7,660
Jun 30 AR C - KavaJava
110-4
3, 283
Jun 30 Interest Revenue
403
556
0
0
0
556
0
110-6
-1600
0
0
-1600
0
0
Jun 10 AR C - R evamp C offee Cart s Jun 12 Sales R evenue Jun 17 AR C - Jandesh's Hot Spot Jun 19 Sales R evenue Jun 22 AR C - C on's Coffee
Jandesh's Hot Spo Jun 30 ARC - Jandesh's
3, 200 250
2, 500 6,160
3, 300 1,600
12,960
8,840 17, 282
3,283
Jun Jun 30 Jun Jun 30 Jun Jun 30 Jun Jun 30 Total
81011
Post Reference
(
100) 100)
CASH PAYMENTS JOURNAL Note: Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column.
Date
A ccount
Cheque No.
Post Ref.
Jun
1 Prepaid Rent
618
140
Jun
2 APC - Braz il I mports Group
619
210-6
Jun
3 Elect ric ity Payable
620
221
Jun
4 Wages Payable
621
220
D ebit
C redit
Accou nts Wages Other Inventory Payable Expense Accou nts
8,200 2,145
Cash at Bank
8,200 2,145
1, 054
858
858
1,143
2,197
Discount Received
Jun
5 Office Supplies
622
130
Jun 11 APC - Jordo Gourmet Coffee
623
210-2
Jun 11 Wages Expense
624
X
Jun 12 APC - C roup Coffee
625
210-5
2,216
2,216
Jun 14 APC - East Tangiers C oo ooperat ive
626
210-1
3, 3,952
3,952
Jun 18 Wages Expense
627
X
Jun 24 APC - East Tangiers C oo ooperat ive
628
210-1
Jun 25 Wages Expense
629
X
Jun 30 Inventory
630
X
Jun 30 Salary Expense
631
545
X
572
Jun 30 Bank Charges
452
452
2, 2,900
2,871 1, 845
1,845
1, 856
1,856
3,700
3,626 2, 019
74
2,019
2,880
0
29
2,880
0
0
5,300
5,300
11
11
Jun Jun 30 Jun Jun 30 Jun Jun 30 Jun Jun 30 Jun Jun 30 40428
Total Post Reference
(
100) 100)
Feedback
CASH RECEIPTS JOURNAL
Date Jun
A ccount
Post Ref.
3 ARC - Quick Bolt Coffee
Debit Cash at Bank
Credit
Discount Sales Accou nts Other Allowed Revenue Receivable Accou nts
Cost of Sales
110-5
3,200
110-1
2,250
X
6,160
110-6
1,600
X
12,960
110-3
17,282
Jun 26 Sales Revenue
X
22,440
22,440
13,600
Jun 29 Sales Revenue
X
12,880
12,880
7,660
Jun 30 ARC - KavaJava
110-4
3,283
3, 283
Jun 30 AR C - Jandesh's Hot Spot
110-6
-1,600
-1,600
403
556
Jun 10 ARC - R evamp Coffee C arts Jun 12 Sales Revenue Jun 17 ARC - Jandesh's H ot Spot Jun 19 Sales Revenue Jun 22 ARC - C on' s C off ee
Jun 30 Interest R evenue Total
3, 200 250
2, 500 6,160
3,300 1, 600
12,960
8,840 17, 282
556
81,011
Post reference
(100)
CASH PAYMENTS JOURNAL
Date
Account
Cheque No.
D ebit
Post Ref. Accou nts Wages Other Inventory Payable Expense Accou nts
Credit Cash at Discount Bank Received
0
Jun
1 Prepaid R ent
618
140
Jun
2 APC - Brazil Import s Group
619 210-6
Jun
3 Electricit y Payable
620
221
Jun
4 Wages Payable
621
220
Jun
5 Off ice Supplies
622
130
8,200 2, 2, 145
8,200 2,145
1,054
858
858
1, 143
2,197
452
452
Jun 11 APC - Jordo Gourmet C offee
623 210-2
2, 900
2,871
Jun 11 Wages Expense
624
Jun 12 APC - Croup C off ee
625 210-5
2,216
2,216
Jun 14 APC - East Tangiers Cooperative
626 210-1
3,952
3,952
Jun 18 Wages Expense
627
J un un 24 APC - Eas t Tangiers C oo ooperativ e
628 210-1
Jun 25 Wages Expense
629
X
Jun 30 Inventory
630
X
Jun 30 Salary Expense
631
545
5,300
5,300
Jun 30 Bank C harges
X
572
11
11
X
1,845
X
29
1,845
1,856
1,856
3, 70 700
3,626 2,019
74
2,019
2,880
2,880
Total
40,428
Post reference
(100)
(Q=803-110-4.AcctsRec4_bankRec)
SUBSIDIARY LEDGERS Account: ARC Account: ARC - KavaJav a Account No. 110-4 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
3,283 D R
Jun
30 Repayment
Jun
30
Jun
30
Jun
30
CR J
3,283
0
Feedback There are no relevant entries in the KavaJava ledger for this week.
(Q=803-110-6.AcctsRec6_bankRec)
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
3,754 D R
Jun
17 Repayment
CR J
Jun
27 Credit sale
SJ
Jun
30
Jun
30
Jun
30
q
CR J
1,600 22,770 1600
2,154 D R 24,924 D R
0
26524 D R
Feedback
Account: ARC - Jandesh's Hot Spot Account No. 110-6 D ate
D escription
May
Ref.
D ebit
C redit
Balance
31 Balance
3, 754 D R
Jun
17 Repayment
CR J
1,600
2, 154 D R
Jun
27 Credit sale
SJ
22,770
24, 924 D R
Jun
30 Dishonoured cheque
CR J
1,600
26,524 D R
(Q=804-100.CashAtBank_bankRec)
GENERAL LEDGER Account: Cash at Bank Account No. 100 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
66,035 D R
Jun
30
q
CR J
81011
0
147046 D R
Jun
30
q
C PJ
0
40 40428
106618 D R
Jun
30
Feedback
Account: Cash at Bank Account No. 100 Date
D escription
Ref.
May
31 Balance
Jun
30 Total from cash receipts j ournal
C RJ RJ
Jun
30 Total from cash payments j ournal
C PJ
Debit
Credit
B alance 66, 035 DR
81,011
147,046 DR 40,428
106,618 DR
(Q=804-110-0.ARControl_bankRec)
Account: ARC Account: ARC - Accounts Recei vable Control Account No. 110 D ate May
D escription
Ref.
Debit
Credit
31 Balance
Jun
21 Sales ret urn f rom C on's C offee
Jun
30
Jun
30
Jun
30
Jun
30
B alance 29, 205 DR
GJ
2, 970
Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.
26, 235 DR
(Q=804-201.InterestPayable_bankRec)
Account: Interest Payable Account No. 225 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
Jun
30
Jun
30
Jun
30
225 C R
Feedback There are no relevant entries in the Interest Payable ledger for this week.
(Q=804 -40 3.InterestReven 3.InterestRevenue_ban ue_bankRec kRec))
Account: Interest Revenue Account No. 403 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
Jun
30
Jun
30
Jun
30
0
q
CR J
0
556
556 C R
Feedback
Account: Interest Revenue Account No. 403 Date
Description
Ref.
May
31 Balance
Jun
30 30 Interest received from the bank
Debit
C redit Cr
B alance 0
C RJ
556
556 CR
(Q=804-571.InterestExpense_bankRec)
Account: Interest Expense Account No. 571 Date May
D escription
R ef.
D ebit
C redit
31 Balance
Jun
30
Jun
30
Jun
30
Balance 0
Feedback There are no relevant entries in the Interest Expense ledger for this week.
(Q=804-572.BankCharges_bankRec)
Account: Bank Charges Account No. 572 Date May
D escription
R ef.
D ebit
C redit
Balance
31 Balance
Jun
30
Jun
30
Jun
30
0
q
C PJ
11
0
D ebit
C redit
11 D R
Feedback
Account: Bank Charges Account No. 572 D ate
D escription
May
31 Balance
Jun
30 Transaction fee
Manual Accounting Practice Set Glorious Pants, Australasian Edition 3 (VSA3q) © 2009 - 2014 Perdisco / Perdisco / latin /. v., learn learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy Policy | Thursday, June 01, 2017, 21:51
Ref.
Balance 0
C PJ
11
11 D R
