FNSACC312 Administer Subsidiary Accounts and Ledgers Assessment Answers
Assignment Details:-
- Topic: FNSACC312
- Document Type: Assignment Help (any type)
- Subject: Accounting
- Number of Words: 3000
Assessment 1
Your task is to research each of the following topics, and complete a basic report on your findings.
1. Identify and describe the key features of:
- Debits and credits
- Accounting systems
2. Describe how bad or doubtful debts are identified
3. Describe the key requirements of:
- Legal systems and procedures
- Relevant legislation or regulations
- Industry codes of practice
4. Outline the key requirements of your organizational policy and procedures relating to reconciling and monitoring financial accounts
5. Describe measures to collect monies and features of recovery plans
6. What are the key features of debt recovery plans?
Assessment 2
EZ Mow is a small town mowing business which provides a service to corporate customers. It offers a 30 day account.
Complete Computing and PowerBuild Gymnasium have taken advantage of this facility.
EZ Mow buys its fuel from The Corner Service Station. It uses compost bins supplied by Central Rubbish to dispose of the lawn clippings. Both The Corner Service Station and Central Rubbish offer 30 day accounts.
EZ Mow banks with Wales Banking Group
Using the invoices and statements:
- Check the supplier invoices and statements for accuracy
- Check the appropriate journal entries against the bank statement
- Enter any direct credits into the appropriate ledgers
- You wrote the following cheques:
| 28 Feb XX | 770989 | Payment – Central Rubbish | 102.00 |
| 28 Feb XX | 770990 | Payment – Corner Service Station | 401.00 |
- Enter the supplier invoices into the creditor and general ledger.
- The fuel and oil will be entered into the general expenses account in the general ledger and the rubbish bins in the cleaning account. Payments are already entered, but you will need to include them when you calculate the closing balance.
- Create the account payable schedule
- Complete the debtor ledger and general ledger journals using the bank statement and EZ Mow invoice. The empty journals are provided for you. They have an opening balance. The payments from the last month are entered as well.
- Create debtor statements for PowerBuild Gymnasium and Complete Computing
- Create the account receivable schedule.
Invoices for goods and services received:
| Tax Invoice Number 3608
Corner Service Station Cnr Main and Side Street Adelaide Ph 8123 4567 ABN 88 999 000 222 Supplied to: EZ Mow 1 Princess Road Para Hills SA 5096 7 Feb 20xx
|
||
| Product | Description | Line Total |
| ULP95 Unleaded fuel 48.50
2S Two-stroke oil 11.50 Total 60.00
Invoice includes GST of 5.45 |
||
| Tax Invoice Number 3987
Corner Service Station Cnr Main and Side Street Adelaide Ph 8123 4567 ABN 88 999 000 222 Supplied to: EZ Mow 1 Princess Road Para Hills SA 5096 7 Feb 20xx
|
||
| Product | Description | Line Total |
| ULP95 Unleaded fuel 55.50
2S Two-stroke oil 23.00 Total 78.50
Invoice includes GST of 7.13 |
||
| Tax Invoice Number 4120
Corner Service Station Cnr Main and Side Street Adelaide Ph 8123 4567 ABN 88 999 000 222 Supplied to: EZ Mow 1 Princess Road Para Hills SA 5096 7 Feb 20xx
|
||
| Product | Description | Line Total |
| ULP95 Unleaded fuel 33.90
2S Two-stroke oil 11.50 Total 45.40
Invoice includes GST of 4.12 |
||
| Tax Invoice Number 4217
Corner Service Station Cnr Main and Side Street Adelaide Ph 8123 4567 ABN 88 999 000 222 Supplied to: EZ Mow 1 Princess Road Para Hills SA 5096 7 Feb 20xx
|
||
| Product | Description | Line Total |
| ULP95 Unleaded fuel 39.80
2S Two-stroke oil 11.50 VServ Vehicle Service 165.80 Total 217.10
Invoice includes GST of 19.73 |
||
| Tax Invoice Number P9875342
Central Rubbish 1167 Lower Road Woodville SA 5012 Ph 8375 5858 ABN 88 753 264 282
Invoice: EZ Mow 1 Princess Road Para Hills SA 5096
28 Feb 20xx
|
||
| Product | Description | Line Total |
| Pickup Pickup 3 rubbish bins at $34.00 102.00 55.50
Invoice includes GST of 9.27 |
||
Supplier statements:
| Statement
Corner Service Station Cnr Main and Side Street Adelaide Ph 8123 4567 ABN 88 999 000 222 Supplied to: EZ Mow 1 Princess Road Para Hills SA 5096 Period ended: 28 Feb xx Invoices Payments Balance 1 Feb xx Opening Balance 253.20 4 Feb xx Payment received 253.20 0.00 7 Feb xx 3608 Fuel and oil 60.00 60.00 14 Feb xx 3987 Fuel and oil 78.50 138.50 20 Feb xx 4120 Fuel and oil 45.40 186.90 28 Feb xx 4217 Fuel, Oil and Service 217.10 401.00
Current 30 60 401.00 0.00 0.00
|
|
Statement Central Rubbish 1167 Lower Road Woodville SA 5012 Ph 8375 5858 ABN 88 753 264 282
Customer: EZ Mow 1 Princess Road Para Hills SA 5096
Period ended: 28 Feb xx Invoices Payments Balance 1 Feb xx Opening Balance 102.00 4 Feb xx Payment received 102.00 0.00 28 Feb xx P9875342 Bin pickups 102.00 102.00
Current 30 60 102.00 0.00 0.00
|
Customer Invoices:
| Invoice 105
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: Complete Computing 34 The Boulevard West Lakes SA 5020 5 March 20xx Description Line Total Mowing 78.00 Total 78.00
|
| Invoice 106
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: PowerBuild Gymnasium 38-40 The Boulevard West Lakes SA 5020 5 March 20xx Description Line Total Mowing 78.00
Total 78.00
|
| Invoice 111
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: Complete Computing 34 The Boulevard West Lakes SA 5020 12 March 20xx Description Line Total Mowing 78.00
Total 78.00
|
| Invoice 113
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: PowerBuild Gymnasium 38-40 The Boulevard West Lakes SA 5020 12 March 20xx Description Line Total Mowing 78.00
Total 78.00
|
| Invoice 131
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: Complete Computing 34 The Boulevard West Lakes SA 5020 19 March 20xx Description Line Total Mowing 156.00
Total 156.00
|
| Invoice 132
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: PowerBuild Gymnasium 38-40 The Boulevard West Lakes SA 5020 19 March 20xx Description Line Total Mowing 78.00
Total 78.00
|
| Invoice 147
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222
Invoice: PowerBuild Gymnasium 38-40 The Boulevard West Lakes SA 5020 26 March 20xx Description Line Total Mowing 78.00
Total 78.00
|
| Wales Bank Statement
March 20xx
EZ Mow 1 Pricess Road Para Hills SA 5096
Date Description Debit Credit Balance 1 Mar xx Opening Balance 29,486.25 3 Mar xx Direct Deposit PowerBuild Gymnasium 29,876.25 4 Mar xx Your Cheque 770989 102.00 29,774.25 4 Mar xx Your Cheque 770990 401.00 29,373.25 4 Mar xx Cash and Cheque 468.00 29,841.25
|
Ledgers
General Ledgers
| General Expenses | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Feb xx | Opening Balance | 7,250.00 | |||
| 28 Feb xx | Closing Balance | ||||
| Cleaning | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Feb xx | Opening Balance | 1,290.00 | |||
| 28 Feb xx | Closing Balance | ||||
| Trade Creditors | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Feb xx | Opening Balance | 0.00 | |||
| 28 Feb xx | Closing Balance | ||||
Creditors subsidiary ledger:
| Central Rubbish | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Feb xx | Opening Balance | 0.00 | |||
| 28 Feb xx | Closing Balance | ||||
| Corner Service Station | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Feb xx | Opening Balance | 0.00 | |||
| 28 Feb xx | Closing Balance | ||||
General Ledger
| Debtors | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Mar xx | Opening Balance | 936.00 | |||
| Sales | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Mar xx | Opening Balance | 11,856.00 | |||
| Cash at bank | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Mar xx | Opening Balance | 29,486.25 | |||
Debtors subsidiary ledger:
| Complete Computing | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Mar xx | Opening Balance | 468.00 | |||
| 4 Mar xx | 134R | Direct Credit – Complete Computing | 468.00 | 0.00 | |
| PowerBuild Gymnasium | |||||
| Date | Docket | Details | Debit | Credit | Balance |
| 1 Mar xx | Opening Balance | 390.00 | |||
Debtor statements
| Statement
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222 Customer: Complete Computing 34 The Boulevard West lakes SA 5020
Period ended: 31 March 20xx
|
|||||
| Date | Invoice | Description | Line Total | ||
| 1 Mar xx | Opening Balance | 468.00 | |||
| 3 Mar xx | 134R | Payment received – Complete Computing | (468.00) | ||
| Total | |||||
| Current | 30 | 60 | |||
| Statement
EZ Mow 1 Princess Road Para Hills SA 5096 0400 111 222 Customer: PowerBuild Gymnasium 38-40 The Boulevard West lakes SA 5020
Period ended: 31 March 20xx
|
|||||
| Date | Invoice | Description | Line Total | ||
| 1 Mar xx | Opening Balance | 390.00 | |||
| 3 Mar xx | Direct | Direct Credit – PowerBuild Gymnasium | (390.00) | ||
| Total | |||||
| Current | 30 | 60 | |||
Schedules
Trade creditors schedule
| Opening balance | 0.00 |
| Closing Balance |
Debtor schedule
| Opening balance | 0.00 |
| Closing Balance |
Assessment 3
Answer the following questions:
- What do you need to check the receipts entered into manual accounts receivable system for?
- What are three examples of incorrect entries or discrepancies to identify and make a record of, according to the type and the source of receipt?
- What is it essential to apply when investigating discrepancies identified between monies owed and monies paid?
- Briefly discuss the amending of receipts entered into manual accounts receivable system
- Why is it important to verify bad and doubtful debt status through liaison with debtors?
- Explain the importance of completing the reporting procedures and required documentation for bad and doubtful debts
- What will be used to identify clients in default of trading terms?
- What are the standards that you will need to adhere to when contacting clients in default of trading terms promptly and courteously to make satisfactory arrangements for the payment of their outstanding monies?
- Discuss an organisational policy/procedures that could be implemented for monies owing that constitute breach of organisational credit policy
- What types of information could be obtained from a review of the previous activities and of communication with clients?
- What do you need to ensure when preparing and distributing reports that document accounts receivable, debt recovery type and cause, and debt recovery plans?
- What types of accounting documentation will need to be filed, according to the organisational policies and procedures? List 4 examples
- What documentation would you require to identify, investigate and rectify creditor invoice discrepancies?
- Who are the designated personnel you might requires the authorisation for payment from?
- What information will need to be drawn up on cheque requisition forms?
- Where would you record data collected relating to creditor details and amounts paid?
- What must be considered when preparing creditor payments?
- Where should creditor payments be recorded?
- Who could you access to obtain statements of balances the organisation has which are outstanding?
- Briefly explain how to reconcile balances outstanding to invoices received.
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