BSBFIA301 Maintain financial records
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Please read through the following case study. Reflect on your learning and your own research within this unit.
Prepare the accounts for the situation presented below. Your responses must reflect your knowledge, skills, and application for this unit.
It is the end of the month and XYZ organisation requires a Trial Balance to be prepared before the preparation of financial reports can begin.
The organisational requirements are:
• The accrual accounting system is used with a double entry paper based accounting system
• Accounts are totalled at the end of each month
The Chart of accounts is:
• 100 Assets – Cash, Accounts Receivable.
• 200 Liabilities – Accounts Payable
• 300 Revenue – Sales, Interest Received
• 400 Expenses – Motor Vehicle Expenses, Property Expenses, Stationary Expense, Rent Expense.
Look at the source documents provided. They represent an organisation’s trading activities for March 2015.
1. A. Identify the 2 accounts that will be affected by each transaction. Some are already entered for you. B. Check the source documents against the list of transactions in Task 1.A. and determine which documents are missing.
2. Enter the list of transactions from Task 1A into the journals.
3. Enter the transactions in the General Ledger using T accounts. Then complete the T account totals.
4. Prepare the accounts payable subsidiary journal/s.
5. Prepare a trial balance for the accounts.
• Ensure your work is checked for errors.
• Make sure the trial balance is in balance.
Task 1. A
Identify the 2 accounts that will be affected by each transaction. Some are already entered for you.
Docket no. Date Transaction Amount ($) Account name (Debit) Account name (Credit)
001 4/3/15 Filled car with fuel – paid cash 32.80 Motor vehicle expenses Cash
002 5/3/15 Cash sale 156.99 Cash Sales
003 6/3/15 Invoice sale (R. Smith) 1999.00 Accounts Receivable Sales
004 6/3/15 Cash sale 1899.00
005 6/3/15 Copy paper – paid cash 11.50
006 7/3/15 Supplier statement (Shiny Cleaner) 65.00
007 11/3/15 Filled car with fuel – paid cash 28.50
008 11/3/15 Cash sale 1275.00
009 13/3/15 Copy paper – paid cash 11.50
010 13/3/15 Invoice sale (W. Jones) 3450.00
011 17/3/15 Filled car with fuel – paid cash 31.75
012 18/3/15 Supplier Statement (Harvey property maintenance service) 150.00
013 19/3/15 Cash sale 64.99
014 20/3/15 Rent – paid cash 350.00
015 25/3/15 Filled car with fuel – paid cash 18.25
016 26/3/15 Cash sale 1999.00
017 28/3/15 Interest received 1.89
018 28/3/15 Payment received for invoice sale 3450.00
Task 1. B
Complete the table below to identify what source documents are missing
Docket no. Date Transaction Amount ($)
Who would you report the missing source documents to?
Task 2 – 5
Refer to the ‘BSBFIA301-Case Study Workbook’ Excel Spreadsheet to complete tasks 2 – 5. Please be aware that each task has its own tab on the spreadsheet.