2009 sp2 - unisa acg12 - assignment 2

UNIVERSITY OF SOUTH AUSTRALIA Open Universities Australia

ASSIGNMENT COVER SHEET

An Assignment cover sheet needs to be included at the front of each assignment. Please fill in all details clearly. Full name: Andrew Edward Cole Address: PO Box 9043 Deakin LPO ACT Postcode: 2600 UniSA student ID 1 1 0 0 2 0 0 7 1

Phone number: 0407 384 998 Email address: [email protected] Unit code: ACG12 Unit title: Financial Accounting 1 Due date (indicate if extension granted): 13th July, 2009 Assignment number: 2 Assignment topic as stated in the Unit information Online Assignment – Specialised Journals I declare that the work contained in this assignment is my own, except where acknowledgement of sources is made. I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand this will involve the University or its contractor copying my work and storing it on a database to be used in future to test work submitted by others. I understand that I can obtain further information on this matter at http://www.unisanet.unisa.edu.au/learningconnection/student/studying/integrity.asp Signed: Andrew Cole – 12 July 2009 Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed statement. Office use

Date received from student

Assessment/grade Academic staff member

Recorded and dispatched

Question 1 Problem 7.9

SAM JOHNSON

PLEASE NOTE: The 31 May balance in the subsidiary ledger accounts receivable for Melon Ltd should be $2 520. This question DOES NOT involve GST. Ensure you total all columns in the specialized journals – marks are allocated for totaling the columns. A

Cash Receipts Journal Date Account

Credited Post Ref.

Disc. Allow

Sales Accounts

Receivable Cost of Sales/

Inventory

Cash at Bank

01.06.09 D. Taylings X 1 260 1 26008.06.09 Cabbage Ltd X 32 1 620 1 58813.06.09 Melon Ltd X 1 260 1 26018.06.09 Cash Sales 1 008 700 1 00826.06.09 Cash Sales 1 125 745 1 12530.06.09 Gourd Ltd X 1 620 1 62030.06.09 Aubergine Ltd X 16 810 794 48 2 133 6 570 1 445 8 655

410 400 110 120 / 420 100

Cash Payments Journal Date Account

Debited Cheque

No Post Ref

Other Accounts

Accounts Payable

Discount Received

Inventory Cash at Bank

03.06.09 Rent Expense 621 X 1 350 1 35005.06.09 Cantaloupe 622 X 1 800 1 80011.06.09 E.Caulie 623 X 1 800 36 1 76412.06.09 Com. Exp. 624 X 3 690 3 69016.06.09 Equipment 625 X 5 400 5 40023.06.09 Rocky Ltd 626 X 2 880 2 88027.06.09 Sundry Exp. 627 X 495 495 10 935 6 480 36 - 17 379

200 410 100

ACG12 FINANCIAL ACCOUNTING I – ONLINE ASSIGNMENT SP2 2009

4

Sales Journal

Date Invoice Account Post Ref. Sales Cost of sales/

Inventory 02.06.09 604 Cabbage Ltd X $ 1 620 $ 90019.06.09 605 D. Taylings X 1 710 1 00022.06.09 606 Aubergine Ltd X 810 640 4 140 2 540

400 420/120

Purchases Journal

Date Account Post Ref. Amount 06.06.09 E. Caulie X 1 890

1 890

120 / 200

General Journal

Date Particulars Post Ref. Debit Credit 10.06.09 Accounts Payable – E. Caulie 90 Inventory 90 Received credit not for inventory returned


5

B.

GENERAL LEDGER (T-Accounts) Please note: The number of rows (5) in each of the Ledger Account does not reflect how many entries need to be posted – students can add or delete rows in the t-accounts.

Cash at Bank Date Details DR Date Details CR 01/06 Balance b/d 10 800 30/06 CR1 8 655

30/06 CP1 17 379 30/06 Balance c/d 2 076 19 455 19 455

Accounts Receivable Control

Date Details DR Date Details CR 01/06 Balance b/d 5 400 30/06 S1 4 140 30/06 CR1 6 570

30/06 Balance c/d 2 970 9 540 9 540

Inventory

Date Details DR Date Details CR 01/06 Balance b/d 9 000

10/06 Inventory Returned 9030/06 P1 1 890 30/06 CR1 1 445

30/06 S1 2 540 30/06 Balance c/d 6 815 10 890 10 890


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Equipment Date Details DR Date Details CR 01/06 Balance b/d 18 000 16/06 Cheque 625 5 400

30/06 Balance c/d 23 400 23 400 23 400

Accumulated Depreciation- Equipment


30/06 Balance c/d 1 800 1 800 1 800

Accounts Payable Control


10/06 Inventory Returned 90 30/06 CP1 6 480 30/06 P1 1 89030/06 Balance c/d 2 520

9 090 9 090

S. Johnson, Capital Date Details DR Date Details CR

01/06 Balance b/d 34 20030/06 Balance c/d 34 200

34 200 34 200


7

Sales

Date Details DR Date Details CR 30/06 CR1 2 133 30/06 S1 4 140 30/06 Balance c/d 6 273

6 273 6 273

Discount received Date Details DR Date Details CR

30/06 CP1 3630/06 Balance c/d 36

36 36

Cost of Sales Date Details DR Date Details CR 30/06 CR1 1 445 30/06 S1 2 540 30/06 Balance c/d 3 985

3 985 3 985

Discount Allowed Date Details DR Date Details CR 30/06 CR1 48

30/06 Balance c/d 48 48 48


8

Rent Expense

Date Details DR Date Details CR 03/06 Paid rent for June 1 350

30/06 Balance c/d 1 350 1 350 1 350

Sundry Expense

Date Details DR Date Details CR 27/06 Paid Sundry Exp. 495

30/06 Balance c/d 495 495 495

Commission Expense

Date Details DR Date Details CR 12/06 Paid Commissions 3 690

30/06 Balance c/d 3 690 3 690 3 690


9

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

Gourd Ltd Date Debit Credit Balance 01/06 Opening Balance 1 620 (1 620)30/06 Received Cheque CR1 1 620 -

Melon Ltd

Date Debit Credit Balance 01/06 Opening Balance 2 520 (2 520)13/06 Received Cheque CR1 1 260 (1 260)

D.Taylings

Date Debit Credit Balance 01/06 Opening Balance 1 260 (1 260)01/06 Received Cheque 1 260 -19/06 Sales 1 710 (1 710)

Cabbage Ltd

Date Debit Credit Balance 02/06 Sales S1 1 620 (1 620)08/06 Received Cheque CR1 1 620 -

Aubergine Ltd

Date Debit Credit Balance 22/06 Sales S1 810 (810)30/06 Received Cheque CR1 810 -


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ACCOUNTS PAYABLE SUBSIDIARY LEDGER

Cantaloupe Ltd

Date Debit Credit Balance 01/06 Opening Balance 1 80 1 80005/06 Cheque 622 CP1 1 800 -

P. Pumpkin

Date Debit Credit Balance 01/06 Opening Balance 2 520 2 520

Rocky Ltd

Date Debit Credit Balance 01/06 Opening Balance 2 880 2 88023/06 Cheque 626 CP1 2 880 -

E. Caulie

Date Debit Credit Balance 06/06 Purchased Inventory P1 1 890 1 89010/06 Returned Inventory GJ1 90 1 80011/06 Cheque 623 CP1 1 800 -


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C. Accounts Receivable

Melon Ltd 1 260 D. Taylings 1 710 2 970

Accounts Payable

P. Pumpkin 2 520 2 520


12

D.

Trial Balance Account DR CR Cash at Bank 2 076 Accounts Receivable Control 2 970 Inventory 6 815 Equipment 23 400 Acc. Dep. – Equipment 1 800 Accounts Payable Control 2 520 S. Johnson, Capital 34 200 Sales 6 273 Discount received 36 Cost of Sales 3 985 Discount Allowed 48 Rent Expense 1 350 Sundry Expense 495 Commission Expense 3 690 44 829 44 829


13

SAM JOHNSON

Schedule of Accounts A/C # Name

100 Cash at Bank 110 Accounts Receivable Control 120 Inventory 130 Equipment 135 Acc. Dep. – Equipment 200 Accounts Payable Control 300 S. Johnson, Capital 400 Sales 410 Discount Received 420 Cost of Sales 430 Discount Allowed 500 Rent Expense 510 Sundry Expense 520 Commission Expense

Problem 7.15 Comprehensive problem (including GST)

HEATHER LTD

A.

Purchases Journal p.1.

Date Date of Inv.

Account Terms Post Ref.

Purchases

GST Outlays

Accounts Payable

01/11 01/11 M. Merlow n/30 2 400 240 2 64004/11 04/11 Laws Ltd 1/10, n/60 2 400 240 2 64013/11 13/11 Lenny Ltd 1/15, n/30 3 600 360 3 96030/11 30/11 Lenny Ltd 1/15, n/30 3 300 330 3 630 11 700 1 170 12 870 5110 1160 2110

Sales Journal

p.1. Date Inv.

No. Account Terms Post

Ref. Sales GST

Collections Accounts

Receivable 10/11 A. Arnott 2/10, n/30 4 500 450 4 95012/11 D. Draper 2/10, n/30 4 800 480 5 28018/11 T. Tremble 2/10, n/30 4 650 465 5 115 13 950 1 395 15 345 4110 2150 1120


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Cash Payments Journal Debits Credits

Date Account Ch. No.

Post. Ref.

Other Acc/s Payable

Purchases GST Outlays

Cash at Bank

Dis. Rec’d

GST Outlays

1/11 Prepaid Ins. 400 1150 900 90 990 4/11 Lenny Ltd 401 1 490 1 475 14 15/11 M. Merlow 402 1 650 1 650 8/11 Rent Exp. 403 5130 540 54 594 8/11 Laws Ltd 404 1 640 1 624 15 114/11 Salary Exp. 405 5150 1 200 1 200 19/11 GST Coltns. 406 2150 3 500 1 500 2 00020/11 Purchases 407 5 400 540 5 940 27/11 Lenny Ltd 408 3 883 3 844 35 428/11 Salary Exp. 409 5150 1 200 1 200 30/11 Elec. Exp. 410 5140 210 21 231 7 550 8 663 5 400 705 20 248 64 2 006 2110 5110 1160 1100 4120 1160

Cash Receipts Journal Debits Credits Date Account Post

Ref. Cash at Bank

Dis. All’d

GST Colls.

Sales GST Colls.

A/cs. Rec’able

Other A/cs.

3/11 D Draper 2 058 38 4 2 100 10/11 Shr. Capital 3110 30 000 30 00011/11 T. Tremble 1 430 1 430 14/11 Cash Sales 10 120 9 200 920 20/11 A. Arnott 1 320 1 320 21/11 D. Draper 660 660 26/11 T. Tremble 5 013 93 9 5 115 30/11 Cash Sales 9 900 9 000 900 60 501 131 13 18 200 1 820 10 625 30 000 1100 5120 2150 4110 2150 1120


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General Journal

Date Description Post Ref.

Debit Credit

3.11 Sales Returns and Allowances 4115 100 GST Collections 2150 10 Accounts Receivable – C.Hand 1120 / 110 Issued adjustment note for returned

inventory

5.11 Accounts Payable – M. Merlow 2110 / 1 000 Bills Payable 2120 1 000 Issued a 60-day 10% Bill Payable 11/11 Bills Receivable 1130 1 430 Accounts Receivable – T. Tremble 1120 / 1 430 Received a bill receivable for balance 18/11 Accounts Payable – Lenny Ltd 2110 / 77 Purchases Returns and Allowances 5115 70 GST Outlays 1160 7 Received an adjustment note for

returned inventory

21/11 Bills Receivable 1130 4 620 Accounts Receivable – D. Draper 1120 / 4 620 Received a promissory note for balance

Note: A promissory note is similar to an account receivable – you will need to replace the amount owing (originally shown as an account receivable) with a “Bill Receivable”.


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B. and C. Accounts Receivable Subsidiary Ledger

A Arnott

Date Post Ref Debit Credit Balance 10/11 S1 4 950 (4 950) 20/11 CR1 1 320 (3 630)

D Draper Date Post Ref Debit Credit Balance 01/11 2 100 (2 100) 03/11 CR1 2 100 - 12/11 S1 5 280 (5 280) 21/11 CR1 660 (4 620) 21/11 GJ1 4 620 -

T Trimble Date Post Ref Debit Credit Balance 01/11 2 860 (2 860) 11/11 CR1 1 430 (1 430) 11/11 GJ1 1 430 - 18/11 S1 5 115 (5 115) 26/11 CR1 5 115 -

C Hand Date Post Ref Debit Credit Balance 01/11 2 310 (2 310) 03/11 GJ1 110 (2 200)


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Accounts Payable Subsidiary Ledger

Laws Ltd Date Post Ref Debit Credit Balance 01/11 1 640 1 640 04/11 P1 2 640 4 280 08/11 CP1 1 640 2 640

Lenny Ltd Date Post Ref Debit Credit Balance 01/11 1 490 1 490 04/11 CP1 1 490 - 13/11 P1 3 960 3 960 18/11 GJ1 77 3 883 27/11 CP1 3 883 - 30/11 P1 3 630 3 630

M Merlow Date Post Ref Debit Credit Balance 01/11 2 650 2 650 01/11 P1 2 640 5 290 05/11 CP1 1 650 3 640 05/11 GJ1 1 000 2 640


20

Accounts Receivable 1120 Date Post Ref Debit Credit Balance 01/11 7 270 (7 270) 03/11 GJ1 110 (7 160) 11/11 GJ1 1 430 (5 730) 21/11 GJ1 4 620 (1 110) 30/11 S1 15 345 (16 455) 30/11 CR1 10 625 (5 830)

Accounts Payable 2110 Date Post Ref Debit Credit Balance 01/11 5 780 5 780 05/11 GJ1 1 000 4 780 18/11 GJ1 77 4 730 30/11 P1 12 870 17 573 30/11 CP1 8 663 8910


21

D. Accounts Receivable Customer Date of Sale Terms Amount A Arnott 10/11 2/10, n/30 3 630 C Hand 30/10 2/10, n/30 2 200 5 830

Accounts Payable Creditor Date of Purchase Terms Amount Laws Ltd 04/11 1/10, n/60 2 640 Lenny Ltd 30/11 1/15, n/30 3 630 M Merlow 01/11 n/30 2 640 8 910


22

E.

GST Outlays 1160 Date Post Ref Debit Credit Balance 01/11 2 000 (2 000) 18/11 GJ1 7 (1 993) 30/11 CP1 2 006 13 30/11 CP1 705 (692) 30/11 P1 1 170 (1 862)

GST Collections 2150 Date Post Ref Debit Credit Balance 01/11 3 500 3 500 03/11 GJ1 10 3 490 19/11 CP1 3 500 (10) 30/11 CR1 1 820 1 810 30/11 CR1 13 1 797 30/11 S1 1 395 3 172


23

Heather Ltd

Income Statement For the period ending 30 November 2010

INCOME Sales1 32 150 Less: Returns and Allowances2 100 32 050Less:Cost of Sales Opening Inventory 80 000 Add: Purchases3 17 100 Less: Returns and Allowances4 70 COG available for sale 97 030 Less: Closing Inventory 82 150 14 880GROSS PROFIT 17 170Add: Other Revenue Discount Received5 64 17 234 EXPENSES Rent Expense6 540 Electricity Expense7 210 Salaries Expense8 2 400 Discount Allowed9 131 3 281 PROFIT 13 953

1 13 950 (S1) + 18 200 (CR1) 2 100 (GJ1) 3 11 700 (P1) + 5 400 (CP1) 4 70 (GJ1) 5 64 (CP1) 6 540 (CP1) 7 210 (CP1) 8 1 200 (CP1) + 1 200 (CP1) 9 131 (CR1)


24

Student note – The Statement of Change in Equity should be completed and a summary figure for Capital shown in the Balance Sheet.

Heather Ltd Statement of Changes in Equity

For the period ending 30 November 2010

Share Capital Share Capital as at 1 November 2010 192 000Add: Capital Issue 30 000Share Capital as at 30 November 2010 222 000

Retained Earnings Retained Earnings as at 1 November 2010 4 740Add: Profit 13 953

Retained Earnings as at 30 November 2010 18 693


25

Heather Ltd Balance Sheet

as at 30 November 2010 ASSETS Current Cash at Bank10 100 253 Accounts Receivable 5 830 Bills Receivable11 6 800 Inventory 82 150 Prepaid Insurance12 900 195 933 Non-Current Delivery Vehicle 40 000 Less: Accumulated Depreciation 4 000 36 000 Office Equipment 24 000 Less: Accumulated Depreciation 4 000 20 000 56 000TOTAL ASSETS 251 933 LIABILITIES Current Accounts Payable 8 910 Bills Payable13 1 000 GST Collections 3 192 Less: GST Outlays 1 862 1 330 TOTAL LIABILITIES 11 240 NET ASSETS 240 693 EQUITY Share Capital 222 000 Retained Earnings 18 693 240 693

10 60 000 (Opening) + 60 501 (CR1) – 20 248 (CP1) 11 750 (Opening) + 1 430 (GJ1) + 4 620 (GJ1) 12 900 (CP1) 13 1 000 (GJ1)

Question Mark for Question Mark Given 1

30

2

50

Total

80

PLEASE DO NOT DELETE THIS TABLE WHEN YOU SUBMIT THE ASSIGNMENT. THE TABLE ASSISTS WITH FINALISING THE RESULT AND SPEEDS UP THE GRADE FINALISATION PROCESS.

2009 sp2 - unisa acg12 - assignment 2

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