700029: Financial Accounting Applications - Benjamin Franklin - Case Study - Accounting and Finance Assignment Help

Assignment Task:

History

Benjamin Franklin is the sole proprietor of Freefox Publishing – a GST-registered business. Its operations are primarily focused on supplying retailers with select titles, publishing independent and local authors, organising and running workshops for prospective authors, and organising book launches. It also provides editorial and marketing services. While editing, layouts and design of the titles are completed in-house, the final drafts of manuscripts are sent to Meta Printing Services for printing. Further, under the firm’s contract with Meta Printing Services, printing costs per unit are fixed and reviewed every March and September.

Accounting System
1.2.1 Journals and Ledgers

Walter Ralegh uses the following ledgers, special and general journals in maintaining all the accounting records: Sales Journal Records all credit sales of inventory. Purchases Journal Records all credit purchases of inventory. Cash Receipts Journal Records all cash received by the firm, including cash sales, cash receipts from debtors and other sundry receipts. Cash Payments Journal Records all cash payments and cheques issued by the firm, including cash purchases, cash payments to creditors and other sundry payments. General Journal Records all transactions that cannot be recorded in the special journals listed above. Subsidiary Legers Maintained for accounts receivable and accounts payable, which are then reconciled against the relevant general ledger control accounts.

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