Administering Subsidiary Accounts and Ledgers Assignment

Assignment Task

Summary and Purpose of Assessment

There is a total of two (2) assessment tasks you need to complete for this course. This is assessment task 1 of 2. Both assessment tasks need to be “satisfactory” completed to be deemed Competent in this course.  This assessment task is to be completed individually.

The purpose of this assessment task is to assess students’ skills and knowledge to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

Task

1. On reconciling your Accounts Payable Statements of outstanding balances, there is a discrepancy/incorrect entry between purchase statement activity and the invoices.

Make a record in the space below of any discrepancy /incorrect entry that you have identified. Ensure that you specify the type of error.

2. It is mandatory that you thoroughly review the RMIT Bookstore Policy & Procedures and answer these following questions:

• Which designated personnel should you request for authorisation invoice payment up to $10,000 according to the organisational policy?
• What is the procedure if you identify any discrepancies between monies owed and purchase activity statement.

3. After contacting and amending the corrected statements of outstanding balances from suppliers from Task 3, on 22 December RMIT Bookstore decide to prepare the cheque requisition slip and pay Learn Now Publications for the total amount outstanding. Your Task is:

• Organize and record creditor information and payments according to guidelines. Prepare report for management approval. Record total outstanding payments on the cheque requisition slip.
• Obtain authorisation for the cheque requisition to process the payment from designated personnel who could authorise the payment according to the company policy and procedures.

4. Record the payment to the creditor RMIT Bookstore, in the General Journal below

5.  In line with its policies and procedures, post from the general journal to the general ledger and to the individual creditor accounts in the accounts payable subsidiary ledger. The opening balances have been entered for you.

6. Prepare a schedule of accounts payable as at 31 March.

7. Check the accuracy of all the above invoices and the accounts receivable ledger Steve Young.
Identify any errors and amend the correct record entries according to organisational RMIT Bookstore policies, procedures, and guidelines.

Make a record in the space below for any incorrect entries that you have identified.  

Ensure that you specify the type of error.

8. What are three examples of possibilities of incorrect entries or discrepancies which may occur when recording the source of receipt /Tax Invoices into the ledger?

9. Required:

• Record the transactions in the General Journal RMIT Bookstore.
• Post the General Ledger and Receivables Subsidiary Ledger.
• Reconcile the Receivables Ledger with the Control Account

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