FNSACC311 - Business Transactions and Financial Reports With Accounts & Ledgers - Welcome Gate Case Study - Accounting Assignment Help

Assignment Task

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There is a total of three (3) Assessment Tasks you need to complete for this Cluster. This is Assessment Task 1 of 3.  All three Assessment Tasks need to be “satisfactory” in order to be deemed “Competent” in this unit.  This Assessment Task is to be completed individually.

Summary and Purpose of Assessment

The purpose of the 3 assessments for this cluster is to assess your skills and knowledge to: prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, extract a trial balance and interim reports. It also assesses how to reconcile and monitor subsidiary accounts in financial account receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors together with general journal adjustment entries. It also assesses the ability prepare end of period financial reports.

Task 1 

The Student has:

• recorded the journal entry for each of the occurring transaction and categorised each journal entry into the specified journal: 

• Cash payment journal 
• Cash receipt journal 
• Credit Sales journal 
• Credit Purchase journal 
• put the totals into the special journals for each column. 
• written an email to their manager (assessor) to confirm authorisation.

Task 2 

Student has 

• entered the opening balances as given in the question

• Entered the journals into the ledgers

• Prepared the receivables and payables reconciliation statement

• Prepared the trial balance using the templates and information provided.

Task 1

Background

You are working with Complete Business Services and Welcome Gate has approached your company to provide accounting and bookkeeping services for them.

Andrew John owns and operates Welcome Gate and the company is located at 33 Nicholson Street Brunswick, which is a rented property. The business structure is sole proprietorship, owned and managed by Andrew John. The business is engaged in buying and selling beauty products and is using a manual accounting system. Complete Business Services have strongly advised Welcome Gate to start using a dedicated Accounting system given the growing nature of the business.

Complete Question 1a-d and Question 2

Question 1

1. You are required to enter the following transactions for the month of July 2020 (see Table 1: List of the transactions for the month of July 2020) in the specialised journals of Welcome Gate. A perpetual inventory system has been established. You are required to record Welcome Gates’ business transactions based on identification and checking of the transactions for the appropriate journals as below:

1. Credit purchase journals

2. Credit sales journals

3. Cash payments journal

4. Cash receipts journal

specialized journals and ledgers:

• Total all columns and date these at balance date (31 July 2020).
• The journal totals form a journal entry of equal debits and credits.
• Accounts Payable Control amounts are posted individually to the subsidiary ledger accounts as at transaction date.
• If there are amounts in a ‘Sundry’ column, these are posted to the appropriate ledger accounts at transaction date.

Question 2

1. After completing the business transactions for July 2020 into the above-mentioned journals, you are required to write an email to your manager (teacher) to confirm authorization to submit the finished work on Canvas for record-keeping purposes.

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