FNSACC311: Control Over Cash - Financial Transactions and Extract Interim Reports - Accounting Assignment Help

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Accounting Assignment Help

Task: 1 Happy Holiday’s is a small retail business dealing with travel bookings and information. You are responsible for the book keeping and need to reconcile the bank account for the month of December 2019.

1. Complete Happy Holiday’s Cash Receipts journal and Cash Payments journal using the information provided in the bank statement.
2. Total the Cash Receipts journal and the Cash Payments journal and post to the Cash at Bank general ledger account.
3. Prepare a Bank Reconciliation Statement as at 31st December 2019.

Bank Reconciliation Statement as at 30th November 2019: Note: If you detect differences between amounts on the above statement and your journals assume the bank statement is correct. Cash Receipts journal Cash Payments journal Bank reconciliation statement as at 31 st December 2019 Task: 2 Happy Holiday’s is a small retail business dealing with travel bookings and information. You are responsible for the book keeping and need to complete the petty cash book for the month of December 2019. The Petty cash fund was initially established with the float of $200 by drawing cheque no. 342 against the company bank account on 1st December 2019.

1. Enter the imprest cheque no. 342 into the Petty Cash Register on 1st December
2. Enter all the Petty Cash Vouchers into the Petty Cash Register

Balance the Register, including the reimbursement cheque no. 370, drawn on 31st December. Task: 3 Today is 30 September 2019.  You are working for Swinburne Costume Shop and are responsible for today’s banking.  You have received payments from several customers. From the following information you are required to complete the Bank Deposit Slip for the days’ banking for the business of “Swinburne Costume Shop Pty Ltd”.   Cheques Received Listing

1. Robyn Batman paid $450.50 by Westpac Cheque (Hawthorn Branch/BSB-506950)
2. Dee Joker paid $795.95 by National Bank Cheque (Kew Branch/BSB-507940)
3. Sue Perman paid $1 595 ANZ Cheque (Camberwell Branch/BSB-516840)

Cash amounts received

1. Pen Gwinn paid $45.90 in cash (2 x $20 notes, 1 x $5 note, 4 x 20c coins and 1 x 10c coin)
2. Clark Kent paid $152.75in cash (3 x $50 notes, 1 x $2 coin, 3 x 20c coins, 1 x 10c coin and 1 x 5c coin)
3. Lois Lane paid $25 in cash (1 x $20 note and 1 x $5 note)

Additional Information:

• Your business bank account is with the Swinburne Bank of Tafe – Hawthorn East Branch.
• Account Number is – No. 4061-4772
• Account Name is “Swinburne Costume Shop Pty Ltd”

1. In relation to the daily banking of cash receipts, explain three (3) security measures that a business can implement.

When a business is doing its banking of cash receipt it is highly important to upkeep security measures, this can include going on a different route to the bank, visiting the bank at different times throughout the day and keeping the stamped deposit slip to file it away securely.

1. As the employee who has been put in charge of receiving payments from customers, explain why it is important to have internal controls over cash receipts.

As an employee that deals with receiving cash payments it is of upmost importance to have a secure system in place so as to prevent any monetary loss and to detect any differences between the cash received or payed and the business records.

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