SUSAN MORRIS by iAuERAV

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									BSBFIA303A/BSBADM309A                                                 Process Accounts Payable and Receivable

When you have completed SECTION TWO exercises, you should be competent in
the following skills associated with ACCOUNTS PAYABLE:

 explaining the purpose of journals

 preparing entries for the accounts payable journals

    o    correctly entering details of tax invoices received from suppliers into a
         columnar Purchases Journal

    o    correctly entering details of adjustment notes received from suppliers into a
         columnar Purchases and Returns (and Allowances) Journal

    o    correctly entering details of payment vouchers/cheques into a columnar Cash
         Payments Journal

 posting to the Accounts Payable Ledger from the above journals, maintaining the
  accounting equation

 reconciling invoices for payment to creditors.

Journals have three functions:
 sort documents of a like nature together
 summarise the detail from each document into the specialist journal
 act as a means of transfer (from the set of journals) to the Accounts
  Payable Ledger cards

tax invoice                Purchase Journal                               trade goods bought on credit
adjustment note            Purchases Returns Journal                      returns of trade goods bought on credit
voucher/cheque             Cash Payments Journal                          cash payments


Complete the following Purchases Journal exercises by entering the information
from the invoices into the appropriate columns. The first one has been done for you.



SPORTS AUSTRALIA—Tax Invoices received from suppliers

OZZIE SPORTS                                                      JUST GYMNASTICS
Raymond Terrace                                                   Raymond Terrace
ABN: 55 111 222 333                                               ABN: 55 222 333 444
To: Sports Australia                                              To: Sports Australia
      Mayfield                  Tax Invoice 1123                       Mayfield               Tax Invoice 1444
Date: 09 September                                                Date 10 September
Qty     Particulars                  Rate        Amount           Qty    Particulars              Rate     Amount
        Trade Goods                               690.00                 Trade Goods                         530.00
        Less Trade Discount                        69.00                  Less Trade Discount                 53.00
        Subtotal                                  621.00                  Subtotal                           477.00
        Add GST                                    62.10                  Add GST                             47.70
        TOTAL (GST inclusive)                    $683.10                  TOTAL (GST inclusive)             $524.70




             Faculty of Business and Computing            Section 2                                Page 1 of 27
             Business Administration                                                              7 August 2012
BSBFIA303A/BSBADM309A                                                    Process Accounts Payable and Receivable

JUMPIN’ JACKS                                                        OZZIE SPORTS
Nelson Bay                                                           Raymond Terrace
ABN: 55 333 444 555                                                  ABN: 55 111 222 333
To: Sports Australia                                                 To: Sports Australia
      Mayfield                     Tax Invoice 1400                        Mayfield                Tax Invoice 1175
Date: 15 September                                                   Date: 18 September
Qty     Particulars                     Rate        Amount           Qty     Particulars              Rate      Amount
        Trade Goods                                   480.00                 Trade Goods                          600.00
          Less Trade Discount                          48.00                 Less Trade Discount                   60.00
          Subtotal                                    432.00                 Subtotal                             540.00
          Add GST                                      43.20                 Add GST                               54.00
          TOTAL (GST inclusive)                      $475.20                 TOTAL (GST inclusive)               $594.00


JUMPIN’ JACKS                                                        JUST GYMNASTICS
Nelson Bay                                                           Raymond Terrace
ABN: 55 3333 444 555                                                 ABN: 55 222 333 444
To: Sports Australia                                                 To: Sports Australia
      Mayfield                     Tax Invoice 1499                        Mayfield                Tax Invoice 1603
Date: 25 September                                                   Date: 29 September
Qty     Particulars                     Rate        Amount           Qty     Particulars              Rate      Amount
        Trade Goods                                  2090.00                 Trade Goods                          575.00
          Less Trade Discount                         209.00                 Less Trade Discount                   57.50
          Subtotal                                   1881.00                 Subtotal                             517.50
          Add GST                                     188.10                 Add GST                               51.75
          TOTAL (GST inclusive)                     $2069.10                 TOTAL (GST inclusive)               $569.25




PURCHASES JOURNAL OF SPORTS AUSTRALIA                                                                                 Folio P1

                                                                                                                Accounts
 Date         Tax                                                                         GST Outlaid
            Invoice
                        Particulars-Accounts Payable               Folio    Purchases                        Payable Control
 200X                                                                                       (Paid)             (Creditors)
SEP 09      1123       Ozzie Sports                                           621    00       62      10          683       10




BANTEX INDUSTRIES—Tax Invoices received from suppliers

VANGUARD CAMERAS                                                     CANON AUSTRALIA
Sydney                                                               Sydney
ABN: 12 111 222 333                                                  ABN: 12 222 333 444
To: Bantex Industries                                                To: Bantex Industries
      Newcastle                    Tax Invoice 123                        Newcastle                Tax Invoice 444
Date: 08 June                                                        Date 10 June
Qty Particulars                        Rate         Amount           Qty    Particulars                Rate      Amount
      Trade Goods                                     700.00                Trade Goods                            450.00
        Less Trade Discount                            70.00                 Less Trade Discount                    45.00
        Subtotal                                      630.00                 Subtotal                              405.00
        Add GST                                        63.00                 Add GST                                40.50
        TOTAL (GST inclusive)                        $693.00                 TOTAL (GST inclusive)                $445.50


                Faculty of Business and Computing            Section 2                                 Page 2 of 27
                Business Administration                                                               7 August 2012
BSBFIA303A/BSBADM309A                                                  Process Accounts Payable and Receivable

THE CAMERA HOUSE                                                   VANGUARD CAMERAS
Newcastle                                                          Sydney
ABN: 12 333 444 555                                                ABN: 12 111 222 333
To: Bantex Industries                                              To: Bantex Industries
      Newcastle                    Tax Invoice 400                       Newcastle       Tax Invoice 300
Date: 15 June                                                      Date: 18 June
Qty Particulars                        Rate         Amount         Qty Particulars         Rate     Amount
      Trade Goods                                     750.00             Trade Goods                 1800.00
        Less Trade Discount                            75.00             Less Trade Discount                   180.00
        Subtotal                                      675.00             Subtotal                            $1620.00
        Add GST                                        67.50             Add GST                               162.00
        TOTAL (GST inclusive)                        $742.50             TOTAL (GST inclusive)               $1782.00




THE CAMERA HOUSE                                                   CANON AUSTRALIA
Seaham                                                             Sydney
ABN: 12 333 444 555                                                ABN: 12 222 333 444
To: Bantex Industries                                              To: Bantex Industries
      Newcastle                    Tax Invoice 472                       Newcastle               Tax Invoice 544
Date: 25 June                                                      Date: 29 June
Qty Particulars                        Rate         Amount         Qty Particulars                 Rate     Amount
      Trade Goods                                    2000.00             Trade Goods                           440.00
        Less Trade Discount                           200.00             Less Trade Discount                    44.00
        Subtotal                                    $1800.00             Subtotal                              396.00
        Add GST                                       180.00             Add GST                                39.60
        TOTAL (GST inclusive)                       $1980.00             TOTAL (GST inclusive)                $435.60




PURCHASES JOURNAL OF BANTEX INDUSTRIES                                                                              Folio P1

                                                                                                             Accounts
              Tax                                                                        GST Outlaid
 Date       Invoice
                        Particulars-Accounts Payable             Folio    Purchases                       Payable Control
                                                                                           (Paid)           (Creditors)




                Faculty of Business and Computing          Section 2                                 Page 3 of 27
                Business Administration                                                             7 August 2012
BSBFIA303A/BSBADM309A                                                   Process Accounts Payable and Receivable




Complete the following Purchase Returns and Allowances Journal exercises by
entering the information from the adjustment notes into the appropriate columns.
The first one has been done for you.




SPORTS AUSTRALIA—Adjustment Notes received from suppliers

OZZIE SPORTS                                                        JUST GYMNASTICS
Raymond Terrace                                                     Raymond Terrace
ABN: 55 111 222 333                                                 ABN: 55 222 333 444
To: Sports Australia                                                To: Sports Australia
      Mayfield                   Adjustment Note 555                     Mayfield        Adjustment Note 401
Date: 14 September               Inv No 1123                        Date 17 September           Inv No 1444
Qty     Particulars                    Rate    Amount               Qty    Particulars         Rate    Amount
          By Returns: (damaged)                                             By Returns: (damaged)
          Trade Goods                                  190.00               Trade Goods                         230.00
          Less Trade Discount                           19.00               Less Trade Discount                  23.00
          Subtotal                                     171.00               Subtotal                            207.00
          Add GST                                       17.10               Add GST                              20.70
          TOTAL (GST inclusive)                       $188.10               TOTAL (GST inclusive)              $227.70




PURCHASES RETURNS AND ALLOWANCES JOURNAL OF SPORTS AUSTRALIA                                                    Folio PR1

                                                                                                             Accounts
 Date       Adjust                                                         Purchases      GST Outlaid
                          Particulars-Accounts Payable            Folio                                   Payable Control
 200X        Note                                                           Returns         (Paid)          (Creditors)
SEP 14      555          Ozzie Sports                                        171    00        17     10          188       10




BANTEX INDUSTRIES—Adjustment Notes received from suppliers

VANGUARD CAMERAS                                                    CANON AUSTRALIA
Sydney                                                              Sydney
ABN: 12 111 222 333                                                 ABN: 12 222 333 444
To: Bantex Industries                                               To: Bantex Industries
      Newcastle     Adjustment Note 421                                  Newcastle      Adjustment Note 224
Date: 15 June         Inv No 123                                    Date 17 June                 Inv No 444
Qty Particulars            Rate    Amount                           Qty    Particulars          Rate    Amount
        By Allowance: (broken)                                              By Allowance: (broken)
        Trade Goods                                    300.00               Trade Goods                           150.00
        Less Trade Discount                             30.00               Less Trade Discount                    15.00
        Subtotal                                       270.00               Subtotal                              135.00
        Add GST                                         27.00               Add GST                                13.50
        TOTAL (GST inclusive)                         $297.00               TOTAL (GST inclusive)                $148.50




                  Faculty of Business and Computing         Section 2                                 Page 4 of 27
                  Business Administration                                                            7 August 2012
BSBFIA303A/BSBADM309A                                               Process Accounts Payable and Receivable




PURCHASES RETURNS AND ALLOWANCES JOURNAL OF BANTEX INDUSTRIES                                             Folio PR1

                                                                                                       Accounts
           Adjust                                                      Purchases      GST Outlaid
 Date                  Particulars-Accounts Payable          Folio                                  Payable Control
            Note                                                        Returns         (Paid)        (Creditors)




Complete the following Cash Payments Journal exercises by entering the
information from the cheque butts into the appropriate columns. The first three have
been done for you.




SPORTS AUSTRALIA—Cheque Butts


No 1298                              02 September             No 1299                         02 September

To      Cash                                                  To      Cash

For     PETTY CASH (IMPREST)                                  For     WAGES

Cheque                                       $220.00          Cheque                                $600.00

No 1300                              06 September             No 1301                         08 September

To      OZZIE SPORTS                                          To      Supre Creations Ltd

For August A/c $330 less (discount $15.00                     For     PURCHASE OF TRADE GOODS
and GST Paid Adjustment $1.50)                                        (GST inclusive)

Cheque                                       $313.50          Cheque                                $550.00

No 1302                              09 September             No 1303                         16 September

To      JUST GYMNASTICS LTD                                   To      OZZIE SPORTS

For August A/c $198 less (discount $9.00                      For Tax Invoice 1123 less Adjustment
and GST Outlaid Adjustment $0.90)                             Note 555 ($495.00) less (discount $22.50 and
                                                              GST Outlaid Adjustment $2.25)

Cheque                                       $188.10          Cheque                                $470.25




               Faculty of Business and Computing       Section 2                                Page 5 of 27
               Business Administration                                                         7 August 2012
BSBFIA303A/BSBADM309A                                             Process Accounts Payable and Receivable



No 1304                            16 September             No 1305                         25 September

To    Cash                                                  To      Chris Johns (owner) Doctor’s Fees

For   WAGES                                                 For     DRAWINGS

Cheque                                     $600.00          Cheque                                $400.00

No 1306                            30 September             No 1307                         30 September

To    Cash                                                  To      Cash

For   WAGES                                                 For PETTY CASH REIMBURSEMENT
                                                            (Advertising $40.00 + GST Paid $4.00;
                                                            Stationery $50.00 + GST Paid $5.00)

Cheque                                     $400.00          Cheque                                  $99.00

No 1308                            30 September

To    Mayfield Motors

For  MOTOR VEHICLE
     (GST inclusive)
Cheque                                   $2640.00




             Faculty of Business and Computing       Section 2                                Page 6 of 27
             Business Administration                                                         7 August 2012
BSBFIA303A/BSBADM309A                                       Process Accounts Payable and Receivable



CASH PAYMENTS JOURNAL OF SPORTS AUSTRALIA                                                                                                           Folio CP 1

                  Accounts Payable – supplier name          full amount owing
                OR account from Chart of Accounts (section 1)                 $value before GST             on purchases or other accounts              on discount
                                                                                                                                 Cheque amount
                                                                                         Debits                                                  Credits
Date     CH                  Account Debited            Folio
200X                                                             Accounts                             Other                                      Discount
         No                                                       Payable
                                                                                 Purchases
                                                                                                     Accounts
                                                                                                                 GST Outlaid    Cash at Bank
                                                                                                                                                 Received
                                                                                                                                                                GST Outlaid
SEP 02   1298     Petty Cash (Imprest)                                                                220   00                     220    00
         1299     Wages                                                                               600   00                     600    00
   06    1300     Ozzie Sports                                    330       00                                                     313    50       15      00         1   50




            Faculty of Business and Computing   Section 2                             Page 7 of 27
            Business Administration                                                  7 August 2012
BSBFIA303A/BSBADM309A                                             Process Accounts Payable and Receivable




BANTEX INDUSTRIES—Cheque butts
No 129                                     01 June          No 130                                   02 June

To    Cash                                                  To      Cash

For   PETTY CASH (IMPREST)                                  For     WAGES

Cheque                                     $150.00          Cheque                                   $900.00

No 131                                     06 June          No 132                                   07 June

To    VANGUARD CAMERAS                                      To      Nutex Ltd

For May A/c $770 less (discount $35.00 and                  For     PURCHASE OF TRADE GOODS
GST Outlaid Adjustment $3.50)                                       (GST inclusive)

Cheque                                     $731.50          Cheque                                   $594.00

No 133                                     08 June          No 134                                   15 June

To    CANON AUSTRALIA                                       To      VANGUARD CAMERAS

For May A/c $444.40 less (discount $20.20                   For Tax Invoice 123 less Adjustment
and GST Outlaid Adjustment $2.02)                           Note 421 ($396.00) less (discount $18.00 and
                                                            GST Outlaid Adjustment $1.80)

Cheque                                     $422.18          Cheque                                   $376.20

No 135                                     16 June          No 136                                   25 June

To    Cash                                                  To      Luke’s School Fees (owner)

For   WAGES                                                 For     DRAWINGS

Cheque                                     $900.00          Cheque                                   $1100.00

No 137                                     30 June          No 138                                   30 June

To    Cash                                                  To      Cash

For   WAGES                                                 For PETTY CASH REIMBURSEMENT
                                                            (Maintenance $70.00 + GST Outlaid $7.00;
                                                            Postage $30.00 + GST Outlaid $3.00)

Cheque                                     $900.00          Cheque                                    $110.00


No 139                                     30 June

To    LikeNu Furniture

For  OFFICE FURNITURE (3 desks)
     (GST inclusive)
Cheque                          $891.00




             Faculty of Business and Computing       Section 2                                    Page 8 of 27
             Business Administration                                                             7 August 2012
BSBFIA303A/BSBADM309A                                    Process Accounts Payable and Receivable



CASH PAYMENTS JOURNAL OF BANTEX INDUSTRIES                                                                                                 Folio CP 1

       CH                                                                           Debits                                              Credits
Date                      Account Debited          Folio      Accounts                           Other                                  Discount
       No                                                      Payable
                                                                            Purchases
                                                                                                Accounts
                                                                                                           GST Outlaid   Cash at Bank
                                                                                                                                        Received
                                                                                                                                                   GST Outlaid




         Faculty of Business and Computing   Section 2                           Page 9 of 27
         Business Administration                                                7 August 2012
BSBFIA303A/BSBADM309A                                     Process Accounts Payable and Receivable

YOU HAVE COMPLETED TWO FUNCTIONS OF JOURNALS:
 sorted documents of a like nature together
 summarised the detail from each document into the specialist journal

tax invoice             Purchase Journal                      trade goods bought on credit
adjustment note         Purchases Returns Journal             returns of trade goods bought on
credit
voucher/cheque          Cash Payments Journal                 cash payments


YOU NOW HAVE TO PERFORM THE THIRD FUNCTION OF A
JOURNAL:

 act as a means of transfer (from the set of journals) to the Accounts
  Payable Ledger cards
Once you have completed the posting of the three journals to the ledger cards,
you must then check the arithmetical accuracy of your postings to the
Accounts Payable Ledger by:

 preparing a Schedule of Accounts Payable balances, and
 reconciling the Schedule with the Accounts Payable Control account in the
  General Ledger.

Complete the following posting exercises by transferring Accounts payable
information from the Purchases, Purchases Returns and Cash payments
journals. Remember that Accounts Payable are monies owing so you need to
follow the liability rules (see section 1).




          Faculty of Business and Computing   Section 2                          Page 10 of 27
          Business Administration                                                7 August 2012
BSBFIA303A/BSBADM309A                                             Process Accounts Payable and Receivable

ACCOUNTS PAYABLE LEDGER OF SPORTS AUSTRALIA

OZZIE SPORTS                                                                                                      AP 1
Date        Particulars                                     Folio       Debit        Credit               Balance
200X
SEP    01   Capital                                         G1                                           330        00 CR
       06   Cash Pay, Disc Recd, CH1300                     CP1        330      00                            0     00 CR
       09   Purchases, Tax Invoice 1123                     P1                       683      10         683        10 CR
       14   Purchases Ret & Allow, Adjust 555               PR1        188      10                       495        00 CR




JUST GYMNASTICS                                                                                                   AP 2
Date        Particulars                                     Folio       Debit        Credit               Balance
200X
SEP    01   Capital                                         G1                                           198       00 CR




JUMPIN’ JACKS                                                                                                     AP 3
Date        Particulars                                     Folio       Debit        Credit               Balance
200X
SEP    01   Capital                                         G1                                           891       00 CR




            Faculty of Business and Computing   Section 2                                     Page 11 of 27
            Business Administration                                                           7 August 2012
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MEDOWIE BOWLING CLUB                                                                                               AP 4
Date        Particulars                                       Folio       Debit         Credit               Balance
200X
SEP    01   Capital                                           G1                                            440      00 CR




                 SCHEDULE OF ACCOUNTS PAYABLES BALANCES

                                        of      SPORTS AUSTRALIA


                                                                                   30 September
                Account No                      Account Name                          Amount
                AP 1                  Ozzie Sports
                AP 2                  Just Gymnastics
                AP 3                  Jumpin’ Jacks
                AP 4                  Medowie Bowling Club
                                                                      TOTAL




GENERAL LEDGER (extract)
ACCOUNTS PAYABLE CONTROL ACCOUNT                                                                                 Folio   2.1

  Date
                          Particulars                         Folio       Debit         Credit               Balance
  200X
SEP    01   Capital                                           G1                                          1859       00 CR

       30   Purchases                                         P1                        4915      35      6774       35 CR

            Purchases Returns & Allowances                    PR1        415      80                      6358       55 CR

            Cash Payments, Discount Received                  CP1       1023      00                      5335       55 CR




            Faculty of Business and Computing     Section 2                                      Page 12 of 27
            Business Administration                                                              7 August 2012
BSBFIA303A/BSBADM309A                                             Process Accounts Payable and Receivable

ACCOUNTS PAYABLE LEDGER OF BANTEX INDUSTRIES

VANGUARD CAMERAS                                                                                              AP 1
Date 200X      Particulars                                   Folio      Debit       Credit               Balance
JUNE    01     Capital                                       G1                                         770    00 CR




CANON AUSTRALIA                                                                                               AP 2
Date 200X      Particulars                                   Folio      Debit       Credit               Balance
JUNE    01     Capital                                       G1                                         444    40 CR




THE CAMERA HOUSE                                                                                              AP 3
Date 200X      Particulars                                   Folio      Debit       Credit               Balance
JUNE    01     Capital                                       G1                                         495    00 CR




             Faculty of Business and Computing   Section 2                                   Page 13 of 27
             Business Administration                                                         7 August 2012
BSBFIA303A/BSBADM309A                                                 Process Accounts Payable and Receivable


SILHOUETTE PLUS                                                                                                     AP 4
Date 200X       Particulars                                     Folio       Debit        Credit               Balance
JUNE     01     Capital                                         G1                                           440      00 CR




                   SCHEDULE OF ACCOUNTS PAYABLES BALANCES

                                         of       BANTEX INDUSTRIES


                                                                                          30 June
            Account No                            Account Name                            Amount
            AP 1                Vanguard Cameras
            AP 2                Canon Australia
            AP 3                The Camera House
            AP 4                Silhouette Plus
                                                                            TOTAL




GENERAL LEDGER (extract)
ACCOUNTS PAYABLE CONTROL ACCOUNT                                                                                  Folio   2.1

  Date
                            Particulars                         Folio       Debit        Credit               Balance
  200X
JUNE     01   Capital                                           G1                                         2149       40 CR

         30   Purchases                                         P1                       6078      60      8228       00 CR

              Purchases Returns & Allowances                    PR1        445      50                     7782       50CR

              Cash Payments, Discount Received                  CP1       1610      40                     6172       10 CR




              Faculty of Business and Computing     Section 2                                     Page 14 of 27
              Business Administration                                                             7 August 2012
BSBFIA303A/BSBADM309A                                          Process Accounts Payable and Receivable



ACCOUNTS PAYABLE RECONCILIATION

When you have studied this information and completed the exercises, you should be
competent in the following skills:

 explaining the purpose of preparing an ‘Aged’ Schedule of Accounts Payable
  balances and reconciling it with the Accounts Payable Control account in the
  General Ledger.

 reconciling invoices for payment to creditors.



THE RECONCILIATION PROCESS

Internal Reconciliation:
The reconciliation of the control account with the Accounts Payable (subsidiary)
ledger evidences the observance of rules of accounting regarding debits equalling
credits.

Another use of the Schedule of Accounts Payable (Creditors)
The schedule of accounts payable is not only used as a check as to the correct
posting of the creditors’ accounts; the schedule can also be ‘aged’, ie, the listing can
be set out to show how long the accounts have been outstanding. This is an
important tool for use in credit control. Consequently, long-term book debts will have
to be reviewed and monitored closely to avoid being charged interest on any balance
owing.

Schedule of Accounts Payable ‘Aged’ as at 31 July
(days outstanding)
Creditor                        Total Amount                1-30 days        31-60 days      more than 60 days

A Black                           555.00                 255.00               200.00                      100.00
J Braun                           260.00                 260.00
E M Brown                         120.00                 120.00
M Finch                           425.00                 300.00               125.00
R French                           80.00                  80.00
TOTAL                           $1440.00               $1015.00             $325.00                  $100.00


External Reconciliation:
Generally
Reconciliation of accounts is one of the internal control processes that check the
validity and correctness of entries in the accounting records. This section will cover
the validation and verification of internal records using data external to the business.



            Faculty of Business and Computing   Section 2                                 Page 15 of 27
            Business Administration                                                       7 August 2012
BSBFIA303A/BSBADM309A                                      Process Accounts Payable and Receivable



The records of the business and the creditor (accounts payable) are prepared on the
basis of when goods are sent/received, and when payments are made/received.
Because of this there will be differences between the records. Additional differences
will occur because of errors, omissions and misunderstandings between the parties.
A list of differences could include:

 goods forwarded by the creditor and not received by the business;

 payments made by the business but not received by the creditor;

 discount taken but not allowed by the creditor;

 incorrect charges by the creditor; and

 incorrect postings by the business.

Consequently, good internal control demands that all creditors be reconciled
regularly and that errors, omission, etc be corrected.

Reconciliation procedure
The procedures to be followed in the preparation of an Accounts Payable
reconciliation statement are as follows:

 compare and tick the internals records with the statement of account issued by
  the creditor;

 investigate unticked items in either the internal account or the creditor’s
  statement;

 correct the business records if necessary; and

 prepare a reconciliation statement to be forwarded with the remittance to the
  creditor. The statement will commence with the final balance as per the
  creditor’s statement and end with the final balance of the business’s account
  and accompanying payment.


Once you have completed the sample exercise:

Using the accounts payable ledger cards and the attached creditors’
statements on the following pages prepare reconciliation statements as at 30
June for Bantex Industries.

The reconciliation for Sports Australia, on the following page, provides an
example of this process.




           Faculty of Business and Computing   Section 2                          Page 16 of 27
           Business Administration                                                7 August 2012
BSBFIA303A/BSBADM309A                                              Process Accounts Payable and Receivable




STATEMENT FROM:                                                  DATE: 25 September

OZZIE SPORTS                                                     TO:
122 William Street                                               The Accountant
RAYMOND TERRACE NSW 2324                                         SPORTS AUSTRALIA
ABN: 55 111 222 333                                              82 Maitland Road
Telephone: (02) 8754 7861                                        MAYFIELD NSW 2304
Fax:         (02) 8754 7862

DATE        REFERENCE                                                DEBIT        CREDIT              BALANCE

SEP    01   Opening Balance                                                                              330.00

       06   Receipt 401(Cheque No 1300)                                          330.00 313.50                   16.50
       09   Tax Invoice 1123                                     683.10 638.10                                  654.60
       14   Adjustment Note 555                                                          188.10                 466.50
       16   Receipt 450 (Cheque No 1303)                                         495.00 459.00                    7.50
       18   Tax Invoice 1175                                           594.00                                   601.50


        OVER 90 DAYS                             90 DAYS           60 DAYS        30 DAYS             CURRENT
                                                                                      16.50                     585.00

TERMS: 5% in 10 days and strictly net 30 days

REMITTANCE ADVICE
Please return this section with your payment to:

                                              OZZIE SPORTS
                                             122 William Street
                                        RAYMOND TERRACE NSW 2324
                                            ABN: 55 111 222 333

NAME:________________________                                     AMOUNT:_____________________
                                                                  DISCOUNT:___________________




OZZIE SPORTS—
Reconciliation of account as at 30 September
Closing balance as per Creditor’s statement                                                                 601.50
Add undercharge on TIN 1123                                                                   45.00
Less Discount Rec 401,CHQ 1300 not given                                                 (16.50)
Less Error Rec 450,CHQ 1303                                                              (36.00)                (7.50)
Balance per Accounts Payable Ledger Card                                                                    594.00




             Faculty of Business and Computing       Section 2                                  Page 17 of 27
             Business Administration                                                            7 August 2012
BSBFIA303A/BSBADM309A                                              Process Accounts Payable and Receivable




STATEMENT FROM:                                                  DATE: 25 June

VANGUARD CAMERAS                                                 TO:
444 George Street                                                The Accountant
SYDNEY NSW 2000                                                  BANTEX INDUSTRIES
ABN: 12 111 222 333                                              98 James Street
Telephone: (02) 9216 2982                                        NEWCASTLE NSW 2300
Fax:        (02) 9216 2983

DATE        REFERENCE                                                DEBIT        CREDIT          BALANCE

JUNE 01     Opening Balance                                                                                 770.00

       06   Receipt 802 (Cheque No 131)                                               770.00                  0.00
       08   Tax Invoice 123                                              693.00                             693.00
       15   Adjustment Note 421                                                       279.00                414.00
            Receipt 830 (Cheque No 134)                                               396.00                 18.00
       18   Tax Invoice 300                                             1872.00                         1890.00
        OVER 90 DAYS                             90 DAYS            60 DAYS       30 DAYS         CURRENT
                                                                                                        1890.00

TERMS: 5% in 10 days and strictly net 30 days

                                                 REMITTANCE ADVICE
Please return this section with your payment to:

                                                 VANGUARD CAMERAS
                                                   444 George Street
                                                  SYDNEY NSW 2000
                                                  ABN: 12 111 222 333

NAME:________________________                                     AMOUNT:_____________________
                                                                  DISCOUNT:___________________




Vanguard Cameras—
Reconciliation of account as at 30 June
Closing balance as per Creditor’s statement                                                             1890.00




             Faculty of Business and Computing       Section 2                              Page 18 of 27
             Business Administration                                                        7 August 2012
BSBFIA303A/BSBADM309A                                              Process Accounts Payable and Receivable




STATEMENT FROM:                                                  DATE: 25 June

CANON AUSTRALIA                                                  TO:
122 Albert Park Road                                             The Accountant
SYDNEY NSW 2000                                                  BANTEX INDUSTRIES
ABN: 12 111 222 333 444                                          98 James Street
Telephone: (02) 9354 7861                                        NEWCASTLE NSW 2300
Fax:         (02) 9354 7862

DATE        REFERENCE                                                DEBIT        CREDIT          BALANCE

JUNE 01     Opening Balance                                                                                 444.40

       08   Receipt 786 (Cheque No 133)                                               444.40                  0.00
       10   Tax Invoice 444                                              445.50                             445.50
       17   Adjustment Note 224                                          148.50                             594.00




       OVER 90 DAYS                              90 DAYS            60 DAYS       30 DAYS         CURRENT
                                                                                                            594.00

TERMS: 5% in 10 days and strictly net 30 days

REMITTANCE ADVICE
Please return this section with your payment to:
                                        CANON AUSTRALIA
                                        122 Albert Park Road
                                        SYDNEY NSW 2000
                                       ABN: 12 111 222 333 444

NAME:________________________                                     AMOUNT:_____________________
                                                                  DISCOUNT:___________________




Canon Australia—
Reconciliation of account as at 30 June
Closing balance as per Creditor’s statement                                                             594.00




             Faculty of Business and Computing       Section 2                              Page 19 of 27
             Business Administration                                                        7 August 2012
BSBFIA303A/BSBADM309A                                               Process Accounts Payable and Receivable


 HOME REVISION EXERCISE – ENTERTAINMENT AUSTRALIA

ENTERTAINMENT AUSTRALIA—Tax Invoices received from suppliers

LITTLE JEANIE ENTERPRISES                                         EVERLEY SISTERS LTD
Sydney                                                            Sydney
ABN: 12 333 444 777                                               ABN: 12 222 333 222
To: Entertainment Australia                                       To: Entertainment Australia
      Newcastle          Tax Invoice 742                                Newcastle         Tax Invoice 454
Date: 4 October                                                   Date: 9 October
Qty Particulars             Rate    Amount                        Qty Particulars            Rate    Amount
      Trade Goods                    4000.00                            Trade Goods                   1200.00
     Less Trade Discount                           200.00              Less Trade Discount                  60.00
     Subtotal                                     3800.00              Subtotal                           1140.00
     Add GST                                       380.00              Add GST                             114.00
     TOTAL (GST inclusive)                       $4180.00              TOTAL (GST inclusive)             $1254.00



JOHN PAUL OLD LTD                                                 EVERLEY SISTERS LTD
Sydney                                                            Sydney
ABN: 12 333 333 222                                               ABN: 12 222 333 222
To: Entertainment Australia                                       To: Entertainment Australia
      Newcastle          Tax Invoice 172                                Newcastle         Tax Invoice 484
Date: 18 October                                                  Date: 25 October
Qty Particulars             Rate    Amount                        Qty Particulars            Rate    Amount
      Trade Goods                    1400.00                            Trade Goods                   1210.00
     Less Trade Discount                            70.00              Less Trade Discount                  60.50
     Subtotal                                     1330.00              Subtotal                           1149.50
     Add GST                                       133.00              Add GST                             114.95
     TOTAL (GST inclusive)                       $1463.00              TOTAL (GST inclusive)             $1264.45



LITTLE JEANIE ENTERPRISES                                         JOHN PAUL OLD LTD
Sydney                                                            Sydney
ABN: 12 333 444 777                                               ABN: 12 333 333 222
To: Entertainment Australia                                       To: Entertainment Australia
      Newcastle          Tax Invoice 772                                Newcastle         Tax Invoice 204
Date: 27 October                                                  Date: 31 October
Qty Particulars             Rate    Amount                        Qty Particulars            Rate    Amount
      Trade Goods                    2000.00                            Trade Goods                    440.00
     Less Trade Discount                           100.00              Less Trade Discount                  22.00
     Subtotal                                     1900.00              Subtotal                            418.00
     Add GST                                       190.00              Add GST                              41.80
     TOTAL (GST inclusive)                       $2090.00              TOTAL (GST inclusive)              $459.80




ENTERTAINMENT AUSTRALIA—Adjustment Notes received from suppliers

LITTLE JEANIE ENTERPRISES                                         EVERLEY SISTERS LTD
Sydney                                                            Sydney
ABN: 12 333 444 777                                               ABN: 12 222 333 222
To: Entertainment Australia                                       To: Entertainment Australia
      Newcastle     Adjustment Note 456                                 Newcastle     Adjustment Note 123
Date: 11 October     Inv No 742                                   Date: 16 October             Inv No 454
Qty Particulars             Rate   Amount                         Qty Particulars            Rate    Amount
     By Returns: (damaged)                                             By Allowance: (broken)
     Trade Goods                                   400.00              Trade Goods                         140.00
     Less Trade Discount                            20.00              Less Trade Discount                   7.00
     Subtotal                                      380.00              Subtotal                            133.00
     Add GST                                        38.00              Add GST                              13.30
     TOTAL (GST inclusive)                        $418.00              TOTAL (GST inclusive)              $146.30


             Faculty of Business and Computing        Section 2                                 Page 20 of 27
             Business Administration                                                            7 August 2012
BSBFIA303A/BSBADM309A                                                   Process Accounts Payable and Receivable


ENTERTAINMENT AUSTRALIA—Cheque butts
No 298                                  01 October                No 299                           03 October

To    Cash                                                        To      Cash

For   PETTY CASH (IMPREST)                                        For     WAGES

Cheque                                      $400.00               Cheque                              $750.00

No 300                                  04 October                No 301                           06 October

To    LITTLE JEANIE ENTERPRISES                                   To      The Great Event

For September A/c $396 less (discount                             For     PURCHASE OF TRADE GOODS
$18.00 and GST Outlaid Adjustment $1.80)                                  (GST inclusive)

Cheque                                      $376.20               Cheque                              $990.00

No 302                                  07 October                No 303                           12 October

To    EVERLEY SISTERS LTD                                         To      LITTLE JEANIE ENTERPRISES

For September A/c $451 less (discount                             For Tax Invoice 742 less Adjustment
$20.50 and GST Outlaid Adjustment $2.05)                          Note 456 ($3762.00) less (discount $171.00 and
                                                                  GST Outlaid Adjustment $17.10)

Cheque                                      $428.45               Cheque                             $3573.90

No 304                                  17 October                No 305                           19 October

To    Cash                                                        To      Cash (personal use)

For   WAGES                                                       For     DRAWINGS

Cheque                                      $750.00               Cheque                               $568.00

No 306                                  31 October                No 307                           31 October

To    Cash                                                        To      Cash

For   WAGES                                                       For PETTY CASH REIMBURSEMENT
                                                                  (Repairs $60.00 + GST Outlaid $6.00;
                                                                  Printing $60.00 + GST Outlaid $6.00)

Cheque                                      $750.00               Cheque                               $132.00

No 308                                  31 October

To    Mitsubishi Motors

For  MOTOR VEHICLE
     (GST inclusive)
Cheque                                    $5500.00




              Faculty of Business and Computing       Section 2                                   Page 21 of 27
              Business Administration                                                             7 August 2012
BSBFIA303A/BSBADM309A                                           Process Accounts Payable and Receivable




PURCHASES JOURNAL OF ENTERTAINMENT AUSTRALIA                                                             Folio P1

                                                                                                 Accounts
          Tax                                                                   GST Outlaid
 Date   Invoice
                    Particulars-Accounts Payable            Folio   Purchases                 Payable Control
                                                                                  (Paid)        (Creditors)




PURCHASES RETURNS AND ALLOWANCES JOURNAL OF ENTERTAINMENT AUSTRALIA                                      Folio PR1

                                                                                                 Accounts
        Adjust                                                      Purchases   GST Outlaid
 Date               Particulars-Accounts Payable            Folio                             Payable Control
         Note                                                        Returns      (Paid)        (Creditors)




            Faculty of Business and Computing   Section 2                                Page 22 of 27
            Business Administration                                                      7 August 2012
BSBFIA303A/BSBADM309A                             Process Accounts Payable and Receivable



CASH PAYMENTS JOURNAL OF ENTERTAINMENT AUSTRALIA                                                                                    Folio CP 1

       CH                                                                    Debits                                              Credits
Date                      Account Debited    Folio       Accounts                         Other                                  Discount
       No                                                 Payable
                                                                     Purchases
                                                                                         Accounts
                                                                                                    GST Outlaid   Cash at Bank
                                                                                                                                 Received
                                                                                                                                            GST Outlaid




         Faculty of Business and Computing   Section 2                   Page 23 of 27
         Business Administration                                         7 August 2012
BSBFIA303A/BSBADM309A                                 Process Accounts Payable and Receivable



ACCOUNTS PAYABLE LEDGER OF ENTERTAINMENT AUSTRALIA

LITTLE JEANIE ENTERPRISES                                                                         AP 1
Date 200X   Particulars                         Folio        Debit      Credit               Balance
OCT    01   Capital                             G1                                          396    00 CR




EVERLEY SISTERS LTD                                                                               AP 2
Date 200X   Particulars                         Folio        Debit      Credit               Balance
OCT    01   Capital                             G1                                          451    00 CR




JOHN PAUL OLD LTD                                                                                 AP 3
Date 200X   Particulars                         Folio        Debit      Credit               Balance
OCT    01   Capital                             G1                                          231    00 CR




            Faculty of Business and Computing    Section 2                       Page 24 of 27
            Business Administration                                              7 August 2012
BSBFIA303A/BSBADM309A                                         Process Accounts Payable and Receivable




JON PAULE YOUNG                                                                                                AP 4
Date 200X     Particulars                               Folio         Debit         Credit               Balance
OCT    01     Capital                                   G1                                              660      00 CR




                   SCHEDULE OF ACCOUNTS PAYABLES BALANCES

                                of        ENTERTAINMENT AUSTRALIA


                                                                                   31 October
            Account No                           Account Name                       Amount
            AP 1               Little Jeanie Enterprises
            AP 2               Everley Sisters Ltd
            AP 3               John Paul Old Ltd
            AP 4               Jon Paule Young
                                                                      TOTAL




GENERAL LEDGER (extract)
ACCOUNTS PAYABLE CONTROL ACCOUNT                                                                             Folio   2.1

  Date
                           Particulars                  Folio         Debit         Credit                   Balance
  200X
OCT    01     Capital                                   G1                                               1738        00 CR

       31     Purchases                                 P1                         10711      25       12449         25 CR

              Purchases Returns & Allowances            PR1          564      30                       11884         95 CR

              Cash Payments, Discount Received          CP1          4609     00                         7275        95 CR




             Faculty of Business and Computing           Section 2                           Page 25 of 27
             Business Administration                                                         7 August 2012
BSBFIA303A/BSBADM309A                                           Process Accounts Payable and Receivable

Using the accounts payable ledger cards and the attached creditors’ prepare
reconciliation statements as at 31 October.


STATEMENT FROM:                                            DATE: 31 October

LITTLE JEANIE ENTERPRISES                                  TO:
63 Rodwell Street                                          The Accountant
SYDNEY NSW 2000                                            ENTERTAINMENT AUSTRALIA
ABN: 12 333 444 777                                        555 Hunter Street
Telephone: (02) 9416 2982                                  NEWCASTLE NSW 2300
Fax:        (02) 9416 2983

DATE        REFERENCE                                              DEBIT         CREDIT          BALANCE

OCT    01   Opening Balance                                                                                396.00

       04   Receipt 555 (Cheque No 300)                                 396.00                             792.00
            Tax Invoice 742                                            4180.00                         4972.00
       11   Adjustment Note 456                                                     418.00             4554.00
       12   Receipt 595 (Cheque No 303)                                            3762.00                 792.00
       27   Tax Invoice 772                                            2900.00                         3692.00
        OVER 90 DAYS                             90 DAYS         60 DAYS         30 DAYS         CURRENT
                                                                                                       3692.00

TERMS: 5% in 10 days and strictly net 30 days

                                                 REMITTANCE ADVICE
Please return this section with your payment to:

                                         LITTLE JEANIE ENTERPRISES
                                               63 Rodwell Street
                                             SYDNEY NSW 2000
                                              ABN: 12 333 444 777

NAME:________________________                                AMOUNT:_____________________
                                                             DISCOUNT:___________________




Little Jeanie Enterprises—
Reconciliation of account as at 31 October
Closing balance as per Creditor’s statement                                                            3692.00




             Faculty of Business and Computing             Section 2                       Page 26 of 27
             Business Administration                                                       7 August 2012
BSBFIA303A/BSBADM309A                                            Process Accounts Payable and Receivable




STATEMENT FROM:                                             DATE: 20 October

EVERLEY SISTERS LTD                                         TO:
122 City Road                                               The Accountant
SYDNEY NSW 2000                                             ENTERTAINMENT AUSTRALIA
ABN: 12 222 333 222                                         555 Hunter Street
Telephone: (02) 9221 7861                                   NEWCASTLE NSW 2300
Fax:        (02) 9221 1441

DATE        REFERENCE                                               DEBIT         CREDIT          BALANCE

OCT    01   Opening Balance                                                                                 451.00

       07   Receipt 232 (Cheque No 302)                                              451.00                   0.00
       09   Tax Invoice 454                                             1254.00                         1254.00
       16   Adjustment Note                                                          146.30             1107.70




        OVER 90 DAYS                             90 DAYS          60 DAYS         30 DAYS         CURRENT


TERMS: 5% in 10 days and strictly net 30 days

REMITTANCE ADVICE
Please return this section with your payment to:

                                                 EVERLEY SISTERS LTD
                                                     122 City Road
                                                  SYDNEY NSW 2000
                                                  ABN: 12 222 333 222

NAME:________________________                                 AMOUNT:_____________________
                                                              DISCOUNT:___________________




Everley Sisters Ltd—
Reconciliation of account as at 31 October
Closing balance as per Creditor’s statement                                                            1107.70




             Faculty of Business and Computing              Section 2                       Page 27 of 27
             Business Administration                                                        7 August 2012

								
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