Accounts Receivable and Accounts Payable Reconciliation Task ACC203
- Subject Code :
ACC203
The following information has been provided to assist with Tasks A-C:
Accounts Receivable:
Accounts Receivable balances at 31 July 20XX:
|
Number |
Name |
Balance |
|
D10 |
S. Tull |
$2,468 |
|
D20 |
E. Galdise |
$3,469 |
|
D30 |
R. Rosa |
$3,525 |
|
D40 |
M. Yarragon |
$1,690 |
|
D50 |
T. Tosh |
$1,520 |
|
Balance as per Accounts Receivable Control Account |
$12,672 |
|
Sales Journal |
||||||
|
Date Aug 20XX |
Debtor |
Folio |
Inv |
Sales |
GST Collected |
Accounts Receivable Control |
|
3 |
E. Galdise |
D20 |
0092 |
$1,690 |
$169 |
$1,859 |
|
5 |
S. Tull |
D10 |
0093 |
$2,460 |
$246 |
$2,706 |
|
10 |
R. Rosa |
D30 |
0094 |
$3,660 |
$366 |
$4,026 |
|
15 |
M. Yarragon |
D40 |
0095 |
$4,560 |
$456 |
$5,016 |
|
25 |
T. Tosh |
D50 |
0096 |
$990 |
$99 |
$1,089 |
|
$13,360 |
$1,336 |
$14,696 |
||||
Sales Returns & Allowances Journal |
||||||
|
Date Aug 20XX |
Debtor |
Folio |
CRN |
Sales Returns |
GST Collected |
Accounts Receivable Control |
|
27 |
S. Tull |
D10 |
62 |
$50 |
$5 |
$55 |
|
28 |
R. Rosa |
D30 |
63 |
$40 |
4$ |
$44 |
|
$90 |
$9 |
$99 |
||||
Cash Receipts Journal |
||||||||
|
Date Aug 20XX |
Particulars |
Fol |
Ref |
Accounts Receivable |
Discount Allowed |
GST Collected |
Bank |
|
|
6 |
E. Galdise |
D20 |
ETF |
$1,100 |
$1,100 |
|||
|
11 |
R. Rosa |
D30 |
EFT |
$2,600 |
20 |
2 |
$2,600 |
|
|
19 |
M. Yarragon |
D40 |
Chq 023 |
$1,690 |
$1,690 |
|||
|
21 |
S. Tull |
D10 |
Chq 026 |
$2,000 |
10 |
1 |
$2,000 |
|
|
25 |
T. Tosh |
D50 |
EFT |
$1,520 |
$1,520 |
|||
|
$8,910 |
30 |
3 |
$8,910 |
|||||
The following discrepancies were identified at the end of the month:
- Galdise was charged a late fee of $50
- Invoice 97 relating to S. Tull was omitted from the Sales Journal on 27 August - $1,012 inc GST
- The Sales Journal entry on 15 August relating to M. Yarragon was overstated by $110 inc GST
- The Sales Journal entry on 25 August relating to T. Tosh was understated by $220 inc GST
Accounts Payable:
Accounts Payable balances at 31 July 20XX:
|
Number |
Name |
Balance |
|
C10 |
Country Traders |
$2,690 |
|
C20 |
Design Right |
$3,240 |
|
C30 |
Furniture Traders |
$2,120 |
|
C40 |
Banyan Traders |
$2,240 |
|
Balance as per Accounts Payable Control Account |
$10,290 |
|
Purchases Journal |
||||||
|
Date Aug 20XX |
Creditor |
Fol |
Inv |
Purchases |
GST Paid |
Accounts Payable Control |
|
6 |
Country Traders |
C10 |
00621 |
$1,200 |
$120 |
$1,320 |
|
10 |
Design Right |
C20 |
00524 |
$2,300 |
$230 |
$2,530 |
|
16 |
Banyan Traders |
C40 |
00461 |
$2,100 |
$210 |
$2,310 |
|
24 |
Furniture Traders |
C30 |
00400 |
$1,620 |
$162 |
$1,782 |
|
$7,220 |
$722 |
$7,942 |
||||
Purchase Returns & Allowances Journal |
||||||
|
Date Aug 20XX |
Creditor |
Fol |
CRN |
Purchase Returns |
GST Paid |
Accounts Payable Control |
|
26 |
Country Traders |
C10 |
41 |
$30 |
$3 |
$33 |
|
29 |
Furniture Traders |
C30 |
42 |
$40 |
$4 |
$44 |
|
$70 |
$7 |
$77 |
||||
Cash Payments Journal |
|||||||
|
Date Aug 20XX |
Particulars |
Fol |
Ref |
Accounts Payable |
Discount Received |
GST Paid |
Bank |
|
7 |
Design Right |
C20 |
EFT |
$1,000 |
$1,000 |
||
|
12 |
Country Traders |
C10 |
Chq 0045 |
$2,400 |
20 |
2 |
$2,400 |
|
19 |
Banyan Traders |
C40 |
Chq 0049 |
$1,900 |
10 |
1 |
$1,900 |
|
25 |
Furniture Traders |
C30 |
EFT |
$2,000 |
10 |
1 |
$2,000 |
|
$7,300 |
40 |
4 |
$7,300 |
||||
The following discrepancies were identified at the end of the month:
- The business was charged a late fee of $60 by Design Right
- Invoice 642 relating to Country Traders was omitted from the Purchases Journal on 28 August - $979 inc GST
- The Purchases Journal entry on 16 August relating to Banyan Traders was overstated by $220 inc GST
- The Purchases Journal entry on 24 August relating to Furniture Traders was understated by $352 inc GST
The following supplier statement was provided by Furniture Traders:
Furniture TradersABN: 66 890 678 678 TO: Naturally Murri 224 Bridge St Nillumbik VIC 3090 Supplier Statement for August 20XX |
||||
|
Date |
Particulars |
Debit |
Credit |
Balance |
|
01 August 20XX |
Balance |
$2,120 |
||
|
24 August 20XX |
Invoice 400 |
$2,134 |
$4,254 |
|
|
28 August 20XX |
Invoice 421 |
$1,100 |
$5354 |
|
|
29 August 20XX |
CRN |
$44 |
$5,310 |
|
The following differences were found by Antoinette Murri:
- The payment of $2,000 made on the 25thAugust does not appear on the statement
- The business did not receive Invoice 421
