|
Schedule of Accounts Receivable
as at 31 May 20XX |
||||
|
Customer
|
Invoice No.
|
Terms
|
Date of Invoice
|
Amount Due
|
|
Coral Holiday Resort
|
3347
|
N30
|
15/05/20XX
|
$ 2,160.00
|
|
Beach and Reef Holidays
|
3339
|
N30
|
3/05/20XX
|
1,320.00
|
|
Budget Diving Tours
|
3352
|
N30
|
29/05/20XX
|
2,280.00
|
|
$ 5,760.00
|
||||
|
Schedule of Accounts Payable
as at 31 May 20XX |
||||
|
Supplier
|
Invoice No.
|
Terms
|
Date of Invoice
|
Amount Due
|
|
Louis Reevsby
|
1753
|
N7
|
31/05/20XX
|
$ 960.00
|
|
One Stop Diving Shop
|
13467
|
N30
|
30/04/20XX
|
2,400.00
|
|
Diving DownUnder
|
9412
|
N30
|
8/05/20XX
|
2,464.00
|
|
$ 5,824.00
|
||||
|
Pro Diver
Trial Balance as at 31 May 20XX |
|||||
|
Account Number
|
Account
|
Debit
|
Credit
|
||
|
100
|
Bank Account
|
$
|
14,632.20
|
||
|
105
|
Petty Cash
|
200.00
|
|||
|
110
|
Accounts Receivable
|
5,760.00
|
|||
|
120
|
Prepaid Insurance
|
381.25
|
|||
|
130
|
Prepaid Rates and Taxes
|
164.75
|
|||
|
140
|
GST Paid (Outlays)
|
1,905.75
|
|||
|
160
|
Buildings and Improvements (Cost)
|
350,000.00
|
|||
|
161
|
Accumulated Depreciation – Bldgs and Improvements
|
$
|
43,750.00
|
||
|
170
|
Hire Equipment (Cost)
|
108,000.00
|
|||
|
171
|
Accumulated Depreciation – Hire Equipment
|
67,500.00
|
|||
|
180
|
Motor Vehicles (Cost)
|
29,900.00
|
|||
|
181
|
Accumulated Depreciation – Motor Vehicles
|
8,970.00
|
|||
|
190
|
Store Equipment (Cost)
|
14,700.00
|
|||
|
191
|
Accumulated Depreciation – Store Equipment
|
6,615.00
|
|||
|
200
|
Accounts Payable
|
5,824.00
|
|||
|
210
|
GST Collected
|
5,745.90
|
|||
|
220
|
PAYG Withholding Payable
|
1,120.00
|
|||
|
230
|
Superannuation Payable
|
432.00
|
|||
|
280
|
Bank Loan
|
220,000.00
|
|||
|
310
|
Capital
|
151,156.00
|
|||
|
315
|
Drawings
|
36,000.00
|
|||
|
400
|
Hire Service Income
|
122,880.00
|
|||
|
410
|
Lesson Income
|
25,530.00
|
|||
|
420
|
Discounts Received
|
392.10
|
|||
|
430
|
Freight Collected
|
85.00
|
|||
|
600
|
Advertising
|
2,150.00
|
|||
|
605
|
Bank Charges
|
112.40
|
|||
|
610
|
Cleaning
|
800.00
|
|||
|
615
|
Depreciation
|
35,323.00
|
|||
|
625
|
Electricity
|
3,480.50
|
|||
|
630
|
Freight Expense
|
962.35
|
|||
|
635
|
Insurance
|
4,193.75
|
|||
|
640
|
Interest Expense
|
14,002.80
|
|||
|
645
|
Motor Vehicle Expenses
|
2,530.00
|
|||
|
650
|
Office Supplies
|
118.80
|
|||
|
655
|
Printing and Postage
|
109.10
|
|||
|
660
|
Rates and Taxes
|
1,812.25
|
|||
|
665
|
Repairs and Maintenance
|
675.00
|
|||
|
670
|
Diving Instruction Charges
|
13,710.00
|
|||
|
675
|
Staff Amenities
|
234.70
|
|||
|
680
|
Superannuation
|
1,404.00
|
|||
|
685
|
Telephone
|
1,137.40
|
|||
|
690
|
Wages and Salaries
|
15,600.00
|
|||
|
$
|
660,000.00
|
$
|
660,000.00
|
||
| June 1 | Cash sale #3357 for hire of diving equipment, total value $318.00, including GST. The customer paid by EFTPOS which went directly into our bank account. | |
| June 4 | Received the telephone bill (invoice #289467) from Telstra for $376.42, including GST. This was paid immediately with cheque #1194. | |
| June 5 | Paid Louis Reevsby $960.00 with cheque #1195, the amount owing to him for invoice #1753. | |
| June 6 | Receive 3 scuba sets (hire equipment) costing $2,660.00 including GST, from Coral Divers Imports together with their invoice #23116 for $2,771.00 which included a freight charge of $111.00. Terms on this invoice are 5/10, N30 and prices include GST. | |
| June 7 | Invoiced (invoice #3358) Beach and Reef Holidays for the hire of equipment ($1,121.00) and lessons ($1,980.00). Total invoice value $3,101.00 including GST and terms are N30. | |
| June 10 | Received and banked a cheque for $1,320.00 from Beach and Reef Holidays. | |
| June 12 | Purchased postage stamps ($60.00 including GST) from Australia Post. These were paid for with cash from petty cash. | |
| June 12 | Sent cheque #1196 for $2,400.00 to One Stop Diving Shop in payment of their invoice #13467. | |
| June 12 | The owner, Sam Mackee, cashed cheque #1197 for $2,968.00 for his own use. | |
| June 14 | Paid Coral Divers Imports $2,632.45 with cheque #1198. This was in payment of their invoice #23116 less prompt payment discount. | |
| June 15 | Purchased coffee and biscuits (staff amenities) for $26.85 from Campbell’s Cash & Carry. This amount includes only $0.72 GST as some of the items are GST free. These were paid for with cash from petty cash. | |
| June 17 | Sold ex hire equipment to Mark Allen for $663.00 including GST. His cheque for this amount was banked today. This equipment originally cost $812.00, but was written down to $310.00 at the date of sale. Calculate and journalise the profit on the sale. | |
| June 17 | Received a bill (invoice #2234) from Louis Reevsby for $1,326.00 including GST for diving instruction provided. His terms are N7. | |
| June 18 | Cash sale (invoice #3359) for hire of equipment $281.60 and lessons $1,320.00. The customer paid the $1,601.60 including GST by EFTPOS. | |
| June 19 | Invoiced (invoice #3360) Cairns Coral Divers for hire of equipment $2,217.60 and lessons $1,188.00. Total value of invoice $3,405.60 including GST with terms of 10/10, N30. | |
| June 20 | Purchase fuel for the motor vehicle costing $88.00 including GST. This was paid for with cheque #1199. | |
| June 24 | Received and banked a cheque for $2,160.00 from Coral Holiday Resort. | |
| June 24 | Cashed cheque #1200 for $86.85 to reimburse petty cash. | |
| June 24 | Paid Tank World with cheque #1201 for repairs to scuba tanks costing $352.00 including GST. | |
| June 25 | Sent cheque #1202 for $432.00 to Australian Super. This was in payment of the amount of superannuation owing for May. | |
| June 26 | Credit sale to Adventure Tours (invoice #3361) for hire of equipment $792.00 and lessons $1,320.00. Prices include GST and terms are N30. | |
| June 26 | Received new dive equipment for hire equipment ($1,650.00) from Diving DownUnder together with their invoice #9457 for $1,705.00 including GST, which included a freight charge of $55.00. Terms N30. | |
| June 27 | Received adjustment note #9462 from Diving DownUnder for $165.00 including GST. This was for the return of one of the dive equipment purchased on invoice #9457. | |
| June 28 | Paid Coastal Reef Cleaners for cleaning services provided in June $110.00 including GST, by cheque #1203. | |
| June 28 | Cashed cheque #1204 for $4,060.00 for wages for the month. Gross wages are $4,600.00 and PAYG Withholding deducted was $540.00. | |
| June 28 | Received and banked a cheque for $3,065.04 from Cairns Coral Divers. |
|
Bank Reconciliation
as at 31 May 20XX |
||||
|
Balance as per bank statement
|
$ 16,172.20 | |||
|
Add:
|
Outstanding deposit
|
300.00 | ||
|
|
16,472.20 | Cr | ||
|
Less:
|
Unpresented cheques
|
|||
|
|
Number 1191
|
1,640.00 | ||
|
|
Number 1193
|
200.00 | 1,840.00 | |
|
Balance as per bank account
|
$ 14,632.20 | Dr | ||
|
Coastal Reef Building Society
ABN 26 174 832 374 |
||||
|
Pro Diver
|
BBS No.:
|
223-000
|
||
|
Barrier Reef Drive
|
Account No.:
|
45902
|
||
|
Cairns QLD 4870
|
Page:
|
1 of 1
|
||
|
Statement Date:
|
30 June 20XX
|
|||
|
Debit
|
Credit
|
Balance
|
||
|
1/06/XX
|
Opening balance
|
16,172.20 Cr | ||
|
Bank fees
|
14.70 | |||
|
Loan Repayment
|
2,000.00 | |||
|
Deposit
|
300.00 | 14,457.50 Cr | ||
|
2/06/XX
|
Deposit
|
318.00 | ||
|
Cheque 1191
|
1,640.00 | |||
|
Cheque 1193
|
200.00 | 12,935.50 Cr | ||
|
5/06/XX
|
Cheque 1194
|
376.42 | ||
|
Cheque 1195
|
960.00 | 11,599.08 Cr | ||
|
10/06/XX
|
Deposit
|
1,320.00 | 12,919.08 Cr | |
|
12/06/XX
|
Cheque 1197
|
2,968.00 | 9,951.08 Cr | |
|
17/06/XX
|
Cheque 1196
|
2,400.00 | ||
|
Cheque 1198
|
2,632.45 | |||
|
Deposit
|
663.00 | 5,581.63 Cr | ||
|
18/06/XX
|
Deposit
|
1,601.60 | 7,183.23 Cr | |
|
24/06/XX
|
Deposit
|
2,160.00 | ||
|
Cheque 1199
|
88.00 | |||
|
Cheque 1200
|
86.85 | 9,168.38 Cr | ||
|
25/06/XX
|
Cheque 1201
|
352.00 | 8,816.38 Cr | |
|
27/06/XX
|
Cheque 1202
|
432.00 | 8,384.38 Cr | |
|
28/06/XX
|
Cheque 1204
|
4,060.00 | ||
|
Deposit
|
3,065.04 | 7,389.42 Cr | ||
(A): Opening Balances General Ledgers
(B): Opening Balances Subsidiary Ledgers
(C): Record transactions in Journals
(D): Bank Reconciliation
(E): Identify post ref for Special Journal & post to General Ledger
(F): Post transactions to subsidiary ledgers
(G): Prepare Schedules for A/C Receivable & A/C Payable
(H): Prepare Trial Balance in the worksheet
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