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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