I just need help with task 3, task 4, and Special Journals
COMPAK | ACCOUNTING UNIT 1
ACCOUNTING UNIT 1
Activity 1: Documents
Read the following documents and complete the related tasks.
Business: No Holes Plumbing Services
Use information in Document 1 to complete Tasks 1, 2 and 3.
Document 1
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NO HOLES PLUMBING SERVICES 675 Master Drive COPPERVILLE VIC 3444 Telephone: 9555 3336 ABN: 56 254 858 569 INVOICE No: 5987 TAX INVOICE 20 February 2020 TO: Wilma Watt 55 Drain Road WATERFALL VIC 3333 | ||
| May 20 | Repair and replace down pipes | $561 |
| Supply and fit taps | $253 | |
| Inspect drains | $220 | |
| Total: | $1 034 (inc. GST) | |
Task 1
Complete the following table of questions relating to Document 1.
| Name the type of document. | |
| Who would receive the original document? | |
| What is the document number? | |
| Who would have the duplicate of the document? | |
| Suggest one improvement to the design of this document. | |
Task 2
Complete the following table to show the effect of Document 1 on the accounting equation of No Holes Plumbing Services.
| Increase/Decrease/No effect | Amount | |
| Assets | ||
| Liabilities | ||
| Owner’s Equity |
Task 3
Explain the role of business documents in the accounting process.
Task 4
Explain how the use of source documents ensures that the reports are verifiable.
Business: Old School Fun
Use information in Documents 1, 2 and 3 to complete Tasks 1, 2 and 3.
Document 1
| Invoice 445 | BETTER GAMES ABN: 23 655 909 750 113 Macintosh Street Cloudtown VIC 3162 | Tax Invoice Terms: 2/10, n/28 | |||||
| Sold to: | Old School Fun Low Point, Level 11 Eastfield VIC 3777 | ||||||
| Date | Details | Qty | Unit Price | Total $ | |||
| March 2 | Go Fish | 15 | 30 | 450 | |||
| Ladders and Snakes | 20 | 15 | 300 | ||||
| Eddie the Explorer | 30 | 12 | 360 | ||||
| Context 5 | 40 | 9 | 360 | ||||
| | | ||||||
| Total | 1 470 (Inc. GST) | ||||||
| Please retain this document for taxation purposes. | |||||||
Task 1
Complete the following table to show the effect of Document 1 on the accounting equation of Old School Fun.
| Assets | = | Liabilities | + | Owner’s Equity |
Document 2
| High Road Banking Corporation: East Branch 18/04/2020 Pay: Better Games The sum of One Thousand Four Hundred and Seventy Dollars $1 470.00 Old School Fun Ted Tutor 235 891-932 982762 |
Task 2
Better Games received Document 2 on 24 April 2020. Complete the following table to show the effect of this document on the accounting equation of Old School Fun.
| Assets | = | Liabilities | + | Owner’s Equity |
Activity 2: Special Journals
Task 1
Fill in the missing amounts (in the green cells) in the Special Journals.
| Purchases Journal | |||||||||||||
| Date | Accounts Payable | Invoice No. | Supplies | GST | Total Accounts Payables | ||||||||
| 17/03 | C. Chen | 364 | $1 000 | ||||||||||
| 22/03 | Paige Turner | 651 | $500 | ||||||||||
| 28/03 | C. Chen | 378 | $2 200 | ||||||||||
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| Total |
| |||||||||||
| Fees Journal | |||||||||||||
| Date | Accounts Receivable | Invoice No. | Fees | GST | Total Accounts Receivables | ||||||||
| 18/03 | B. Buyer | 121 | $3 250 | ||||||||||
| 23/03 | Eve Adams | 122 | $6 600 | ||||||||||
| 28/03 | Eve Adams | 123 | $128 | ||||||||||
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| Total |
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| Cash Payments Journal | |||||||||||||
| Date | Details | Document No. | Bank | Accounts Payables | Supplies | Sundries | GST | ||||||
| 03/03 | Interest Expense | 402 |
|
| $75 |
| |||||||
| 12/03 | C. Chen | 403 | $2 975 |
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|
| |||||||
| 23/03 | Supplies | 404 |
| $1 000 |
| ||||||||
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| Total |
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| Cash Receipts Journal | |||||||||||||
| Date | Details | Document No. | Bank | Accounts Receivables | Fees | Sundries | GST | ||||||
| 07/03 | Fees | 901 |
|
| $400 | ||||||||
| 22/03 | Capital | B/S |
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| $5 632 |
| |||||||
| 29/03 | B. Buyer | EFT 567 | $1 950 |
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| Total |
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Task 2
Fill in the missing amounts (in the green cells) in the Special Journals.
| Cash Payments Journal | |||||||
| Date | Details | Document No. | Bank | Accounts Payables | Supplies | Sundries | GST |
| 03/05 | Advertising | 9956 | $495 |
|
| $45 | |
| 12/05 | E. Box | 9957 | $2 975 |
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|
| |
| 19/05 | Drawings | B/S |
|
| $690 |
| |
| 23/05 | Supplies | 9958 | $1 100 |
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| ||
|
| Total |
| |||||
| Cash Receipts Journal | |||||||
| Date | Details | Document No. | Bank | Accounts Receivables | Fees | Sundries | GST |
| 20/05 | Fees | 901 |
| $400 | |||
| 22/05 | Loan | B/S |
|
| $5 632 |
| |
| 29/05 | C. Customer | EFT 567 |
|
| |||
|
| Total |
| $1 950 | ||||
| Purchases Journal | |||||||
| Date | Accounts Payable | Invoice No. | Supplies | GST | Accounts Payables | ||
| 20/05 | E. Box | 562 | $1 500 | $1 650 | |||
| 22/05 | K. Perry | 358 | $4 000 | $400 | |||
| 28/05 | E. Box | 579 | $300 | $3 300 | |||
|
| Total |
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| Fees Journal | |||||||
| Date | Accounts Receivable | Invoice No. | Fees | GST | Accounts Receivables | ||
| 20/05 | C. Customer | 2236 | $4 400 | $4 840 | |||
| 23/05 | Sam Saver | 2237 | $150 | $1 650 | |||
| 28/05 | Sam Saver | 2238 | $1 600 | $160 | |||
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| Total |
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vcta.asn.au | published March 2020 | © VCTA and Greg Gould | 6
