RSS

Process accounts payable and receivable BSBFIA303A

21 Mar

LA016039 Assignment 2 BSBFIA303A: Ed 2 1

Process accounts payable and
receivable
BSBFIA303A
Assignment 2
Accounts Payable
2 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Assignment 2
What you have to do:
This assessment covers the learning outcomes for Sections 3 and 4 of your learning
resource. If you need assistance, you may refer to the learning materials in Sections 3
and 4, and any of the exercises you have completed.
You will be completing the manual accounts payable for the company, Class Sports
Co.
Make sure you double check your work as you go. Remember, all calculations and all
entries must be correct.
You will need to submit your answers on the template provided.
When you see ‘CY’ it means ‘Current Year’ in relation to the date.
Assignment 2
Your company is Class Sports Co. You have been issued with the following source
documents from your suppliers:
tax invoices
adjustment notes
payment vouchers
Using all the source documents on the following pages, complete the appropriate
journals, using the templates provided:
purchases journal
purchases returns & allowances journal
cash payments journal
accounts payable subsidiary ledger
schedule of accounts payable
general ledger – accounts payable control account
LA016039 Assignment 2 BSBFIA303A: Ed 2 3
© State of New South Wales, Department of Education and Communities 2013
Supplier Opening Balances
The opening balances for accounts payables are:
Sue’s Sneakers $2,500.00
AJ Sports group $1,750.00
The Golf Barn $1,500.00
Sport Clothing Wholesalers $850.00
These account numbers will be used as folio numbers when posting from
journals:
Sue’s Sneakers 54
AJ Sports Group 57
The Golf Barn 87
Sport Clothing Wholesalers 98
Cash Payments for August
Further information to be posted to the cash payments journal:
Wages 2/8/CY $1500 Cheque no 14564
Wages 16/8/CY $1500 Cheque no 14566
Wages 30/8/CY $1500 Cheque no 14569
4 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Purchases tax invoices issued from suppliers for the
month of August:

Sue Sneakers
ABN: 19 145 789 158
17 Wharf Road WARATAH NSW 2231
Telephone: (02) 5587 5432 Facsimile: (02) 5587 5433
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 3/8/CY
Invoice No: 587
Purchase Order No: 147
Account Number: 54
Qty Description Rate Total
10 Pink Road Sneakers 34.00 340.00
15 Green Road Sneakers 15.00 225.00
5 Gold Road Sneakers 75.00 375.00
20 Sneaker Sole Inserts Medium 10.00 200.00
Freight 50.00
Sub total 1,190.00
GST 119.00
Total including GST $1,309.00
TERMS: 14 days from statement date or 2.5% discount if paid within 10 days of invoice
Returns: 2 day policy applies

LA016039 Assignment 2 BSBFIA303A: Ed 2 5
© State of New South Wales, Department of Education and Communities 2013

Sue Sneakers
ABN: 19 145 789 158
17 Wharf Road WARATAH NSW 2231
Telephone: (02) 5587 5432 Facsimile: (02) 5587 5433
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 7/8/CY
Invoice No: 651
Purchase Order No: 148
Account Number: 54
Qty Description Rate Total
15 Leather Cleaner 6.00 90.00
100 Shoe Laces White 0.50 50.00
125 Sneaker Sole Inserts Large 10.50 1,312.50
Freight 0.00
Sub total 1,452.50
GST 145.25
Total $1,597.75
TERMS: 14 days from statement date or 2.5% discount if paid within 10 days of invoice
Returns: 2 day policy applies

6 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013

AJ Sports Group
ABN: 21 125 487 547
79 Holts Road KENNEDY NSW 2254
Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 17/8/CY
Invoice No: 23
Purchase Order No: 149
Account Number: 85
Qty Description Rate Total
50 Sports Socks 1.25 62.50
100 Sports Socks 2 Pack 2.75 275.00
50 Sports Socks Pike Brand 13.00 650.00
Freight 40.00
Sub total 1,027.50
GST 102.75
Total including GST $1,130.25
TERMS: 30 days from statement date or 2.5% discount if paid within 10 days of invoice
Returns: 14 days from invoice

LA016039 Assignment 2 BSBFIA303A: Ed 2 7
© State of New South Wales, Department of Education and Communities 2013

The Golf Barn
ABN: 21 458 796 258
521 Hill Line BEENLEE NSW 2548
Telephone: (02) 5587 1475 Facsimile: (02) 5587 1256
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 20/8/CY
Invoice No: 357
Purchase Order No: 150
Account Number: 58
Qty Description Rate Total
25 Putter Size 2 25.00 625.00
35 Cleaning Cloths 3.00 105.00
Freight 35.00
Sub total 765.00
GST 76.50
Total including GST $841.50
TERMS: 30 days from statement date or 3% discount if paid within 7 days of invoice
Returns: No returns

8 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013

Sports Clothing Wholesalers
ABN: 87 456 148 478
1 Ali Road BRAYBY NSW 2256
Telephone: (02) 5587 5485 Facsimile: (02) 5587 5467
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 21/8/CY
Invoice No: 54871
Purchase Order No: 151
Account Number: 14
Qty Description Rate Total
15 Pike T-shirts Small 25.00 375.00
15 Pike Tracksuit Tops Small 50.00 750.00
50 Pike Promo Balls 7.50 375.00
Freight 50.00
Sub total 1,550.00
GST 155.00
Total including GST $1,705.00
TERMS: 30 days from statement date or 2% discount if paid within 7days of invoice
Returns: 7 days policy applies

LA016039 Assignment 2 BSBFIA303A: Ed 2 9
© State of New South Wales, Department of Education and Communities 2013

AJ Sports Group
ABN: 21 125 487 547
79 Holts Road KENNEDY NSW 2254
Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977
Tax Invoice
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 22/8/CY
Invoice No: 41
Purchase Order No: 152
Account Number: 85
Qty Description Rate Total
75 3 Pack Tennis Balls 8.00 600.00
100 Sports Socks 2 Pack 2.75 275.00
Freight 35.00
Sub total 910.00
GST 91.00
Total including GST $1,001.00
TERMS: 30 days from statement date or 2.5% discount if paid within 10 days of invoice
Returns: 14 days from invoice

10 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Tax Adjustment Notes issued from suppliers for the
month of August:

AJ Sports Group
ABN: 21 125 487 547
79 Holts Road KENNEDY NSW 2254
Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977
Tax Adjustment Note
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 22/8/CY
Adjustment Note No: AN754
Reference Invoice No: 23
Account Number: 85
Qty Description Rate Total
50 Sports Socks 2 Pack 2.75 137.50
Freight 0.00
Sub total 137.50
GST 13.75
Total including GST $151.25
Reason for return: damaged
Authorised: Allison Gosh

LA016039 Assignment 2 BSBFIA303A: Ed 2 11
© State of New South Wales, Department of Education and Communities 2013

Sports Clothing Wholesalers
ABN: 87 456 148 478
1 Ali Road BRAYBY NSW 2256
Telephone: (02) 5587 5485 Facsimile: (02) 5587 5467
Tax Adjustment Note
To: Class Sports Co
15-21 Loren Road
ERINA NSW 2231
ABN: 19 123 785 621
Date: 27/8/CY
Adjustment Note No: AN5478
Reference Invoice No: 54871
Account Number: 14
Qty Description Rate Total
5 Pike Promo Balls 7.50 37.50
Freight 0.00
Sub total 37.50
GST 3.75
Total including GST $41.25
Reason for return: Spoiled
Authorised: Greg King

12 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Payments made to suppliers for the month of August:

Class Sports Co.
ABN: 19 123 785 621
15-21 Loren Road ERINA NSW 2231
Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455
PAYMENT
VOUCHER
Payee: Sue’s Sneakers Date: 11/8/CY
$ 2,500.00 Cheques No: 14565
Being for: Payment on Account Payment Voucher: 145
Discount
received:
Payment authorised by: Amy Warwick

 

Class Sports Co.
ABN: 19 123 785 621
15-21 Loren Road ERINA NSW 2231
Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455
PAYMENT
VOUCHER
Payee: The Golf Barn Date: 25/8/CY
$ 1500.00 Cheques No: 14567
Being for: Payment on July Account Payment Voucher: 146
Discount
received:
Payment authorised by: Amy Warwick

 

Class Sports Co.
ABN: 21 125 487 547
15-21 Loren Road ERINA NSW 2231
Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455
PAYMENT
VOUCHER
Payee: The Golf Barn Date: 26/8/CY
$ 816.25 Cheques No: 14568
Being for: Payment on Account Payment Voucher: 147
Discount
received:
$25.25
Payment authorised by: Amy Warwick

LA016039 Assignment 2 BSBFIA303A: Ed 2 13
© State of New South Wales, Department of Education and Communities 2013
Assignment 2 Template
Class Sports Co
Purchases journal
PJ 1

Date Invoice
no
Particulars Fol Purchases GST Accounts payable
TOTALS

Purchase returns and allowances journal
PRJ 1

Date Adjust
note no
Particulars Fol Purchase returns GST Accounts payable
TOTALS

14 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Cash Payments Journal
CPJ 1

Date Chq no Particulars Fol Discount
received
Accounts
Payable
Wages GST Bank
TOTALS

LA016039 Assignment 2 BSBFIA303A: Ed 2 15
© State of New South Wales, Department of Education and Communities 2013
Accounts Payable Ledger
Sue’s Sneakers Account No: 54

Date Particulars Folio Debit Credit Balance
CY
Aug 1
Opening Balance

AJ Sports Group Account No: 57

Date Particulars Folio Debit Credit Balance
CY
Aug 1
Opening Balance

The Golf Barn Account No: 87

Date Particulars Folio Debit Credit Balance
CY
Aug 1
Opening Balance

16 LA016039 Assignment 2 BSBFIA303A: Ed 2
© State of New South Wales, Department of Education and Communities 2013
Sports Clothing Wholesalers Account No: 98

Date Particulars Folio Debit Credit Balance
CY
Aug 1
Opening Balance

Class Sports Co
Schedule of accounts payable as at 31/8/CY

Account name Account number Balance
TOTAL

General Ledger

Accounts Payable Control Account
Debit Credit
CY Folio CY Folio
Aug 1 Opening Balance

 

 
Leave a comment

Posted by on March 21, 2017 in academic writing, Academic Writing

 

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: