Queensford College Phone: 61-7-3221 1626

Head Office Fax: 61-7-3221 1627

Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

sRTO No: 31736 | CRICOS: 03010G

ASSESSMENT COVER SHEET

(Please ensure this cover sheet is completed and attached on top of each assessment)
QUALIFICATION CODE AND TITLE: FNS40217 Cert IV in Accounting and Bookkeeping
UNIT CODE: FNSACC312 TITLE: Administer subsidiary accounts and ledgers

Student Number
Student Name
Assessor Name
Assessment Name and Number
Assessment Task Number and Name
Assessment Due Date
Submission Date
RESULT  SATISFACTORY  UNSATISFACTORY
FINAL OVERALL RESULT COMPETENT  NOT YET COMPETENT
STUDENT DECLARATION
I declare that:
 This assessment is my own work, based on my own study and research and no part of it has been copied from and
other source except where due acknowledgement/reference has been made.
 If this assessment was based on collaborative/teamwork, as authorised by the trainer, I have not submitted the same
final version of any assessment material as another student.
 I have not previously submitted this assessment or any part of this assessment for this or any other course/unit.
 I have kept a copy of my assessment.
 I give permission for my assessment to be reproduced, communicated, compared and archived for the purposes of
detecting plagiarism.
 I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own
work and that the attached assessment maybe checked for plagiarism.
 I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work
to another person to allow them to pass it off as their own.
 Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one
originally submitted.
 I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result. I will
follow the complaints and appeals process.
 A late submission fee of $150 per assessment will apply if the assessment is submitted after the scheduled due date
unless a formal extension has granted by the Program Manager or Course Co-ordinator.

Student Signature: Date:


Assessment Receipt (must be completed by the person accepting the assessment and retained by the student)
Code and Title
Student Name
Student Number
Trainers Name
Assessment Due Date

ABN 17 129 064 437

Malekhu Investments Pty Ltd T/a
Queensford College VERSION 1
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Assessment Submission Date

Receiving Staff Signature/Date/Time
ASSESSMENT SUMMARY SHEET
To be deemed competent students must have a satisfactory result recorded for each assessment activity. If a
result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment
tasks to be completed.
The student has been assessed as competent in the elements and performance criteria, performance evidence and
knowledge evidence and in line with the assessment conditions. The students work submitted for this assessment
is:  Valid  Sufficient  Current  Authentic

ASSESSMENT TASK 1
 SATISFACTORY  NOT SATISFACTORY  NOT APPLICABLE

ASSESSMENT TASK 2
 SATISFACTORY  NOT SATISFACTORY  NOT APPLICABLE

ASSESSMENT TASK 3
 SATISFACTORY  NOT SATISFACTORY  NOT APPLICABLE

Feedback to Student

The student has been given feedback and informed of the assessment result and the reasons for the decision.
Trainer/Assessor Signature
Date
I have received feedback and been informed of the assessment result and the reasons for the decision. I agree
with the assessment result.
Student Signature
Date

Other
Resubmission Date
Is this assessment subject to an  Yes  No
appeals process
Outcome of appeal

ABN 17 129 064 437

Malekhu Investments Pty Ltd T/a
Queensford College VERSION 1
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

ASSESSMEN T I NF O R MA TI O N
INTRODUCTION

To think is one thing but to do is another; to ensure you gain impact from your learning we will engage in
active learning to transfer concepts into the relevance of your business environment.

One of the most critical elements of businesses success is the development of our teams beyond the formal
classroom acquisition of knowledge. It is well recognised that retention of knowledge from training alone is
at best about 20% however once application and coaching is added the increase in retention and
implementation increases significantly and in some cases up to and beyond 80%. Throughout your
Certificate program we are committed to both stretching your learning but also giving a framework on
which you can provide learning for others and ensuring that the knowledge gained through training is
translated into practical on the job improvements.

Throughout your Assessment and Activity sessions we are going to investigate how you can reflect on:
• Key learning’s from the written and observation activities that apply to your business.
• Understand the relevance of the subject area and demonstrate your ability to apply learning.
• Recognise common principles that apply and actively use these in business.
• Building steps to the way forward for business improvement using your knowledge.
All of your assessment and learning is provided as a positive learning tool. Your mentor/assessor who will
guide your learning and responses to the assessment materials until you have been deemed competent in
this unit further assists you in this process.

STUDENTS: HOW YOU WILL BE ASSESSED:

The process you will be following is known as competency-based assessment. This means that evidence of
your current skills and knowledge will be measured against national and international standards of best
practice, not against the learning you have undertaken either recently or in the past. (How well can you do
the job?)
Some of the assessment will be concerned with how you apply the skills and knowledge in your workplace,
and some in the training room.
The assessment tasks utilized in this training have been designed to enable you to demonstrate the
required skills and knowledge and produce the critical evidence required so you can successfully
demonstrate competency at the required standard.
The table on the next page shows you how to achieve a satisfactory result (competent) against the criteria
for each type of assessment task.
What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?

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 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Our assessment process is designed to answer the question “has the desired learning outcome been
achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.

In the case that one or more of your assessments has been marked ‘NYC’, your trainer will provide you with
the necessary feedback and guidance, in order for you to resubmit your responses.
What if you disagree on the assessment outcome?

You can appeal against a decision made in regards to an assessment of your competency. An appeal
should only be made if you have been assessed as ‘Not Yet Competent’ against specific competency
standards and you feel you have sufficient grounds to believe that you are entitled to be assessed as
competent.
You must be able to adequately demonstrate that you have the skills and experience to be able to meet the
Learning Outcomes of modules you are appealing against the assessment of.
You can request a form to make an appeal and submit it to your trainer, the Course Coordinator, or the
Administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14
days. Any additional information you wish to provide may be attached to this form.
What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit,
speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).
TRAINER/ASSESSORS: Responsibilities

Assessors need to be aware of their responsibilities and carry them out meticulously. To do this they need
to:
• Ensure that students are competent in their units by following the guidelines from moderation
meetings.
• Request the manager/supervisor to determine that the student is ‘satisfactorily’ demonstrating the
requirements for each unit. ‘Satisfactorily’ means consistently meeting the standard expected from
an experienced operator. Managers (or designates) are to sign off on a ‘3rd. Party assessment
sheet’ for each unit of training by a student
• Ensure that participants are assessed fairly based on the outcome of the Language Literacy and
Numeracy completed on enrolment.
• Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor
as units and Certificates are completed which ensures there is no follow-up required from an
administration perspective.
• Ensure that the assessor’s own qualification Certificate for Training and Assessment is current.

2
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

GUIDE FOR STUDENTS AND ASSESSO RS

TASK ‘SATISFACTORY’ RESULT ‘NON SATISFACTORY’ RESULT

The assessor will mark evidence

Evidence provided does not meet all of
Portfolio Evidence provided against the key
the key competencies in the unit
competencies of the unit

Incorrect answers for one or more

All questions answered correctly
questions
Questions Answers address the question in
(Written or verbal) Answers do not address the question in
full; referring to appropriate
full. Does not refer to appropriate or
sources from your workbook
correct sources.
and/or workplace
Supervisor or manager observes
rd
3 . party judged work performance and confirms Could not demonstrate consistency.
on performance in that you consistently meet the Could not demonstrate the ability
the workplace standards expected from an to achieve the required standard
experienced operator
The assessor will mark the activity
Does not follow project
against the detailed
guidelines/instructions
guidelines/instructions
Attachments/appendices if Requested supplementary items are not
requested are attached attached
Response does not address the project
Written activity All requirements of the written
requirements in full; is missing a response
activity are addressed/covered.
for one or more areas.

One or more of the project requirements

Responses must refer to
are answered incorrectly.
appropriate sources from your
Does not refer to or utilize appropriate or
workbook and/or workplace
correct sources of information
All elements, criteria and critical
Observation in Could not demonstrate elements, criteria
aspects of evidence, are
workplace by and critical aspects of evidence, at the
demonstrated at the appropriate
assessor appropriate AQF level
AQF level

3
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Lack of demonstrated comprehension

of the underpinning knowledge
All comprehension questions answered
(remove) required to complete the
correctly; demonstrating an application of
Case Study case study questions correctly.
knowledge of the topic to the case study
Comprehension One or more questions are answered
and Associated incorrectly.
Questions
Answers address the question in full; Answers do not address the question
referring to appropriate sources from your in full; do not refer to appropriate
workbook and/or workplace sources.

4
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

ASSE SSME NT 1
Your task is to research each of the following topics, and complete a basic report on your findings.

1. Identify and describe the key features of:

a. Debits and credits:

Each business transaction has two aspects which are named as debit and credit in accounting.
Total debit entries and total credit entries must always be equal, this maintains the accounting
equation.
The key features of debits are:
1. A debit decreases a liability, revenue and equity:
Liabilities, revenues, and equity accounts have natural credit balances. If any of this account is
debited, the account balance is decreased
2. A debit is always recorded on the left side of the account:
When making a ledger you always have to record the accounts that are debited on the left side.
The key features of credits are:
1. A credit increases a liability, revenue and equity:
If any of these accounts is credited, the account balance is decreased.
2. A credit is always recorded on the right side of the account:
When making a ledger you always have to record the accounts that are credited on the right
side.

b. Accounting systems:
An accounting system comprises of so many key features. Some of them are:
1. Sales:
Sales in an accounting system is referred to as company’s revenue that is earned by the sales
of its products and services.

2. Inventory:
Accounting for inventory is the system that counts and records changes in the value of stock
such as raw materials, WIP and finished goods, which are all considered assets.

3. Fixed Assets:
A fixed assets in an accounting system is defined as along term asset having a life span of
more than one year and its value is greater than its capitalizing limits. Fixed assets include
property, plant and equipment.

5
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

2. Describe how bad or doubtful debts are identified

Bad debts:
Bad debt refers all outstanding balances owed from customers and that are no longer considered to
be recoverable and must be written off.
Doubtful debts:
It is an amount owed by a customer (receivable) that the business believes might prove difficult to
collect but still hopes to collect it.

A bad or a doubtful debt is identified when you no longer be able to collect your receivable because
he is now unable to pay and fulfill his obligation. This may arise due to bankruptcy, death or
dishonesty of customer.

3. Describe the key requirements of:

a. Legal systems and procedures

A legal system is a process for rendering and imposing the law. Each legal system has its own key
requirements depending on which law they follow. Some of them are:
1. measures to ensure adherence to the principles of supremacy of law,
2. equality before the law, accountability to the law,
3. fairness in the application of the law,
4. participation in decision-making.

b. Relevant legislation or regulations

Legislation is a written law created by Parliament, which is also known as Statutes or Acts of
Parliament.
Some of the key requirements are:
1. A bill can only become a law if it is passed by a majority vote in the Senate and the House of
Representatives.
2. The bill must be agreed to in identical form by both the Senate and House, and given Royal
Assent by the Governor-General.

c. Industry codes of practice

An industrial code of practice is a set of rules and regulations that are enforced and any standard
measures that are taken to put in place to regulate industrial conduct. Its main purpose is to
improve industrial standards by providing a low cost and flexible form of regulation and
protection intended between business and customer.

6
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

4. Outline the key requirements of your organizational policy and procedures relating to
reconciling and monitoring financial accounts

In reconciliation and monitoring of financial accounts, the general ledger should:

1. imitate all transactions in the proper time periods,
2. match underlying bank statements, other external documentation,
3. rolling accumulated depreciation schedules, sub-ledgers, and accounting analysis
schedules that may be Excel spreadsheets.

7
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

5. Describe measures to collect monies and features of recovery plans.

Measures to collect monies and recovery plans:
1. Take legal action when things are out of control.
2. Liaison with clients to resolve the issue.
3. Ask the debtors to return the goods of which the amount is unpaid.
4. Send legal notice to the debtors.

6. What are the key features of debt recovery plans?

Debt recovery plan is a process of running after businesses to pay back the money they owe.
The key features of debt recovery plan are:
1. Appoint a dedicated account manager.
2. You should be consumer focused.
3. Communicate, a key to every problem.
4. You should stay positive, transparent and confident at the same time.

8
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

ASSE SSME NT 2

EZ Mow is a small town mowing business which provides a service to corporate customers. It offers a 30
day account.

Complete Computing and PowerBuild Gymnasium have taken advantage of this facility.

EZ Mow buys its fuel from The Corner Service Station. It uses compost bins supplied by Central Rubbish to
dispose of the lawn clippings. Both The Corner Service Station and Central Rubbish offer 30 day accounts.

EZ Mow banks with Wales Banking Group

Using the invoices and statements:

1. Check the supplier invoices and statements for accuracy

2. Check the appropriate journal entries against the bank statement
3. Enter any direct credits into the appropriate ledgers
4. You wrote the following cheques:

28 Feb XX 770989 Payment – Central 102.00

Rubbish
28 Feb XX 770990 Payment – Corner 401.00
Service Station

5. Enter the supplier invoices into the creditor and general ledger.
6. The fuel and oil will be entered into the general expenses account in the general ledger and the
rubbish bins in the cleaning account. Payments are already entered, but you will need to include
them when you calculate the closing balance.
7. Create the account payable schedule
8. Complete the debtor ledger and general ledger journals using the bank statement and EZ Mow
invoice. The empty journals are provided for you. They have an opening balance. The payments
from the last month are entered as well.
9. Create debtor statements for PowerBuild Gymnasium and Complete Computing
10. Create the account receivable schedule.

9
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Invoices for goods and services received:

Tax Invoice Number 3608

Corner Service Station
Cnr Main and Side Street
Adelaide
Ph 8123 4567
ABN 88 999 000 222
Supplied to:
EZ Mow
1 Princess Road
Para Hills SA 5096
7 Feb 20xx

Product Description Line Total

ULP95 Unleaded fuel 48.50
2S Two-stroke oil 11.50
Total 60.00

Invoice includes GST of 5.45

Tax Invoice Number 3987

Corner Service Station
Cnr Main and Side Street
Adelaide
Ph 8123 4567
ABN 88 999 000 222
Supplied to:
EZ Mow
1 Princess Road
Para Hills SA 5096
7 Feb 20xx

Product Description Line Total

ULP95 Unleaded fuel 55.50
2S Two-stroke oil 23.00
Total 78.50

Invoice includes GST of 7.13

10
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Tax Invoice Number 4120

Corner Service Station
Cnr Main and Side Street
Adelaide
Ph 8123 4567
ABN 88 999 000 222
Supplied to:
EZ Mow
1 Princess Road
Para Hills SA 5096
7 Feb 20xx

Product Description Line Total

ULP95 Unleaded fuel 33.90
2S Two-stroke oil 11.50
Total 45.40

Invoice includes GST of 4.12

Tax Invoice Number 4217

Corner Service Station
Cnr Main and Side Street
Adelaide
Ph 8123 4567
ABN 88 999 000 222
Supplied to:
EZ Mow
1 Princess Road
Para Hills SA 5096
7 Feb 20xx

Product Description Line Total

ULP95 Unleaded fuel 39.80
2S Two-stroke oil 11.50
VServ Vehicle Service 165.80
Total 217.10

Invoice includes GST of 19.73

11
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Tax Invoice Number P9875342

Central Rubbish
1167 Lower Road
Woodville SA 5012
Ph 8375 5858
ABN 88 753 264 282

Invoice: EZ Mow
1 Princess Road
Para Hills SA 5096

28 Feb 20xx

Product Description Line Total

Pickup Pickup 3 rubbish bins at $34.00 102.00
55.50

Invoice includes GST of 9.27

12
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Supplier statements:

Statement
Corner Service Station
Cnr Main and Side Street
Adelaide
Ph 8123 4567
ABN 88 999 000 222
Supplied to:
EZ Mow
1 Princess Road
Para Hills SA 5096
Period ended: 28 Feb xx
Invoices Payments Balance
1 Feb xx Opening Balance 253.20
4 Feb xx Payment received 253.20 0.00
7 Feb xx 3608 Fuel and oil 60.00 60.00
14 Feb xx 3987 Fuel and oil 78.50 138.50
20 Feb xx 4120 Fuel and oil 45.40 186.90
28 Feb xx 4217 Fuel, Oil and Service 217.10 401.00

Current 30 60
401.00 0.00 0.00

Statement
Central Rubbish
1167 Lower Road
Woodville SA 5012
Ph 8375 5858
ABN 88 753 264 282

Customer: EZ Mow
1 Princess Road Para Hills SA
5096

Period ended: 28 Feb xx

InvoicesPayments Balance
1 Feb xx Opening Balance 102.00
4 Feb xx Payment received P9875342 102.00 0.00
28 Feb xx Bin pickups 102.00 102.00

Current 30 60
102.00 0.00 0.00

13
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Customer Invoices:

Invoice 105
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
Complete Computing
34 The Boulevard
West Lakes SA 5020
5 March 20xx
Description Mowing Line Total
78.00
Total 78.00

Invoice 106
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
PowerBuild Gymnasium
38-40 The Boulevard
West Lakes SA 5020
5 March 20xx
Description Mowing Line Total
78.00

Total 78.00

14
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Invoice 111
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
Complete Computing
34 The Boulevard
West Lakes SA 5020
12 March 20xx
Description Mowing Line Total
78.00

Total 78.00

15
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Invoice 113
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
PowerBuild Gymnasium
38-40 The Boulevard
West Lakes SA 5020
12 March 20xx
Description Mowing Line Total
78.00

Total 78.00

Invoice 131
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
Complete Computing
34 The Boulevard
West Lakes SA 5020
19 March 20xx
Description Mowing Line Total
156.00

Total 156.00

16
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Invoice 132
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
PowerBuild Gymnasium
38-40 The Boulevard
West Lakes SA 5020
19 March 20xx
Description Mowing Line Total
78.00

Total 78.00

Invoice 147
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222

Invoice:
PowerBuild Gymnasium
38-40 The Boulevard
West Lakes SA 5020
26 March 20xx
Description Mowing Line Total
78.00

Total 78.00

17
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Wales Bank Statement

March 20xx

EZ Mow
1 Pricess Road
Para Hills SA 5096

Date Description Debit Credit Balance

1 Mar xx Opening Balance 29,486.25
3 Mar xx Direct Deposit PowerBuild Gymnasium 29,876.25
4 Mar xx Your Cheque 770989 102.00 29,774.25
4 Mar xx Your Cheque 770990 401.00 29,373.25
4 Mar xx Cash and Cheque 468.00 29,841.25

Ledgers

General Ledgers

General Expenses
Date Docket Details Debit Credit Balance
1 Feb xx Opening 7,250.00
Balance
7 Feb xx 3608 Unleaded Fuel 117.7 7267.7
7 Feb xx 2S Two stroke oil 57.5 7425.2
7 Feb xx VServ Vehicle service 165.80 7564

28 Feb xx Closing
Balance

18
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Cleaning
Date Docket Details Debit Credit Balance
1 Feb xx Opening 1,290.00
Balance
28 Feb xx 3x Pick up rubbish 102 102.00
At $ 34
28 Feb xx Closing 1,392.00
Balance

Trade Creditors
Date Docket Details Debit Credit Balance
1 Feb xx Opening 0.00
Balance
7 Feb xx ULP95 Unleaded fuel 48.50 48.50
7 Feb xx 2S Two stroke oil 11.50 60
7 Feb xx ULP95 Unleaded fuel 55.50 115.5
7 Feb xx 2S Two stroke oil 23.00 138.5
7 Feb xx ULP95 Unleaded fuel 73.7 212.2
7 Feb xx 2S Two stroke oil 23.00 235.2
7 Feb xx VServ Vehicle Service 165.80 401
28 Feb xx Closing 401
Balance

Creditors subsidiary ledger:

Central Rubbish
Date Docket Details Debit Credit Balance
1 Feb xx Opening 0.00
Balance
28 Feb xx 3x Pick up At $ 34 102 102
rubbish

28 Feb xx Closing 102

Balance

19
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Corner Service Station

Date Docket Details Debit Credit Balance
1 Feb xx Opening 0.00
Balance
7 Feb xx 3608 Unleaded fuel and 60 60
two stroke oil
7 Feb xx 3987 Unleaded fuel Two 78.50 138.5
stroke oil
7 Feb xx 4120 Unleaded fuel and 45.50 184
two stroke oil
7 Feb xx 4127 Unleaded fuel and 51.3 235.3
Two stroke oil
7 Feb xx 4127 Vehicle service 165.80 401.1
28 Feb xx Closing 401.1
Balance

General Ledger

Debtors
Date Docket Details Debit Credit Balance
1 Mar xx Opening 936.00
Balance
5 Mar xx 105 Sales Mowing 78 1014
5 Mar xx 106 Sales Mowing 78 1092
12 Mar xx 111 Sales Mowing 78 1170
12 Mar xx 113 Sales Mowing 78 1248
19 Mar xx 131 Sales Mowing 156 1404
19 Mar xx 132 Sales Mowing 78 1482
26 Mar xx 147 Sales Mowing 78 1560

20
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Sales
Date Docket Details Debit Credit Balance
1 Mar xx Opening 11,856.00
Balance
5 Mar xx 105 Sales Mowing 78 11934
5 Mar xx 106 Sales Mowing 78 12012
12 Mar xx 111 Sales Mowing 78 12090
12 Mar xx 113 Sales Mowing 78 12168
19 Mar xx 131 Sales Mowing 156 12324
19 Mar xx 132 Sales Mowing 78 12402

Cash at bank
Date Docket Details Debit Credit Balance
1 Mar xx Opening 29,486.25
Balance
3 Mar xx Direct Deposit 29876.25
Power Build
Gymnasium
4 Mar xx 770989 Cheque- Central 102 29774.25
Rubbish
4 Mar xx 770990 Cheque- 401 29373.25
4 Mar xx Cash 468 29841.25

Debtors subsidiary ledger:

Complete Computing
Date Docket Details Debit Credit Balance
1 Mar xx Opening 468.00
Balance

21
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

4 Mar xx 134R Direct Credit 468.00 0.00

– Complete
Computing
5 Mar xx 105 Mowing 78
12 Mar xx 111 Mowing 78
19 Mar xx 131 Mowing 156

PowerBuild Gymnasium
Date Docket Details Debit Credit Balance
1 Mar xx Opening 390.00
Balance
3 Mar xx Cash 390 -
5 Mar xx 106 Mowing 78
12 Mar xx 113 Mowing 78
19 Mar xx 132 Mowing 78
26 Mar xx 78 Mowing 78

22
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Debtor statements

Statement
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222
Customer:
Complete Computing
34 The Boulevard
West lakes SA 5020

Period ended: 31 March 20xx

Date Invoice Description Line Total

1 Mar xx Opening Balance 468.00
3 Mar xx 134R Payment received – (468.00)
Complete Computing
5 Mar xx 105 Mowing 78
12 Mar xx 111 Mowing 78
19 Mar xx 131 Mowing 156

Total 312

Current 30 60
312 0 0

23
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

Statement
EZ Mow
1 Princess Road
Para Hills SA 5096
0400 111 222
Customer:
PowerBuild Gymnasium
38-40 The Boulevard
West lakes SA 5020

Period ended: 31 March 20xx

Date Invoice Description Line Total

1 Mar xx Opening Balance 390.00
3 Mar xx Direct Direct Credit – (390.00)
PowerBuild Gymnasium
5 Mar xx 106 Mowing 78
12 Mar xx 113 Mowing 78
19 Mar xx 132 Mowing 78
26 Mar xx 78 Mowing 78

Total 312

Current 30 60
312 0 0

Schedules

Trade creditors schedule

Opening balance 253.20

Corner Service Station (253.20)
Corner Service Station 401
Closing Balance 401

Debtor schedule

Opening balance
Complete Computing 312
Power Gymnasium 312
Closing Balance 624

24
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

RTO No: 31736 | CRICOS: 03010G

ASSESSMEN T 3
Answer the following questions:

1. What do you need to check the receipts entered into manual accounts receivable system for?

Account receivables is co related to your sales, we shall check our sales receipt and check it with the sales
that is recorded in your books if your amount written on the receipt and the amount written in the records
are same this means that your accounting is done properly.

2. What are three examples of incorrect entries or discrepancies to identify and make a record of,
according to the type and the source of receipt?

1. It can be error of omission meaning that you completely forgot to record a certain entry.
2. It can be casting errors for example something that cost you 360 you have recorded in
your account 630, which means that you have over casted your accounts.
3. Error of commission is an error that occurs when a bookkeeper or accountant records a
debit or credit to the correct account but to the wrong subsidiary account or ledger. For
example, money that has been received from a customer is credited properly to the
accounts receivable account, but to the wrong customer.

3. What is it essential to apply when investigating discrepancies identified between monies owed and
monies paid?

It is essential to see if all the receipts that are entered into receivables account are checked for
accuracy and consistency and to see if all the incorrect entries are identified and accurately
recorded according to type and source of receipt.

4. Briefly discuss the amending of receipts entered into manual accounts receivable system

One of the most important steps in the accounts receivable process is to quickly enter payments received
from your customers in order to recognize your current cash position. The Accounts Receivable system
provides the flexibility you need to ensure if all your transactions are accounted properly and on timely
basis to overcome any mishap.
Amended of receipts meaning to change the actual visual form of your receipts by replacing it with a new
one.

RTO No: 31736 | CRICOS: 03010G

25
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

5. Why is it important to verify bad and doubtful debt status through liaison with debtors?
Debtors’ ledger is regularly reviewed in accordance with organization policy and guidelines to identify
outstanding monies a further information, if required, sought from relevant sources. It is important to
verify the status of bad and doubtful debts through a liaison with debtors so that the reporting procedures
and appropriate documentation for bad and doubtful debts is completed in accordance with organization
policy and guidelines and further procedures are carried out to make satisfactory arrangement to pay
monies outstanding.

6. Explain the importance of completing the reporting procedures and required documentation for
bad and doubtful debts

Bad debt can be reported on financial statements using the direct write-off method or the
allowance method. A significant amount of bad debt expenses can change the way potential
investors and company executives view the health of a company. They help companies
recognize customers who defaulted on payments to avoid similar situations in the future.
Additionally, bad debt expense does come with tax implications. Reporting a bad debt expense
will increase the total expenses and decrease net income. Therefore, the amount of bad debt
expenses a company reports will ultimately change how much taxes they pay during a given
fiscal period.

7. What will be used to identify clients in default of trading terms?

The Payable aged trail balance can be used to check if the client Is defaulting on the payments. The aged
payable trial balance will show the invoices that are overdue.
8. What are the standards that you will need to adhere to when contacting clients in default of
trading terms promptly and courteously to make satisfactory arrangements for the payment of
their outstanding monies?

The standards that you will need to adhere to when contacting clients in default f trading
terms are:
1. Monies owing that create disruptions of organization credit policy are actioned in
agreement with organization policy and procedures.
2. Preceding activities and communication with clients are carefully studied to begin
competence of follow-up procedures, and whether all usual organization recovery avenues
have been bushed.
3. Plans to pursue debt recovery or to initiate legal action are developed with measures to collect monies
completed in accordance with organization policy, guidelines and timelines

9. Discuss an organizational policy/procedures that could be implemented for monies owing that
constitute breach of organizational credit policy.
An organizational policy that could be implemented for monies owing that constitute breach of
organizational credit policy by imposing penalties on late payments. Should set the payment terms for
parties to whom credit is extended. Moreover , an organization can also define the limits to be set on
outstanding credit accounts

26
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

10. what types of information could be obtained from a review of the previous activities and of
communication with clients?

Collecting and storing information about clients is important to modifying your customer
service program and growing your business.
You can obtain information like:
Order forms
Enquiries
Recording Complaints
Warranty cards

11. What do you need to ensure when preparing and distributing reports that document accounts
receivable, debt recovery type and cause, and debt recovery plans?

The points that need to be considered or ensured while preparing and distributing reports
that document the accounts receivable, debt recovery type and cause, and debt recovery
plans are as follows:
The report needs to highlight information about detailed account receivables, debt recovery
type and cause and plans.

12. What types of accounting documentation will need to be filed, according to the organizational
policies and procedures? List 4 examples

1. Debit Note: A debit note is a document issued by a seller to a buyer to inform them of
present payment responsibilities.
2. Credit Note: A credit note is a document issued by a seller to a buyer to inform that credit
is being functional to their account.
3. Pay Slip: A note given to an employee when they have been paid, detailing the amount of
pay given, and the tax and insurance subtracted.
4. Vouchers: A voucher is a document used by a company's accounts payable department
comprising the supporting documents for an invoice.

13. What documentation would you require to identify, investigate and rectify creditor invoice
discrepancies?
1. Credit Note
2. Debit Note
3. Goods Receive Note
4. Creditor Invoice
5. Subsequent Payments

27
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

14. Who are the designated personnel you might requires the authorization for payment from?

Internal Control and the staff of internal control is designated personnel you might require the
authorization for payment from.

15. What information will need to be drawn up on cheque requisition forms?

A cheque requisition form is form of payment standardly used to request a payment through cheque. The
information that is needed to be drawn on a cheque requisition form is the payee’s contact information,
amount that has to be paid, date that it is due on and other information as per requirement.

16. Where would you record, data collected relating to creditor details and amounts paid?

All the data relating to creditors are recorded in notes to the accounts while the transaction when a
creditor is paid is done as the cash is credited as its decreasing and the creditor is debited as its also
decreasing, every transaction has a double effect. Along side with all the details transactions shall also be
mentioned in the cash payments journal.

17. What must be considered when preparing creditor payments?

A creditor is an entity or a person that extends credit by giving another entity permission to borrow its
money, goods or can be services for which the person who are borrowing is liable to pay in the near future
whenever the specific time period is set.
Whenever we are making credit payments one should always check the cash, that the payments might not
lead the organization to liquidate. Try communicating the benefits of your business to your supplier so
that he might support you in future when you are able to pay the debts.

18. Where should creditor payments be recorded?

Creditors payments are recorded in the cash payment journal.

19. Who could you access to obtain statements of balances the organization has which are
outstanding?

Financial statements are written records that convey the business activities and the
financial performance of a company. Financial statements are prepared by the financial
accounts in a company so we should access financial accountants and auditors who ensure
the accuracy of tax, financing and any investments thus we can contact auditors and
accountants for any outstanding balances in the organization.

20. Briefly explain how to reconcile balances outstanding to invoices received.

28
 Queensford College Phone: 61-7-3221 1626
Head Office Fax: 61-7-3221 1627
Level 2, 359 Queen St Email: [email protected]
Brisbane QLD 4000 Australia www.queensford.edu.au

Invoice reconciliation is the process by which a business owner matches incoming and outgoing invoices to
bank records. Reconciliation is key to identifying outstanding invoices and fraudulent charges you need to
take action on. The process can be manual or automated, depending on your preference.

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