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Unit/s assessed: FNSACC321 Process financial transactions and extract interim reports

FNSACC322 Administer subsidiary accounts and ledgers

FNSACC421 Prepare financial reports

Assessment title: FNSACC321_FNSACC322_FNSACC421 Assignment

Type of Assessment

This summative assessment will enable your assessor to make a judgement of competency based on
the submission of your completed assessments against the requirements of the unit/s of competency in
this module.

Benchmark

The Assessment Benchmark developed for each unit of competency is the evidence criteria used to
judge the quality of performance (i.e., the assessment decision-making rules). Assessors use these
benchmarks to make judgements on whether competency has been achieved and to determine if you
have performed to the standard expected to meet the unit requirements.

Reasonable Adjustment

Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based
on the needs of an individual.

Assessment Coding

Assessment of this course is established on competency-based principles:

S = Satisfactory NS = Not Satisfactory

If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not
Satisfactory. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of
competency.

Re-assessment

Your assessment can be submitted after you have reviewed the learning materials and practiced enough
to feel confident in your resubmission. You have two weeks from your last submission feedback to
resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially
assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall
understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you
will achieve competency for this assessment.

Declaration of Understanding and Authenticity

I acknowledge the assessment process has been explained and agree that I am ready to undertake
assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the
appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts
of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be
NS after a second attempt, it is at the assessor’s discretion whether I may be permitted one final attempt.
I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s.

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I certify that the attached material is my original work. No other person’s work has been used without due
acknowledgement. I have not copied and pasted from any source. I have used my own words and
phrases. I understand that the work submitted may be reproduced and/or communicated for the purpose
of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject
to disciplinary action (refer to Student Information Handbook).

*I understand that by typing my name or inserting a digital signature into this box that I agree and am
bound by the above student declaration.

Student Name*: Submission

Date^:

Please make sure you use the same name that is in your enrolment documentation, including your
surname.

^If this is a resubmission, you must use your resubmission date. For any re-submission, please
ensure responses are in a different coloured font

Submission instructions:
Complete the Declaration of Understanding and Authenticity (above).

Once you have completed all parts of this Assessment, login to the Monarch Learning Management
System (LMS) to submit your assessment.

In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment
files. Click save and then click submit assignment.

Please be sure to click ‘continue’ after clicking ‘submit assignment’.

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Important assessment information

 This is an open book assessment

 You may use a handheld calculator and/or software to perform calculations

 Please type your answers in the spaces provided

The required resources include:

LMS:

 Textbook: Accounting Principles by Anne Collins & Andrew Duncan

Other:

 Various links and articles provided throughout the assessment

 Another person/s to read/play parts in the role play

 Device to record your role play.

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Activity 1: Accounting and Bookkeeping

1.1 Some people believe debits are bad and credits are good. Explain why this is an incorrect
interpretation and, in your explanation, outline how debits and credits are used in the accounting
system.

1.2 Describe an organisational accounting system and what it is designed to do.

1.3 List and describe the six legislative requirements that must be complied with by accountants
and bookkeepers.

i.

ii.

iii.

iv.

v.

vi.

1.4 Australian Accounting Standards outline many accounting principles and assumptions that a
business adheres to in recording and reporting transactions within the accounting system. List
and describe four of these accounting principles and assumptions.

i.

ii.

iii.

iv.

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1.5 For reporting entities, Accounting Standards related to the processing of financial
transactions have the force of law through the Corporations Act 2001. Identify the two key features
of ‘General purpose financial statements’ that comply with Accounting Standards.

i.

ii.

1.6 Answer the following questions in relation to trial balances:

a. If a trial balance does not balance, what steps would you take to ensure that it balances?

b. If a trial balance does balance, does that mean it is fully correct, and why?

1.7 Describe the concept of double entry accounting.

1.8 Explain the key principles of accrual accounting systems compared to the principles of a cash
accounting system.

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Activity 2: Cash Receipts

2.1 What are two checks the EFTPOS system performs before processing an EFTPOS
transaction?

2.2 Albatross Pty Ltd has received a combination of cheques from debtors and cash from cash
sales.

a. Assume you are responsible for ensuring the funds are banked and provide an example of
when you might select option 1 and an example of when you might select option 2.

 Option 1: Deposit both cash and the cheques via an ATM:

 Option 2: Deposit both cash and the cheques via a bank branch teller:

b. When an employee of Albatross Pty Ltd deposits funds, what evidence should they obtain as
proof of the deposit?

c. Albatross Pty Ltd files all documents of proof of lodgement until bank statements have been
reconciled. Suggest in what order these documents should be filed - by Date or Alphabetical or
Amount. Justify your answer.

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d. List two things that the accountant/bookkeeper will look for when comparing the proof of
lodgement with the bank statement transaction listing provided below.

Date Transaction Debit Credit Balance

23 Sep Op Bal. 2300

23 Sep ABC Pty Ltd 6500 8800

27 Sep Harry’s Hardware 7750 16550

28 Sep Rent _ Street 4,500 12050

2 Oct Wages_ Albatross 12,000 50

3 Oct DEF Pty Ltd 5750 5800

7 Oct Coraline Motors 3400 9200

9 Oct Cash deposit 2450 11650

i.

ii.

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The management of Birchwood Pty Ltd has made it very clear that security and safety measures must
always be front-of mind when banking funds. In their organisational policies and procedures manual, they
stipulate the following:

When funds are being taken to the bank for deposit, employees must:

o vary the time and route used to go to the bank

o complete the deposit slip prior to leaving the office

Last month Carlo was asked to deposit $8,450 into the account of Albatross Pty Ltd. Carlo had been very
busy at work and did not have time to go to the bank. In fact, over the next few days Carlo had again been
too busy to go to the bank. He had left the funds in his desk hidden from view inside a folder.

When Carlo did eventually deposit the funds, he took a different route to the bank which meant it took him
an extra 10 minutes. He had completed the deposit slip prior to leaving the office.

When the senior accountant checked the bank statement for the month, he noticed that the amount
deposited was in fact only $4,450.

2.3 Provide an example of one additional safety measure that could be incorporated into the
policies and procedures manual and one additional security measure that could be included.

One additional safety measure:

One additional security measure:

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2.4 List at least 3 controls / procedures that you could adopt in a business for the handling of
electronic payments.

1.

2.

3.

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Activity 3: Petty Cash

3.1 T. Rade Petty Cash

T. Rade operates a petty cash system as per its organisational procedures. Vouchers are checked and
processed by the Petty Cashier and recorded in the Petty Cash Book.

On 1 July, the Petty Cashier received cheque 4233 for $100 to establish the fund.
In their organisational policy and procedure documents, T. Rade specifies that each expense is to be
recorded on a separate voucher.
During the following week, the Petty Cashier checked and paid the following amounts (GST inclusive),
with each expense being on a separate voucher (starting at Voucher No. 1):

 01/7 Tea & coffee $17.60 (GST Free)

 01/7 taxi fare $7.70

 02/7 Courier $11.00

 02/7 stationery $4.40

 04/7 Biscuits $9.35

 04/7 taxi fare $9.90

 06/7 Courier $5.50

 06/7 stationery $3.30

 07/7 Office cleaning $11.00

The fund was reimbursed on July 8 (cheque 4275).

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a. Use the information for T. Rade to prepare and balance the Petty Cash Book using the
following template:

Petty Cash Book - T. Rade

Cash Date Particulars Vchr Payments Courier Amenities Station. Travel Sundries GST
Received
Jul 1 Advance
1
2
Jul 2 3
4
Jul 4 5
6
Jul 6 7
8
Jul 7 9
Sub-Total $ $10.00 $10.00 $10.00 $10.00 $10.00 $5.65
Bal. c/d $
$100.00 $100.00
$ Bal. b/d
$ Jul 8 Reimbrsmt

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b. Use the following template to prepare the General Journal entries for:

 Establishment of the petty cash fund, and

 Reimbursement of the fund.

General Journal – T. Rade

Date Particulars Debit Credit

Petty Cash advance

Reimbursement of Petty Cash

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3.2 Small business, in particular those that are owner-operated, often have informal ways of
dealing with petty cash expenses.

a. Instead of using a cash imprest system, list two alternative methods that could be used to
deal with petty cash expenses which would still maintain the integrity of the relationship of
the business’ financial systems.

i.

ii.

b. Why might a business review and update the way they treat petty cash expenses?

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Activity 4: Credit Purchases and Credit Sales

4.1 When developing the policies and procedures in relation to credit sales, outline the processes
you would include in relation to:

o checking invoices

o preparing journal entries for these invoices

o authorising these journal entries

o filing invoices for auditing purposes (this may be related to the invoice numbering system)

Note: The learning content for these questions may not be found solely in the textbook. Use your
understanding of recording credit sales to arrive at your answers and research other sources to assist you.
For example, preparing invoices would include ensuring that an invoice contains an invoice number,
company details, customer details, details of the good sold and credit terms.

a. Process for checking invoices:

b. Process for preparing journal entries for these invoices:

c. Process for authorising these journal entries:

d. Process for filing invoices for auditing purposes (this may be related to the invoice numbering
system):

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4.2 You will now use the policies and procedures you developed in above (in Activity 7.1).

ABC School Supplies sells 1,000 books at $15 each (including GST) to Ben Smith (123 Smith St,
Smithville 9015), on 30-day terms, based on order #236, invoice #89. Shipped on 16 June 2020 via Alpha
Couriers.

a. Use the above information to complete the following tax invoice template for ABC School
Supplies:

ABC School Supplies ABN: 11 123 123 123

12 Mountain Rd, Hill Top NSW 3101

Tax Invoice No.: Date:

To:

Your Order No: Date Shipped:

Shipped Via: Terms:

Quantity Description Price Total (incl GST)

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ABC School Supplies sells 15 iPads at $770 each (including GST) to Carrie Carrigan (999 High St,
Ringstone 9777), on 30-day terms, based on order #315, invoice #127. Shipped on 15 February 2021 via
Beta Couriers.

b. Use the above information to complete the following tax invoice template for ABC School
Supplies:

ABC School Supplies ABN: 11 123 123 123

12 Mountain Rd, Hill Top NSW 3101

Tax Invoice No.: Date:

To:

Your Order No: Date Shipped:

Shipped Via: Terms:

Quantity Description Price Total (incl GST)

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c. Copy the tax invoice you completed in part b of this activity and paste it into a new word
document.

Save this new word document with the filename:

Invoice127_ABCSS

Include this separate document in your assessment submission.

NOTE: You must include the Invoice127_ABCSS file with submission of this Assessment workbook.

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4.3 General Ledger

Below are selected transactions from the general journal of Brian Smith Catering for the month of March.

These journals are in line with its policies and procedures and have been approved by the Finance
Accountant.

General Journal - Brian Smith Catering

Date Particulars Folio Debit Credit

March 01 Catering Supplies 715 600
GST Paid 125 60
Accounts Payable - Andrea 210.01 660

Credit purchase of catering stock

20 Catering Supplies 715 300

GST Paid 125 30
Accounts Payable – Dave 210.03 330

Credit purchase of catering stock

27 Accounts Payable – Andrea 210.01 660

Bank 100 660

Payment of account

30 Telephone 765 100

GST Paid 125 10
Accounts Payable – Telstra 210.04 110

Telephone account received

31 Accounts Payable – Office Shop 210.02 88

Bank 100 88

Payment of account

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a. In line with its policies and procedures, post from the general journal to the general ledger
and to the individual creditor accounts in the accounts payable subsidiary ledger. The
opening balances have been entered for you.

General Ledger - Brian Smith Catering

Date Details Folio Debit Credit Balance

Bank
01/03 Balance 10,000 DR

GST Paid

Accounts Payable Control 210

01/03 Balance N/A 88 CR
N/A
N/A
N/A
N/A
N/A

Telephone 765
N/A

Catering Supplies 715

N/A
N/A

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Payables Subsidiary Ledger - Brian Smith Catering

Date Details Folio Debit Credit Balance

Andrea 210.01
N/A
N/A

Office Shop 210.02

01/03 Balance N/A 88 CR
N/A

Dave 210.03
N/A

Telstra 210.04
N/A

b. Prepare a schedule of accounts payable as of 31 March:

Schedule of Accounts Payable Amounts

Supplier Name: $

Total (must equal balance as per Accounts Payable Control Account)

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c. Use the following template to write an email to management specifying the amounts owing to
each creditor, ask that them to confirm the accuracy and authorise payment of the balance of
the Accounts Payable Control Account:

Send To:

Subject:

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4.4 Paymore Landscapers supplies you with the following information for October:

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a. Enter the above transactions into the General Journal:

General Journal – Paymore Landscapers

Date Particulars Folio Debit Credit

N/A
N/A
N/A
Credit Sales Invoice 81 N/A
N/A
N/A
N/A
Credit Sales Invoice 82 N/A
N/A
N/A
Receipt 71 N/A
N/A
N/A
N/A
Credit Sales Invoice 83 N/A
N/A
N/A
Receipt 72 N/A
N/A
N/A
Receipt 73 N/A
N/A
N/A
N/A
Credit Sales Invoice 84 N/A
N/A
N/A
N/A
Cash Sales Receipt 74 N/A

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b. Post to the General Ledger and to the individual debtor accounts in the Receivables Subsidiary
Ledger.

General Ledger - Paymore Landscapers

Date Details Folio Debit Credit Balance

Bank
N/A
N/A
N/A
N/A

Accounts Receivable Control

N/A
N/A
N/A
N/A
N/A
N/A
N/A

GST Collected
N/A
N/A
N/A
N/A
N/A

Service Revenue
N/A
N/A
N/A
N/A
N/A

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Receivables Subsidiary Ledger - Paymore Landscapers

Date Details Folio Debit Credit Balance

Me Kong Restaurant
N/A
N/A

Hilltown Hotel
N/A
N/A

Grace Park
N/A
N/A

Delice Resort
N/A
N/A

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c. Prepare a schedule of Accounts Receivable as of 31 October:

Schedule of Accounts Receivable Amounts

Supplier Name: $

Total (must equal the balance of the Accounts Receivable Control account)

d. Under industry codes of practice and best practices, what must you create when setting up
subsidiary ledgers?

e. Outline the steps you would take if (in part c of this activity) the total of the subsidiary ledger
did not reconcile with the control account balance?

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The following invoice was issued to Blue Gum Organics and payment was received on 22/10/2020. The
funds were banked and the following journal entry was recorded in Paymore Landscaper’s Cash Receipts
Journal:

Dr Bank $55

Cr Debtors $55

A receipt was emailed to Blue Gum Organics on 23/10/2020 acknowledging their payment of $550:

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4.5 Check the invoice for Blue Gum Organics, above.

In accordance with the firm’s policies and procedures, an adjustment to rectify the error must be
made. Record the adjustment needed in the Cash Receipts Journal to correct the error.

Cash Receipts Journal

Date Receipt Details A/C Sales Debtors GST Amount

No. No. Collected Banked

XXXXXXX XXXXX N/A

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Your firm received the following invoice from Maxi Mowers and payment was made on 4/2/2021. The
following journal entry was recorded in the Cash Payments Journal:

Dr Creditors $250

Cr Bank $250

A receipt was emailed from Maxi Mowers on 5/2/2021 acknowledging their receipt of $270.

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4.6 Check the invoice for Maxi Mowers, above.

In accordance with the firm’s policies and procedures, an adjustment to rectify the error must be
made. Record the adjustment needed in the Cash Payments Journal to correct the error.

Cash Payments Journal

Date Receipt Details A/C Admin Creditors GST Paid Bank

No. No. Exp

XXXXXXX XXXXX N/A

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Activity 5: Managing Debtors and Creditors

On 30 June, H. Henry has been examining the amounts outstanding from his Accounts Receivable.

One account, I. Doubt, owes $1,650 (including GST) but pays only $550 on 30 June, stating that he will be
unable to pay the balance. Henry decides to write off the balance of Doubt’s debt as being unrecoverable.

Lester is both a customer and a supplier. Henry wants to adjust for a $660 balance both owing to, and
owed by, L. Lester.

5.1 Debtors

a. Record, as General Journal entries, the receipt of cash from customer I. Doubt and the write-off
of the balance as unrecoverable.

General Journal – H. Henry

Date Particulars Folio Debit Credit

N/A
N/A
Part payment received on debt owing – I. Doubt N/A
N/A
N/A
N/A
Balance of debt written off as bad – I. Doubt N/A

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b. Record the General Journal entry for the contra adjustment.

General Journal – H. Henry

Date Particulars Folio Debit Credit

N/A
N/A
Contra Entry – L. Lester N/A

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c. Post the entries to the General Ledger accounts and to the Subsidiary Ledger accounts for I.
Doubt and L. Lester.

General Ledger – H. Henry

Date Details Folio Debit Credit Balance

Accounts Receivable – L Lester
30/06 Balance N/A 660 DR
N/A

Accounts Receivable – I Doubt

30/06 Balance N/A 1,650 DR

N/A

Bad Debt
N/A

Accounts Payable – L Lester

30/06 Balance N/A 660 CR
N/A

GST Collected
N/A

Bank
N/A

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5.2 What report can be used to manage debtors and assist in the identification of bad or doubtful
debts, and what information does it contain?

5.3 You are establishing a credit policy plan to assist in the collection of monies owing by your
customers. Please provide details of the steps you would include to recover overdue debts, based
on varying levels of lateness.
How would your policy change if you believed the level of overdue debts was too high?

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5.4 Aged Receivables

Peters Plants sells artificial plants for indoor and outdoor use. The company is owned and managed by
Peter Petersen.

Credit Policy

Terms and conditions –Standard credit terms are net 30 days. At the end of the month an aged
receivables report and overdue accounts are reviewed. Monthly statements are issued at the end of the
month.

Collection Procedures

The following steps are taken regarding the collection of monies owing:

0-30 days current Invoice/s sent to customer with month end statement

31-60 days overdue account Overdue sticker sent with next statement

61-90 days overdue account Phone call informing customer credit facility will be put on hold

91 + days overdue account If a customer’s debt is more than $150 a letter informing the customer
their account will be turned over to a collection agency if payment is not
received within 14 days

Customer Delinquency

A debt that is 90 + days overdue and less than $150 will be written off as a bad debt.

Note: The learning content for these questions may not be found solely in the textbook. Use your
understanding of recording and administering credit sales and dealing with credit customers to arrive at
your answers and research other sources to assist you.

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a. Using the information provided in Peters Plants Aged Receivable summary as of 31 March
2018, complete an Overdue Accounts Report for all customers you identify as at risk or in
default.

Aged Receivables (Detail) - 31 March 2018 – Peters Plants

Customer/
Date Total Due 0 - 30 31 - 60 61 - 90 91 +
Invoice No.
Rosie Rose
8/1/2018 $1200.00 $1200.00
000123
Total $1200.00 $0.00 $0.00 $1200.00 $0.00
Cam Camelia
18/2/2018 $670.00 $670.00
000345
Total $670.00 $0.00 $670.00 $0.00 $0.00
Leonard Lilly
5/12/2017 $400.00 $400.00
000567
Total $400.00 $0.00 $0.00 $0.00 $400.00
Grand Total $2270.00 $0.00 $670.00 $1200.00 $400.00
Ageing Percent 0.0% 29.5% 52.9% 17.6%

Overdue Accounts Review – Peters Plants

Invoice Days Amount

Customer Previous Communications
Number Overdue Owing

b. Using the information from Peters Plants’ Credit Policy and Aged Receivables report as of 31
March 2018, list the action you would take against each customer regarding the collection of
monies outstanding as of 31 March 2018:

Customer Collection Procedures

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c. Use the following template to write an email to Leonard Lilly regarding their amount owing.

Ensure you:

o Outline the likely action under the organisation’s policies and procedures

o Seek an agreement from them on when the outstanding amount will be paid

Send To:

Subject:

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d. Use the following template to write an email to two relevant stakeholders at Peters Plants in
relation to the Overdue Accounts Report.

Ensure you:

o Explain the purpose of the Overdue Accounts Report

o Outline the steps you will take to recover amounts outstanding in line with the collection
procedures

o Outline where the reports will be filed

o ‘Attach’ the Overdue Accounts Report

o ‘Attach’ the Collection Procedures Summary Report

Send To:

Subject:

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5.5 Prepare general journal entries for the discount and the payment.
Steve Ponting Plumbing offer Harold Raven a discount of 2% if his account is paid within 7 days of the
invoice date.

On 8 October, services to Harold of $3,300 including GST were invoiced by Steve Pointing Plumbing on
Invoice 123.

Harold paid on 10 October, taking advantage of the discount offered.

General Journal

Date Particulars Debit Credit

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The bookkeeper at Botanic Plants has received a Statement from Garden Creations Ltd showing an
outstanding balance of $448.

According to the invoices they have received and the payments they have made to Garden Creations, the
bookkeeper believes the balance owing on the Statement is incorrect.

Garden Creations Ltd.

ABN 123 456 7890

15 Garden Street, Sunnyside, VIC 8888, Phone: (03) 234 5678

Botanic Plants STATEMENT

123 Fourseasons Ave 30 January 2021

Ref. No. GC1112
Melbourne, VIC 3333

Date Reference Description Dr Cr Balance

1/2/21 Balance b/fwd 140.00
5/2/21 GL523 Invoice 132.00 272.00
15/2/21 GL555 Invoice 110.00 382.00
20/2/21 GL589 Invoice 220.00 602.00
2/03/21 GL677 Invoice 66.00 668.00
15/03/21 Payment 140.00 528.00
5/04/21 GL812 Invoice 75.00 603.00
18/04/21 GL845 Invoice 80.00 683.00
21/04/21 GL222 Credit Note 235.00 448.00

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5.6 Reconcile the invoices received with the balance on the Statement and identify if there are any
invoices that have been overlooked or if the Statement received has any errors. Explain your
findings and determination below:

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Activity 6: Bank Reconciliations

The April Bank reconciliation statement contained the following items:

 An outstanding deposit $733.10, and

 Unpresented cheque #324856 for $934.02

For May:

Extract: Cash Receipts Book of A. Liu Extract: Cash Payments Book of A. Liu

02/05 $ 1,446.52 01/05 324875 $ 1,526.16

07/05 3,486.72 04/05 324876 905.70
11/05 1,538.90 08/05 324877 2,404.38
11/05 436.84 12/05 324878 1,702.86
12/05 2,360.20 15/05 324879 1,296.98
21/05 1,039.30 20/05 324880 561.40
30/05 846.76 28/05 324881 1,958.30

The Best Bank Ltd

Bank Statement for A. Liu

Date Particulars Debit Credit Balance
Brought forward $ 2,981.98 Dr
01/05 Cheque #324875 $ 1,526.16 4,508.14 Dr
Cash/cheques deposit $ 733.10 3,775.04 Dr
02/05 Cash/cheques deposit 1,446.52 2,328.52 Dr
05/05 Cheque #324856 934.02 3,262.54 Dr
07/05 Cash/cheques deposit 3,486.72 224.18 Cr
11/05 Cash/cheques deposit 1,538.90 1,763.08 Cr
12/05 Cheque #324877 2,404.38 641.30 Dr
Cash/cheques deposit 436.84 204.46 Dr
15/05 Cheque book fee 50.00 254.46 Dr
17/05 Cheque #324879 1,296.98 1,551.44 Dr
18/05 Cash/cheques deposit 2,360.20 808.76 Cr
21/05 Cheque #324878 1,702.86 894.10 Dr
24/05 L. Mami cheque dishonour 551.56 1,445.66 Dr
Dishonour fee 15.00 1,460.66 Dr
25/05 Cheque # 324876 905.70 2,366.36 Dr
26/05 Cash/cheques deposit 1,039.30 1,327.06 Dr
31/05 Cheque #324880 561.40 1,888.46 Dr

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6.1 From the information provided for A. Liu, prepare for May 31:

a. Cash Receipts and Cash Payments Books for May:

Cash Receipts Book Cash Payments Book

Date Details Amount $ Date Details Amount $

Total Total

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b. Bank Ledger Account for May:

Bank 100

Date Details Folio Debit Credit Balance

1/5 Balance b/d N/A $3,182.90 CR
31/5 Receipts N/A
31/5 Payments N/A

c. Bank reconciliation statement as of 31 May:

Bank Reconciliation Statement as at May 31

Cheque No. $
Debit balance as per Bank Statement $
Add: Unpresented Cheques $
$
Sub-total $
Less: Outstanding Deposits $
Credit Balance per the Bank Ledger Account $

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6.2 List three examples that would give rise to a difference between a bank statement and the
bank ledger account of a business:

i.

ii.

iii.

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Activity 7: Special Transactions

Joshua Owen commenced business on 1 September, and had several special transactions during the
month:

Date Transactions
Sept 01 Owen contributed the following to the business: Premises $85,000, Cash $4,000,
Mortgage on Premises $30,000 and Shop Fittings $3,000.
Owen gave the business a Motor Vehicle valued at $5,000 to be used for delivering goods to
Sept 09
customers.
Sept 11 Stock costing $80 plus $8 GST was taken by Owen’s children.
Sept 14 Surplus shelving, valued at $50 plus $5 GST, was taken by Owen for storing tools in his
home garage.

7.1 Complete the General Journal entries to record these transactions:

General Journal – Joshua Owen GJ1

Date Particulars Folio Debit Credit

N/A
N/A
N/A
N/A
N/A
Assets and liability contributed by owner at N/A
commencement of business
N/A
N/A
Contribution of motor vehicle by the owner N/A
N/A
N/A
N/A
Drawings of inventory by the owner for personal N/A
use
N/A
N/A
N/A
Shop shelving taken by owner N/A

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Activity 8.1: Interim Reports

8.1 The following is a Trial Balance from the ledger of E. Norman, a stationery retailer. E. Norman
prepares reports quarterly and files all reports according to date and report type.

a. Complete the worksheet below:

WORKSHEET Trial Balance Income Statement Balance Sheet

Accounts Debit Credit Debit Credit Debit Credit
Building 31,483
Bank 1,900
Accounts Receivable 3,700
Accounts Payable 5,000
GST Collected 2,600
GST Paid 2,000
Sales 44,593
Cost of Goods Sold 21,118
Office Equipment 950
Inventory 13,832
Delivery Expenses 475
Insurance 228
Electricity 532
Telephone 190
Salaries 2,470
Rates 238
Discount Allowed 1,007
Rent 484
Commission Income 807
Capital (opening) 27,607
Net Profit

Totals 80,607 80,607

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b. Prepare an Income Statement for quarter ended 30 June.

E. Norman - Income Statement for the year ended 30 June

$ $
Sales $
Less Cost of Goods Sold $
Gross Profit $

Add Other Revenue:

$
Total Operating Income $

Total Operating Expenses:

$
$
$
$
$
$
$
$ $

Net Profit (Loss) $

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c. Prepare a Balance Sheet as of 30 June.

E. Norman – Balance Sheet as at 30 June

$ $
Current Assets
Bank $
Accounts Receivable $
Inventory $ $

Non-Current Assets
Building $
Equipment $ $
Total Assets $

Current Liabilities
Accounts Payable $
GST Payable (GST Collected less GST Paid) $ $
Total Liabilities $

Net Assets $

Owners’ Equity
Capital (Opening Bal. 1/7) $
Net Operating Profit (Loss) $

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d. Outline the difference between interim reports and final reports:

e. List three things you could do to check that the income statement and the balance sheet are
complete and correct:

i.

ii.

iii.

f. Provide an example of a naming convention that could be used to clearly identify the trial balance,
the interim income statement and the balance sheet for the quarter ended 30 June in the E.
Norman filing system:

Name for trial balance:

Name for the income statement:

Name for the balance sheet:

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Activity 9: Depreciation and the Asset Register

O’Reilly Pty Ltd purchased a motor vehicle for use in the business on 31 March this year for $42,000 plus
GST. In accordance with the firm’s policies and procedures, the accountant believes the cost of the motor
vehicle should be allocated equally over its expected useful life of 5 years. It is anticipated that the motor
vehicle would have a residual value of $10,000 plus GST. Assuming the balance date is 30 June.

9.1 To be consistent with the depreciation method suggested by the accountant, would the
preferred method of depreciation be straight-line depreciation, diminishing balance method or
units of production method?

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On 31 December, a finishing machine was sold.

Accumulated depreciation to 30 June was $10,000. The depreciation for 6 months ended 31 December
was $3,000.

Its capital cost was $25,000 and accumulated depreciation was $13,000 at date of sale.

The machine was sold for cash to Jake Strong for $14,300 (including GST).

Balance date is 30 June.

9.2 Finishing machine sale

a. Record General Journal entries to account for the depreciation 6 months ended 31 December
and the sale of the finishing machine and post to the relevant ledger accounts.

General Journal – O’Reilly Pty Ltd

Date Details Debit Credit

30/11/XX

Transfer asset cost to Disposal Account

30/11/XX

Transfer asset accumulated depreciation to Disposal Account

30/11/XX

Sale of asset to Jake Strong

30/11/XX

Profit on disposal of asset

30/6/XX

Transfer Profit on disposal of asset to Profit and Loss account

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b. Transfer the profit or loss on disposal to the Profit and Loss account on 30 June.

Note: As the accumulated depreciation has been provided at the date of sale, no further depreciation
entries are required, and the Depreciation ledger account should have no entries

General Ledger Extract

Date Details Folio Debit Credit Balance

Machinery
30/11/XX Balance N/A 620,000 DR
N/A

Accumulated Depreciation
30/11/XX Balance N/A 280,000 CR
N/A

Bank
30/11/XX Balance N/A 20,000 DR
N/A

GST Collected
30/11/XX N/A
N/A

Depreciation
30/11/XX N/A
N/A

Disposal
30/11/XX N/A
N/A

N/A

Profit on Disposal
30/11/XX N/A
30/06/XX N/A

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9.3 Asset Register

Monarch Manufacturing purchased a new forklift and a packing machine. A check of Monarch’s records
revealed that an Asset Register record for the forklift vehicle and the packing machine had not been
created. The Manager has now asked you to prepare the Asset Register record for these assets
consistent with Monarch Manufacturing’s organisational policy and procedures. She has provided you with
the following information:

Packing Machine

 A packing machine, an Ultra Speedpack was purchased for $65,000 (excluding GST) on the 1 July
2017 from Melbourne PacktoGo.

 The packing machine was located at Monarch’s Melbourne factory.

 The estimated life of the packing machine was set at 5 years.

 Our internal asset number PACK32 was assigned to the asset.

 The company accountant has instructed that straight line depreciation method will be used to estimate
the residual value at the end of the effective life to be $5,000.

Forklift

 A forklift, a Toyota Hi-Lift, was purchased for $80,000 (excluding GST) on the 1 July 2018 from
Queens Street Toyota.

 The forklift was registered for road use with registration no. ABC-123.

 The forklift was located at Monarch’s Melbourne factory.

 The estimated life of the forklift was set at 5 years.

 Our internal asset number FORK16 was assigned to the asset.

 The company accountant has instructed that straight line depreciation method will be used to estimate
the residual value at the end of the effective life to be $5,000.

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a. Prepare the Asset Register record for the two assets and complete as of 30/6/2019.

Monarch Manufacturing – Asset Register Record Packing Machine

Asset No.:
Asset Description:
Vehicle Reg. No.: n/a
Purchase Date:
Purchased From:
Asset Location:
Estimated Life:
Estimated Residual:
Depreciation Method:
Disposal Date: n/a
Disposal Proceeds: n/a

Date Asset Cost Depreciation Accumulated Carrying Comments

Depreciation Amount
1/7/17 Cost price
30/6/18 Depreciation
30/6/19 Depreciation

Monarch Manufacturing – Asset Register Record Forklift

Asset No.:
Asset Description:
Vehicle Reg. No.: n/a
Purchase Date:
Purchased From:
Asset Location:
Estimated Life:
Estimated Residual:
Depreciation Method:
Disposal Date: n/a
Disposal Proceeds: n/a

Date Asset Cost Depreciation Accumulated Carrying Comments

Depreciation Amount
1/7/18 Cost price
30/6/19 Depreciation

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Due to a change in requirements, the forklift was sold on 1 January 2020 for $44,000 (excluding GST). To
accurately determine the tax expense for the period, the profit/loss on disposal must be recorded so it can
be included in the income statement. The packing machine is to be retained.

b. Write a process for maintaining asset register and associated depreciation schedule for
disposals.

c. Using the data from part a and b of this activity, update the Asset Register to show the
additional annual depreciation record for the packing machine and the additional depreciation
and disposal of the forklift.

Monarch Manufacturing – Asset Register Record Packing Machine

Date Asset Cost Depreciation Accumulated Carrying Comments

Depreciation Amount
30/6/19 Depreciation
30/6/20 Depreciation

Monarch Manufacturing – Asset Register Record Forklift

Date Asset Cost Depreciation Accumulated Carrying Comments

Depreciation Amount
30/6/19 Depreciation
1/1/20 Depreciation
1/1/20 Disposal

Disposal Details:
Date Disposed:
Proceeds:
Gain/Loss on Disposal

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Activity 10: Balance Day Adjustments

Ledger Account balances (prior to any Balance Day Adjustments) as of 30 June 2022 are:

Accounts Receivable (before bad debts write off – see info. below) 5,550

Allowance for Doubtful Debts 200

Additional Information:

 On 1 December 2021, a one-year insurance premium was paid, for $2,400 plus GST.

 Insurance cover starts on 1 December.

 Rent paid in advance $150 at 30 June 2022.

 Interest earned but not received $350 at 30 June 2022.

 Depreciation to be provided $1,000 at 30 June 2022.

 Bad Debts to be written off $500 plus $50 GST at 30 June 2022.

 Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable as per organisational
policies and procedures.

Tip: In your calculation, remember to consider the bad debt amount to be written off and the existing
Allowance for Doubtful Debts balance.

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10.1 Prepare the General Journal entries for the Balance Day Adjustments and the Reversing
General Journal entries on 1 July 2022.

General Journal

Date Particulars Debit Credit

30/6/22

Insurance Paid in Advance

1/7/22

Reversal of Balance Day Adjustment

30/6/22

Rent paid in Advance

1/7/22

Reversal of Balance Day Adjustment

30/6/22

Revenue due but not yet received

1/7/22

Reversal of Balance Day Adjustment

30/6/22

Depreciation charged for the year

30/6/22

Bad Debts Written off

30/6/22

Adjustment to Allowance Doubtful Debts

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Activity 11: Closing Entries

11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after
balance day adjustments have been posted.

a. Prepare the closing general journal entries.

General Journal – E. Norman

Date Particulars Debit Credit

30/6

Balance transferred to Trading A/c

30/6

Balance transferred to Trading A/c

30/6

Gross profit transferred to P&L A/c

30/6

Balance transferred to P&L A/c

30/6

Balances transferred to P&L A/c

30/6

Net profit transferred to Capital A/c

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b. Post entries to the General Ledger.

General Ledger

Trading Account
Date Details Folio Debit Credit Balance
30/6 N/A
N/A
N/A

Profit and Loss Account

Date Details Folio Debit Credit Balance
30/6 N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Buildings (ASSET)
Date Details Folio Debit Credit Balance
30/6 Balance N/A 31,483 DR

Bank (ASSET)
30/6 Balance N/A 1,900 DR

Accounts Receivable (ASSET)

30/6 Balance N/A 3,700 DR

GST Paid (ASSET)

30/6 Balance N/A 2,000 DR

Accounts Payable (LIABILITY)

30/6 Balance N/A 5,000 CR
GST Collected (LIABILITY)
Date Details Folio Debit Credit Balance

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General Ledger

30/6 Balance N/A 2,600 CR

Sales (REVENUE)
30/6 Balance N/A 44,593 CR

COGS (EXPENSE)
30/6 Balance N/A 21,118 DR
N/A

Office Furniture & Equipment (ASSET)

30/6 Balance N/A 950 DR

Inventory (ASSET)
30/6 Balance N/A 13,832 DR

Freight Outwards (EXPENSE)

30/6 Balance N/A 475 DR
N/A

Insurance (EXPENSE)
30/6 Balance N/A 228 DR
N/A

Electricity (EXPENSE)
30/6 Balance N/A 532 DR
N/A

Telephone (EXPENSE)
30/6 Balance N/A 190 DR
N/A

Salaries & Wages (EXPENSE)

30/6 Balance N/A 2,470 DR
N/A

Rates (EXPENSE)
30/6 Balance N/A 238 DR
N/A

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General Ledger

Discount Allowed (EXPENSE)

Date Details Folio Debit Credit Balance
30/6 Balance N/A 1,007 DR
N/A

Rent (EXPENSE)
30/6 Balance N/A 484 DR
N/A

Commissions Received (REVENUE)

30/6 Balance N/A 807 CR
N/A

Capital (EQUITY)
30/6 Balance N/A 27,607 CR
N/A

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c. Prepare a post-closing Trial Balance using the following template:

Tip: If your trial balance does not balance, please perform the following checks:

 Completing the general journal entries - ensure that for each journal, the total of the debit entries
equals the total of the credit entries.

 Posting the general journal entries to the ledger accounts - ensure that you post the entries exactly in
$ terms and DR/CR terms. Post all journal entries and do not post any extra entries.

 Totalling the ledger accounts - ensure that you observe the DR/CR nature of the entries.

 Transferring the ledger account balances to the trial balance - ensure that you transfer the balances
exactly in $ terms and DR/CR terms

Post-Closing Trial Balance as at 30/6 – E Norman

Debit Credit

Bank
Accounts Receivable
GST Paid
Buildings
Accounts Payable
GST Collected
Office Equipment
Inventory
Capital
TOTAL

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Activity 12: Final Reports

12.1 You are provided with the following Trial Balance on 30 June 2020 for Maloney Co. In
accordance with its policies and procedures, this company uses the perpetual inventory system.

Maloney Co – Trial Balance on 30 June 2020

Debit $ Credit $
Accumulated Depreciation - Van 13,000
Advertising 3,900
Bank 720
Capital 15,270
Accounts Payable 5,250
Accounts Receivable 6,000
Delivery Van 60,000
Discount Allowed 400
Insurance 900
Investments 20,000
Mortgage 24,000
Inventory at 30/6/2020 10,900
Cost of Goods Sold 117,700
Rent 13,000
Sales 220,000
Wages - Office 25,000
Wages - Sales 20,000
GST Paid 2,000
GST Collected 3,000
280,520 280,520

Additional Information:
Balance Day Adjustments still to be recorded:
Prepaid rent expense 1,100
Depreciation - Van 2,100

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a. Prepare a Ten Column Worksheet using the following template:

Maloney Co – Ten Column Worksheet

Details Trial Balance Adjustments Trading Account Profit & Loss Balance Sheet
Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Sales
Inventory
COGS
Wages-Sales
Wages-Office
Advertising
Rent
Insurance
Disc. Allow
A/C Receive.
Bank
GST Paid
GST Collect
Investments
Delivery Van
Acc.Dep.-Van
A/C Payable
Mortgage
Capital
Total
Prepaid Rent

Dep. - Van

Gross Profit

Net Profit

Total

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b. Prepare the Income Statement for the year ended 30 June 2020 using the following template:

Maloney Co – Income Statement for the year ended 30 June 2020

$ $ $
Sales $
Less Cost of Goods Sold $
Gross Profit from Trading $

Less Expenses:
Marketing:
Advertising $
Wages – Sales $
Depreciation Van $ $
Administrative:
Wages – Office $
Insurance $
Rent $ $
Financial:
Discount Allowed $ $ $

Net Profit (Loss) $

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c. Prepare the Balance Sheet as of 30 June 2020 using the following template:

Maloney Co – Balance Sheet as of 30 June 2020

$ $
Current Assets
Bank $
Accounts Receivable $
Inventory $ $
Prepaid Expenses
Non-Current Assets
Delivery Van $
Less Acc. Depn. Van $ $
Investments $ $
Total Assets $

Current Liabilities
Accounts Payable $
GST Collected (net) $ $
Non-Current Liabilities
Mortgage $
Total Liabilities $
Net Assets $

Owners’ Equity
Capital (Opening Balance) $
Net Operating Profit (Loss) $

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d. What checks have you undertaken to ensure that the Income Statement and the Balance Sheet
are correct?

e. What steps would you undertake if you believe the Income Statement or the Balance Sheet are
not correct, or if the Balance Sheet does not balance?

f. If there were $800 of dividends declared but not yet received by Maloney Co’s from their
investments, what adjustment would need to be made to Maloney’s revenue?

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Activity 13: Video Role Play

Scenario

It’s Friday afternoon and you are reconciling the petty cash account for the Architecture & Design firm you
work as a bookkeeper at. There are five petty cash slips that you need to reconcile. You notice that there
are problems with two of the five petty cash slips.

Jim Morrison, the office manager, oversees petty cash and Charlie Crow is the Finance Manager, to whom
you report.

You need to conduct a meeting with Jim and Charlie to resolve the petty cash issue. During the meeting
you need to:

 Speak with Jim to clarify what happened with the two petty cash slips that have problems

 Ask at least two questions of Jim about the petty cash slips in question

 Check Jim’s understanding of the authorisation process for using petty cash at Blue Gum Architecture
& Design

 Obtain authorisation for the payment that was made in relation to petty cash slip #3 from Charlie
Crowe, Finance Manager

 Request Charlie send an email to all relevant staff outlining them of the petty cash process requiring
his sign-off for amounts exceeding $100

This video role play has the following roles:

 Student: bookkeeper

 Jim Morrison: Office Manager at Blue Gum Architecture & Design

 Charlie Crow: the Finance Manager

Resources required for this assessment:

From the LMS:

 Video recording instructions

Other:

 Activity 16 Role play script (in Appendix A on page 73)

 Activity 16 Petty cash receipts and process (in Appendix B on page 77)

 At least one other person to read/play the part/s of Jim and Charlie

 Device to record a video of your discussion

Instructions

You will need at least one other person for this activity, to read/play the parts of the Jim and Charlie. Using
just one other person to play multiple roles is completely OK. Alternatively, you can use as many other
people as there are roles.

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Activity 13: Video Role Play

Record your discussion with Jim and Charlie. You may choose to use zoom (or other free video
conferencing software) or you can follow the video recording instructions that are available on the LMS in
your course guide. Upload the video when you upload the rest of the documents for this assessment.

This activity is designed to help assess your ability to:

 Greet colleagues appropriately and professionally

 Ask questions about the errors identified in the petty cash receipts

 Obtain authorisation from appropriate personnel

 Request colleague to notify all staff of the petty cash process

 Speak professionally and courteously with all parties

TIP: Ensure you, as the bookkeeper in the role play, are visible and audible throughout the video.

Ensure any other people are audible throughout the video.

NOTE: Ensure you upload the video with submission of this Assessment workbook.

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Student Pre-Submission Checklist

Please check that you have completed the following before you upload your assessment:

 Sign and date the Declaration at the beginning of the assessment

 All activities have been completed

Please check that you have the correct number of documents ready to upload to the LMS:

1. This completed assessment workbook

2. The document with the filename: Invoice127_ABCSS from Activity 4.2c

3. Role play video from Activity 13

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Video Role Play General Instructions:

 Students must conduct the role play with at least 1 other person
 Using just 1 other person to play multiple roles is completely OK. Alternatively, you can use as many
other persons as there are roles

 The other person(s) can play multiple roles except for the role required to be played by the student
 There is no requirement for the other person(s) to be visible in the video, so if the other person(s)
would prefer not to be visible, that’s OK

 You must be visible throughout the video and all persons must be audible throughout the recording
 Using a camera phone is often a quick and easy way to record the video. You can also use Zoom.

Role Play Setting: When deciding on where to conduct the role play we suggest:

 Find a quiet, private space where you can effectively record the video. This could be a spare room at
home, an office at your workplace, or even a study room at your local library

 Be appropriately dressed.

During the Role Play:

 Use appropriate body language and gestures, including eye contact

 Speak professionally, and at an appropriate pace (between 120 wpm and 150 wpm)
 Use your natural conversational skills, do not simply read from your notes/script
 Use plain English
 Listen without interrupting
 Respond appropriately to what is said.

Tip: A video role play is required to demonstrate your ability to communicate verbally and
interact with others in a simulated workplace environment.

You need to use your natural conversational skills during the role play: you may refer to
your notes and resources but if you simply ‘read’ the entire interaction, you may be asked
to redo your role play in order to meet the requirements of this unit.

Want to practice your speaking speed?

There are several free metronome apps available for Apple and Android which can help keep time as you
practice your presentation. Here are 2 smartphone apps that can help:

Metronome Beats: Metronome Beats has easy-to-use controls for increasing and decreasing the tempo.
The visual beat indicators help you to keep track and it is very easy to mute the metronome while visually
monitoring your tempo.

Pro Metronome: Pro Metronome is a fantastic app for public speakers who are working on their pacing. It
offers a variety of ways to keep your tempo: screen colour changes, vibrations, or sounds.

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Appendix A: Activity 16 Role Play Script

Scenario

It’s Friday afternoon and you are reconciling the petty cash account for the Architecture & Design firm you
work as a bookkeeper at. There are five petty cash slips that you need to reconcile. You notice that there
are problems with two of the five petty cash slips.

Jim Morrison, the office manager, oversees petty cash and Charlie Crow is the Finance Manager, to whom
you report.

You need to conduct a meeting with Jim and Charlie to resolve the petty cash issue. During the meeting
you need to:

 Speak with Jim to clarify what happened with the two petty cash slips that have problems

 Ask at least two questions of Jim about the petty cash slips in question

 Check Jim’s understanding of the authorisation process for using petty cash at Blue Gum Architecture
& Design

 Obtain authorisation for the payment that was made in relation to petty cash slip #3 from Charlie
Crowe, Finance Manager

 Request Charlie send an email to all relevant staff outlining them of the petty cash process requiring
his sign-off for amounts exceeding $100

This video role play has the following roles:

 Student: bookkeeper

 Jim Morrison: Office Manager at Blue Gum Architecture & Design

 Charlie Crow: the Finance Manager

This activity is designed to help assess your ability to:

 Greet colleagues appropriately and professionally

 Ask questions about the errors identified in the petty cash receipts

 Obtain authorisation from appropriate personnel

 Request colleague to notify all staff of the petty cash process

 Speak professionally and courteously with all parties

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Appendix A: Activity 16 Role Play Script

There’s often no script for what you say just guidelines. That’s part of the challenge! Don’t read these lines
out. Instead, answer in a way that fulfils the guidelines.

The parts are indicated with names in brackets, like this: [YOU] [FELIX]

When something is written in bold, it’s just a guide – not a line you have to read word-for-word.

 E.G. [YOU]: Name and describe some fruit. Say something good and something bad about the
fruit.

 …you might say “Apples. They’re red, juicy, and crunchy. They’re high in fibre, but you can’t eat the
core.”

Normal speech is written as follows - read these parts out:

 E.G. [MARY]: Let’s get this meeting started.

Instructions for actions or body language are written in italics as follows - don’t read these parts out:

· E.G. [FRED]: Look angry and raise your hand.

[STUDENT]: Introduce yourself.

Explain the purpose of the meeting.

[CHARLIE/JIM]: Good morning, Let’s get started shall we?

[STUDENT]: Ask Jim appropriate questions about the

errors identified in the petty cash receipts

[JIM]: Answer the bookkeepers/students questions with responses

suitable to the situation. Don’t worry about being correct or incorrect,
just try to keep a natural flow of communication going to allow the
student to demonstrate their skills.

[STUDENT]: Check Jim’s understanding of the

authorisation process for using petty cash at Blue
Gum Architecture & Design

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Appendix A: Activity 16 Role Play Script

[JIM]: Answer the bookkeepers/students questions with responses

suitable to the situation. Don’t worry about being correct or
incorrect, just try to keep a natural flow of communication going to
allow the student to demonstrate their skills.

[STUDENT]: Obtain authorisation for the payment

that was made in relation to petty cash slip #3 from
Charlie

[CHARLIE]: Answer the bookkeepers/students questions with

responses suitable to the situation. Don’t worry about being correct
or incorrect, just try to keep a natural flow of communication going
to allow the student to demonstrate their skills.

[STUDENT]: Request Charlie send an email to all

relevant staff outlining them of the petty cash
process requiring his sign-off for amounts
exceeding $100

[CHARLIE]: Answer the bookkeepers/students questions with

responses suitable to the situation. Don’t worry about being correct
or incorrect, just try to keep a natural flow of communication going
to allow the student to demonstrate their skills.

[STUDENT]: Thank Jim and Charlie for their time

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Appendix B: Activity 16 - Petty Cash Receipts and Process

Petty Case Receipt

Date: 12 Sep Number: 1 Amount: $37.50

Description: Parking station

Expense Category : Client expenses

Approved by: Jim Morrison

Date of Approval: 12 Sep

Petty Case Receipt

Date: 13 Sep Number: 2 Amount: $14.80

Description: Biscuits milk and sugar

Expense Category : Office expenses

Approved by:

Date of Approval:

Petty Case Receipt

Date: 14 Sep Number: 3 Amount: $125.00

Description: Catering for staff birthday

Expense Category : Office expenses

Approved by: Jim Morrison

Date of Approval: 14 Sep

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Appendix B: Activity 16 - Petty Cash Receipts and Process

Petty Case Receipt

Date: 17 Sep Number: 4 Amount: $32.50

Description: Printer cartridge

Expense Category : Stationery

Approved by: Jim Morrison

Date of Approval: 17 Sep

Petty Case Receipt

Date: 18 Sep Number: 5 Amount: $52.00

Description: 12 reams of paper @ $6 per ream

Expense Category : Stationery

Approved by: Jim Morrison

Date of Approval: 18 Sep

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Appendix B: Activity 16 - Petty Cash Receipts and Process

Blue Gum Architecture & Design’s petty cash process states:

Petty cash authorisation requirements

Up to $30 No authorisation required

Receipt provided

$30.05 - $100 Office manager to authorise

Receipt provided

More than $100 Finance manager to authorise

Receipt provided

 Authorisations require signatures

 Authorisations require date of approval

 Authorisations require category of expenditure

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