FNS60215 Process Financial Transactions and Interim Report

cash book” in MS Excel file available in e-Learning ‘Assessment 2 Assignment template’ file.

1. Record the following transactions in the petty cash book

01/04/2016 Issued cheque no. 536 for $150.00 to establish the petty cash fund

2. Petty cash transactions have occurred for the current month. Total the columns in the petty cash book to determine total expenditure.
3. Determine the amount of the reimbursement.

Batch and match the following transaction with the suitable heading. Your company has a policy to record the transaction according to the items of the transactions.

Commission received $500

Cash sales $15000

Purchase inventory from ABC& Company on cash $5000

Commission received from X & suppliers $ 350

Cash sales to Mr. Xu $ 5000

Loan from National Bank Australia $25000

Loan from XYZ Finance Company $ 65000

Cash Collected from Debtors $ 550

Commission paid $250

Cash collected from Miss Money $ 1000

Furniture sold on cash $ 25000

An old computer sold on cash $350

Received discount $ 950 from Mr. Anna as your organisation is a regular client of his business.

Rent collected for the current month $ 2500

Cash collected from Richard Business House, a debtor $ 14000 and given $1000 discount as it paid the dues as per a understanding.

Miss John, a regular party has deposited cash advance, and she will collect the goods from your organisation next month.

At the end of each month, you are required to post the journal entries to the general ledger. Complete the following tasks for Durable Pty Ltd:

1. Post the journal entries to the general ledger accounts in the Ledger worksheet.
2. Total each of the account balances in the General ledger?
3. Prepare a Trial balance in the Trial Balance worksheet for all active general ledger accounts for the month ending 30^thApril 2016 for Durable Pty Ltd. (Hint: Total debits and credits are $6474.10)

When a staff member presents you with a petty cash voucher, what supporting documentation must be attached? Who is required to approve their petty cash claim?

A colleague has had a busy day.  Even though it is against organisational policy the colleague has decided to leave the banking until the next day and leaves the money in the cash register overnight. The next morning, when the colleague checks the takings, $100 is missing.

Describe two actions the colleague should have taken to help ensure the money was not ‘at risk’. 

a) Under GST legislation, what details must be included on a TAX Invoice received from a creditor before you can process it

1. b) If the supplier has not provided their ABN, what procedures must Accounts Payable follow. 

Check the following cheque, received by your company Maybell Manufacturing, for accuracy.  If there is an error, describe it.

What security safeguards should you consider when you are handling cash Describe the banking facilities you should use when performing the business banking procedure Identify the details you would need to check on an invoice received from a supplier before payment is processed.