Essay FNSACC311: Process Financial Transactions and Extract Interim – Finance Assignment Help

Assignment Task:

Task 1 – Verifying receipts

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You are required to check the receipts against the entries made in the Cash Receipts Journal to ensure that:

– All receipts have been fully and correctly completed

– Details recorded match the entry in the Cash Receipts Journal

– If any discrepancies are found the following actions are required to comply with the organisations policies and procedures:

a) List the discrepancy including all relevant details below:

b) Examine the information you have available (subsidiary ledgers, sales figures, bank statement) to determine the correct transaction to be recorded. For this exercise you should assume that the bank statement figure is always correct.

c) Make the necessary corrections to the Receipt and to the Cash Receipts Journal if required to correctly record the transaction. Initial and date any changes made to the
source document or journal.

Task 2 – Ledgers and reports
To complete the January accounting for Jolly Amusements you are required to:
a) Check that all journals have been properly authorised in accordance with the Organisational Policies and Procedures. Add the name of the authoriser if not already included. (Note: The Organisational Policies and Procedures require that journals be signed and dated by the accounts manager prior to being posted to the General ledger.)

b) Check that the total of the opening balances in the Accounts Receivable and Accounts Payable Subsidiary ledgers match the Accounts Receivable and Accounts Payable General 

Ledger opening balance and make any necessary corrections. Record all relevant transactions into the Accounts Receivable and Accounts Payable Subsidiary Ledger
accounts.

c) Check the opening Bank Balance in the General Ledger and ensure that it agrees with the Bank Reconciliation as at 31 December 2017 as provided. Reconcile the bank account and prepare a Bank Reconciliation Statement as at 31 January 2018

d) Total and balance the journals as required.

e) Ensure all opening balances in General Ledger (refer to Templates provided) match the December Trial Balance provided. If they don’t then you need to enter the balance from the December Trial Balance. Post the journals to the General Ledger accounts.

f) Complete the Accounts Receivable and Accounts Payable reconciliations for 31 January 2018.

g) Prepare the Trial balance as at 31 January 2018.

h) Prepare the Income Statement for the period ended 31 January 2018 on the template provided.

i) Prepare the Balance Sheet as at 31 January 2018 on the template provided.