Accounting Requirements And Instructions

Chart of Accounts
Account Name	Account Type	Usual Balance	Account Type
Cash at Bank	Asset	Debit	Current Asset
Accounts Receivable	Asset	Debit	Current Asset
Provision for Doubtful Debts	Contra – Asset	Credit	Contra – Current Asset
Supplies	Asset	Debit	Current Asset
Inventory	Asset	Debit	Current Asset
Prepaid Insurance	Asset	Debit	Current Asset
Prepaid Rent	Asset	Debit	Current Asset
GST Paid	Asset	Debit	Current Asset
Equipment & Tools	Asset	Debit	Non Current Asset
Accum Dep – Equip’t & Tools	Contra – Asset	Credit	Contra – Non Current Asset
Technology & Security	Asset	Debit	Non Current Asset
Accum Dep – Tech & Security	Contra – Asset	Credit	Contra – Non Current Asset
Vehicles	Asset	Debit	Non Current Asset
Accum Dep – Vehicles	Contra – Asset	Credit	Contra – Non Current Asset
Accounts Payable	Liability	Credit	Current Liability
GST Collected	Liability	Credit	Current Liability
PAYG Tax Payable	Liability	Credit	Current Liability
Superannuation Payable	Liability	Credit	Current Liability
Private health Payable	Liability	Credit	Current Liability
Wages Payable	Liability	Credit	Current Liability
I Hornet, Capital	Equity	Credit	Equity
I Hornet, Drawings	Equity	Debit	Equity
Sales Revenue	Revenue	Credit	Revenue
Discount Received	Revenue	Credit	Revenue
Interest Revenue	Revenue	Credit	Revenue
Cost of Sales	Expenses	Debit	Cost of Goods Sold
Electricity & Gas Expense	Expenses	Debit	Expenses
Bad Debts expense	Expenses	Debit	Expenses
Discount Allowed Expense	Expenses	Debit	Expenses
Salary & Wages Expense	Expenses	Debit	Expenses
Supplies Expense	Expenses	Debit	Expenses
Rent Expense	Expenses	Debit	Expenses
Insurance Expense	Expenses	Debit	Expenses
Depreciation Expense	Expenses	Debit	Expenses
Income Summary	Temporary only	N/A	Temporary only




CASH RECEIPTS JOURNAL—JUNE
Date	Particulars	Debits	Credits
Cash at Bank	Cost of Sales	Discount Allowed Expense	Accounts Receivable (inc GST)	Inventory	Sales Revenue	Interest Revenue	Other Accounts	GST Collected

GST Collected	Net	Account Name	Amt ex GST

01-Jun	Est business	2,25,000.00								Capital	2,25,000.00
07-Jun	SP & CC sale	5,820.00	1,648.50				1,648.50	5,290.91				529.09
08-Jun	CC sale	2,200.00	1,037.25				1,037.25	2,000.00				200.00
09-Jun	SP sale	4,290.00	1,948.50				1,948.50	3,900.00				390.00
13-Jun	CC & SP sale	7,870.00	3,373.50				3,373.50	7,154.55				715.45
20-Jun	RR sale	3,790.00	1,728.57				1,728.57	3,445.45				344.55
26-Jun	Hot Rot’s Club	5,241.50		2.59	25.91	5,270.00
26-Jun	RR & CC sale	8,600.00	3,999.78				3,999.78	7,818.18				781.82
29-Jun	Receipt of Interest	1,307.00							1,307.00








Total columns here		2,64,118.50	13,736.10	2.59	25.91	5,270.00	13,736.10	29,609.09	1,307.00		2,25,000.00	2,960.91
					2,77,883.10							2,77,883.10

CASH PAYMENTS JOURNAL—JUNE
Date	Details	Cheq no	Credits	Debits
Cash at Bank	Discount Received	Wages	Accounts Payable (inc GST)	Inventory	Prepaid Rent	Supplies	Wage Expense	Drawings	Prepaid Insurance	Elect & Gas	GST Paid
GST Paid	Net	PAYG Tax Payable	Private Health Payable	Employer Super Payable
05-Jun	RevCo supplies		2,200.00									2,000.00					200.00
06-Jun	RevHeads Expo		3,872.00							3,520.00							352.00
07-Jun	Totyota		8,870.00						8,870.00
07-Jun	Salaries & Wages		3,193.00			1,074.00	39.00	409.07					4,715.07
07-Jun	Insurance		9,100.00												8,272.73		827.27
12-Jun	Pro Power		7,173.44	20.17	201.69				7,395.30
12-Jun	Panorama		4,730.00							4,300.00							430.00
13-Jun	Totyota		8,870.00						8,870.00
14-Jun	Rent		6,600.00								6,000.00						600.00
14-Jun	Salaries & Wages		3,391.00			1,074.00	39.00	427.88					4,931.88
21-Jun	Salaries & Wages		3,495.00			1,136.00	39.00	443.65					5,113.65
28-Jun	Salaries & Wages		3,547.00			1,150.00	39.00	449.92					5,185.92
29-Jun	Gas & Electricity		290.00													263.64	26.36
30-Jun	Drawings		920.00											920.00


	Total columns here		66,251.44	20.17	201.69	4,434.00	156.00	1,730.52	25,135.30	7,820.00	6,000.00	2,000.00	19,946.52	920.00	8,272.73	263.64	2,435.64

SALES JOURNAL—JUNE
				Credit	Debit	Credit	Debit
Date	Invoice Number	Details	Sales Revenue	GST Collected	Accounts Receivable	Inventory	Cost of Sales

17-Jun		Hot Rod’s Club	2,590.91	259.09	2,850.00	1,299.00	1,299.00
21-Jun		Rob’s Classic Cars	7,090.91	709.09	7,800.00	3,578.00	3,578.00
22-Jun		Hot Rod’s Club	2,200.00	220.00	2,420.00	2,212.42	2,212.42




	Total columns here		11,881.82	1,188.18	13,070.00	7,089.42	7,089.42

PURCHASES JOURNAL —JUNE
			Debit	Debit	Credit
Date	Details	Inventory	Vehicles	Tech & Security	Equip&Tools		GST Paid	Accounts Payable

02-Jun	Tools R Us purchases				26,363.64		2,636.36	29,000.00
02-Jun	Pro Power	6,723.00					672.30	7,395.30
04-Jun	Digital sys			28,627.27			2,862.73	31,490.00
04-Jun	Toyota		32,254.55				3,225.45	35,480.00
07-Jun	Pro Power	3,150.00					315.00	3,465.00
19-Jun	Pro Power	9,050.00					905.00	9,955.00
23-Jun	Pro Power	4,660.00					466.00	5,126.00






	Total columns here	23,583.00	32,254.55	28,627.27	26,363.64	–	11,082.85	1,21,911.30
								1,21,911.30	1,21,911.30

GENERAL JOURNAL
Date	Details	Debit	Credit
ADJUSTING ENTRIES
June	30	Supplies Expense	620.00
		Supplies		620.00
		Supplies used up during the year

June	30	Bad Debts expense	312.00
		Provision for Doubtful Debts		312.00
		Provision made @ 4% for doubtful debts

June	30	Insurance Expense	477.27
		Prepaid Insurance		477.27
		One month insurance expensed off

June	30	Rent Expense	1,000.00
		Prepaid Rent		1,000.00
		One month rent expensed off

June	30	Depreciation Expense	2,033.03
		Accum Dep – Equip’t & Tools		615.15
		Accum Dep – Tech & Security		477.12
		Accum Dep – Vehicles		940.76
		Depreciation charge for the month

June	30	Salary & Wages Expense	3,378.86
		PAYG Tax Payable		654.00
		Superannuation Payable		293.14
		Private health Payable		27.86
		Wages Payable		2,403.86
		Wages payable for 6 days from 24th to 30th June

			7,821.16	7,821.16

CLOSING ENTRIES

June	30	Sales Revenue	41,490.91
		Discount Received	201.69
		Interest Revenue	1,307.00
		Income Summary		42,999.60
		Amount transferred to Income statement

June	30	Income Summary	48,882.74
		Cost of Sales		20,825.52
		Electricity & Gas Expense		263.64
		Bad Debts expense		312.00
		Discount Allowed Expense		25.91
		Salary & Wages Expense		23,325.38
		Supplies Expense		620.00
		Rent Expense		1,000.00
		Insurance Expense		477.27
		Depreciation Expense		2,033.03
		Amount transferred to Income statement debited.

June	30	Capital	5,883.14
		Income Summary		5,883.14
		Loss debited to capital.

June	30	Capital	920.00
		Drawings		920.00
		Drawings closed to Capital.



			98,685.49	98,685.49

Schedule of Accounts Receivable			Schedule of Accounts Payable
as at 30 June 2017				as at 30 June 2017

Account Name	Amount	4%					Account Name	Amount
Hot Rod’s Club	0.00						TOOLS R US	29,000.00
Rob’s Classic Cars	7,800.00						PRO POWER	18,546.00
							DIGITAL SYS	31,490.00
							TOYOTA	17,740.00
								0.00
Total	7,800.00	312.00					Total	96,776.00


Amount showing in Accounts Receivable General Ledger Trial Balance			7,800.00					Amount showing in Accounts Payable General Ledger Trial Balance	96,776.00
Difference between Schedule total and General Ledger balance			0					Difference between Schedule total and General Ledger balance	0

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER			ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Hot Rod’s Club								TOOLS R US
Date	Details	Invoice No.	Debit	Credit	Balance			Date	Details	Invoice No.	Debit	Credit	Balance
17-Jun	2x Sports SP	xx	2,850.00		2,850.00			02-Jun	tools & other equipt	xx		29,000.00	29,000.00
22-Jun	2x Racer CC	xx	2,420.00		5,270.00								29,000.00
26-Jun	Cash received			5,270.00	0.00								29,000.00
					0.00								29,000.00
					0.00								29,000.00


Rob’s Classic Cars								PRO POWER
Date	Details	Invoice No.	Debit	Credit	Balance			Date	Details	Invoice No.	Debit	Credit	Balance
21-Jun	4x Sports SP & 1x RR	xx	7,800.00		7,800.00			02-Jun	Inventory purchased	xx		7,395.30	7,395.30
					7,800.00			07-Jun	Inventory purchased	xx		3,465.00	10,860.30
					7,800.00			12-Jun	Cash paid		7,395.30		3,465.00
					7,800.00			19-Jun	Inventory purchased	xx		9,955.00	13,420.00
					7,800.00			23-Jun	Inventory purchased	xx		5,126.00	18,546.00
													18,546.00

								ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Date	Details	Invoice No.	Debit	Credit	Balance			DIGITAL SYS
								Date	Details	Invoice No.	Debit	Credit	Balance
								04-Jun	Computer and security system	xx		31,490.00	31,490.00
													31,490.00
													31,490.00
													31,490.00
													31,490.00

								ACCOUNTS PAYABLE SUBSIDIARY LEDGER
								TOYOTA
								Date	Details	Invoice No.	Debit	Credit	Balance
								04-Jun	Vehicle purchased	xx		35,480.00	35,480.00
								07-Jun	Repayment		8,870.00		26,610.00
								13-Jun	Repayment		8,870.00		17,740.00
													17,740.00
													17,740.00

								ACCOUNTS PAYABLE SUBSIDIARY LEDGER

								Date	Details	Invoice No.	Debit	Credit	Balance








Inventory Reconciliation
30-Jun-17
Item Number		On Hand $
SP	MAGIC SPORTS SP	2,035.29
RR	MAGIC RETRO RR	1,728.57
CC	MAGIC RACER CC	6,813.63
Total		10,577.48
Link to General Ledger Inventory	10,577.48
	Difference	–


MAGIC SPORTS SP	Purchases	Cost of Goods Sold	Inventory on Hand
Date	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total
	Cost	Cost	Cost
02-Jun	7	675	4,725.00				7	675.00	4,725.00
06-Jun	3	590	1,770.00				10	649.50	6,495.00
07-Jun				1	649.50	649.50	9	649.50	5,845.50
09-Jun				3	649.50	1,948.50	6	649.50	3,897.00
13-Jun				2	649.50	1,299.00	4	649.50	2,598.00
17-Jun				2	649.50	1,299.00	2	649.50	1,299.00
19-Jun	5	690	3,450.00				7	678.43	4,749.00
21-Jun				4	678.43	2,713.71	3	678.43	2,035.29
29-Jun							3	678.43	2,035.29
							3	678.43	2,035.29
							3	678.43	2,035.29
							3	678.43	2,035.29
							3	678.43	2,035.29
							3	678.43	2,035.29

MAGIC RETRO RR	Purchases	Cost of Goods Sold	Inventory on Hand
Date	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total
	Cost	Cost	Cost
06-Jun	2	875	1750.00				2	875.00	1,750.00
12-Jun	5	860	4,300.00				7	864.29	6,050.00
20-Jun				2	864.29	1,728.57	5	864.29	4,321.43
21-Jun				1	864.29	864.29	4	864.29	3,457.14
26-Jun				2	864.29	1,728.57	2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57
							2	864.29	1,728.57

MAGIC RACER CC	Purchases	Cost of Goods Sold	Inventory on Hand
Date	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total
	Cost	Cost	Cost
02-Jun	2	999	1,998.00				2	999.00	1,998.00
07-Jun				1	999.00	999.00	1	999.00	999.00
07-Jun	3	1,050	3,150.00				4	1037.25	4,149.00
08-Jun				1	1,037.25	1,037.25	3	1037.25	3,111.75
13-Jun				2	1,037.25	2,074.50	1	1037.25	1,037.25
19-Jun	5	1,120	5,600.00				6	1106.21	6,637.25
22-Jun				2	1,106.21	2,212.42	4	1106.21	4,424.83
23-Jun	4	1165	4,660.00				8	1135.60	9,084.83
26-Jun				2	1135.60	2,271.21	6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63
							6	1135.60	6,813.63

ASSETS		LIABILITIES		OWNERS’ EQUITY
Cash at bank		Accounts Payable		Capital
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Receipts Journal	2,64,118.50		2,64,118.50		30-Jun	Purchase Journal		1,21,911.30	1,21,911.30		01-Jun	Cash Receipts Journal		########	########
30-Jun	Cash Payments Journal		66,251.44	1,97,867.06		30-Jun	Cash Payments Journal	25,135.30		96,776.00		30-Jun	General Journal	5,883.14		########
				1,97,867.06						96,776.00		30-Jun	General Journal	920.00		########
				1,97,867.06						96,776.00						########
				1,97,867.06						96,776.00						########
				1,97,867.06						96,776.00						########
				1,97,867.06						96,776.00						########
				1,97,867.06						96,776.00						########


Accounts Receivable		GST Collected		Drawings
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Sales Journal	13,070.00		13,070.00		30-Jun	Cash Receipts Journal		2,960.91	2,960.91		30-Jun	Cash Payments Journal	920.00		920.00
30-Jun	Cash Receipts Journal		5,270.00	7,800.00		30-Jun	Cash Receipts Journal	2.59		2,958.32		30-Jun	General Journal		920.00	–
				7,800.00		30-Jun	Sales Journal		1,188.18	4,146.50						–
				7,800.00						4,146.50						–
				7,800.00						4,146.50						–
				7,800.00						4,146.50						–
				7,800.00						4,146.50						–
				7,800.00						4,146.50						–


Provision for Doubtful Debts		PAYG Tax Payable
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	General Journal		312.00	312.00		30-Jun	Cash Payments Journal		4,434.00	4,434.00
30-Jun				312.00		30-Jun	General Journal		654.00	5,088.00
				312.00						5,088.00
				312.00						5,088.00
				312.00						5,088.00
				312.00						5,088.00
				312.00						5,088.00
				312.00						5,088.00


Supplies		Superannuation Payable
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Payments Journal	2,000.00		2,000.00		30-Jun	Cash Payments Journal		1,730.52	1,730.52
30-Jun	General Journal		620.00	1,380.00		30-Jun	General Journal		293.14	2,023.66
				1,380.00						2,023.66
				1,380.00						2,023.66
				1,380.00						2,023.66
				1,380.00						2,023.66
				1,380.00						2,023.66
				1,380.00						2,023.66


Inventory		Private Health Payable
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Payments Journal	7,820.00		7,820.00		30-Jun	Cash Payments Journal		156.00	156.00
30-Jun	Purchase Journal	23,583.00		31,403.00		30-Jun	General Journal		27.86	183.86
30-Jun	Cash Receipts Journal		13,736.10	17,666.90						183.86
30-Jun	Sales Journal		7,089.42	10,577.48						183.86
				10,577.48						183.86
				10,577.48						183.86
				10,577.48						183.86
				10,577.48						183.86


Prepaid Insurance		Wages Payable
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Payments Journal	8,272.73		8,272.73		30-Jun	General Journal		2,403.86	2,403.86
30-Jun	General Journal		477.27	7,795.45						2,403.86
				7,795.45						2,403.86
				7,795.45						2,403.86
				7,795.45						2,403.86
				7,795.45						2,403.86
				7,795.45						2,403.86
				7,795.45						2,403.86

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