Unit Title : FNSACC312 ADMINISTER SUBSIDIARY ACCOUNTS AND LEDGERS
Assessment item : #1 SAQ AND NUMERICALS
Due date : Week 2(Extension requires prior approval from your assessor)
Trainer/Assessor : TBC
Context and purpose:
The main aim of this section is to test your understanding of the FNSACC302 ADMINISTER SUBSIDIARY ACCOUNTS AND LEDGERS. The following table maps the assessment activity against elements of performance and critical aspects of evidence:
Question Performance Criteria
SAQ 1.1,1.2,1.3,1.4,2.1
Numerical 1.1,1.2,1.3,1.4,2.1
Part A: Short Answer Question:
1. A company maintains a ledger to keep the record keeping of financial transactions. Explain how subsidiary ledgers help to trace errors in the general ledger.
2. Identify the difference between accounts receivables and accounts payable with examples.
Part B: Numerical:
Below is the extract of Sales records of ABC Manufacturing Company.
1.
July 3 2016
Invoice No.1- Sold 2500 units of plywood for $75000 to Smith Furniture on credit. Due to the damage there was a return of 150 units of plywoods for the amount of $4500.
July 5 2016
Invoice No. 22- Sold 1500 units of plywood for $45000 to Smith Furniture on credit.
July 10 2016
Invoice No. 30- Cash received from Smith Furniture for $82500
Assume the GST is 10%
In order to ensure and cross check that all information posted for Smith Furniture subsidiary ledger account:
Calculate: Sales Journal (SJ)
Sales Returns and Allowances Journal (SRJ)
Cash Receipt Journal (CRJ)
Accounts Receivable (Debtors) Ledger
Please use the below format:
Sales Journal(SJ)
Date Invoice No Customer Name Post Ref Sales CR GST Collected CR Accounts Receivable DR

Sales Returns and Allowances Journal(SRJ)
Date Adjust No Customer Name Post Ref Sales Returns DR GST Collected DR Accounts Receivable CR

Cash Receipt Journal(CRJ)
Date Particulars Ref No. Posting Ref Accounts Receivable CR

Company Name:
Accounts Receivable(Debtors) Subsidiary Journal
Date Particulars Ref No. Debit Credit Balance Dr/Cr

2.
July 3 2016
Invoice No.4580- Purchased 2500 units of plywood for $4500 to Smith Furniture on credit. Due to the damage there was a return of 150 units of plywoods for the amount of $550
July 5 2016
Invoice No. 5600- Purchased 1500 units of plywood for $4000 to Smith Furniture on credit.
July 8
Invoice No. 5700- Purchased 1500 units of plywood for $5000 to Smith Furniture on credit.
July 10 2016
Invoice No. 3800- Cash payment to Smith Furniture for $4400
July 15 2016
Invoice No. 4150- Cash payment to Smith Furniture for $1000
Assume the GST is 10%
In order to ensure and cross check that all information posted for Smith Furniture subsidiary ledger account:
Calculate: Purchase Journal (SJ)
Purchase Returns and Allowances Journal (SRJ)
Cash Payment Journal (CRJ)
Accounts Payable/Creditors (Creditors) Ledger
Purchases Journal(PJ)
Date Invoice No Customer Name Post Ref Purchases DR GST Collected CR Accounts Receivable DR

Purchases Returns and Allowances Journal(PRJ)
Date Adjust No Customer Name Post Ref Purchases Returns CR GST Collected DR Accounts Receivable CR

Cash Payment Journal(CPJ)
Date Particulars Ref No. Posting Ref Accounts Payable DR

Accounts Payable/Creditors
Date Particulars Ref No. Debit Credit Balance Dr/Cr