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Posted: June 5th, 2015

You buy some plant and equipment from ABC Ltd. for $1400 on credit with payment due within 30 days.

TAFENSW

Western

Sydney

Institute

19734 Certificate IV

CPC40110 Certificate IV im Building

and Construction (Building)

BSBSMB406A Manage Small

Business Finance

Assessment 2 LA017617

This assignment relates to element 1: Prepare and implement a financial plan including budgets and cash flow forecasts

Do not PDF or password protect your spreadsheet

 

Using the table provided, for each of the following transactions;

 

Name the ledger accounts affected, and for each account; state the type of account (A, L, P, R or E)

State whether the account increases or decreases as a result of the transaction (use Inc or Dec)

Enter the appropriate amounts in the debit (DR) and credit (CR) columns

 

(a)  You buy some plant and equipment from ABC Ltd. for $1400 on credit with payment   due within 30 days.

 

(b)  You are paying the telephone account ($87).

 

(c)  You buy a motor vehicle for $30,000 with a cash payment of ten per cent ($3000) and   the balance of $27,000 through NRMA Finance Ltd.

(There are three accounts affected here).

 

(d)  The bank charges you a fee for services it provides – $15.

 

(e)  You are pay $500 off the loan from NRMA Finance Ltd.

 

(f)  You pay for your builder’s licence with a cheque for $550.

 

(g)  You pay your account with Hardware and General Building Supplies and receive a five   per cent discount. The total account owing was $2500?

(There are three accounts affected here).

 

Exercise A2
Student Name 0 Student No. 0
1 Enter the following transactions into the journals provided.
DATE AMOUNT
Jun-01 Credit sale to A. Bloke (Inv # 001) $2,800
2 Credit purchase from A. Supplier $1,300
3 Payment of phone bill (Chq. # 991) $1,500
4 Credit sale to A. Debtor (Inv # 002) $2,700
5 Payment of wages (Chq. # 992) $1,600
6 Receive payment from A. Bloke (Receipt # 11) $2,300
7 Paid amount owing to A. Supplier (Chq # 993) $1,200
8 Credit purchase from A. Supplier $2,500
9 Receipt of payment from A. Debtor (Receipt # 12) $500
Purchases journal – A. Trader
PJ1
Date Invoice
Number		 Particulars /
Creditor		 Folio      Purchases /Job expense control Sundries Accounts
Payable
No. Amount Accounts Amount
Sales journal – A. Trader
SJ1
Date Invoice
Number		 Particulars / Debtor Folio Sales / Job income   control Sundries
Accounts
receivable
No. Amount Accounts Amount
Exercise A2 Page 2
Cash payments journal – A. Trader
CP1
Date Cheque
Number		 Particulars / Payee Folio Discount
received		 Accounts
Payable		 Sundries Bank
Accounts Amount
Cash receipts journal – A. Trader
CR1
Date Receipt
Number		 Particulars / Debtor Folio Discount
allowed		 Accounts
Receivable		 Sundries Amount
Bank
Accounts Amount
Exercise A2 Page 3
Cash payments journal – Wharf Security Doors
CP1
           Sundries
Date Cheque Particulars /     Payee Folio Discount received Accounts   Bank
No. payable
Accounts Amount
20X4 $ $ $
##### 176 Wages Wages    520.00      520.00
177 P Eckford        30.00        880.00      880.00
178 Wages and Wages    520.00
drawings Drawings    750.00    1,270.00
15 179 Board Cars    18,000.00 18,000.00
17 180 M Scaton        80.00      1,200.00    1,200.00
19 181 Petty cash Fares      28.00
recoupment Postage      32.00
Courier      35.00
MV Exp      42.00      137.00
21 182 Wages Wages    520.00      520.00
25 183 V Patch        20.00        580.00      580.00
     130.00     20,660.00 2,447.00 23,107.00
CR DR DR CR
General ledger accounts
Account Name Debit Credit
Account Name Amount
Exercise A3
Student Name 0 Student No. 0
Bank reconciliation – D & R Doknotno
as at 29 February 2012
$
Balance as per bank statement (CR) 1250
Add Outstanding deposits 790
2,040
Less Unpresented cheques
8136 320
8155 70
8169 42
8179 540
8181 420
8182 222
8183 2,700 4,314
Cr Balance of general ledger bank account (overdraft) -2,274
Cash payments journal
CP1 D and R Doknotno
2012 $
Mar-05 8184 Peter Brown $1,200.00
7 8185 Joan River $1,400.00
9 8186 Apple Pty Ltd $700.00
10 8187 Rite Industries $350.00
13 8188 Stationery Tab and Co $200.00
15 8189 Uncle Petes $2,800.00
17 8190 Union Co $450.00
8191 Brown Manufacturing Co $900.00
19 8192 John Craft $1,250.00
22 8193 Peter Bland $240.00
24 8194 Rabbit Const $760.00
26 8195 Amy Roberts $1,250.00
8196 Craig Thompson $210.00
Cash receipts journal Exercise A3 Page 2
CR1 D and R Doknotno
2012 Receipt No. $
Mar-01 4321 Alicon Rose $3,600.00
8 4322 Jim Burke $2,150.00
15 4323 Rosie Blue $3,900.00
22 4324 Tuck Roberts $1,500.00
29 4325 Craig Lim $2,900.00
Statement of account
Turimetta Banking Corporation
Turimetta   SA   2102
Mr and Mrs D and R Doknotno Account number     143962
64 Slip Street Folio   127
MONA VALE   NSW   2250 Account name
D. K. and R.N. Doknotno
Date Particulars Debit Credit Balance
2012
1-Mar Balance forward $1,250.00
1-Mar Deposit $790.00 $2,040.00
1-Mar 8136 $320.00 $1,720.00
3-Mar Deposit $3,600.00 $5,320.00
6-Mar 8184 $1,200.00 $4,120.00
7-Mar 8179 $540.00 $3,580.00
8-Mar 8155 $70.00 $3,510.00
10-Mar Deposit $2,150.00 $5,660.00
10-Mar 8183 $2,700.00 $2,960.00
10-Mar 8185 $1,400.00 $1,560.00
14-Mar 8181 $420.00 $1,140.00
15-Mar FID charge $5.00 $1,135.00
17-Mar Deposit $3,900.00 $5,035.00
17-Mar 8188 $200.00 $4,835.00
17-Mar 8189 $2,800.00 $2,035.00
19-Mar Dish chq – C Dunn $2,150.00 -$115.00
19-Mar Govt debits tax $5.00 -$120.00
19-Mar 8187 $350.00 -$470.00
22-Mar 8191 $900.00 -$1,370.00
23-Mar 8190 $450.00 -$1,820.00
24-Mar Deposit $1,500.00 -$320.00
24-Mar 8192 $1,250.00 -$1,570.00
25-Mar Div received $2,750.00 $1,180.00
27-Mar 8193 $240.00 $940.00
29-Mar 8194 $760.00 $180.00
31-Mar Fee $30.00 $150.00
Exercise A3 Page 3
D and R Doknotno
General Ledger
Bank
2012 $ $
1 Mar   Balance (overdraft) b/d $2,274.00
 
     
Balance of general ledger bank account -2,274.00
+ Cash receipts
– Cash payments
D and R Doknotno
Bank reconciliation
as at 31 March, 2012
$ $
Credit balance as per bank statement
Add Outstanding deposit (31 March)  
Less              –
Unpresented cheques                         No.
 
Debit balance of general ledger bank account
 

 

Exercise B1
Student Name 0 Student No. 0
direct effect on
transactions in january January profit January cashflows
Buy materials with cash. X X
Borrow money from the bank.
Sell Goods for cash.
Perform odd job for payment by cash.
Repay creditor for December credit purchases
Receive payment from debtor for Dec. credit sales
Pay wages for January
Perform job on credit
Owner invests funds into business
Purchase materials on credit
Owner withdraws funds from business
Buy plant and equipment for cash
Pay sub-contractor for work performed in Jan.
Exercise B2
Student Name 0 Student No. 0
Jan Feb Mar Apr May June TOTAL
$ $ $ $ $ $ $
Progress payments $8,000 $21,000 $29,000 $6,000 $35,000 $21,000 $120,000
Other income $7,000 $7,000
TOTAL CASH IN        (A) $8,000 $21,000 $29,000 $6,000 $42,000 $21,000 $127,000
Expenses $6,000 $18,000 $12,000 $21,000 $17,000 $13,000 $87,000
Asset purchase $12,000 $12,000
TOTAL CASH OUT   (B) $6,000 $18,000 $12,000 $33,000 $17,000 $13,000 $99,000
NET CASHFLOW      (C) $2,000 $3,000 $17,000 -$27,000 $25,000 $8,000 $28,000
OPENING bank bal.   (D) -$18,000 -$16,000 -$13,000 $4,000 -$23,000 $2,000 -$18,000
CLOSING bank bal.   (E) -$16,000 -$13,000 $4,000 -$23,000 $2,000 $10,000 $10,000
Exercise B2 Page 2
Exercise B3
Student Name Student No.
A Green
Cashflow Forecast
for the six months ending June 30 2012
Jan Feb Mar Apr May June TOTAL
$ $ $ $ $ $ $
Progress payments $1,300 $15,000 $18,000 $16,500 $12,500 $11,000 $74,300
Other income $120 $2,500 $950 $1,800 $1,500 $6,870
TOTAL CASH IN     (A) $1,420 $1,420
Expenses $4,500 $8,000 $12,000 $4,000 $7,500 $3,000
Asset purchase $1,200 $3,500 $6,500
TOTAL CASH OUT   (B) $5,700
NET CASHFLOW     (C) -$4,280
OPENING bank bal. (D) $15,000 $10,720 $15,000
CLOSING bank bal. (E) $10,720 $20,220 $23,670 $36,170 $42,970 $45,970 $45,970
Exercise B4
Student Name Student No.
$ $ $ $ $ $
OPERATING EXPENSES    12,000      9,000      7,500    12,500    15,000      8,000
PROGRESS PAYMENTS    14,000    11,000    12,000    16,000    18,500    11,000
B Black
Cash flow Forecast
for the six months ending June 30
Jan Feb Mar Apr May June TOTAL
$ $ $ $ $ $ $
Progress payments
Other Job income
Other inflows
TOTAL CASH IN
Operating Expenses
Overhead Expenses
Other Outflows
TOTAL CASH OUT
NET CASHFLOW
OPENING bank balance
CLOSING bank balance
Exercise B4 Page 2
Exercise B5
Student Name 0 Student No. 0
Jan Feb Mar Apr May June
OPERATING EXPENSES        7,500        6,000        6,500      10,500      13,500        9,000
PROGRESS PAYMENTS      16,500      12,000      19,500      15,000      14,500      12,500
A White
Cash flow Forecast
for the six months ending June 30
Jan Feb Mar Apr May June TOTAL
$ $ $ $ $ $ $
Progress payments
Other Job income
Other inflows
TOTAL CASH IN
Operating Expenses
Overhead Expenses
Other Outflows
TOTAL CASH OUT
NET CASHFLOW
OPENING bank balance
CLOSING bank balance
Exercise B5 Page 2
Exercise B6
Student Name
Student No.
Actual Budget Estimates
Month Dec (last yr) Jan Feb March April May June July Aug Sept Oct Nov Dec
Forecast Sales $          18,000        12,000        14,000        22,000        25,000        21,000        35,000        26,000 Nil        12,000        25,000        19,000        8,000
Exercise B6 Page 2
D Bates
Cashflow Forecast
for the six months ending Dec 30
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec TOTAL
$ $ $ $ $ $ $ $ $ $ $ $ $
Cash received from
this months Sales
Cash received from
last months Sales
Other Income
TOTAL CASH IN
Operating Expenses
Administration overhead Expenses
Income Tax
Motor Vehicle Repayments
TOTAL CASH OUT
NET CASHFLOW
OPENING bank balance
CLOSING bank balance
Preliminaries Set out Footings Drains Brickworks
Days 1 to 12 1 to 2 2 to 5 4 to 10 10 to 12
Estimated cost ($) 3,600 2,800 10,000 16,100 4,000
Starts on day 1 1 2 4 10
Bar Chart
Days 1 2 3 4 5 6 7 8 9 10 11 12
Activities
Preliminaries
Set out
Footings
Drains
Brickwork
Daily Costs
Cumulative costs

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