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All numerical answers should consist of digits from 0 to 9 (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06 13) Each box must be have an aswer - If it would normally be blank enter 0. What are the possible source documents for this transaction? Cheque butt Bank Deposit Slip # Delivery docket Which of the following are impacted by this transaction? Inventory No GST No # Subsidiary Ledgers No Which specialjournal will this transaction be recorded in? Purchases Calculate the amount of GST What is the most likely date that this transaction will be posted to: The General Ledger: 26/0 The subsidiary ledger: 26/07 Enter the transaction into the journal provided, update inventory and post to the subsidiary ledger Journal (P1) ost counts ate t Credited Inventory Supplies GST ef Payable 10 30 Purchases Sales Inventory on Hand No. of Unit Total Unites Cost Cost Unit Total Cost Cost ota of of nits Date Cost nits 107/14 Subsidiary Ledger he Suppliers Pty Ltd ate Ref Debit Credit Balance 22000 Post to the relevant accounts in the General Ledger Ledger

We have purchased 20 items at 2500 each (GST exclusive) on 26 July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10 n30.

The Suppliers Pty Ltd is your only creditor. Assume a perpetual inventory system.

(GST rate 10%)

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We have purchased 20 items at 2500 each (GST exclusive) on 26 July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10 n30.The Suppliers 11 Pty Ltd is your only creditor. Assume a perpetual inventory system.(GST rate 10%) 3 Q1What are the possible source documents for this transaction? 4 There may be many source documents depending upon the company. You may select any of the following Bank Statement, Suppliers Invoice, Delivery Reciept, Pay In Slip, Reciept, Credit Note ti 8 Q2.Which of the following are impacted by this transaction? 10 YES Inventory GST Subsidiary Ledgers YES YES 12 13 14 Q3 Whch special journal will this transaction be recorded in? 15 16 17 PurchasesQ4. Calculate amount of GST Since purchase price of $ 2,500 is exclusive of GST, it means that GST will be charged on and above $ 2,500 So, GST p.u.- No. of units GST 2500*10% 20 -250 250 205000 Q5. What is the most likely date that this transaction will be posted to General Ledger 26-07-14 Subsidiary Ledger 31-03-15 NOTE : As per question you have to give the date in dd/mm/yyyy format. Hence, I have done the same NOTE: Traditionally, subsidiary ledgers have been used to record historical transactions. Hence evidently the date should be 31-03-2015. However, due to the fact that most accounting is done through softwares these days, the date of posting may also be 26-07-201406. Enter transaction into journal provided, update inventory and post to subsidiary ledger Debit Credit DateAccount Credited Terms Post Ref nventorySupplies GST Accounts Payable 26-07-14 |The Suppliers PTY Ltd5/10 n 30 50,000.00 -5,000.00 55,000.00 Purchases Sales Inventory on Hand DateNo. of Units 01-07-14 26-07-14 Unit Cost ToCos No. of Units Cost Total Cost No. of Unit Cost Total Cost 5 2,000.00 10,000.00 20 2,500.00 50,000.00 NOTE: GST on Purchase will usually be available as Input tax Credit at later stages. Hence the same should not form part of Cost.Subsidiary Ledger .lhe SuppliersドIYIid Date Ref Debitredt Balance 01-07-14 26-07-14 22,000.00 55,000.0077,000.00 Q6.Post to the relevant accounts in General Ledger Purchases Ledger

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