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 the 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.

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