Task 1 – Verifying receipts

Copies of the receipts (source documents) for the period 21 January 2018 to 31 January 2018 have been provided at Appendix A. 

You are required to check the receipts against the entries made in the Cash Receipts Journal to ensure that:

• All receipts have been fully and correctly completed 

• Details recorded match the entry in the Cash Receipts Journal

• If any discrepancies are found the following actions are required to comply with the organisations policies and procedures:

a) List the discrepancy including all relevant details below:

b) Examine the information you have available (subsidiary ledgers, sales figures, bank statement) to determine the correct transaction to be recorded. For this exercise you should assume that the bank statement figure is always correct.

c) Make the necessary corrections to the Receipt and to the Cash Receipts Journal if required to correctly record the transaction. Initial and date any changes made to the source document or journal.

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