Accounting With Sales Journal and Purchases Journal GST Version
Accounting With Sales Journal and Purchases Journal GST Version
Accounting With Sales Journal and Purchases Journal GST Version
On 28 February 2019, Darwin-based entity, Phonee Partners, had inventory of 480 phones at a
total cost of $153 600. The business maintains a perpetual inventory system. The following
transactions occurred during March 2019: Assume the business is registered for GST.
Phonee Partner’s chart of accounts contained the following accounts: Cash at Bank, Sales,
Accounts Receivable, Discount Allowed, Inventory, Sales Returns and Allowances, Accounts
Payable, Cost of Sales, Discount Received, GST Payable, GST Receivable.
Required
Prepare journal entries for the above transactions for the month of March 2019 for Phonee
Partners. (10 Marks)
Solution 1
i)
General ledger accounts
GST Payable(2300)
Inv Inv
Date Explanation Debit Date Explanation Credit
No. No.
$ 10-Apr-
30-Apr-20 Balance c/d Sale 345 $ 228.00
796.00 20
16-Apr-
Sale 346 $ 264.00
20
26-Apr-
Sale 347 $ 184.00
20
29-Apr-
Sale 348 $ 120.00
20
$
$ 796.00
796.00
GST Receivable(1300)
Inv Inv
Date Explanation Debit Date Explanation Credit
No. No.
$ 30-Apr- $
05-Apr-20 Purchase 354 Balance c/d
150.00 20 291.00
$
08-Apr-20 376
78.00
$
19-Apr-20 828
63.00
$ $
291.00 291.00
(ii)
Purchase Journal(5100)
Invoice GST Accounts
Date Account Terms Purchases
No. Receivable Payable
Smythe 2/10
05-Apr-20 354 $ 1,500.00 $ 150.00 $ 1,650.00
Ltd n/30
2/10
08-Apr-20 376 Ellis Ltd $ 780.00 $ 78.00 $ 858.00
n/30
2/10
19-Apr-20 828 R. Rober $ 630.00 $ 63.00 $ 693.00
n/30
Total $ 2,910.00 $ 291.00 $ 3,201.00
(iii)
Journal Entries
Date Particulars Debit Credit
05-Apr-20 Inventory 1500
GST Receivable 150
Account Payable 1650
Purchase Merchandise on credit from Smythe
Ltd
(iv)
Accounts payable subsidiary ledger
Smythe Ltd
Date Post Ref Debit Credit Balance
05-Apr-20 PJ $ 1,650.00 $ 1,650.00
Ellis Ltd
Date Post Ref Debit Credit Balance
08-Apr-20 PJ $ 858.00 $ 858.00
R. Rober
Date Post Ref Debit Credit Balance
19-Apr-20 PJ $ 693.00 $ 693.00
Schedule of account
Receivable on 30 Apr
Smythe Ltd $ 1,650.00
Ellis Ltd $ 858.00
R. Rober $ 693.00
Total $ 3,201.00
Bryde Ltd
Date Post Ref Debit Credit Balance
16-Apr-20 SJ $ 2,904.00 $ 2,904.00
29-Apr-20 SJ $ 1,320.00 $ 4,224.00
G Green
Date Post Ref Debit Credit Balance
26-Apr-20 SJ $ 2,024.00 $ 2,024.00
Schedule of account
receivable on 30 Apr
B. Morran $ 2,508.00
Bryde Ltd $ 4,224.00
G Green $ 2,024.00
Total $ 8,756.00