Cash Registers For Cash Sales & Bank Statements For Direct Charges & Deposits - Accounting Assignment Help

Assignment Task -                 

 

 

In this assignment students are required to use the following modules of the MYOB  computer accounting program to process transactions and to produce a set of accounting  reports relating to business operations: 

• General Ledger 

• Banking  

• Sales - Accounts Receivable 

• Purchases - Accounts payable 

• Inventory 

Input 

Business data 

The business is a book retailer named, “Student Name Pty Ltd” (students are to insert their own name), and the ABN and ACN number must include your “Student Number as a unique identifier” with zeros making up the required numbers. The firm’s sales are both over-the-counter cash and credit to well-known customers.

 

Chart of Accounts 

You are to select one of the default charts provided by MYOB which most closely resembles the business or you can choose the ‘Build your own’ option. If you are using one of the default charts, you may be required to modify/delete accounts to suit the nature of the transactions as given in the question. 

MYOB Case Study 

Transaction Source 

Cash registers – for cash sales 

Invoices – for credit sales 

Cheque book – for cash payments 

Deposit books – for cash receipts 

Bank statements – for direct charges and direct deposits 

Supplier invoices – for goods and services 

Working papers – for adjusting and miscellaneous entries  

GST 

Please note that GST free items are bank fees, salaries and wages, interest expense,  superannuation, and fines – you can check with your lecturer for others. 

Transaction Period 

The new financial year starting 1st July 2020, and the processing period is July 2020, the current financial year is 2021, conversion month being July and there are 12 periods. 

Opening Balances as of 1 July 2020

 

Customers 

1. Students are required to devise their own unique customer names and addresses. 2. Only credit sales are recorded, cash sales are put through the cash book. 3. Information provided for customers and their balance as at 1st July are as follows:  

Accounts Receivable Control
Customer Code	Balance  Outstanding $	Days  Outstanding
C01  C02  C03  C04  C05  C06  C07  C08  C09  C10	15,000  12,000  2,000  7,000  2,000  4,000  3,000  2,000  4,000  1,000	60  30  60  30  30  60  30  30  30  30
Total	52,000

 

Suppliers 

1. Students are required to make up their own unique supplier names and address. 2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit. 

3. Cash purchases are processed directly through the cash book. 4. Account balances are all for June’s acquisitions assume 30 days of aging. 5. All suppliers extend the normal 30-day terms, with no discount for prompt payment. 6. Information provided for suppliers and their balance as of 1 July is as follows: 

 

1. Students are required to make up their own unique product names.  2. Inventory unit measure is per book item  

3. Students are to use average cost for inventory valuation. 

4. The firm uses the perpetual inventory method of accounting for inventory,  (that is when inventory is purchased it is added to the ‘Inventory ‘account and when it is sold, the cost is debited against ‘Cost of sales’.  

5. Information provided for inventory and their balance as of 1 July is as follows: 

Inventory Control
Product Code	Quantity   on Hand	Unit cost   ($)	Value of  Inventory	Unit Sell   Price   Excluding   GST
P01  P02  P03  P04  P05  P06  P07  P08  P09  P10	1,000  250  700  1,000  1,000  1,000  1,000  1,000  2,000  700	$10.00  $20.00  $10.00  $13.00  $5.00  $15.00  $12.00  $30.00  $13.00  $10.00	$10,000  5,000  7,000  13,000  5,000  15,000  12,000  30,000  26,000  7,000	$20.00  $40.00  $20.00  $26.00  $10.00  $30.00  $24.00  $60.00  $26.00  $20.00
			$130,000

Accounts Payable Control
Supplier Code	Balance  Outstanding $	Invoice   Date
S01  S02  S03  S04  S05  S06 - Stationery  S07 - Petrol  S08 – Telephone  S09 – Advertising  S10 - Courier	6,000  2,000  12,000  8,000  1,000  1,500  1,500  3,000  4,000  1,000	1st June  5th June  7th June  8th June  12th June  15th June  6th June  13th June  16th June  14th June
Total	40,000

 

General Ledger Account  Balances	Dr  $	Cr  $
Cash at Bank  Accounts Receivable  Other receivables  Inventory control  Prepayments  Plant and equipment  Accumulated depreciation P&E Goodwill  Accounts Payable  GST payable (collected)  GST receivable (paid)  Accrued expenses  PAYG Withholding  Provision for dividend  Loan – Non-current  Issued and Paid up capital  Retained Earnings	52,000.00  52,000.00  10,000.00  130,000.00 10,000.00  250,000.00 40,000.00  18,000.00	90,000.00  40,000.00  20,000.00  10,000.00  10,000.00  50,000.00  250,000.00 70,000.00  22,000.00
	562,000.00	562,000.00

 

 

Transactions for July 2020 

Data source: Suppliers’ Invoices. Dates shown are invoice dates, amounts include  GST.

1st Jul Received invoice from S01 for 100 books stock P01, for $1,320.00.  2nd Jul Received invoice from S04 for 100 books stock P02, $1900.00 3rd Jul Received invoice from S03 for 150 books, stock P09 for $2,145.00  

The Warehouse manager reported that only 140 books of product P09, had been received. The accounts department requested a credit note from S03 for the difference. 

4th Jul Purchased stationery on account from S06 for $550.00 

6th Jul Received invoice from S05, $300 for 20 book stock P06.  

7th Jul Received invoice from S03, for 200 book stock P04 $2,800 

14th Jul Received invoice from S11 (new) $250.00 for July’s cleaning. 18th Jul Received invoice from S12 (new) $3000.00 for legal fees in relation to lease. 21st Jul Invoice from S10 for July’s courier service, $620.00. 

24th Jul Received invoice from S08 for telephone for the month $835.00. 26th Jul Received advertising invoice from S09 for July advertising $4,500.00. 31st Jul Received invoice from S07 for petrol and repairs for company vehicle $550.

 

 

Data source – sales invoices and cash register tapes – all sales include GST. 

Cash sales 

1st Jul Sold 140 units P01 

8th Jul Sold 50 units of P02 and 50 units of P03 

12th Jul Sold 30 units of P03, 25 units of P06, 30 units of P07, and 15 units of P08  15th Jul Sold 20 units of P04, 15 units of P06, and 55 units of P08 

18th Jul Sold 35 units of P02, 10 units of P03, 35 units of P05, and 50 units of P10 22nd Jul Sold 8 units of P03, 75 units of P04, 35 units of P06 and 15 units of P09 31st Jul Sold 15 units of P06, 75 units P07 and 45 units P08

 

 

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