Comparison of Manual Accounting System and MYOB Software Assignment

Assignment Task

Background Information

Ashley Fitzpatrick is the owner of Hounds n Hens Pets a business specialising in pet care services which they started several years ago. Ashley operates the business themself and employs one person Taylor Smith to assist them. The business is GST registered. Hounds n Hens specialises in smaller pets mainly dogs and cats and birds. The business provides services such as pet washing and grooming, pet minding and feeding, pet walking and transport for health checks at the vet. Ashley has a variety of clients with whom they have built up strong relationships. Ashley offers them terms of 30 days. Ashley submits the Business Activity Statements quarterly on an accruals basis and pays GST and PAYG Tax quarterly. The next payment is due on 31 December 2023. The business is operated from a large shed which was built at the back of their house two years ago. To finance this Ashley took out a loan over a five-year period. Currently the business uses a manual accounting system but plans to move to a computerised accounting system (MYOB). The accounting information can be found on the next page.

Part A

You are required to complete all sections, as outlined in a. to g. below, using excel. You can use the templates provided (available on the study desk) or you are allowed to generate your own templates if you prefer. You must submit an excel file to the study desk in response to this part of the assignment.

• Review the Chart of Accounts provided to become familiar with account names for the business.
• Enter the transactions for the month of December into the General Journal.
• Post the journal entries to the General ledger (note subsidiary ledgers are not required).
• Prepare the Unadjusted Trial Balance.
• Prepare the adjusting entries, post to the general ledger, and prepare an adjusted Trial Balance.
• Prepare Closing entries and post them to the general ledger.
• Prepare Profit and Loss Statement, Statement of Changes in Equity, and Balance Sheet for the month ended 31 December 2023. 

Part B

As an individual you are to compare the process and results obtained from part A and part B. In other words, compare the Manual Accounting system with the system using the MYOB software. You should reflect on:

(i) How each system developed your accounting knowledge and problem-solving capabilities;

(ii) Which system would you prefer to use going forward and why;

(iii) Two (2) things that you learnt about accounting that you did not know before (iv) two (2) things that you would remember to change to improve your learning when next working on similar tasks.

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