MYOB - Accuracy of Accounting - Pets r Us MYOB Data - Business Report and Ratio Analysis Assessment Answer

Internal Code: E_AI_DHCI_DHCI_AFA

MYOB Business Report and Ratio Analysis Assessment Answer

Assignment Task:

Assessment Purpose

This assignment is an individual assessment assessing your learning from the MYOB tutorials and Pabst & Perrin text by completing the February transactions and end of month processing. Accuracy of accounting information is important and the marking will be based on correct entries. This assessment will assist you to develop problem-solving and judgment skills. Part A involves preparing February MYOB accounts and is worth 20%. Part B involves a business report and ratio analysis and is worth 5%.

Submission Requirements:

1. Upload your completed Pets r Us MYOB data (.myo)file
2. Upload PDF versions of the required reports to Blackboard.(KS1.2)
3. Enter the $ amounts from specified accounts online at the time of submission through the Blackboard Quiz tool.(KS1.2)
4. Submit the Business Performance report for the partnership as per the pro forma provided to Turnitin.(HO2.2)

Business background

You will be preparing the accounts for Anthony and Robert Johnson who are in a partnership, PetsrUs,sellingpet products wholesale and to the public. The business has struggled to make a profit in the past and need your advice as to what may be the cause of this. The partnership agreement states that all assets, profit and legal liability is to be shared amongst the partners. The partnership is registered for Goods and Services Tax (GST) with the ATO and no income tax is paid on the profit of the business. Each partner reports their share of the partnership income on their individual tax return. Business dealings are under the Australian Business Number (ABN) 92 001 888 188 and the partnership tax file number (TFN) is 002 131 653. The business uses the accrual method of accounting and has a perpetual inventory system which records a continuous movement of inventory within the business. In terms of accounts receivable, most of the customers are given a discount for prompt payment and terms vary from 7 to 30 days. Accounting for bad debts is rare however the partnership uses the direct write off method if bad debts arise. Regarding suppliers, Pets r Us receives a discount if payment is made early on outstanding invoices. Anthony and Robert are responsible for their own superannuation however the partnership pays super for their employees. The partners take their distribution from the partnership profits and as such are not paid as employees of the partnership. Both the partners work on weekends. During the week, there are two full-time employees, Eli Smith (admin/wholesale) and Lisa Jones (retail sales). They both work 8 hours a day and are paid fortnightly. Tax is deducted from their wage (PAYG) and is remitted to the ATOquarterly. In terms of end of month processing, prepayments are recorded as assets and the portion consumed for the period (expense) is recorded in the general journal as an adjusting entry. There was a wages accrual processed in the accounts at the end of January 2018, which was estimated to be $2,913.60. Reversal entries for wages accrued are done at the start of February. Depreciation of furniture and equipment is calculated using a straight line rate of 10%. Amortisation of leasehold improvements is based on a 15 year term. The bank loan was drawn at the end of December 2017 with the first interest payment made in January. For simplicity, interest expense is recorded monthly and not using days. The Westpac Business saver account is mainly used for payments other than petty cash. The petty cash account is mainly used for staff amenities and postage stamps. The account needs to be reimbursed to $100 prior to the end of the month. Anthony and Robert have a Visa card that is used for small purchases or other miscellaneous payments.

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