Myob Computer Accounting Program Case Study - Accounting Assignment Help

Assignment Task

Introduction
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

Chart of Accounts
You are to select one of the default charts provided by MYOB which most closely resembles the business (Industry: Retail). You may be required to modify/delete accounts to suit the nature of the transactions as given in the question. 

• MYOB Case Study
• Transaction Sources
  GST free items include prepayments, bank fees, salaries and wages, interest expense, superannuation, sales commission, and annual leave – Check with your lecturer for others.
  Transaction Period
  The 2021 financial year is from 1 st July 2020 to 30 June 2021. The last month of the financial year is June 2021. The conversion month for this case study is July 2020. 
• 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
• Working papers – for adjusting and miscellaneous entries

GST

• Opening Balances as at 1 July 2020
• General Ledger Account Balances Debit Credit
• Cash at Bank $50,000
• Accounts Receivable $70,000
• Inventory $191,800
• Prepaid Insurance $8,250
• Computer Equipment – at cost $85,000
• Accum. Depreciation – Computer Equipment $32,000
• Shop Furniture – at cost $140,000
• Accum. Depreciation – Shop Furniture $88,000
• Accounts Payable $59,000
• GST Collected (payable) $17,000
• GST Paid (receivable) $6,000
• Sales Commission Payable $4,800
• Salaries & Wages Payable $7,600
• Interest Payable $1,850
• PAYG Withholding Payable $13,200
• Bank Loan – Non-current $205,000
• Share Capital $103,200
• Retained Earnings $19,400
• $551,050 $551,05

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