MP111:Individual Computer Based Assignment (30%) 2023 Semester 2
Assignment Introduction:
In this assignment,the students are required to use the sets of BusinessData given to complete the tasks required, which include:
- Part 1 (15%): Using Excel spreadsheet to record all the business transactions and end of month adjustingentries from the data given.Part1will be due in by the end of Week9on Friday 23.30 pm (Sydney time).
- Part 2 (15%): Using MYOB Accounting program to record the same business transactions andendofmonthadjustingentriesandgeneratetherequiredreportsfromMYOBtosubmit in by then end of Week 11 on Friday 23.30 pm (Sydney time)
BusinessData:
The business is a Home Furniture Retailer which buys from suppliers and sells to other retail businesses. The business name is “Student Name Furniture Pty Ltd” (students are to insert their name)andislocatedatYourAddress -SydneyNSW2000.Thebusiness’salesarebothover-the- counter cash and credit to well-known customers.
| CompanyName | Address | ABN | Current FinancialYear | StarterChart |
“Yourname” FurniturePtyLtd | YourAddress | Yourstudent Number | 2022-23 | Wholesale Furniturestore |
FinancialYear:1stJuly2022–30thJune2023
TransactionSources:
Cashregisters–forcashsalesInvoices–forcreditsales EFT Transfers - for cash payments
CashRegister–forcashreceipts
Bankstatements–fordirectchargesanddirectdeposits Supplier invoices – for goods and services
Workingpapers–foradjustingandmiscellaneousentries
GST
PleasenotethatGSTfreeitems arebankfees,salariesandwages,commissions,interestexpense, superannuation, and fines. Adjusting entries (Accruals) do not incur GST.
AllothertransactionsincurGST.InvoicesfromSuppliersincludeGST.Productsalepricesdonot include GST. Thismeans you must calculate the GST and add it to the quoted prices on all sales.
Balancesasof1July2022
TRIAL BALANCE YOURNAMEFurniturePtyLtd as of 1 July 2022, | ||
| Account | Dr($) | Cr($) |
| CashatBank | 30,500 | |
| AccountsReceivable | 33,000 | |
| Inventorycontrol | 46,500 | |
| PrepaidInsurance | 30,000 | |
| ShopFixturesandEquipment | 180,000 | |
| AccumulatedDepreciation-ShopFixt&Equip | 60,000 | |
| AccountsPayable | 21,500 | |
| GSTpayable(collected) | 18,000 | |
| GSTreceivable(paid) | 12,000 | |
| AccruedExpenses(e.g.,CommissionPayable) | 15,000 | |
| PAYGWithholdingTax | 2,000 | |
| Provisionfordividend | 9,000 | |
| Loan–noncurrent | 100,000 | |
| Issuedandpaid-upcapital | 65,000 | |
| RetainedEarnings | 41,500 | |
| Total | 332,000 | 332,000 |
Customers:
Students are required to make up their own unique customer names and addresses.
- Thebusiness’creditpolicyis30days.
- Informationprovidedforcustomersandtheirbalanceasat1July 2022isas follows:
| AccountsReceivableControl | ||
| CustomerCode | BalanceOutstanding$ | DaysOutstanding |
| C01 | 13,000 | 30 |
| C02 | 6,000 | 60 |
| C03 | 6,500 | 30 |
| C04 | 7,500 | 10 |
| Total | 33,000 | |
Suppliers:
Students are required to make up their own unique supplier names and address.
- Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.
- Cashpurchasesareprocesseddirectlythrough thecashbook.
- Allsuppliersextendthenormal30-dayterms,withnodiscountforpromptpayment.
- Informationprovidedforsuppliersandtheirbalanceasat1Julyisasfollows:
| AccountsPayableControl | ||
| SupplierCode | BalanceOutstanding($) | InvoiceDate |
| S01–TradingGoods | 5,000 | 1st June |
| S02–TradingGoods | 2,500 | 5th June |
| S03–TradingGoods | 8,500 | 7th June |
| S04–TelephoneCo | 1,000 | 12th June |
| S05–Stationery | 500 | 15th June |
| S06–AdvertisingCo | 1,700 | 16th June |
| S07-Electricity | 2,300 | 30th June |
| Total | 21,500 | |
BesuretoenteranABNnumberforeachsupplierwhencreatingtheSupplier’saccount
otherwisetherearetaxationimplications.
- AllsuppliersmusthaveanABN Number.
Inventory:
- Inventoryunit measure is perfurniture item
- The business uses the perpetualinventory method of accounting for inventory,that is:
- wheninventoryispurchased,itisadded(debited)to‘Inventory’account; and
- whenitissold,thecostisdebitedagainst‘Costofsales’andcreditedagainst ‘Inventory’.
- Information provided for inventory and their balance as at 1July is as follows:
| Inventory Control | ||||
| ProductCode | QuantityonHand | Unitcost | Valueof Inventory | UnitSell Price ExcludingGST |
| P01-DiningChairs | 135 | $100.00 | $13,500 | $180.00 |
| P02-DiningTable | 12 | $600.00 | $7,200 | $1,000.00 |
| P03-OfficeDesk | 40 | $150.00 | $6,000 | $300.00 |
| P04-Officechair | 40 | $120.00 | $4,800 | $240.00 |
| P05-CoffeeTable | 50 | $300.00 | $15,000 | $600.00 |
| TOTAL | $46,500 | |||
Transactions& Economic Events for July 2022
Datasource-Suppliers’Invoices.
Dates shown are invoice dates, amounts include GST.
| Date | Credit Purchases |
| 1st Jul | Received invoice from S01for11Dining Tables-stock item P02,for$7,260. |
| 2nd Jul | Received invoice from S03for10 CoffeeTables-stock itemP05,for$3,300. |
| 7th Jul | Received invoice fromS02,for30 Office Desks–stock itemP03,for $4,950. |
| 14th Jul | Received invoice from S05 for Stationary $385. |
| 24th Jul | Received invoice from S04 for telephone for the month $660. |
| 26th Jul | Received invoice from S06 for advertising undertaken in July $715. |
| 26th Jul | Received invoice from S01 for 100 dining chairs -stock itemP01,for$11,000. |
Data source–sales invoices and cash register tapes.
Salesinclude GST.
| Date | Cash Sales |
| 1stJul | Sold6 unitsofP01 |
| 10thJul | Sold 4 units of P01and1unitofP02 |
| 26thJul | Sold5 units of P03 and 5 units of P04 and 3 units of P05 |
| Date | Credit sales |
| 6thJul | InvoicetoC01for50unitsofP01 |
| 10thJul | InvoicetoC02for30unitsofP01and5unitsofP02 |
| 19thJul | InvoicetoC03for25unitsofP03and20unitsofP04 |
| 27thJul | InvoicetoC04for15unitsofP05 |
Data source–deposit book(cash receipts)
The daily over-the-counter cash sales are banked the same day.Other receipts include payments by account customers, as follows:
| Date | Cash Receipts from Credit Customers |
| 18thJul | Customer C01paid$6,000.00 |
| 20thJul | Customer C02paid$7,000.00 |
| 21stJul | Customer C03paidforbalanceofheraccountasat30June,plusthe purchases during the month made priorto 20th July. |
| 31stJul | At the end of the month, after the depreciation charge was made forthemonth, the business sold old Shop Fixtures and equipment for cash for $5,500 (GST inclusive). The Fixturesand Equipment had awrittendownvalueof$2,000.00at thetimeofsale.TheFixturesandequipmentoriginallycost$18,000. |
Data source–EFT(cash payments)
| Date | Cash Payments |
| 4thJul | Paid sales commission owingtoretailassistantsof$15,000.00previouslyaccrued. |
| 9thJul | Paidbalanceasat1JulyowingtoS05. |
| 10thJul | Paidbalanceasat1JulyowingtoS06. |
| 15thJul | PaidJune’sPAYGwithholdingtaxof$2,000.00 |
| 17thJul | PaidS01thebalanceoftheaccountasat1July. |
| 27thJul | Paidbalanceasat1JulyowingtoS04. |
| 28thJul | Paidbalanceasat1JulyowingS02. |
| 31stJul | Theownersarepaid$9,000dividends,asprovidedinJune. |
Data source-Bank Statements
| Date | UnrecordedBankStatementsitems |
| 18thJul | PeriodicpaymentforleaseofPOSequipment$990.00forJuly. |
| 31stJul | Bankfeesof$110.00werechargedtotheaccount. |
Data source–notes and working papers–Month end adjustments (Accruals)
NoGSTon accruals.
| Date | Month end Adjustments(Accruals) |
| 31stJul | Shop fixturesandequipmentaredepreciatedat20%p.a.Straightlinemethodand theentryforJuly2021(being31daysofdepreciation)needstobemade. |
| 31stJul | Salescommissionearnedbyretailassistants,butnotpaidat31stJulyamountedto $12,000.00. |
| 31stJul | PrepaidInsuranceasat30June($30,000.00)representedthepremiumpaidon annualpolicystartingon1May2021.Recordtheinsuranceexpenseexpiredforthe month of July. |
| 31stJul | Thecompany’slong-termloanisat7.00%p.a.Interestispaidquarterlybutneedsto beaccruedforJuly(31 days). |
| 31stJul | EstimatedelectricityusageforJulyamountedto$2,100.00andthisamountisto be accruedasat31stJuly. |
Required Assessment Tasks
Part 2 (15%)-Due in Week 11
YouarerequiredtouseMYOBAccountingProgramtorecordforallthebusinesstransactions and economic events relating to the business.
Set-upthebusinessinMYOB –RemembertoincorporateYOURNAMEaspartofthe business name.
- Modifythechartofaccountsasrequiredtoensurethatthetransactionsaffectingthe business are recorded and classified correctly.
Enterthe1July2022OpeningBalancestotheGeneralLedger andsetupthesubsidiary ledger for Customers, Suppliers and Inventory.
- Processallbusinesstransactions&economicevents(adjustingEntries)forJuly 2022
- PrintreportsforthemonthofJulytobesubmitted,areas follows:
Accounts(GeneralLedger)
- TransactionJournals=GeneralJournal
- Profit&Loss
- BalanceSheet
Sales(AccountsReceivable)
- Sales&ReceivablesTransactionJournals
Purchases(AccountsPayable)
- Purchases&PayablesTransactionJournals
Banking
- CashDisbursementsJournalandCashReceiptsJournals
Inventory
- ItemsList Summary
PartA Marking Rubric
| MarkingTemplate Case study | VeryPoor | Poor | Satisfactory | Good | Verygood | Comments |
| Recordthemonthlytransactionsintothegeneraljournal | ||||||
| PostingjournalstotheLedger | ||||||
| UnadjustedTrialbalance | ||||||
| Recordtheadjustingentriesintothegeneraljournal | ||||||
| AdjustedTrialBalance | ||||||
| GST | ||||||
| Summarycomment: | ||||||
PartB Marking Rubric
| MarkingTemplate Case study | VeryPoor | Poor | Satisfactory | Good | Verygood | Comments |
| Setting-upthebusiness | ||||||
| Modifythechartofaccounts | ||||||
| EntertheOpeningBalancestotheGeneralLedgerandset up the subsidiary ledger for Customers, Suppliers and Inventory. | ||||||
| Processtransactions | ||||||
| Recordtheadjustingentriesintothegeneraljournal | ||||||
| RequiredReportsProduced | ||||||
| Summarycomment: | ||||||