PRACTICE SET
One month after Michael Brown decided to leave his employment and start his own business in providing catering supplies to food outlets he found that he was finding his feet and looking to develop his business further. In the first month he started small and only traded in a few products at first. In the second he plans to increase the range of products slowly and also to find some new customers.
The following pages contain the source documents for Michael's second month of business.
Your task is to input the relevant transactions into MYOB software and produce a Statement of Financial Performance for the month of August and a Statement of Financial Position as at 31 August, 2016.
You will have access to MYOB software located on the computers in the Computer Laboratory in Bouverie Street. The company file for MBB Catering Supplies Pty. Ltd. has been prepared and ready for you to record the transactions for August. First, you need to confirm the Trial Balance data from July 31, 2016 - the balances should be checked against the Income Statement and Balance sheet ‘solutions' from the LMS. (Note the solution may differ from your own submission for Part 1 - Part 2 follows on from our LMS solution.)
Part 2 of the Practice Set will commence after students receive some basic instruction in using MYOB accounting software. This work entails entering transactions and adjustments for the second month of MBB Catering Services Pty. Ltd.
You are only required to hand to your tutor the Statement of Financial Performance and the Statement of Financial Position at the end of August 31, 2016.
Make sure you have your name and student number written on the page(s). You also need to attach a copy of the following statement with your work and sign it to certify that it was your own work.
Attachment:- Practice Set.rar