Task 1
Assessment Instructions
This is an individual assessment. Read the questions carefully in Part A and B and you must answer all of the questions below, and include examples where appropriate. If you need help understanding any questions, ask your assessor to explain.
Part A
Answer the following questions.
Question 1
Most organisations have a range of policies and procedures relating to the operation of their accounting systems. Describe how you would apply policies and procedures to operating a computerised accounting system.
Question 2
With accrual accounting, when does the GST implications arise and why is it considered to be better than the cash system?
Question 3
What is the general ledger and how does it involve double entry accounting?
Question 4
To what standards does the Chart of Accounts need to be prepared and what role has the AASB in this?
Question 5
What are the advantages of a computerised accounting system compared with a manual system?
Part B
You are required to complete the following tasks using MYOB AccountRight v19.
You must answer all of the questions below. If you need help understanding any questions, ask your assessor to explain.
1. Create a new data file based on the following information:
You must create the company using your name, student number and an address. This will identify your work when you submit your assessment.
You should regularly back up the files you create.
MyVet Pty. Ltd._(Your Student Number) Your Address
ABN 72 173 568 578
Phone: (02) 9537 9100
Fax: (02) 9537 9102
Email: [email protected] Current Financial Year: 2016 Conversion Month: July
Number of Accounting Periods: Twelve
Industry Classification: Service
Type of Business: Veterinarian
Main Business Activity: Veterinary clinic for domestic animals
2. Make the following changes to the List of Accounts:
|
Account
|
Name
|
Tax Code
|
|
4-3100
|
Sale of Medications
|
GST
|
|
4-3200
|
Sale of Pet Food
|
GST
|
|
4-6000
|
Miscellaneous Sales
|
GST
|
|
5-1100
|
Purchase of Medications
|
GST
|
|
5-1200
|
Purchase of Pet Food
|
GST
|
|
6-1050
|
Bank Fees & Charges
|
FRE
|
3. Insert the following Account Opening Balances:
1-1110 Cheque Account 39,150.00
1-1300 Inventory 15,000.00
1-3110 Veterinary Equipment at Cost 50,000.00
1-3310 Motor Vehicles at Cost 25,000.00
1-3410 Furniture & Fixtures at Cost 12,500.00 1-3510 X-Ray Equipment at Cost 8,350.00
2-2100 Bank Loans 75,000.00
3-1100 Owner's Capital 75,000.00
4. Create brief profile cards for the following:
Customers Sales (C-01) Suppliers
Services (C-02) Purchases (S-01)
Home Visits (C-03) Asquith Real Estate (S-02)
Sydney Drugs P/L (S-03)
Pet Foods Only P/L (S-04)
Wages (S-05)
5. Record the following receipts:
|
Date: 7 June
Receipt No. 001 Received from: Sales Details:
Sales of Pet Food $462.00 Sales of Medications 2,519.00
Miscellaneous Sales 407.00 Cash Received: $3,388.00 Revenue includes $308.00 GST
|
Date: 7 June
Receipt No. 002 Received from: Services Details:
Checkup $1,870.00 Vaccines 836.00
Surgery 2,596.00
Other Procedures 946.00 Cash Received: $6,248.00 Revenue includes $568.00 GST
|
Date: 7 June
Receipt No. 003
Received from: Home Visits Details:
Services Rendered
$1,540.00
Cash Received: $1,540.00 Revenue includes $140.00 GST
|
|
Date: 14 June
Receipt No. 005 Received from: Sales Details:
Sales of Pet Food $572.00 Sales of Medications 3,311.00
Miscellaneous Sales 418.00 Cash Received: $4,301.00 Revenue includes $391.00 GST
|
Date: 14 June
Receipt No. 006 Received from: Services Details:
Checkup $2,156.00 Vaccines 396.00
Surgery 3,696.00
Other Procedures 792.00 Cash Received: $7,040.00 Revenue includes $640.00 GST
|
Date: 14 June
Receipt No. 007
Received from: Home Visits Details:
Services Rendered
$2,574.00
Cash Received: $2,574.00 Revenue includes $234.00 GST
|
|
Date: 21 June
Receipt No. 009 Received from: Sales Details:
Sales of Pet Food $429.00 Sales of Medications 2,662.00
Miscellaneous Sales 495.00 Cash Received: $3,586.00 Revenue includes $326.00 GST
|
Date: 21 June
Receipt No. 010 Received from: Services Details:
Checkup $2,134.00 Vaccines 693.00
Surgery 3,014.00
Other Procedures 902.00 Cash Received: $6,743.00 Revenue includes $613.00 GST
|
Date: 21 June
Receipt No. 011
Received from: Home Visits Details:
Services Rendered
$2,024.00
Cash Received: $2,024.00 Revenue includes $184.00 GST
|
|
Date: 28 June
Receipt No. 013 Received from: Sales Details:
Sales of Pet Food $506.00 Sales of Medications 3,025.00
Miscellaneous Sales 616.00 Cash Received: $4,147.00 Revenue includes $377.00 GST
|
Date: 28 June
Receipt No. 014 Received from: Services Details:
Checkup $2,057.00 Vaccines 913.00
Surgery 2,849.00
Other Procedures 1,034.00 Cash Received: $6,853.00 Revenue includes $623.00 GST
|
Date: 28 June
Receipt No. 015
Received from: Home Visits Details:
Services Rendered
$2,211.00
Cash Received: $2,211.00 Revenue includes $201.00 GST
|
6. Record the following payments:
|
Date: 1 June
Cheque No. 3201
Payee: Asquith Real Estate Details: Monthly Rent
Rent $8,800.00
Payment includes $800.00 GST
|
Date: 4 June
Cheque No. 3202
Payee: Pet Foods Only P/L Details: Purchases
Pet Food $704.00
Payment includes $64.00 GST
|
Date: 4 June
Cheque No. 3203
Payee: Sydney Drugs P/L Details: Purchases Medications $1,397.00
Payment includes $127.00 GST
|
|
Date: 7 June
Cheque No. 3204 Payee: Cash
Details: Weekly Wages Wages $5,000.00
Payment includes $0.00 GST
|
Date: 7 June
Cheque No. 3205 Payee: Cash Details: Purchases
Office Supplies $352.00 Payment includes $32.00 GST
|
Date: 11 June
Cheque No. 3206
Payee: Sydney Drugs P/L Details: Purchases
Veterinary Supplies $1,232.00 Payment includes $112.00 GST
|
|
Date: 11 June
Cheque No. 3207
Payee: Pet Foods Only p/L Details: Purchases
Pet Food $418.00
Payment includes $38.00 GST
|
Date: 14 June
Cheque No. 3208 Payee: Cash
Details: Weekly Wages Wages $5,000.00
Payment includes $0.00 GST
|
Date: 18 June
Cheque No. 3209 Payee: Cash Details: Purchases
Laundry Service $176.00 Payment includes $16.00 GST
|
|
Date: 21 June
Cheque No. 3210 Payee: Cash
Details: Weekly Wages Wages $5,000.00
Payment includes $0.00 GST
|
Date: 28 June
Cheque No. 3211 Payee: Cash
Details: Weekly Wages Wages $5,000.00
Payment includes $0.00 GST
|
Date: 30 June
Cheque No. 3212
Payee: Sydney Drugs P/L Details: Purchases
Veterinary Supplies $1,650.00 Payment includes $150.00 GST
|
7. Reconcile your records with the bank statement:
|
Australian Bank
27 Sharp Street, Asquith, NSW 2077 Statement of Account for MyVet Pty. Ltd.
June
|
|
Date
|
Details
|
Withdrawals
|
Deposits
|
Balance
|
|
01
|
Balance b/f
|
|
|
$39,150.00 Cr
|
|
01
|
Cheque Book
|
45.00
|
|
39,105.00 Cr
|
|
02
|
Cheque 3201
|
8,800.00
|
|
30,305.00 Cr
|
|
05
|
Cheque 3202
|
704.00
|
|
29,601.00 Cr
|
|
07
|
Deposit
|
|
11,176.00
|
40,777.00 Cr
|
|
08
|
Cheque 3203
|
1,397.00
|
|
39,380.00 Cr
|
|
08
|
Cheque 3204
|
5,000.00
|
|
34,380.00 Cr
|
|
10
|
Cheque 3205
|
352.00
|
|
34,028.00 Cr
|
|
14
|
Deposit
|
|
13,915.00
|
47,943.00 Cr
|
|
15
|
Cheque 3206
|
1,232.00
|
|
46,711.00 Cr
|
|
15
|
Cheque 3208
|
5,000.00
|
|
41,711.00 Cr
|
|
22
|
Deposit
|
|
12,353.00
|
54,064.00 Cr
|
|
22
|
Cheque 3210
|
5,000.00
|
|
49,064.00 Cr
|
|
28
|
Interest on account
|
|
54.50
|
49,118.50 Cr
|
|
29
|
Cheque 3211
|
5,000.00
|
|
44,118.50 Cr
|
|
29
|
Deposit
|
|
13,211.00
|
57,329.50 Cr
|
|
30
|
Bank Fees
|
30.00
|
|
57,299.50 Cr
|
|
30
|
Statement Closing Balance
|
|
|
57,299.50 Cr
|
8. Produce the following reports for June:
- Accounts List Summary
- Trial Balance
- GST/Sales Tax (Summary - Cash)
- Bank Register
- Reconciliation Report
- Balance Sheet
- Profit and Loss Statement
9. Start a new financial year.
To be deemed competent you will need to successfully demonstrate the following:
- You must submit printed copy of the following reports:
- Accounts List Summary
- Trial Balance
- GST/Sales Tax (Summary - Cash)
- Bank Register for June
- Reconciliation Report for June
- Balance Sheet
- Profit and Loss Statement
Task- 2
Assessment Instructions
This is an individual assessment. You are required to complete the following tasks using MYOB.
You must answer all of the questions below. If you need help understanding any questions, ask your assessor to explain.
PART A
1. Create a new data file based on the following information:
You must create the company using your name, student number and an address. This will identify your work when you submit your assessment.
You should regularly back up the files you create.
2. Make the following changes to the List of Accounts:
3. Delete the following unwanted account: 4-1300 Service Type C
4. Create the following new Cost of Sale account:
5. Insert the following Account Opening Balances: 1-1110 Cheque Account 10,400.00
1-3110 Furniture & Fixtures at Cost 20,000 2-1200 Accounts Payable 440.00
2-1330 GST Paid -40.00 (enter as a negative)
6. Create profile cards for the following suppliers:
7. Record the outstanding supplier balance in MYOB.
8. Place the following orders with your suppliers:
9. Record the following payments to suppliers:
10. Convert your purchases orders to bills as the goods have been received accompanied by the following invoices:
11. Place the following orders with your suppliers:
12. Record the following payments to suppliers:
13. Convert your purchase orders to bills as the goods have been received accompanied by the following invoices:
14. Place the following orders with your suppliers:
15. Record the following payments to suppliers:
16. Convert your purchase orders to bills as the goods have been received accompanied by the following invoices:
17. Record the following adjustment notes that were received from suppliers for faulty work or produce.
18. Produce the following reports:
- Purchase Register(All Purchases) for June
- Payable Ageing Summary as at 30 June
- Supplier Ledger for 31 May to 30 June
PART B
Continue with your own B&B Accommodation Pty. Ltd. data file for the following task:
1. Create cards for the following customers:
|
Name: Flinders P/L Card ID: CUS001
Address:26 George St, Sydney, NSW 2000 Phone: 9512 6671
Contact: Martin Fletcher Discount, Days: 10%, 10
Income Account: 4-1100 Credit Limit: $10,000
|
Name: Mount tour P/L Card ID: CUS002
Address: 30 Pitt St, Sydney, NSW 2000 Phone: 9514 5362
Contact: Helen Clark Discount, Days: 10%, 10
Income Account: 4-1100 Credit Limit: $10,000
|
2. Record the following quotes given to customers:
|
Quote number: 001
Date: 2 June
Customer: Flinders P/L
Single rooms with breakfast $55.00 per night Twin rooms with 2 breakfasts $99.00 per night Price includes GST
|
Quote number: 002
Date: 2 June
Customer: Mount tour P/L
Single rooms with breakfast $55.00 per night Double rooms with 2 breakfasts $99.00 per night Price includes GST
|
3. Process the following orders accepting quotes:
|
Flinders P/L
Date: 5 June Customer PO no.: 662
Supplier: B&B Supplies P/L Please supply:
3 Single rooms; in 5 June, out 10 June
3 Twin rooms; in 5 June, out 10 June
As per your quote no.0001
|
Mount tour P/L
Date: 5 June Customer PO no.: 205
Supplier: B&B Supplies P/L Please supply:
1 Single rooms; in 5 June, out 10 June
5 Double rooms; in 5 June, out 10 June
As per your quote no.0002
|
4. Change the customer orders to invoices and items the charges as show below:
|
B&B Accommodation P/L
Date: 10 June
Tax Invoice No.: 003 Supplied to: Flinders P/L Details: Customer PO 662
3 Single × 5 nights: $825.00
3 Twins × 5 nights: $1,485.00
45 packed lunches @ $5.50: $247.50
Invoice Total(GST included): $2,557.50
|
B&B Accommodation P/L
Date: 10 June
Tax Invoice No.: 004 Supplied to: Mount tour P/L Details: Customer PO 205
1 Single × 5 nights: $275.00
5 Double × 5 nights: $2,475.00
55 packed lunches @ $5.50: $302.50
Invoice Total(GST included): $3,052.50
|
5. Process the following orders for accommodation:
|
Flinders P/L
Date: 12 June Customer PO no.: 680
Supplier: B&B Accommodation P/L Please supply:
3 Single rooms; in 12 June, out 17 June
4 Twin rooms; in 12 June, out 17 June
As per your quote no.0001
|
Mount tour P/L
Date: 12 June Customer PO no.: 214
Supplier: B&B Accommodation P/L Please supply:
2 Single rooms; in 12 June, out 17 June
3 double rooms; in 12 June, out 17 June
As per your quote no.0002
|
6. Record receipt of the following payments from customers:
|
Date
|
Customer
|
Invoice
|
Discount
|
Cheque
|
|
15 June
|
Flinders P/L
|
$2,557.50
|
$255.75
|
$2,301.75
|
|
15 June
|
Mount tour P/L
|
$3,052.50
|
$305.25
|
$2,747.25
|
7. Change the customer orders to invoices and itemise the charges as shown below:
|
B&B Accommodation P/L Date: 17 June
Tax Invoice No.: 005 Supplied to: Flinders P/L Details: Customer PO 680
3 Single × 5 nights: $825.00
4 Twins × 5 nights: $1,980.00
55 packed lunches @ $5.50: $302.50
Invoice Total(GST included): $3,107.50
|
B&B Accommodation P/L Date: 17 June
Tax Invoice No.: 006 Supplied to: Mount tour P/L Details: Customer PO 214
2 Single × 5 nights: $550.00
3 Doubles × 5 nights: $1,485.00
40 packed lunches @ $5.50: $220.00
Invoice Total(GST included): $2,255.00
|
8. Process the following orders for accommodation:
|
Flinders P/L
Date: 19 June Customer PO no.: 702
Supplier: B&B Accommodation P/L Please supply:
1 Single rooms; in 19 June, out 24 June
4 Twin rooms; in 19 June, out 24 June
As per your quote no.0001
|
Mount tour P/L
Date: 19 June Customer PO no.: 226
Supplier: B&B Accommodation P/L Please supply:
1 Single rooms; in 19 June, out 24 June
5 double rooms; in 19 June, out 24 June
As per your quote no.0002
|
9. Record receipt of the following payments from customers:
|
Date
|
Customer
|
Invoice
|
Discount
|
Cheque
|
|
22 June
|
Flinders P/L
|
$3,107.50
|
$310.75
|
$2,796.75
|
|
22 June
|
Mount tour P/L
|
$2,255.00
|
$225.50
|
$2,029.50
|
10. Change the customer orders to invoices and itemise the charges as shown below:
|
B&B Accommodation P/L
Date: 24 June
Tax Invoice No.: 009 Supplied to: Flinders P/L Details: Customer PO 702
1 Single × 5 nights: $275.00
4 Twins × 5 nights: $1,980.00
45 packed lunches @ $5.50: $247.50
Invoice Total(GST included): $2,502.50
|
B&B Accommodation P/L
Date: 24 June
Tax Invoice No.: 010 Supplied to: Mount tour P/L Details: Customer PO 226
1 Single × 5 nights: $275.00
5 Doubles × 5 nights: $2,475.00
55 packed lunches @ $5.50: $302.50
Invoice Total(GST included): $3,052.50
|
11. Produce the following reports:
- Receivable Ageing Summary as at 30 June
- Sales Register (All sales) for June
- Customer Ledger for 1 June to 30 June.
To be deemed competent you will need to successfully demonstrate the following:
• You must submit printed copy of the following reports:
- Purchase Register(All Purchases) for June
- Payable Ageing Summary as at 30 June
- Supplier Ledger for 31 May to 30 June
- Receivable Ageing Summary as at 30 June
- Sales Register (All sales) for June
- Customer Ledger for 1 June to 30 June.
Task 3
Assessment Instructions
This is an individual assessment. You are required to complete the following tasks using MYOB Account
You must answer all of the questions below. If you need help understanding any questions, ask your assessor to explain.
1. Read the MyStyle Uniforms scenario provided in Appendix and create a new data file based on the information given:
You must create the company using your student number and an address. This will identify your work when you submit your assessment.
You should regularly back up the files you create.
2. Make changes to the list of Accounts (See Appendix).
3. Insert the following Account Opening Balances: 1-1110 Cheque Account 36,200.00
1-1200 Trade Debtors 16,500.00
1-1400 Prepaid Insurance 22,000.00
1-2410 Furniture & Fixtures at Cost 8,300.00 1-2510 Office Equip at Cost 10,500.00
1-2610 Warehouse Equip at Cost 27,000.00
1-2710 Transport Equip at Cost 42,000.00
2-1200 Trade Creditors 12,100.00
2-1310 GST Collected 1,500.00
2-1330 GST Paid (-)1,100.00
2-2100 Bank Loans 100,000.00
3-1100 Owner's Capital 100,000.00
(Amount left to be allocated -$50,000.00. OK!)
4. Create profile cards for the following suppliers:
|
Name: Hong Kong Imports P/L
Card ID: SUP 01
Address: 101 Queen Street Brisbane, QLD 4001
Phone: (07) 3403 3189
Contact: George King
Discount, Date: 10%, 15
Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 42 201 658 024
|
Name: Stylish Footwear P/L
Card ID: SUP 02
Address: 197 Harvey Street Melbourne, VIC 3040
Phone: 1800 021 987
Contact: Eric Eady
Discount, Date: 10%, 15
Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 71 202 673 381
|
|
Name: Sydney Apparel P/L
Card ID: SUP 03
Address: 6 George St Hornsby, NSW 2077
Phone: (02) 9454 1770
Contact: Hilda Skipton
Discount, Date: 10%, 15
Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 77 209 206 379
|
Name: VIP Outfits P/L
Card ID: SUP 04
Address: 30 Gibbens Rd West Gosford, NSW 2250 Phone: (02) 4340 3530
Contact: Kathy Parker
Discount, Date: 10%, 15
Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 41 490 350 920
|
5. Create cards for the following customers:
|
Name: Central Coast Busses P/L
Card ID: CUS 01
Address: 23 Mitchell Street Erina, NSW 2250
Phone: (02) 4326 5014
Contact: Sally Robinson Credit Limit: $30,000.00 Discount, Days: 10%, 15
|
Name: Elite Security P/L
Card ID: CUS 02
Address: 27 Beane Street Gosford, NSW 2250
Phone: (02) 4338 2181
Contact: Linda Taylor Credit Limit: $30,000.00 Discount, Days: 10%, 15
|
|
Name: Gosford City Council
Card ID: CUS 03
Address: Mann Street Gosford, NSW 2250
Phone: (02) 4340 0000
Contact: Donald Chubb Credit Limit: $30,000.00 Discount, Days: 10%, 15
|
Name: Gosford Hospital
Card ID: CUS 04
Address: Racecourse Road Gosford, NSW 2250
Phone: (02) 4340 0000
Contact: Lauren Carey Credit Limit: $30,000.00 Discount, Days: 10%, 15
|
6. Record the following historical purchases:
|
Supplier
|
Invoice No.
|
Account Date
|
Amount
|
|
Hong Kong Imports P/L
|
305580
|
31 August 2015
|
$3,795.00
|
|
Stylish Footwear P/L
|
209177
|
31 August 2015
|
$3,223.00
|
|
Sydney Apparel P/L
|
339021
|
31 August 2015
|
$2,057.00
|
|
VIP Outfits P/L
|
502017
|
31 August 2015
|
$3,025.00
|
7. Record the following historical sales:
|
Customer
|
Invoice No.
|
Account Date
|
Amount
|
|
Central Coast Busses
|
11429
|
31 August 2015
|
$5,896.00
|
|
Elite Security
|
11430
|
31 August 2015
|
$2,354.00
|
|
Gosford City Council
|
11241
|
30 June 2015
|
$4,752.00
|
|
Gosford Hospital
|
11318
|
31 July 2015
|
$3,498.00
|
8. Set up the following inventory items:
|
Item Number: B-101
Item Name: Driver's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20
Primary Supplier: Hong Kong Imports
Default Reorder Quantity: 25 Base Selling Price: $269.50 Selling Unit of Measure: Set Price Includes GST: Yes
|
Item Number: B-111
Item Name: Cleaner's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20
Primary Supplier: Hong Kong Imports
Default Reorder Quantity: 25 Base Selling Price: $159.50 Selling Unit of Measure: Set Price Includes GST: Yes
|
|
Item Number: B-121
Item Name: Nurse's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 30 Base Selling Price: $352.00 Selling Unit of Measure: Set Price Includes GST: Yes
|
Item Number: B-131
Item Name: Receptionist's Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20 Primary Supplier: VIP Outfits Default Reorder Quantity: 10 Base Selling Price: $539.00 Selling Unit of Measure: Set Price Includes GST: Yes
|
|
Item Number: B-141
Item Name: Manager's Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 10 Base Selling Price: $462.00 Selling Unit of Measure: Set Price Includes GST: Yes
|
Item Number: B-151
Item Name: Executive Wardrobe Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 10 Primary Supplier: VIP Outfits Default Reorder Quantity: 5 Base Selling Price: $2,013.00 Selling Unit of Measure: Set Price Includes GST: Yes
|
|
Item Number: B-161
Item Name: Doctors' Coat
Cost of Sales Account: 5-1000
Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Each Items per Buying Unit: 1
Tax Code: GST
Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 20 Base Selling Price: $121.00 Selling Unit of Measure: Each Price Includes GST: Yes
|
Item Number: B-171
Item Name: Blue-Collar Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST
Minimum Stock Level: 20
Primary Supplier: Hong Kong Imports
Default Reorder Quantity: 40 Base Selling Price: $203.50 Selling Unit of Measure: Set Price Includes GST: Yes
|
|
Item Number: S-111
Item Name: Quality Shoes Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Pair Items per Buying Unit: 1
Tax Code: GST
Minimum Stock Level: 20
Primary Supplier: Stylish Footwear Default Reorder Quantity: 30
Base Selling Price: $352.00 Selling Unit of Measure: Pair Price Includes GST: Yes
|
Item Number: S-333
Item Name: Quality Boots Cost of Sales Account: 5-1000 Income Account: 4-1000
Inventory Account: 1-1800 Buying Unit of Measure: Pair Items per Buying Unit: 1
Tax Code: GST
Minimum Stock Level: 20
Primary Supplier: Stylish Footwear Default Reorder Quantity: 50
Base Selling Price: $319.00 Selling Unit of Measure: Pair Price Includes GST: Yes
|
9. Record the quantities on hand and their cost prices:
|
Item
|
Name
|
Units on Hand
|
Cost Price
(Excluding GST)
|
|
B-101
|
Driver's Uniform
|
19
|
$150.00
|
|
B-111
|
Cleaner's Uniform
|
21
|
$100.00
|
|
B-121
|
Nurse's Uniform
|
22
|
$200.00
|
|
B-131
|
Receptionist's Outfit
|
21
|
$350.00
|
|
B-141
|
Manager's Outfit
|
20
|
$320.00
|
|
B-151
|
Executive Wardrobe
|
11
|
$1,500.00
|
|
B-161
|
Doctor's Coat
|
24
|
$50.00
|
|
B-171
|
Blue-Collar Outfit
|
20
|
$100.00
|
|
S-111
|
Quality Shoes
|
18
|
$200.00
|
|
S-333
|
Quality Boots
|
20
|
$180.00
|
10. Use the General Journal to record the following monthly depreciation allowance on 31 August. Save the template as recurring so that it will become a standing journal entry for the future.
|
Account
|
Debit
|
Credit
|
|
Depreciation Expense
|
$2,101.04
|
|
|
1-2420 (Furniture & Fixtures 17.5%)
|
|
$121.04
|
|
1-2520 (Office Equipment 30%)
|
|
$262.50
|
|
1-2620 (Warehouse Equipment 25%)
|
|
$562.50
|
|
1-2720 (Transport Equipment 33%)
|
|
$1,155.00
|
11. Use the General Journal to record the following monthly allowance for doubtful debts on 31 August. Save the template as recurring so that it can become a standing journal entry for the future.
|
Account
|
Debit
|
Credit
|
|
9-2000 (Doubtful Debts)
|
$137.50
|
|
|
1-1210 (Less Provision...)
|
|
$137.50
|
12. Use the General Journal to record the monthly insurance instalment on 31 August. Save the template as recurring so that it can become a standing journal entry for the future.
|
Account
|
Debit
|
Credit
|
|
6-6020 (Insurance)
|
$2,000.00
|
|
|
1-1400 (Prepaid Insurance)
|
|
$2,000.00
|
13. Produce a Trial Balance for your records as at 31 August.
14. Record the following September transactions using the dates shown in invoices or shown in the margin.
Customer Receipts on 5 September
|
Customer
|
Discount Given
|
Cheque
|
|
Central Coast Busses
|
$589.60
|
$5,306.40
|
|
Elite Security
|
$235.40
|
$2,118.60
|
|
Gosford City Council
|
|
$4,752.00
|
|
Gosford Hospital
|
|
$3,498.00
|
Supplier Payments on 5 September
|
Supplier
|
Discount Taken
|
Cheque
|
|
Hong Kong Imports
|
$379.50
|
$3,415.50
|
|
Stylish Footwear
|
$322.30
|
$2,900.70
|
|
Sydney Apparel
|
$205.70
|
$1,851.30
|
|
VIP Outfits
|
$302.50
|
$2,722.50
|
Credit Purchases from Suppliers
|
Date: 9 Sept
Tax Invoice No: 305614 Supplier: Hong Kong Imports P/L Details:
20 x Driver's Uniform @ $150.00 $3,000.00 20 x Blue-Collar Outfit @ $100.00 2,000.00 Sales Total: $5,000.00
Freight: 100.00
GST: 510.00
Invoice Total: $5,610.00
|
Date: 9 Sept
Tax Invoice No: 209200 Supplier: Stylish Footwear P/L Details:
25 pr Quality Shoes @ $200.00 $5,000.00 10 pr Quality Boots @ $180.00 1,800.00 Sales Total: $6,800.00
Freight: 204.00
GST: 700.40
Invoice Total: $7,704.40
|
|
Date: 9 Sept
Tax Invoice No: 339141 Supplier: Sydney Apparel P/L Details:
8 x Manager's Outfit @ $320.00 $2,560.00 15 x Doctor's Coat @ $50.00 750.00 Sales Total: $3,310.00
Freight: 66.00
GST: 337.60
Invoice Total: $3,713.60
|
Date: 9 Sept
Tax Invoice No: 502098 Supplier: VIP Outfits P/L Details:
12 x Receptionist's Outfits @ $350.00
$4,200.00
3 x Executive Wardrobe @ $1,500.00 4,500.00
Sales Total: $8,700.00 Freight & Insurance: 174.00 GST: 887.40
Invoice Total: $9,761.40
|
Credit Sales to Customers
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11433
Date: 13 Sept
Customer: Central Coast Busses
No. Item Price
25 Driver's Uniform $6,737.50 10 Cleaner's Uniform 1,595.00
Delivery: 44.00
Invoice Total: $8,376.50 (Invoice includes $761.50 GST)
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11434
Date: 13 Sept
Customer: Elite Security P/L
No. Item Price
8 pr Quality Boots $2,552.00 1 Manager's Outfit 462.00
Delivery: 33.00
Invoice Total: $3,047.00 (Invoice includes $277.00 GST)
|
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11435
Date: 13 Sept
Customer: Gosford City Council
No. Item Price
5 Receptionist's Outfit $2,695.00 15 Blue-Collar Outfit 3,052.50
Delivery: 22.00
Invoice Total: $5,769.50 (Invoice includes $524.50 GST)
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11436
Date: 13 Sept
Customer: Gosford Hospital
No. Item Price
12 Nurse's Uniform $4,224.00 3 Cleaner's Uniform 478.50
Delivery: 22.00
Invoice Total: $4,724.50 (Invoice includes $429.50 GST)
|
Customer Receipts on 14 September
|
Customer
|
Discount Given
|
Cheque
|
|
Central Coast Busses
|
$837.65
|
$7,538.85
|
|
Elite Security
|
$304.70
|
$2,742.30
|
|
Gosford City Council
|
$576.95
|
$5,192.55
|
|
Gosford Hospital
|
$472.45
|
$4,252.05
|
Supplier Payments on 14 September
|
Supplier
|
Discount Taken
|
Cheque
|
|
Hong Kong Imports
|
$561.00
|
$5,049.00
|
|
Stylish Footwear
|
$770.44
|
$6,933.96
|
|
Sydney Apparel
|
$371.36
|
$3,342.24
|
|
VIP Outfits
|
$976.14
|
$8,785.26
|
Cash Sales to Customers
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11441
Date: 25 Sept
Customer: Gosford City Council 25% Off Cash Specials
No. Item Price
20 Manager's Outfit $3,465.00 2 Executive Wardrobe 3,019.50
Delivery: 33.00
Paid Today: $6,517.50 (Invoice includes $592.50 GST) Cash Specials
|
MyStyle Uniforms P/L ABN 71 330 782 917
Tax Invoice Number: 11442
Date: 25 Sept
Customer: Gosford Hospital 25% Off Cash Specials
No. Item Price
20 Doctor's Coat $1,815.00
5 Receptionist's Outfit 2,021.25
Delivery: 33.00
Paid Today: $3,869.25 (Invoice includes $351.75 GST) Cash Specials
|
Cash Purchases from Suppliers
|
Date: 25 Sept
Tax Invoice No: 305685
Supplier: Hong Kong Imports P/L
Details: 25% Discount taken on these Cash Specials.
10 x Cleaner's Uniform @ $75.00 $750.00 10 x Blue-Collar Outfit @ $75.00 750.00 Sales Total: $1,500.00
Freight: 20.00
GST: 152.00
Paid Today: $1,672.00 Cash Specials
|
Date: 25 Sept
Tax Invoice No: 339163
Supplier: Sydney Apparel P/L
Details: 50% discount taken on these Cash Specials.
20 x Nurse's Uniform @ $100.00 $2,000.00 25 x Doctor's Coat @ $25.00 625.00
Sales Total: $2,625.00
Freight: 55.00
GST: 268.00
Paid Today: $2,948.00 Cash Specials
|
15. Use your standing General Journal template to record the monthly depreciation. Your transaction date is 30 Sept.
|
Account
|
Debit
|
Credit
|
|
Depreciation Expense
|
$2,101.04
|
|
|
1-2420 (Furniture & Fixtures 17.5%)
|
|
$121.04
|
|
1-2520 (Office Equipment 30%)
|
|
$262.50
|
|
1-2620 (Warehouse Equipment 25%)
|
|
$562.50
|
|
1-2720 (Transport Equipment 33%)
|
|
$1,155.00
|
16. Use your standing General Journal template to record the monthly allowance for doubtful debts. Your transaction date is 30 Sept.
|
Account
|
Debit
|
Credit
|
|
9-2000 (Doubtful Debts)
|
$137.50
|
|
|
1-1210 (Less Provision...)
|
|
$137.50
|
17. Use your standing General Journal template to record the monthly insurance instalment. Your transaction date is 30 Sept.
|
Account
|
Debit
|
Credit
|
|
6-6020 (Insurance)
|
$2,000.00
|
|
|
1-1400 (Prepaid Insurance)
|
|
$2,000.00
|
18. Produce the following reports for your records:
- Bank Register for September
- Trial Balance for September
- General Journal for August and September
- Cards List (Summary)
- Items List (Summary)
To be deemed competent you will need to successfully demonstrate the following:
• You must provide the followings:
- Trial Balance for August
- Bank Register for September
- Trial Balance for September
- General Journal for August and September
- Cards List (Summary)
- Items List (Summary)
Attachment:- Appendix.rar