Fnsacc406a create the company using your name student


Please read the following instructions carefully

- This assessment is to be completed according to the instructions given by your assessor.
- This assessment can be taken home.
- If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
- Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge.
- Learners must complete assessments by the due date as identified by the assessor, unless an alternative arrangement is agreed upon by the assessor.
- All parts of the assessment task must be completed.
- Correct grammar and spelling should be employed and the report should be well structured and concise.
- Please refer to the Assessment Appeal and Reassessment Policy in the Student Handbook for more information.

Assessment Task 1

Instruction for the student

This is an individual assessment. 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 Name and Student Number)

Your Address

ABN 72 173 568 578

Phone: (02) 9537 9100

Fax: (02) 9537 9102

Email: [email protected]

Current Financial Year: 2012

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

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                                  Suppliers
Sales (C-01)                                Purchases (S-01)
Services (C-02)                           Asquith Real Estate (S-02)
Home Visits (C-03)                      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.

10. Record the following receipts:

Date: 7 July

Receipt No. 017

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 July

Receipt No. 018

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 July

Receipt No. 019

Received from: Home Visits

Details:

Services Rendered $1,540.00

Cash Received: $1,540.00

Revenue includes $140.00 GST

11. Record the following payments:

Date: 1 July

Cheque No. 3213

Payee: Asquith Real Estate

Details: Monthly Rent

Rent $8,800.00

Payment includes $800.00 GST

Date: 4 July

Cheque No. 3214

Payee: Pet Foods Only P/L

Details: Purchases

Pet Food $704.00

Payment includes $64.00 GST

Date: 4 July

Cheque No. 3215

Payee: Sydney Drugs P/L

Details: Purchases

Medications $1,397.00

Payment includes $127.00 GST

12. Reconcile your records with the bank statement:

Australian Bank

27 Sharp Street, Asquith, NSW 2077

Statement of Account for MyVet Pty. Ltd.

July

 

Date            Details                                        Withdrawals            Deposits          Balance

01             Balance b/f                                                                                         $57,299.50 Cr

01             Cheque 3207                                           418.00                                   56,881.50 Cr

01             Cheque 3209                                           176.00                                   56,705.50 Cr

01             Cheque 3212                                         1650.00                                   55,055.50 Cr

01             Cheque 3213                                        8,800.00                                   46,255.50 Cr

05             Cheque 3214                                           704.00                                   45,551.50 Cr

07             Deposit                                                                              11,176.00    56,727.50 Cr

08             Cheque 3215                                         1,397.00                                  55,330.50 Cr

28             Interest on account                                                                   45.50    55,376.00 Cr

30             Bank Fees                                                  30.00                                   55346.00 Cr

30             Statement Closing Balance                                                                 55,346.00 Cr

13. Produce the following reports for July:
- Bank Register
- Reconciliation Report

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 (June & July)
- Reconciliation Report (June & July)
- Balance Sheet- Profit and Loss Statement

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Accounting Basics: Fnsacc406a create the company using your name student
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