Assignment instructions-
1. Please monitor CloudDeakin for any instructions/announcements.
2. This assignment is in two parts, a manual set of accounting records (Part A) and a computer based set of accounting records using MYOB software (Part B). Part A must be completed on the individual PROFORMA provided. The PROFORMA is located in the ‘assessment 2 part 2 folder', with this assignment. Part B must be completed on the MYOB file, also provided in the folder.
PART A-
1. The file Carpet World Transactions contains information from the various source documents that relate to the transactions that have occurred in the month of March 2016.
2. The file MAA261 Carpet World Pro Forma Journals and Ledgers contains the journals, ledgers, adjusting trial balance, statement of changes in equity, statement of financial performance and statement of financial position. Note that this file is supplied in "word" format so that if you need to adjust the columns or add ledgers then you may do so.
3. Using the information provided in the Carpet World Transactions (you may also wish to look at the additional information for help) record all transactions for the month of March in the appropriate:
a. General Journal and then
b. The general ledger (note it is optional to complete subsidiary ledgers, however it is recommended as they will assist you)
Using the MAA261 Carpet World Pro Forma Journals and Ledgers file.
4. Please acquire a thorough understanding about the recording process before you enter transactions (please refer the relevant revision notes and the text book for further information).
5. You are then required to record the end of month balance day adjustments as provided in the additional information. These must be recorded in the general journal and posted to the relevant general ledger accounts.
6. Prepare an adjusted trial balance as at 31st March 2016. i.e. after posting all balance day adjustments. If the trial balance does not balance do not proceed until it does.
7. For this assignment, we don't require you to produce general ledger closing entries but for your own purposes you may find this useful.
8. Prepare an Income Statement for the month ended 31st March 2016, Statement of Changes in Equity for the month ended 31st March 2016, and a Statement of Financial Position as at 31st March 2016.
PART B-
You should now proceed by processing the same transactions that you processed manually in Part A (i.e. Carpet World Transactions) into the MYOB program as follows: -
1. Click on the file Carpet World.MYO in the Assignment 2 Part 2 area on CloudDeakin.
2. The File Download window appears asking if you would like to ‘Open' or ‘Save' the file.
3. Click Save.
4. The ‘Save As' window appears.
5. Check the window to ensure that you -
a. Save the file in My Documents or other appropriate area and take a note of where it is saved.
b. Change File Name to [Your Student id_MAA261_Assn2]
c. Save as type ‘MYOB company file.
6. Click Save.
7. The file will download.
Now start the MYOB program and open the downloaded file by doing the following:
8. From the Start menu select All Programs > MYOB Version 19.
9. Once the program is opened, select Open Your Company File from the menu.
10. Select the file Carpet World that you downloaded from CLOUDDEAKIN and click Open. This is the file you named in accordance with point 5 above.
11. NOTE - You must enter your student number as the ‘Administrator' by -
• Select the ‘Setup' menu from across the top of the screen
• Choose ‘Preferences'
• Choose ‘Security'
• Click on ‘User IDs' at the bottom left hand side of the screen
• Click on ‘New'
• Enter your student number as the user name. Use your student number as the password as well as this will enable the marker's to
open your file when marking your assignment. Leave the copy restrictions blank. Then click ‘OK'
• Click ‘OK'
12. NOTE - You must add your name to the end of the Company Name by -
• Select the ‘Setup' menu from across the top of the screen
• Choose ‘ Company Information'
• After Carpet World in the Company Name field type in your name. The field should end up looking like ‘Carpet World - JACK SMITH' for example.
• Click ‘OK'
13. You are now ready to start entering data into the system.
You must not start entering data without completing steps 11 to 12 otherwise your assignment will not be able to be assessed.
14. You are required to record all the transactions into the Carpet WorldMYOB data file.
Additional Information:
You are provided with the following information that requires you to record end of month (year) balance day adjustments in the general journal and post them to the relevant general ledger accounts as follows:-
This information is also provided on the list of transactions file and is the same.
1. Depreciation for the month to be allocated on straight-line method. Depreciation rates are as follows.
Plant & Equipment 15%
Motor Vehicle 25%
Furniture & Fixtures 20%
2. The motor vehicle that was on sold on 24 March 2016, was bought for $25,000 on 1 July 2013. Allam agreed to account for the full month's worth of depreciation on the sold vehicle.
3. Telephone and Electricity is always accrued at the end of the month. Telephone and Electricity payable as at 31st March 2016 is $330 and $460 respectively (GST inclusive).
4. On receipt of the bank statement at the end of March 2016 there was an amount of $76 debited to the account as bank charges. No GST is required for bank charges.
5. Wages are paid weekly on a Monday for the week ended on the previous Friday. Working hours are Monday to Friday and no work on the weekends. You need to allow for any unpaid wages, including PAYG, if any, at the end of March 2016.
6. Office Supplies on hand are $1,315 as at 31st March 2016.
7. Swan Hill Carpet Centre advised Carpet World on 31st March 2016 that it was going into administration (i.e. company bankruptcy) and that as a result they would not be able to pay the balance owing. Make the necessary provision for bad debts.
8. The stocktake as at 31st March 2016 revealed the following. Account for any inventory losses.
| Plush |
20 |
| Saxony |
10 |
| Berber |
17 |
| Shag |
16 |
| Velvet |
15 |
| Twist |
25 |
9. Any other adjustments that you believe relevant should be made. Eg: advertising, insurance, loan interest. Please note at this stage you do not have to make the quarterly payment to the ATO for net GST and PAYG owing as this is normally done the following month.
Attachment:- Assignment.rar