Part -1
Assessment Task -
About the Business - The business supplies a small range of women's surf-wear to surf shops and souvenir shops around Sydney. There are also a limited number of cash sales. For cash sales, the normal selling price is overridden with the cash price given.
The company data file has been set up. Opening balances have been entered for inventory and other asset and liability accounts. Cards have been set up for customers and vendors. Inventory items have been entered onto the list. At the beginning of July, there are no outstanding balances for accounts receivable or accounts payable and no GST owing.
All selling prices include GST and all prices on purchase invoices include GST. Default terms for customers are that the balance is due in 30 days.
You will be required to enter transactions for July, enter details of new customers, vendors and inventory items and prepare reports. If an account that you need is not included, add it to the relevant section of the Accounts List.
Cash and cheques received are debited to Un-deposited Funds until banked. All receipts and payments are by cheque unless otherwise noted.
Note: Next cheque number is 33021.
Required:
1. Reconcile the bank account to 31 July 2016.
2. Print the following reports for the month of July or as at 31 July:
a. Reconciliation Report, account 1-1110 only.
b. Sales and Receivables Journal.
c. Purchases and Payables Journal.
d. Cash Disbursements Journal.
e. Cash Receipts Journal.
f. GST Summary [Accrual].
g. Profit and Loss Statement.
h. Balance Sheet.
Part -2
Assessment Task -
Business Data - The business is a book retailer named Yabby Books Pty Ltd. The firm's sales ate both over-the-counter for cash and on credit to known customers.
Transaction Source Data - Transaction data is obtained as follows:
- Cash register data - for cash sales
- Invoices - for credit sales
- Cheque book - for cash payments
- Deposit books - for cash receipts
- Bank statements - for direct charges and direct deposits
- Supplier invoices - for goods and services bought
- Working papers - for adjusting and miscellaneous entries
Required:
1. Create a new company data file using MYOB.
Note: The A.C.N. should be added to 'Company Information' via Setup from the menu bar.
2. Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly. Delete any unused accounts.
3. Change 'Preferences' as instructed.
4. Enter the opening balances for the Accounting List and set up the subsidiary ledgers for customers, suppliers and inventory.
Note: Record historical sites, historical purchases and the opening stock take.
5. Process transactions for July, and reconcile the Cheque Account.
6. Prepare the following reports:
Accounts
- Accounts List - [Detail]
- Trial Balance
- Profit & Loss Statement
- Balance Sheet
Sales
- Aged Receivables - [Summary]
- Sales [Item Summary]
Purchases
- Aged Payables - [Summary]
- Purchases (Item Summary]
Banking
- Cash Distribution Journal
- Cash Receipts Journal
- Reconciliation Report, 1-1110 only
GST / Sales Tax
Inventory
- Item List [Summary]
- Inventory Value Reconciliation
Part -3
Establish & Maintain A Payroll System Assessment Task -
Plastic Enterprises employs four staff. The business is registered for PAYG Withholding and pays employees weekly.
The following details arc relevant to payment of payroll liabilities:
- PAYG Withheld is paid monthly to the Taxation Office on 20th of the following month.
- All other deductions are paid by cheque on the last day of the month for that month.
- All pays are paid electronically by batch into the bank accounts of employees.
- Superannuation guarantee is recorded for each payroll arid is paid at the end of the month for that month.
All employees have the following conditions of employment:
- Employees work a 38 hour week (5 days of 7.6 hours per day).
- Weekday hours worked in excess of normal hours are paid at time and a half. Saturdays are paid at double time.
- Shift Allowance is paid at $15 per qualifying shift.
- Car Allowance of 66 cents/km is paid.This is not taxable and is required by law to be separately identified in the ledgers.
- Full time employees are entitled to 4 weeks annual leave with leave loading of 17.5%.They are also entitled to 10 days Personal/Carer Leave.
- Part time employees are entitled to annual leave on a pro rata basis without leave loading. They are also entitled to pro rata Personal/Carer Leave.
- Superannuation guarantee is paid at 9.5% of OTE into the super fund of the employee's choice. It is paid only when wages reach $450 per month. Employees under 18 years of age working less than 30 hours per week are ineligible.
Required:
(a) Prepare the Payroll Register below for the week ended 27 June.
(b) Prepare general journal entries to record the payroll and the superannuation liability.
(c) Prepare a general journal entry for net wages paid by EFT batch.
(d) Prepare a journal entry for the payment to Giddings.
(e) Prepare journal entries to pay superannuation guarantee and payroll liabilities, excluding PAYGW, by cheque on 30 June.
(f) Update the entitlement and payroll records for 27 June.
(g) Prepare the general journal entry to pay the PAYG withheld on 20 July.
(h) Prepare the payroll details on the BAS assuming no other taxes are payable.
(i) Prepare the PAYG Payment Summary for Noble.
Attachment:- Assignment.rar