Financial Accounting & Reporting with MYOB - Accounting Assignment Help

Assignment Task

Learning Outcome address:

This assignment addresses the following learning outcomes of the unit:
b) Critically analyse accounting information systems using systems documentation techniques
c) Interpret and apply the accounting treatment for business transactions both manually and in a computerised accounting system such as MYOB.

Background of the Company:

Sally Johnson and Richard Smith are partners and the owners of Apollo Bay Resort situated on the great ocean road. The resort has 48 family rooms, conference centre, swimming pool, tennis court, restaurant, games room, children play area and bicycles hiring facilities. The resort has 4 vehicles.Sally and Richard work full-time in the business. They have also 4 regular cleaning and maintenance staff and they are paid weekly. The business is registered with the ATO for the Goods and Services Tax (GST) and it also has an Australian Business Number (ABN). The business uses the accrual basis of accounting for both accounting and GST purposes. Perpetual inventory system is implemented using the ‘average’ method and the terms of sale are Net 30 days. Payment discounts are offered to some loyalty customers and meanwhile, some suppliers offer prompt payment discounts. It is assumed that all payments apart from petty cash are made by cheque and are handwrittenThe partnership agreement provides for each partner to receive 50% of profits. Financial reports were last prepared on 30 June 2020 and are required as at 30 June 2021. You are asked to analyze and enter the transactions for the month of June 2021 using MYOB AccountRight.

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