MP111: Individual Computer Based Assignment (30%)
MP111: Individual Computer Based Assignment (30%)
Assignment Introduction
In this assignment, the students are required to use the sets of Business Data given to complete the tasks required, which include:
Part 1 (15%): Using Excel spreadsheet to record for all the business transactions and the business-related economic events from the set of Business data given. Part 1 will be due in by the end of Week 7 on Sunday 23.59 pm (Sydney time).
Part 2 (15%): Using MYOB Accounting program to record for all business transactions and generate the required reports from MYOB to submit in by then end of Week 11 on Sunday 23.59 pm (Sydney time)
Business data
The business is a book retailer named, Student Name Pty Ltd (students are to insert their own name) and is located at Your Address - Sydney NSW 2000.The firms sales are both over-the-counter cash and credit to well-known customers.
Company Name Address ABN Current
Financial Year Starter Chart
Your name
Books Pty Ltd Your Address Your student Number 2022 Retail Book store
Financial Year starting1st July 2021 30th June 2022
Transaction Sources:
Cash registers 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
Working papers for adjusting and miscellaneous entries
GST
Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines you can check with your lecturer for others.
Transaction Period (1st July 2021- 30th June 2022)
Opening Balances as at 1 July 2021
General Ledger Account Balances Dr
$ Cr
$
Cash at Bank 48,000 Accounts Receivable 52,000 Inventory control 130,000 Prepayments 10,000 Shop Fixtures and Equipment 350,000 Accum Depn - Shop Fixt & Equip 120,000
Goodwill 50,000 Accounts Payable 40,000
GST payable (collected) 20,000
GST receivable (paid) 15,000 Accrued expenses 10,000
PAYG Withholding 10,000
Provision for dividend 50,000
Loan noncurrent 250,000
Issued and Paid up capital 120,000
Retained Earnings 35,000
655,000 655,000
Customers
Students are required to make up their own unique customer names and addresses.
Only credit sales are recorded, cash sales are put through the cash book.
The firm credit policy is 30 days.
Information provided for customers and their balance as at 1 July is as follows:
Accounts Receivable Control
Customer Code Balance Outstanding $ Days Outstanding
C01 15,000 60
C02 12,000 30
C03 2,000 60
C04 7,000 30
C05 2,000 30
C06 4,000 60
C07 3,000 30
C08 2,000 30
C09 4,000 30
C10 1,000 30
Total 52,000 Suppliers
Students are required to make up their own unique supplier names and address.
Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.
Cash purchases are processed directly through the cash book.
All suppliers extend the normal 30-day terms, with no discount for prompt payment.
Information provided for suppliers and their balance as at 1 July is as follows:
Accounts Payable Control Supplier Code Balance Outstanding $ Invoice Date Be sure to enter an ABN number for each supplier when creating the Suppliers account otherwise there are taxation implications.
All suppliers must have an ABN Number.
S01 Trading Goods 6,000 1st June S02 Trading Goods 2,000 5th June S03 Trading Goods 12,000 7th June S04 - Trading Goods 8,000 8th June S05 Telephone Co 1,000 12th June S06 Stationery 1,500 15th June S07 Car Garage Co 1,500 6th June S08 Trading Goods 3,000 13th June S09 Advertising Co 4,000 16th June S10 Courier Co 1,000 14th June Total 40,000 Inventory
Students are required to make up their own unique product names.
Inventory unit measure is per book item
The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added (debited) to Inventory account and when it is sold, the cost is debited against Cost of sales and credited against Inventory).
Information provided for inventory and their balance as at 1 July is as follows:
Inventory Control
Product Code Quantity on Hand Unit cost ($) Value of Inventory Unit Sell Price Excluding GST
P01 1,000 $10.00 $10,000 $20.00
P02 250 $20.00 5,000 $40.00
P03 700 $10.00 7,000 $20.00
P04 1,000 $13.00 13,000 $26.00
P05 1,000 $5.00 5,000 $10.00
P06 1,000 $15.00 15,000 $30.00
P07 1,000 $12.00 12,000 $24.00
P08 1,000 $30.00 30,000 $60.00
P09 2,000 $13.00 26,000 $26.00
P10 700 $10.00 7,000 $20.00
$130,000 DATA SOURCES: Transactions & Economic Events for July 2021
Data source- Suppliers Invoices. Dates shown are invoice dates, amounts include GST.
Date Transaction Details
1st Jul Received invoice from S01 for 100 books - stock item P01, for $1,320.00.
2nd Jul Received invoice from S04 for 100 books - stock item P02, $1900.00
3rd Jul Received invoice from S03 for 150 books, stock item P09 for $2,145.00
4th Jul Purchased stationery on account from S06 for $550.00 (Charged to Expense account)
6th Jul Received invoice from S08, $300 for 20 books - stock item P06.
7th Jul Received invoice from S03, for 200 books stock item P04 $2,800
14th Jul Received invoice from S11 (new) $250.00 for Julys cleaning.
18th Jul Received invoice from S12 (new) $3000.00 for legal fees in relation to lease.
21st Jul Invoice from S10 for Julys courier service, $620.00.
24th Jul Received invoice from S05 for telephone for the month $835.00.
26th Jul Received invoice from S09 for advertising undertaken in July $4,500.00.
31st Jul Received invoice from S07 for petrol and repairs for company vehicle for $550.00
Data source sales invoices and cash register tapes sales include GST.
Cash sales
Date Transaction Details
1st Jul Sold 140 units P01
8th Jul Sold 50 units of P02 and 50 units of P03
12th Jul Sold 30 units of P03, 25 units of P06, 30 units of P07 and 15 units of P08,
15th Jul Sold 20 units of P04, 15 units of P06 and 55 units of P08,
18th Jul Sold 35 units of P02, 10 units of P03, 35 units of P05, and 50 units of P10.
22nd Jul Sold 8 units of P03, 75 units of P04, 35 units of P06 and 15 units of P09.
31st Jul Sold 15 units of P06, 75 units P07 and 45 units P08.
Credit sales:
Date Transaction Details
5th Jul Invoice to C01 for 100 units of P08
8th Jul Invoice to C10 for 50 units of P10
12th Jul Invoice to C02 for 250 units of P01
14th Jul Invoice to C09 for 30 units of P02, 35 units of P03
15th Jul Invoice to C03 for 65 units of P02 and 200 units of P04
16th Jul Invoice to C07 for 80 units of P05
17th Jul Invoice to C08 for 90 units of P04
20th Jul Invoice to C04 for 50 units of P05 and 40 units of P08
22nd Jul Invoice to C06 for 200 units of P06 and 50 units of P07
22nd Jul Invoice to C05 for 100 units of P05 and 30 units of P07
23rd Jul Invoice to C05 for 255 units of P08
24th Jul Invoice to C06 for 125 units of P02.
24th Jul Invoice to C04 for 50 units of P09 and 60 units of P10
26th Jul Invoice to C07 for 70 units of P06
28th Jul Invoice to C08 for 100 units of P03 and 20 units of P09
Data source deposit book (cash receipts)
The daily over-the-counter cash takings are banked the same day. Other receipts include payments by account customers, as follows:
Date Transaction Details
17th Jul Customer C01 paid $15,000.00
18th Jul Customer C02 paid $12,000.00
19th Jul Customer C03, paid $2,000.00
20th Jul Customer C04 paid $7,000.00
21st Jul Customer C06 paid $4,000.00
22nd Jul Customer C07, paid for balance of his account as at 30 June, plus the purchases during the month made prior to 20th July.
23rd Jul Customer C08 paid $2000.00
24th Jul Received $4,000.00 from C09.
31st Jul At the end of the month, after the depreciation charge was made for the month, the business sold old Shop Fixtures and equipment for cash which had a written down value of $3,800.00 at the time of sale for
$3,300.00 (GST inclusive). The plant and equipment originally cost
$12,000.00.
Data source cheque book (cash payments)
Date Transaction Details
1st Jul Drawn a cheque for $1,000.00 start a Petty Cash float. (Cheque 1055)
2nd Jul Reimbursed $110.00 to an employee for travel expenses incurred. (Cheque 1056)
4th Jul Paid Junes sales commission owing to retail assistants of $10,000.00 previously accrued. (Cheque 1057)
15th Jul Paid Junes PAYG withholding tax of $10,000.00 (Cheque 1058)
17th Jul Paid S01 the balance of the account as at 30 June. (Cheque 1060)
19th Jul Paid S02 the balance of the account as at 30 June.(Cheque 1061)
20th Jul Paid S03 $12,000 being the amount owing as at 1st July. (Cheque 1062)
27th Jul Paid balance as at 1 July owing to S04 (Cheque 1064)
S05 (Cheque 1065)
29th Jul Reimbursed petty cash for Travelling Expense $220, Office Supplies $165, Postage $187, the total of the cheques drawn being $572 (Cheque 1069)
31st Jul The Directors paid $50,000 dividends, as provided in June. (Cheque1070)
Data source - bank statements
Date Transaction Details
18th Jul Periodic payment for lease of POS equipment $990.00 for July.
31st Jul Bank fees of $110.00 were charged to the account.
Data source notes and working papers Month end adjustments
Date Transaction Details
31st Jul Shop fixtures and equipment are depreciated at 20% p.a. diminishing value and the entry for July 2021 (being 31 days of depreciation) needs to be made.
31st Jul Sales commission earned by retail assistants, but not paid at 31st July amounted to $5000.00.
31st Jul Prepaid expenses as at 30 June ($10,000.00) represented the premium paid on annual policy starting on 1 May 2021. Record the insurance expense expired for the month of July.
31st Jul The companys long-term loan is at 9.00% p.a. Interest is paid quarterly, but
needs to be accrued for July (31 days).
31st Jul Estimated electricity usage for July amounted to $2,100.00 and this amount is to be accrued as at 31st July.
No GST on accruals.
Required Assessment Tasks
Part 1 (15%)- Due in Week 6
You are required to use Excel Spread sheet to record for all the business transactions and economic events relating to the business.
Business transactions and economic events can be found from the DATA SOURCES
Part 2 (15%)- Due in Week 11
You are required to use MYOB Accounting Program to record for all the business transactions and economic events relating to the business.
Set-up the business in MYOB Remember to incorporate YOUR NAME as part of the company name.
Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly.
Enter the Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory.
Process all business transactions & economic events for July 2021
Print reports for the month of July to be submitted, are as follows:
Accounts (General Ledger)
Transaction Journals = General Journal Profit & Loss Accrual
Standard Balance Sheet
Sales (Accounts Receivable)
Sales & Receivables Transaction Journal
Purchases (Accounts Payable) Purchases & Payables Transaction Journals
Banking
Cash Disbursements Journal Cash Receipts Journal
Inventory
Items List Summary
Marking Rubric
Marking Template Case study Very Poor Poor Satisfactory Good Very good Comments
Setting-up the business Modify the chart of accounts Enter the Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory. Process transactions Record the adjusting entries into the general journal Required Reports Produced Summary comment:
