Create the company using your student number and an address

Assignment Help Accounting Basics
Reference no: EM131498718 , Length: word count:2000

Task 1

Assessment Instructions

This is an individual assessment. Read the questions carefully in Part A and B and you must answer all of the questions below, and include examples where appropriate. If you need help understanding any questions, ask your assessor to explain.

Part A
Answer the following questions.

Question 1

Most organisations have a range of policies and procedures relating to the operation of their accounting systems. Describe how you would apply policies and procedures to operating a computerised accounting system.

Question 2
With accrual accounting, when does the GST implications arise and why is it considered to be better than the cash system?

Question 3
What is the general ledger and how does it involve double entry accounting?

Question 4
To what standards does the Chart of Accounts need to be prepared and what role has the AASB in this?

Question 5
What are the advantages of a computerised accounting system compared with a manual system?

Part B

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 Student Number) Your Address
ABN 72 173 568 578
Phone: (02) 9537 9100
Fax: (02) 9537 9102
Email: [email protected] Current Financial Year: 2016 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

4-6000

Miscellaneous Sales

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 Sales (C-01)       Suppliers

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

                                       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.

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 for June
- Reconciliation Report for June
- Balance Sheet
- Profit and Loss Statement

Task- 2

Assessment Instructions

This is an individual assessment. You are required to complete the following tasks using MYOB.

You must answer all of the questions below. If you need help understanding any questions, ask your assessor to explain.

PART A

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.

2. Make the following changes to the List of Accounts:

3. Delete the following unwanted account: 4-1300 Service Type C

4. Create the following new Cost of Sale account:

5. Insert the following Account Opening Balances: 1-1110 Cheque Account 10,400.00
1-3110 Furniture & Fixtures at Cost 20,000 2-1200 Accounts Payable 440.00
2-1330 GST Paid -40.00 (enter as a negative)

6. Create profile cards for the following suppliers:

7. Record the outstanding supplier balance in MYOB.

8. Place the following orders with your suppliers:

9. Record the following payments to suppliers:

10. Convert your purchases orders to bills as the goods have been received accompanied by the following invoices:

11. Place the following orders with your suppliers:

12. Record the following payments to suppliers:

13. Convert your purchase orders to bills as the goods have been received accompanied by the following invoices:

14. Place the following orders with your suppliers:

15. Record the following payments to suppliers:

16. Convert your purchase orders to bills as the goods have been received accompanied by the following invoices:

17. Record the following adjustment notes that were received from suppliers for faulty work or produce.

18. Produce the following reports:
- Purchase Register(All Purchases) for June
- Payable Ageing Summary as at 30 June
- Supplier Ledger for 31 May to 30 June

PART B
Continue with your own B&B Accommodation Pty. Ltd. data file for the following task:
1. Create cards for the following customers:

Name: Flinders P/L Card ID: CUS001

Address:26 George St, Sydney, NSW 2000 Phone: 9512 6671

Contact: Martin Fletcher Discount, Days: 10%, 10

Income Account: 4-1100 Credit Limit: $10,000

Name: Mount tour P/L Card ID: CUS002

Address: 30 Pitt St, Sydney, NSW 2000 Phone: 9514 5362

Contact: Helen Clark Discount, Days: 10%, 10

Income Account: 4-1100 Credit Limit: $10,000


2. Record the following quotes given to customers:

Quote number: 001

Date: 2 June

 

Customer: Flinders P/L

Single rooms with breakfast $55.00 per night Twin rooms with 2 breakfasts $99.00 per night Price includes GST

Quote number: 002

Date: 2 June

 

Customer: Mount tour P/L

Single rooms with breakfast $55.00 per night Double rooms with 2 breakfasts $99.00 per night Price includes GST

3. Process the following orders accepting quotes:

Flinders P/L

 

Date: 5 June Customer PO no.: 662

Supplier: B&B Supplies P/L Please supply:

3 Single rooms; in 5 June, out 10 June

3 Twin rooms; in 5 June, out 10 June

 

As per your quote no.0001

Mount tour P/L

 

Date: 5 June Customer PO no.: 205

Supplier: B&B Supplies P/L Please supply:

1 Single rooms; in 5 June, out 10 June

5 Double rooms; in 5 June, out 10 June

 

As per your quote no.0002

4. Change the customer orders to invoices and items the charges as show below:

B&B Accommodation P/L

 

Date: 10 June

Tax Invoice No.: 003 Supplied to: Flinders P/L Details: Customer PO 662

3 Single × 5 nights: $825.00

3 Twins × 5 nights: $1,485.00

45 packed lunches @ $5.50: $247.50

 

Invoice Total(GST included): $2,557.50

B&B Accommodation P/L

 

Date: 10 June

Tax Invoice No.: 004 Supplied to: Mount tour P/L Details: Customer PO 205

1 Single × 5 nights: $275.00

5 Double × 5 nights: $2,475.00

55 packed lunches @ $5.50: $302.50

 

Invoice Total(GST included): $3,052.50

5. Process the following orders for accommodation:

Flinders P/L

 

Date: 12 June Customer PO no.: 680

Supplier: B&B Accommodation P/L Please supply:

3  Single rooms; in 12 June, out 17 June

4  Twin rooms; in 12 June, out 17 June

 

As per your quote no.0001

Mount tour P/L

 

Date: 12 June Customer PO no.: 214

Supplier: B&B Accommodation P/L Please supply:

2  Single rooms; in 12 June, out 17 June

3  double rooms; in 12 June, out 17 June

 

As per your quote no.0002

6. Record receipt of the following payments from customers:

Date

Customer

Invoice

Discount

Cheque

15 June

Flinders P/L

$2,557.50

$255.75

$2,301.75

15 June

Mount tour P/L

$3,052.50

$305.25

$2,747.25

7. Change the customer orders to invoices and itemise the charges as shown below:

B&B Accommodation P/L Date: 17 June

Tax Invoice No.: 005 Supplied to: Flinders P/L Details: Customer PO 680

3 Single × 5 nights: $825.00

4 Twins × 5 nights: $1,980.00

55 packed lunches @ $5.50: $302.50

 

Invoice Total(GST included): $3,107.50

B&B Accommodation P/L Date: 17 June

Tax Invoice No.: 006 Supplied to: Mount tour P/L Details: Customer PO 214

2  Single × 5 nights: $550.00

3  Doubles × 5 nights: $1,485.00

40 packed lunches @ $5.50: $220.00

 

Invoice Total(GST included): $2,255.00

8. Process the following orders for accommodation:

Flinders P/L

 

Date: 19 June Customer PO no.: 702

Supplier: B&B Accommodation P/L Please supply:

1 Single rooms; in 19 June, out 24 June

4 Twin rooms; in 19 June, out 24 June

 

As per your quote no.0001

Mount tour P/L

 

Date: 19 June Customer PO no.: 226

Supplier: B&B Accommodation P/L Please supply:

1 Single rooms; in 19 June, out 24 June

5 double rooms; in 19 June, out 24 June

 

As per your quote no.0002

9. Record receipt of the following payments from customers:

Date

Customer

Invoice

Discount

Cheque

22 June

Flinders P/L

$3,107.50

$310.75

$2,796.75

22 June

Mount tour P/L

$2,255.00

$225.50

$2,029.50

10. Change the customer orders to invoices and itemise the charges as shown below:

B&B Accommodation P/L

 

Date: 24 June

Tax Invoice No.: 009 Supplied to: Flinders P/L Details: Customer PO 702

1 Single × 5 nights: $275.00

4 Twins × 5 nights: $1,980.00

45 packed lunches @ $5.50: $247.50

 

Invoice Total(GST included): $2,502.50

B&B Accommodation P/L

 

Date: 24 June

Tax Invoice No.: 010 Supplied to: Mount tour P/L Details: Customer PO 226

1 Single × 5 nights: $275.00

5 Doubles × 5 nights: $2,475.00

55 packed lunches @ $5.50: $302.50

 

Invoice Total(GST included): $3,052.50

11. Produce the following reports:
- Receivable Ageing Summary as at 30 June
- Sales Register (All sales) for June
- Customer Ledger for 1 June to 30 June.

To be deemed competent you will need to successfully demonstrate the following:
• You must submit printed copy of the following reports:
- Purchase Register(All Purchases) for June
- Payable Ageing Summary as at 30 June
- Supplier Ledger for 31 May to 30 June
- Receivable Ageing Summary as at 30 June
- Sales Register (All sales) for June
- Customer Ledger for 1 June to 30 June.

Task 3

Assessment Instructions

This is an individual assessment. You are required to complete the following tasks using MYOB Account

You must answer all of the questions below. If you need help understanding any questions, ask your assessor to explain.

1. Read the MyStyle Uniforms scenario provided in Appendix and create a new data file based on the information given:

You must create the company using your student number and an address. This will identify your work when you submit your assessment.
You should regularly back up the files you create.

2. Make changes to the list of Accounts (See Appendix).
3. Insert the following Account Opening Balances: 1-1110 Cheque Account 36,200.00
1-1200 Trade Debtors 16,500.00
1-1400 Prepaid Insurance 22,000.00
1-2410 Furniture & Fixtures at Cost 8,300.00 1-2510 Office Equip at Cost 10,500.00
1-2610 Warehouse Equip at Cost 27,000.00
1-2710 Transport Equip at Cost 42,000.00
2-1200 Trade Creditors 12,100.00
2-1310 GST Collected 1,500.00
2-1330 GST Paid (-)1,100.00
2-2100 Bank Loans 100,000.00
3-1100 Owner's Capital 100,000.00
(Amount left to be allocated -$50,000.00. OK!)

4. Create profile cards for the following suppliers:

Name: Hong Kong Imports P/L

Card ID: SUP 01

Address: 101 Queen Street Brisbane, QLD 4001

Phone: (07) 3403 3189

Contact: George King

Discount, Date: 10%, 15

Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 42 201 658 024

Name: Stylish Footwear P/L

Card ID: SUP 02

Address: 197 Harvey Street Melbourne, VIC 3040

Phone: 1800 021 987

Contact: Eric Eady

Discount, Date: 10%, 15

Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 71 202 673 381

Name: Sydney Apparel P/L

Card ID: SUP 03

Address: 6 George St Hornsby, NSW 2077

Phone: (02) 9454 1770

Contact: Hilda Skipton

Discount, Date: 10%, 15

Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 77 209 206 379

Name: VIP Outfits P/L

Card ID: SUP 04

Address: 30 Gibbens Rd West Gosford, NSW 2250 Phone: (02) 4340 3530

Contact: Kathy Parker

Discount, Date: 10%, 15

Expense Account: 5-1000 Credit Limit: $30,000.00 ABN: 41 490 350 920

5. Create cards for the following customers:

Name: Central Coast Busses P/L

Card ID: CUS 01

Address: 23 Mitchell Street Erina, NSW 2250

Phone: (02) 4326 5014

Contact: Sally Robinson Credit Limit: $30,000.00 Discount, Days: 10%, 15

Name: Elite Security P/L

Card ID: CUS 02

Address: 27 Beane Street Gosford, NSW 2250

Phone: (02) 4338 2181

Contact: Linda Taylor Credit Limit: $30,000.00 Discount, Days: 10%, 15

Name: Gosford City Council

Card ID: CUS 03

Address: Mann Street Gosford, NSW 2250

Phone: (02) 4340 0000

Contact: Donald Chubb Credit Limit: $30,000.00 Discount, Days: 10%, 15

Name: Gosford Hospital

Card ID: CUS 04

Address: Racecourse Road Gosford, NSW 2250

Phone: (02) 4340 0000

Contact: Lauren Carey Credit Limit: $30,000.00 Discount, Days: 10%, 15

6. Record the following historical purchases:

Supplier

Invoice No.

Account Date

Amount

Hong Kong Imports P/L

305580

31 August 2015

$3,795.00

Stylish Footwear P/L

209177

31 August 2015

$3,223.00

Sydney Apparel P/L

339021

31 August 2015

$2,057.00

VIP Outfits P/L

502017

31 August 2015

$3,025.00

7. Record the following historical sales:

Customer

Invoice No.

Account Date

Amount

Central Coast Busses

11429

31 August 2015

$5,896.00

Elite Security

11430

31 August 2015

$2,354.00

Gosford City Council

11241

30 June 2015

$4,752.00

Gosford Hospital

11318

31 July 2015

$3,498.00

8. Set up the following inventory items:

Item Number: B-101

Item Name: Driver's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20

Primary Supplier: Hong Kong Imports

Default Reorder Quantity: 25 Base Selling Price: $269.50 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: B-111

Item Name: Cleaner's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20

Primary Supplier: Hong Kong Imports

Default Reorder Quantity: 25 Base Selling Price: $159.50 Selling Unit of Measure: Set Price Includes GST: Yes

 

Item Number: B-121

Item Name: Nurse's Uniform Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 30 Base Selling Price: $352.00 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: B-131

Item Name: Receptionist's Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20 Primary Supplier: VIP Outfits Default Reorder Quantity: 10 Base Selling Price: $539.00 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: B-141

Item Name: Manager's Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 10 Base Selling Price: $462.00 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: B-151

Item Name: Executive Wardrobe Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 10 Primary Supplier: VIP Outfits Default Reorder Quantity: 5 Base Selling Price: $2,013.00 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: B-161

Item Name: Doctors' Coat

Cost of Sales Account: 5-1000

Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Each Items per Buying Unit: 1

Tax Code: GST

Minimum Stock Level: 20 Primary Supplier: Sydney Apparel Default Reorder Quantity: 20 Base Selling Price: $121.00 Selling Unit of Measure: Each Price Includes GST: Yes

Item Number: B-171

Item Name: Blue-Collar Outfit Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Set Items per Buying Unit: 1 Tax Code: GST

Minimum Stock Level: 20

Primary Supplier: Hong Kong Imports

Default Reorder Quantity: 40 Base Selling Price: $203.50 Selling Unit of Measure: Set Price Includes GST: Yes

Item Number: S-111

Item Name: Quality Shoes Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Pair Items per Buying Unit: 1

Tax Code: GST

Minimum Stock Level: 20

Primary Supplier: Stylish Footwear Default Reorder Quantity: 30

Base Selling Price: $352.00 Selling Unit of Measure: Pair Price Includes GST: Yes

Item Number: S-333

Item Name: Quality Boots Cost of Sales Account: 5-1000 Income Account: 4-1000

Inventory Account: 1-1800 Buying Unit of Measure: Pair Items per Buying Unit: 1

Tax Code: GST

Minimum Stock Level: 20

Primary Supplier: Stylish Footwear Default Reorder Quantity: 50

Base Selling Price: $319.00 Selling Unit of Measure: Pair Price Includes GST: Yes

9. Record the quantities on hand and their cost prices:

Item

Name

Units on Hand

Cost                   Price

(Excluding GST)

B-101

Driver's Uniform

19

$150.00

B-111

Cleaner's Uniform

21

$100.00

B-121

Nurse's Uniform

22

$200.00

B-131

Receptionist's Outfit

21

$350.00

B-141

Manager's Outfit

20

$320.00

B-151

Executive Wardrobe

11

$1,500.00

B-161

Doctor's Coat

24

$50.00

B-171

Blue-Collar Outfit

20

$100.00

S-111

Quality Shoes

18

$200.00

S-333

Quality Boots

20

$180.00

10. Use the General Journal to record the following monthly depreciation allowance on 31 August. Save the template as recurring so that it will become a standing journal entry for the future.

Account

Debit

Credit

Depreciation Expense

$2,101.04

 

1-2420 (Furniture & Fixtures 17.5%)

 

$121.04

1-2520 (Office Equipment 30%)

 

$262.50

1-2620 (Warehouse Equipment 25%)

 

$562.50

1-2720 (Transport Equipment 33%)

 

$1,155.00

11. Use the General Journal to record the following monthly allowance for doubtful debts on 31 August. Save the template as recurring so that it can become a standing journal entry for the future.

Account

Debit

Credit

9-2000 (Doubtful Debts)

$137.50

 

1-1210 (Less Provision...)

 

$137.50

12. Use the General Journal to record the monthly insurance instalment on 31 August. Save the template as recurring so that it can become a standing journal entry for the future.

Account

Debit

Credit

6-6020 (Insurance)

$2,000.00

 

1-1400 (Prepaid Insurance)

 

$2,000.00

13. Produce a Trial Balance for your records as at 31 August.

14. Record the following September transactions using the dates shown in invoices or shown in the margin.

Customer Receipts on 5 September

Customer

Discount Given

Cheque

Central Coast Busses

$589.60

$5,306.40

Elite Security

$235.40

$2,118.60

Gosford City Council

 

$4,752.00

Gosford Hospital

 

$3,498.00

Supplier Payments on 5 September

Supplier

Discount Taken

Cheque

Hong Kong Imports

$379.50

$3,415.50

Stylish Footwear

$322.30

$2,900.70

Sydney Apparel

$205.70

$1,851.30

VIP Outfits

$302.50

$2,722.50

Credit Purchases from Suppliers

Date: 9 Sept

Tax Invoice No: 305614 Supplier: Hong Kong Imports P/L Details:

20 x Driver's Uniform @ $150.00 $3,000.00 20 x Blue-Collar Outfit @ $100.00 2,000.00 Sales Total: $5,000.00

Freight: 100.00

GST: 510.00

Invoice Total: $5,610.00

Date: 9 Sept

Tax Invoice No: 209200 Supplier: Stylish Footwear P/L Details:

25 pr Quality Shoes @ $200.00 $5,000.00 10 pr Quality Boots @ $180.00 1,800.00 Sales Total: $6,800.00

Freight: 204.00

GST: 700.40

Invoice Total: $7,704.40

Date: 9 Sept

Tax Invoice No: 339141 Supplier: Sydney Apparel P/L Details:

8 x Manager's Outfit @ $320.00 $2,560.00 15 x Doctor's Coat @ $50.00 750.00 Sales Total: $3,310.00

Freight: 66.00

GST: 337.60

Invoice Total: $3,713.60

Date: 9 Sept

Tax Invoice No: 502098 Supplier: VIP Outfits P/L Details:

12 x Receptionist's Outfits @ $350.00

$4,200.00

3 x Executive Wardrobe @ $1,500.00 4,500.00

Sales Total: $8,700.00 Freight & Insurance: 174.00 GST: 887.40

Invoice Total: $9,761.40

Credit Sales to Customers

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11433

Date: 13 Sept

Customer: Central Coast Busses

No. Item Price

25 Driver's Uniform $6,737.50 10 Cleaner's Uniform 1,595.00

Delivery: 44.00

Invoice Total: $8,376.50 (Invoice includes $761.50 GST)

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11434

Date: 13 Sept

Customer: Elite Security P/L

No. Item Price

8 pr Quality Boots $2,552.00 1 Manager's Outfit 462.00

Delivery: 33.00

Invoice Total: $3,047.00 (Invoice includes $277.00 GST)

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11435

Date: 13 Sept

Customer: Gosford City Council

No. Item Price

5 Receptionist's Outfit $2,695.00 15 Blue-Collar Outfit 3,052.50

Delivery: 22.00

Invoice Total: $5,769.50 (Invoice includes $524.50 GST)

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11436

Date: 13 Sept

Customer: Gosford Hospital

No. Item Price

12 Nurse's Uniform $4,224.00 3 Cleaner's Uniform 478.50

Delivery: 22.00

Invoice Total: $4,724.50 (Invoice includes $429.50 GST)

Customer Receipts on 14 September

Customer

Discount Given

Cheque

Central Coast Busses

$837.65

$7,538.85

Elite Security

$304.70

$2,742.30

Gosford City Council

$576.95

$5,192.55

Gosford Hospital

$472.45

$4,252.05

Supplier Payments on 14 September

Supplier

Discount Taken

Cheque

Hong Kong Imports

$561.00

$5,049.00

Stylish Footwear

$770.44

$6,933.96

Sydney Apparel

$371.36

$3,342.24

VIP Outfits

$976.14

$8,785.26

Cash Sales to Customers

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11441

Date: 25 Sept

Customer: Gosford City Council 25% Off Cash Specials

No. Item Price

20 Manager's Outfit $3,465.00 2 Executive Wardrobe 3,019.50

Delivery: 33.00

Paid Today: $6,517.50 (Invoice includes $592.50 GST) Cash Specials

MyStyle Uniforms P/L ABN 71 330 782 917

Tax Invoice Number: 11442

Date: 25 Sept

Customer: Gosford Hospital 25% Off Cash Specials

No. Item Price

20 Doctor's Coat $1,815.00

5 Receptionist's Outfit 2,021.25

Delivery: 33.00

Paid Today: $3,869.25 (Invoice includes $351.75 GST) Cash Specials

Cash Purchases from Suppliers

Date: 25 Sept

Tax Invoice No: 305685

Supplier: Hong Kong Imports P/L

Details: 25% Discount taken on these Cash Specials.

10 x Cleaner's Uniform @ $75.00 $750.00 10 x Blue-Collar Outfit @ $75.00 750.00 Sales Total: $1,500.00

Freight: 20.00

GST: 152.00

Paid Today: $1,672.00 Cash Specials

Date: 25 Sept

Tax Invoice No: 339163

Supplier: Sydney Apparel P/L

Details: 50% discount taken on these Cash Specials.

20 x Nurse's Uniform @ $100.00 $2,000.00 25 x Doctor's Coat @ $25.00 625.00

Sales Total: $2,625.00

Freight: 55.00

GST: 268.00

Paid Today: $2,948.00 Cash Specials

15. Use your standing General Journal template to record the monthly depreciation. Your transaction date is 30 Sept.

Account

Debit

Credit

Depreciation Expense

$2,101.04

 

1-2420 (Furniture & Fixtures 17.5%)

 

$121.04

1-2520 (Office Equipment 30%)

 

$262.50

1-2620 (Warehouse Equipment 25%)

 

$562.50

1-2720 (Transport Equipment 33%)

 

$1,155.00

16. Use your standing General Journal template to record the monthly allowance for doubtful debts. Your transaction date is 30 Sept.

Account

Debit

Credit

9-2000 (Doubtful Debts)

$137.50

 

1-1210 (Less Provision...)

 

$137.50

17. Use your standing General Journal template to record the monthly insurance instalment. Your transaction date is 30 Sept.

Account

Debit

Credit

6-6020 (Insurance)

$2,000.00

 

1-1400 (Prepaid Insurance)

 

$2,000.00

18. Produce the following reports for your records:
- Bank Register for September
- Trial Balance for September
- General Journal for August and September
- Cards List (Summary)
- Items List (Summary)

To be deemed competent you will need to successfully demonstrate the following:
• You must provide the followings:
- Trial Balance for August
- Bank Register for September
- Trial Balance for September
- General Journal for August and September
- Cards List (Summary)
- Items List (Summary)

Attachment:- Appendix.rar

Reference no: EM131498718

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Reviews

len1498718

5/17/2017 4:30:59 AM

Complete Sections A and B Attach this two-page cover sheet to your assessment submission Submit your assessment to your trainer/assessor Retain Section B as proof of submission Please refer to the Plagiarism Policy and Assessment Appeal and Reassessment Policy in the Student Handbook for more information.1. A Credit Application form needs to be completed before sales on credit are permitted. Credit References are checked for reliability of payment. 2. Accounts will only be offered to regular customers. 3. A Tax Invoice will be written out at the time of sale and handed to the customer to maximise customer satisfaction and meet taxation requirements. 4. Before processing a new sale to an existing customer, overdue accounts are checked. Credit Terms are payment by the end of the following month. An overdue note is placed on the bottom of the statement prepared at the end of each month. 5. If accounts are more than 60 days overdue, a hold is placed on their account until payment is up to date. A phone call is made to the customer to ascertain if there is a problem and payment of the amount owing is negotiated.

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