Reference no: EM131205964 , Length: word count:3500
Please read the following instructions carefully
- This assessment is to be completed according to the instructions given by your assessor.
- This assessment can be taken home.
- If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
- Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge.
- Learners must complete assessments by the due date as identified by the assessor, unless an alternative arrangement is agreed upon by the assessor.
- All parts of the assessment task must be completed.
- Correct grammar and spelling should be employed and the report should be well structured and concise.
- Please refer to the Assessment Appeal and Reassessment Policy in the Student Handbook for more information.
Assessment Task 1
Instruction for the student
This is an individual assessment. 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 Name and Student Number)
Your Address
ABN 72 173 568 578
Phone: (02) 9537 9100
Fax: (02) 9537 9102
Email: [email protected]
Current Financial Year: 2012
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:
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Account
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Name
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Tax Code
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4-3100
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Sale of Medications
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GST
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4-3200
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Sale of Pet Food
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GST
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5-1100
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Purchase of Medications
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GST
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5-1200
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Purchase of Pet Food
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GST
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6-1050
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Bank Fees & Charges
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FRE
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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 Suppliers
Sales (C-01) Purchases (S-01)
Services (C-02) Asquith Real Estate (S-02)
Home Visits (C-03) Sydney Drugs P/L (S-03)
Pet Foods Only P/L (S-04)
Wages (S-05)
5. Record the following receipts:
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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
|
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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
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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
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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
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6. Record the following payments:
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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
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Date: 4 June
Cheque No. 3203
Payee: Sydney Drugs P/L
Details: Purchases
Medications $1,397.00
Payment includes $127.00 GST
|
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Date: 7 June
Cheque No. 3204
Payee: Cash
Details: Weekly Wages
Wages $5,000.00
Payment includes $0.00 GST
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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
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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
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7. Reconcile your records with the bank statement:
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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
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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.
10. Record the following receipts:
|
Date: 7 July
Receipt No. 017
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 July
Receipt No. 018
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 July
Receipt No. 019
Received from: Home Visits
Details:
Services Rendered $1,540.00
Cash Received: $1,540.00
Revenue includes $140.00 GST
|
11. Record the following payments:
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Date: 1 July
Cheque No. 3213
Payee: Asquith Real Estate
Details: Monthly Rent
Rent $8,800.00
Payment includes $800.00 GST
|
Date: 4 July
Cheque No. 3214
Payee: Pet Foods Only P/L
Details: Purchases
Pet Food $704.00
Payment includes $64.00 GST
|
Date: 4 July
Cheque No. 3215
Payee: Sydney Drugs P/L
Details: Purchases
Medications $1,397.00
Payment includes $127.00 GST
|
12. Reconcile your records with the bank statement:
|
Australian Bank
27 Sharp Street, Asquith, NSW 2077
Statement of Account for MyVet Pty. Ltd.
July
Date Details Withdrawals Deposits Balance
01 Balance b/f $57,299.50 Cr
01 Cheque 3207 418.00 56,881.50 Cr
01 Cheque 3209 176.00 56,705.50 Cr
01 Cheque 3212 1650.00 55,055.50 Cr
01 Cheque 3213 8,800.00 46,255.50 Cr
05 Cheque 3214 704.00 45,551.50 Cr
07 Deposit 11,176.00 56,727.50 Cr
08 Cheque 3215 1,397.00 55,330.50 Cr
28 Interest on account 45.50 55,376.00 Cr
30 Bank Fees 30.00 55346.00 Cr
30 Statement Closing Balance 55,346.00 Cr
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13. Produce the following reports for July:
- Bank Register
- Reconciliation Report
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 (June & July)
- Reconciliation Report (June & July)
- Balance Sheet- Profit and Loss Statement