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ACCG 101 Modify the setting of the purchases link accounts to the general ledger (Setup/Linked Accounts/Purchases Accounts) and tick the link for paying...

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MYOB2017 Program: You must use MYOB AccountRight Plus education (student) edition
version 19 for this assignment (available on iLab or in computer labs on campus).
Please refer to the file named “How to access MYOB software” for information.
Instructions:
1. Enter Company Information
(Select Setup/Company Information)
In the Company Name enter your full name in the following format:
SURNAME, Given name;
In the Address field, type your Student ID in the following format:
Student ID: xxxxxxxxxx and your usual class day and time. 2. Complete the following set up and modifications:
Create the following new cards:
“Cash” as a supplier card – no other details necessary
This card is to be used to record cash transactions other than
to suppliers or from customers.
“Cash Sales” as a customer card –
In the ‘Selling Details’ set the ‘Sale Layout’ as
“Item”. No other details are necessary.
This card is to be used to record cash sales of inventory items.
Add a new tax code:
Tax code:
“CAP”
Description:
Acquisitions” Tax type:
& Service Tax Rate:
Link account for tax collected:
Link account for tax paid: “Capital
Goods
10%
GST Collected (2-1310)
GST Paid (2-1330) Add Detail expense account 6-3300 “Doubtful Debts”. Add a new Header asset account: 1-1200 “Accounts Receivable”
Make sure to select the option under the ‘Details’ tab for generating subtotals.
Group the existing accounts 1-1210 and 1-1220 under the above new header.
Modify the liability account 2-1140 ‘Visa Credit card’ by changing its ‘Account
Type’ to “Credit Card” so it can be used in the Spend Money option to record
payments.
Delete the existing account 1-1140 ‘Cash Drawer’ account. Rename the Header
account 1-2000 as ‘Non-Current Assets’.
As some customers are charged for freight (delivery) and some suppliers also
charge for delivery, it will be necessary to modify the sales and purchases link
accounts as follows:
o Modify the setting of the sales link accounts to the general ledger
(Setup/Linked Accounts/Sales Accounts) and tick the link for charging
freight on sales and nominate 4-5000 “Freight Revenue” as the link
account.
o Modify the setting of the purchases link accounts to the general ledger
(Setup/Linked Accounts/Purchases Accounts) and tick the link for paying
freight on purchases and nominate 5-2000 “Freight Inwards” as the link
account.
3. Enter transactions for January 2015: PLEASE read the following notes VERY carefully – failure to do so may result in
loss of marks:
a) The amounts and prices for all taxable items should be shown as
b)
c)
d)
e)
f) ‘Tax inclusive’
Unless otherwise stated, the tax code for taxable items is “GST”
Use Item Invoices and Item Purchases (Bills) to record sales and purchases
Use negative item Invoices and negative item Purchases to record returns of
inventory items (credit notes – issued or received)
Use a negative ‘Miscellaneous’ layout invoice (credit note) to write off a bad debt
All credit notes (issued or received) must be applied to the relative invoice/bill on
the same date as the credit note. VERY IMPORTANT: Do NOT use the ‘Record Journal Entry’ option in the
‘Accounts’ command centre to record receipts and payments. Payments to others must
be performed exactly as follows: All payments to suppliers must be recorded using ‘Pay Bills’ option from the
Purchases command centre and applied to the original purchase #; Process all payments to employees using the ‘Spend Money’ option from the
Banking command centre; For all other payments use ‘Spend Money’ option from the Banking command
centre. Receipts from others must be performed exactly as follows:
Receipts from customers must be recorded using ‘Receive Payments’ option
from the Sales command centre and applied to the original invoice #; For all other receipts use ‘Receive Money’ option from the Banking command
centre.
If there are more than one receipt on a given day from all sources (except receipts paid
directly to the bank account e.g. EFT ‘Direct Deposits’), they must be grouped first
using the ‘Undeposited Funds’ account so as to be deposited together as a single
deposit on the same day of the receipts using ‘Prepare Bank Deposit’ option from the
Banking command centre. As mentioned above, all EFT (Direct Deposits) must not be grouped with any other
receipt of the same date (i.e., deposited directly to the bank separately).
A single receipt on a given day may be deposited directly to the bank account (no need
to group it first – however, no marks will be deducted if these single receipts are
recorded using Undeposited Funds first then deposited);
All receipts are to be deposited to the National Bank on the same day of the
receipts.
All cheques are issued from the National Bank (first cheque # 411):
Transactions in January 2015:
1/01/2015 1/01/2015 Record a general journal entry number GJ000001 to reverse $6,171.14
being December’s accrued expenses (account: 2-1130):
Wages and Salaries 6-1300
$5,661.6
Tax code N-T
Superannuation Expense 6$509.540
Tax code N-T
1200
Record a general journal entry number GJ000002 to make the following
correction of an error:
$77.15 was previously recorded as Bank Charges (6-3200) is to be
transferred to Interest expense (6-3400). (Tax code N-T) 2/01/2015 Purchase from Cannon Australia – Purchase #6052 and Supplier
C1088 Inv. # 25 of Item # CAN601 “Cannon Photo Printer” @ $198.00 ea. incl. GST
and 5 of item # CDC07 “Cannon Digital Camera” @ $438.90 ea. incl.
GST
3/01/2015 Received 2 cheques:
from Photos Express $32,110.50 (apply to Invoice # 3270) and from
Pictures R Us $4,850 (apply to invoice # 3282)
Reminder: Record these receipts with Undeposited Funds first and then deposit them as a single deposit on 3/01/2015. Digital Galore paid $15,250 by EFT (direct deposit) to the National bank.
This is the amount owing by them on invoice # 3205.
Purchased a new motor vehicle from a car dealer ‘Macquarie Motors’.
The cost of the vehicle is $44,000 and was paid by cheque No 411. Debit
Motor Vehicles at cost (1-2210)
Tax code CAP
Make sure to use the ‘Spend Money’ option to record this transaction.
4/01/2015 Paid December’s Visa account $1,594.50 by cheque # 412. Debit the
‘Visa Credit Card' account 2-1140. Tax code N-T
Paid Cannon Australia $1,291.40 – cheque # 413 (apply to purchase #
5968).
Paid Digital Services $11,805.54 – cheque # 414 (apply to purchase #
5977). 5/01/2015 Cashed cheque # 415 for $4,104.00 to pay wages for the fortnight up to
and including 5 January 2015.
Wages & Salaries (6-1300)
PAYG Withholding (2-1520)
Payroll Deductions P’ble (2-1510) $5,002.00,
$-858.00,
$-40.00. Tax code NT.as negative.
Make sure to enter the PAYG and the deductions amounts
7/01/2015 Purchased from Digital Supplies Inc. Purchase # 6053. Supplier Inv.
#8014
50 of item # PA100 “Photo Albums 100 pgs” @ $15.62 incl. GST Freight
$22.00 incl. GST (tax code GST). Goods are delivered by UPS. 10/01/2015 Sold to Digital Galore – Invoice # 3351. Customer PO # 38XV.
10 of Item # SU-PFL “Picture Framing Large” @ $99.00 ea. incl. GST
64 of item # PA100 “Photo Albums 100 pgs” @ $23.10 incl. GST
Freight is $11.00 incl. GST (tax code GST).
Goods are delivered by UPS.
Sold to One Stop Cameras – Invoice # 3352. Customer PO # OS681
20 of Item # CAN601 “Cannon Photo Printer” @ $429 ea incl. GST
10 of item # PF1015 “Picture Frame 10x15” @ $17.60 ea incl. GST
5 of item # PF60120 “Picture Frame 60x120” @ $40.70 incl. GST and
10 of item # CDC07 “Cannon Digital Camera” @ $719.40 ea incl. GST 11/01/2015 Cash Sale – Invoice # 3353
40 of item # F24E “Film x24 Exp” @ $3.30 incl. GST.
30 of item # F12E “Film x12 Exp” @ $2.20 incl. GST
BEFORE recording this invoice and as this is a cash sale make sure to enter the total amount of the invoice in the ‘Paid Today’ field.
Method: “Cash” (Balance Due should be $0.00). Click on the ‘Details’
button and make sure “National Bank” is selected for this receipt. 12/01/2015 Received $10,382.25 from One Stop Cameras by EFT method. Apply this
payment to Invoice # 3319. 13/01/2015 Using ‘Spend Money’ option and selecting the Petty Cash account as the
‘Pay from account’, record the following petty cash expenses of
$136.60:
Travel
(6-2800) $44.00 (incl. GST) tax code GST.
Staff amenities (6-1150) $72.80
tax code FRE.
Office supplies (6-2500) $19.80 (incl. GST) tax code GST.
Using ‘Spend Money’ option and selecting the Visa Credit Card account
as the ‘Pay from account’, record the following credit card transaction:
Purchase of Petrol*
$77.00 (incl. GST).) tax code GST
*Debit the ‘Motor vehicle running’ expense account 6-2450. 14/01/2015 Purchased from Digital Supplies Inc. – Purchase # 6054. Supplier Inv. #
8027
30 of Item # KTR60 “Kodak Tripod” @ $49.94 ea incl. GST and
10 of Item # PF2040 “Picture Frame 20x40” @ $18.48 incl. GST. 16/01/2015 Paid Panasunnies $19,500.07 cheque No 416 apply to Purchases
number 6011 and 6020).
Purchased from Panasunnies. Purchase # 6055. Supplier Inv. # P960:
50 item# DC24 “Disp. Camera x24” @ $10.45 ea. incl. GST
Freight $22.00 incl. GST – Delivered by Australia Post. 17/01/2015 Sold to Photos Express. – Invoice # 3354 Customer PO # 530
40 of Item# KTR60 “Kodak Tripod” @ $88.00 ea incl. GST
40 of Item# MS020 “Memory Stick 20GB” @ $19.80 ea incl. GST
30 of Item# MS080 “Memory Stick 80GB” @ $55.00 ea incl. GST
Freight $55.00 incl. GST (tax code “GST”)
Goods are delivered by Australia Post. 19/01/2015 Paid Sony Wholesales $8,092.69 cheque No 417. (apply to Purchase #
5982).
Cashed cheque # 418 for $8,277.00 to pay wages for the fortnight up to
and including 19 January 2015.
Wages & Salaries (6-1300)
$6,482.18
Sales Commission (6-4100)
$3,894.00
PAYG Withholding (2-1520)
$-2,059.18 and
Payroll Deductions P’ble (2-1510)
$-40.00. (Tax codes N-T).
Make sure to enter the PAYG and the deductions amounts as negative. 22/01/2015 Issued a credit note CN3354 to Photos Express for the return of 5 item #
MS080 sold to them on invoice # 3354. Use a negative item (layout)
invoice to record this return. Apply this credit on 22/01/2015 to invoice #
3354. REMINDER: Make sure to enter the quantity as -5. Sold to Pictures R Us. – Invoice # 3355 Customer PO # 2201-6:
3 of item MS080 “Memory Stick 80GB” @ $55.00 ea incl. GST
5 of item# OMC75 “Olympus Movie Camera” @ $392.70 ea incl. GST
8 of item# SU-PFS “Picture Fram. Small” @ $55 ea incl. GST.
22/01/2015 Purchased from Digital Services. Purchase # 6056. Supplier Inv. # 8096
20 of Item DPF34 “Digital Photo Frame” @ $63.80 ea incl. GST.
Freight $19.80 incl. GST – Delivered by Australia Post. 23/01/2015 Sold to Digital Galore – Invoice # 3356 Customer PO # 53XV.
40 of item DPF34 “Digital Photo Frame” @ $110.00 ea incl. GST.
35 of item DC24 “Disposable Camera x24” @ $15.40 ea. incl. GST.
Kwickasair delivered the goods. 25/01/2015 Cash Sale Invoice # 3357
100 of item # AAA10 “Batteries AAA (10pk)” @ $9.90 each incl. GST.
Enter the total amount as paid today (Method: Cash). 27/01/2015 Received $10,000 from ‘National Brokers’ by EFT (direct deposit to the
National Bank) for the issue of “B” class shares (Account 3-2000). (Tax
code N-T)
Received $1,600 cash for rent of attached residential premises. Credit
‘Rent Income’ account (8-2000). Tax code ITS.
Select Cash in the Payor field.
Paid $990.00 (incl. GST) for a roof rack for the Motor Vehicle. Used the
Visa Credit Card to pay for this expense.
Debit ‘Motor vehicle running’ expense account 6-2450.
Remember to use ‘Spend Money’ option and select Visa Credit Card for
the ‘Pay from account’.
28/01/2015 Using ‘Spend Money’ option and selecting the Petty Cash account as the
‘Pay from account’, record the following petty cash expense:
Office Supplies (6-2500) $ 22.00 incl. tax tax code GST 28/01/2015 Write off the outstanding balance of customer Dandy as bad. The amount
owing is $652.25 including GST. This amount has been outstanding for
over a year.
Issue a credit note (invoice # CN2245). Select a ‘Miscellaneous layout’
for this invoice.
Debit ‘Bad Debt’ account 6-3100 (ignore any error message) and enter the
outstanding amount as negative including GST (tax code GST).
Apply this credit note as at 28/01/2015 to the original invoice # 2245. 29/01/2015 Reimburse Petty cash $158.60 from the National bank – cheque # 419.
Debit Petty Cash account 1-1130 (Tax code N-T) 31/01/2015 Using ‘Spend Money’ option and selecting the Visa Credit Card account
as the ‘Pay from account’:
Record the purchase of Petrol $74.80 (incl. GST). Tax code GST Debit
the ‘Motor vehicle running’ expense account 6-2450. Use ‘Spend Money’ option and National Bank to record the next three payments
31/01/2015 Paid ‘Australian Taxation Office’ $9096.80 – cheque 420, for the Business
Activity Statement, quarter ended 31/12/2014, as follows:
GST Collected (2-1310)
less GST Paid (2-1330)
plus PAYG Withholding (2-1520) $25,324.10 Tax code N-T
-20,358.30 Tax code N-T
4,131.00 Tax code N-T Paid ‘AMP Superannuation’ for December superannuation deductions
$708.40 – cheque 421. Tax code N-T.
Debit ‘Employer Expenses Payable’ account 2-1515.
Paid ‘Workers Union’ for December union deductions $160 (Tax code NT) cheque 422. Debit ‘Payroll Deductions Payable’ account 2-1510.
31/01/2015 Record a general journal entry number GJ000003 to write off $300 from
the Prepaid Insurance (1-1300) for January’s general insurance expense
(6- 2400) (Tax code N-T). 31/01/2015 Record a general journal entry number GJ000004 to record depreciation
for January 2015 - (Tax codes N-T):
Building
$9,238.00
Motor Vehicle
$834.00
Office
$812.00
equipment
Office furniture
$448.00
Make sure to debit
depreciation expense accounts and credit
relevant Accumulated depreciation accounts.
Record a general journal entry number GJ000005 to record the accrued
expenses (account 2-1130) $5,737.80 as at 31/01/2015:
(6$5,240.00
Wages and Salaries
Superannuation
(6$497.80
(Tax codes “N-T”)
Record a general journal entry number GJ000006 to record January’s
accrued interest income.
Calculate the accrued interest income for the
$40,000 Term Deposit as at 31/01/2015 as follows:
Calculate interest for 31 days at an annual rate of 5% p.a. Round your
answer to the nearest dollar:
Debit Accrued Interest Income (1-1600) Tax code N-T and
Credit Interest Income
(8-1000) Tax code FRE.
Record a general journal entry number GJ000007 to record the following
transaction: Create a 1% provision for doubtful debt
The amount is to be based on the balance of the Trade Debtors
account 1-1210 as at 31/01/2015. Round your answer to the nearest
dollar.
Debit the Doubtful Debt account 6-3300 and Credit Provision for
Doubtful Debts account 1-1220. (Tax codes N-T)
Record a general journal entry GJ000008 to record January’s Payroll
Expenses: (Tax codes N-T)
Superannuation Expense (6-1200)
Credit Employer Expenses Payable (2-1515) $1,460.95 Workcover Expense (6-1400)
Credit Prepaid Insurance (1-1300) $615.15 Prepare a bank reconciliation at 31 January 2015
Use the bank statement attached (next page) to this assignment and carry out a bank
reconciliation at 31 January 2015. Print and submit the final complete detailed
reconciliation statement showing all the cleared cheques and deposits.
You need to record the following bank entries from the bank statement:
the Bank Charges
use account 6-3200
(Tax code FRE)
the Interest
use account 6-3400
(Tax code FRE) an Follow the instructions on the next page to record these bank entries. 4. Print and submit the following reports:
Reminder: All reports must comply with the Australian Accounting standards, especially
in regards to the date and currency formats. Please see page 13 for mark allocation.
(a) Print the General Journal report for the period 1/01/2015 to 31/01/2015
(b) A Profit & Loss [Accrual] Statement for the period 1/07/2014 to
31/01/2015
(c) A standard Balance Sheet at 31/01/2015
(d) A GST Summary Accrual report for the period 1/01/2015 to 31/01/2015
(e) Include the Bank Reconciliation report as at 31/01/2015 printed earlier.
5. Submit your assignment:
Please refer to page 2 for detailed submission instructions.
WARNING:
It is necessary to check and establish that all your prints and reports were actually
produced from your MYOB data file. Make sure that all your prints are produced from
your final data file.
If your MYOB file is not readable or corrupt, you will not be given any marks, As a
security measure against file failure, you must also retain a copy of the MYOB data file and be prepared to hand over a copy to the marker, if requested. Bank
Statement
NATIONAL BANK Statement for January 2015
Debit
Credit 31/01/2015
Balance 1/01/2015 Brought forward 2/01/2015 Bank charges 3/01/2015 Deposit $36,960.50 $81,450.80 CR EFT - Direct Deposit $15,250.00 $96,700.80 CR 4/01/2015 Cheque 411 5/01/2015 $44,508.50 CR
$18.20 $44,490.30 CR $52,700.80 CR Cheque 412 $44,000.0
0
$1,594.50 Cheque 415 $4,104.00 $47,002.30 CR 10/01/2015 Cheque 414 $35,196.76 CR 11/01/2015 Deposit $11,805.5
4 12/01/2015 EFT - Direct Deposit 15/01/2015 Cheque 413 $1,291.40 $44,485.61 CR 19/01/2015 Cheque 418 $8,277.00 $36,208.61 CR 25/01/2015 Deposit 26/01/2015 Cheque 417 27/01/2015 EFT - Direct Deposit 31/1/201
5 Cheque 416 $198.00 $35,394.76 CR $10,382.25 $45,777.01 CR $990.00
$8,092.69 Deposit
29/01/2015 $51,106.30 CR $37,198.61 CR
$29,105.92 CR $10,000.00 $39,105.92 CR $1,600.00 $40,705.92 CR
$21,205.85 CR Cheque 419 $19,500.0
7
$158.60 Interest Expense $1,875.00 $19,172.25 CR $21,047.25 CR Record the bank entries from the bank statement:
The two bank entries are the bank charges and the Interest Expense


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