ACCT2003 COMPUTERISED ACCOUNTING SYSTEMS ASSIGNMENT 1 – SERVICE BUSINESS
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ACCT2003 COMPUTERISED ACCOUNTING SYSTEMS
ASSIGNMENT 1 - SERVICE BUSINESS
Assignment requirements
This is an individual assignment is based on chapters 1 to 6 of the Accounting with MYOB in the ‘Cloud’ text book, but presented in a different format.
You are employed by this business to computerise their accounting records, and to do that you are required to use the online education version of MYOB. Once you have setup the business and entered opening balances, you have one month’s paperwork to record for the business. This paperwork includes, office memos, invoices for customers, bills from suppliers, period-end adjusting entries, cheque butts, supermarket dockets, and bank deposit slips.
This assignment must be submitted in Blackboard using the link provided (see unit outline for due date and time). The submission must include all the PDF reports listed below. You must add your tutor as a user so that they can access your MYOB data file.
Read the information provided carefully, as you need to use that information in order to correctly set up the data file, record transactions and complete this assignment.
Follow these guidelines:
. When you create the data file, include your student number in the ‘business name’ field, e.g., Impressions Landscaping 12345678. If you forget, we will not be able to give you any marks for this assignment.
. The trial balance as at 31 July provides the general ledger opening balance figures, but account numbers have not been given to you. You have to decide what the Chart of Accounts looks like. MYOB will assist you, but you need to take care in classifying the accounts correctly.
. This is a service business. Use the service layout for both customers and suppliers.
. You are required to complete a bank reconciliation for the business bank account at the start and end of the month. Others bank reconciliations are optional, but recommended.
. At the end of the month, you are required to prepare the following reports and export them to PDF. The reports should look professional, with appropriate headings and subaccounts.
o Profit and loss for the period 1/07/2023 to 31/08/2023
o Balance sheet as at 31/08/2023
o Banking reconciliation for the ANZ bank account at 31/08/2023
o Receivables reconciliation with tax as of 31/08/2023
o Unpaid bills as of 31/08/2023
o GST report for the period 1/08/2023 to 31/08/2023
. When you have all the PDF reports zip them into a file with Impressions and your student number on it and attach it in Blackboard.
. [Create user] Name: My Tutor, Email:acct2003@curtin.edu.au Role: Administrator and [Save and send invitation].
Business background
Impressions Landscaping is a small sole trader business owned and operated by Martin Dupont. He has been in business for a number of years and has a very good reputation. The business designs and creates beautiful landscape gardens for private individuals, businesses and local councils.
The business operates from rented premises at 33 Hale Road, Wattle Grove, 6107 in Western Australia, phone number 9359 5599.
The business has three employees. Two are labourers and the other employee works in the office, looking after all the administration (that is you). They are paid fortnightly.
The business is registered for the goods and services tax (GST) and PAYG (Pay as You Go) Withholding, and its Australian Business Number (ABN) is 58 181 071 655. GST and PAYG are reported quarterly. The accrual basis is used for both accounting and GST purposes.
Accounting policies
Accrued expenses such as the liability to pay employees for time worked between the last pay date and the end of the month, are journalized at the end of the month, and reversed at the start of the following month.
An allowance for doubtful debts is maintained at 1% of the GST exclusive accounts receivable balance at the end of each month, and rounded to the nearest dollar.
Prompt payment discounts are not offered to customers, but some suppliers offer the business prompt payment discounts.
No inventory records are maintained because the business buys items as and when required for each landscaping job.
Prepaid expenses such as insurance are initially recorded as a prepayment, and applicable amounts for the month are journalized at the end of each month.
Depreciation of property, plant and equipment is based on rates provided by the Australian Taxation Office, and amounts calculated are rounded to the nearest dollar.
The Bank Reconciliation
31st July 2023
Cr Balance per bank statement $28,375.00
Less Outstanding Cheque
1193 – Australian Taxation Office 5,465.00
Dr Balance per cash book $22,910.00
Impressions Landscaping Trial Balance As of 31st July, 2023 |
||
ANZ Bank Account |
22,910 |
|
Cash Management Account |
19,428 |
|
Petty Cash/Cash on Hand |
250 |
|
Accounts Receivable |
36,520 |
|
Less Allowance for Doubtful Debts |
|
265 |
Prepaid Insurance |
6,150 |
|
Office Equipment At Cost |
7,640 |
|
Accum Depr. Office Equipment |
|
3,396 |
Plant & Equipment At Cost |
87,116 |
|
Accum Depr. Plant & Equipment |
|
36,295 |
Mastercard |
|
1,100 |
Accounts Payable |
|
17,824 |
GST |
|
2,049 |
PAYG Withholding Payable |
|
1,416 |
Superannuation Payable |
|
1,558 |
Wages & Salaries Payable |
|
590 |
Owner’s Capital |
|
113,000 |
Owner’s Drawings |
3,600 |
|
Landscaping Income |
|
43,520 |
Discount Received |
|
345 |
Interest Income |
|
32 |
Materials Purchases |
14,176 |
|
Freight Expense |
490 |
|
Subcontractors |
1,190 |
|
Advertising & Marketing |
270 |
|
Bank Fees & Charges |
10 |
|
Depreciation Expenses |
1,422 |
|
Electricity Expenses |
236 |
|
Insurance Expenses |
1,230 |
|
Printing, Postage & Stationery |
90 |
|
Rent Expenses |
2,500 |
|
Repairs & Maintenance |
100 |
|
Staff Amenities |
72 |
|
Telephone & Internet |
272 |
|
Wages & Salaries |
14,160 |
|
Superannuation |
1,558 |
|
TOTAL |
$221,390 |
$221,390 |
Contact Type |
Customer |
Customer |
Customer |
Name |
City of Belmont |
City of Canning |
City of Gosnells |
Address |
Locked Bag 379 Cloverdale WA 6985 |
Locked Bag 80 Cannington WA 6987 |
PO Box 662 Gosnells WA 6990 |
Phone |
9277 7000 |
9350 5000 |
9397 3000 |
Customer Terms |
Net 14 days |
Net 14 days |
Net 14 days |
Invoice No. |
8620 |
|
|
Issue Date |
25/07/23 |
|
|
Amount (Incl. Tax) |
$14,320 |
|
|
2023-08-28