FNSACC406A SET UP AND OPERATE A COMPUTERISED ACCOUNTING SYSTEM

Transcription

1 FNSACC406A SET UP AND OPERATE A COMPUTERISED ACCOUNTING SYSTEM ASSESSMENT 2 Task Topic Element of competency Marks available Marks required to achieve competency 1 Computerised Accounting Systems Spending & Receiving Money Creating a Company File & the Accounts List Journal Entries & Petty Cash Service Income Trading Income Purchasing Goods & Services FNSACC406A 1.1 FNSACC406A 1.2 FNSACC406A 1.4 FNSACC406A 2.1 FNSACC406A 2.2 FNSACC406A 2.3 FNSACC406A 2.5 FNSACC406A 3.1 FNSACC406A 3.2 FNSACC406A 3.3 FNSACC406A 4.1 FNSACC406A 4.4 FNSACC406A 5.1 FNSACC406A Total FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 1 of 8

2 Setting Up 1. Download the Surfkids Clothing V18 company files from SAKAI and save them on your PC. 2. Run MYOB from the Desktop or the Programs Menu. 3. Change the company details to include your name and student number (Setup > Company Information). About the business The business supplies a small range of surfwear for boys to surf shops and souvenir shops around Sydney. There are also a limited number of cash sales. For cash sales, the normal selling price is overridden with the cash price given. The company has been set up. Opening balances have been entered for inventory and other asset and liability accounts. Cards have been set up for customers and vendors. Inventory items have been entered onto the list. At the beginning of July, there are no outstanding balances for accounts receivable or accounts payable and no GST owing. All selling prices include GST and all prices on Purchase invoices include GST. Default terms for customers are that the balance is due in 30 days. You will be required to enter transactions for July, enter details of new customers, vendors and inventory items and print reports. If an account that you need is not included, add it to the relevant section of the Accounts List. Cash and cheques received are debited to Undeposited Funds until banked. All receipts and payments are by cheque unless otherwise noted. Note: Next cheque number is FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 2 of 8

3 Transactions for July July 1 Paid Marker Realty $2,640 for July s rent (Cheque 3061). Purchase - Leech Clothing Inv 1833 Bondi Shirt - S 20 $30.00 Bondi Shirt - M 30 $30.00 Bondi Shirt - L 30 $30.00 Bondi Shirt - XL 45 $30.00 Oz Boardies - S 10 $44.00 Oz Boardies - M 15 $44.00 Oz Boardies - L 15 $44.00 Oz Boardies - XL 10 $44.00 Purchase - Harbour Surfwear Inv 1214 Towel - Harbour 20 $24.00 Thongs 40 $8.00 Reef Rashie - Small 30 $35.00 Reef Rashie - Large 40 $35.00 July 2 Sale - Bite Souvenirs Inv 101 Thongs 6 Bondi Shirt - L 5 Bondi Shirt - XL 5 Reef Rashie - Small 3 Reef Rashie - Large 10 Bondi Shirt - M 5 Bondi Shirt - XL 10 Towel - Harbour 3 FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 3 of 8

4 July 3 Paid HRH Insurance $660 for insurance from July 1 to July 31. Sale - Junction Surfwear Inv 102 Reef Rashie - Small 5 Reef Rashie - Large 16 July 7 Cash Sales Inv 103 Thongs 5 $26.00 Reef Rashie - Large 2 $60.00 Bondi Shirt - L 1 $56.00 Bondi Shirt - XL 1 $56.00 Towel - Harbour 2 $60.00 Sale - Bondi TShirt Co Inv 104 Thongs 10 Reef Rashie - Small 5 Reef Rashie - Large 6 Oz Boardies - S 1 Oz Boardies - M 2 Oz Boardies - L 2 Bondi Shirt - S 1 Bondi Shirt - M 5 Bondi Shirt - L 5 Bondi Shirt - XL 5 July 9 Bought stationery worth $105 (including GST) from WC Penfolds using EFTPOS. Paid Timmons Service Station $142 (including GST) using EFTPOS for fuel for motor vehicle. FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 4 of 8

5 Set up a new customer Luxury Kids. Terms are 14 days net. ABN is Deposited any/all cash and cheques on hand into the business bank account. July 10 Sale- Luxury Kids Inv 105 Bondi Shirt - S 2 Bondi Shirt - M 3 Bondi Shirt - XL 5 Towel - Harbour 5 Oz Boardies - M 2 Oz Boardies - L 2 Purchase - Harbour Surfwear Inv 1293 Towel - Harbour 5 $24.00 Thongs 10 $8.00 Reef Rashie - Large 10 $35.00 July 12 Sale - Bite Souvenirs Inv 106 Reef Rashie - Small 2 Reef Rashie - Large 10 Towel - Harbour 3 Oz Boardies - L 2 Oz Boardies - XL 1 FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 5 of 8

6 July 14 Set up account with a new supplier. Supplier Name: Terms: Exotic Beachwear Net 30 days ABN: Credit Limit: $3,000 Set up 2 new inventory items, to be bought from Exotic Beachwear. Number: Name: Koala Shorts - Long Selling Price: $24.00 Number: Name: Koala Shorts - Short Selling Price: $20.00 Purchase - Exotic Beachwear Inv 336 Koala Shorts - Long 20 $15.00 Koala Shorts - Short 20 $13.00 Paid Leech Clothing for invoice 1833 by cheque. Paid Harbour Surfwear for invoice 1214 by cheque. Received payment from Bite Souvenirs for invoice 101 by Direct Deposit into the Cheque Account. FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 6 of 8

7 July 16 Cash Sales Inv 107 Koala Shorts - Long 2 $30.00 Oz Boardies - L 3 $80.00 Received payment from Junction Surfwear for invoice 102 by cheque. Deposited any/all cash and cheques on hand into the business bank account. July 18 Sale - Junction Surfwear Inv 108 Oz Boardies - S 1 Oz Boardies - M 1 Koala Shorts - Short 2 July 20 Cash Sales Inv 109 (Customer Name And Address: Peter Howlett 54 Boronia Road Parramatta NSW 2150) Bondi Shirt - L 4 $50.00 Oz Boardies - L 5 $80.00 Oz Boardies - XL 4 $80.00 Koala Shorts - Long 2 $30.00 Received cheque from Bondi Tshirt Co for invoice 104. July 22 Junction Surfwear returned the 2 Koala Shorts bought on July 18. Credit note CN22 issued. Paid Harbour Surfwear for invoice 1293 by cheque. Received cheque from Luxury Kids for invoice 105. Deposited any/all cash and cheques on hand into the business bank account. FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 7 of 8

8 July 26 Paid Exotic Beachwear for invoice 336. Received payment by cheque from Bite Souvenirs for invoice 106. Deposited any/all cash and cheques on hand into the business bank account. July 31 Depreciation for July is to be recorded in the Transaction Journal in the following amounts: Furniture and Fixtures $250 Motor Vehicles $81 Requirements 1. Record the transactions for July in MYOB. 2. Print the following reports for the month of July or as at July 31: a. Sales and Receivables Journal b. Purchases and Payables Journal c. Cash Disbursements Journal d. Cash Receipts Journal e. GST Summary [Accrual] f. Profit and Loss g. Balance Sheet 3. Upload the documents at 2. above and your backup zip file to the SAKAI site FNSACC406A - Assessment 2 V1 Meadowbank TAFE NSI Page 8 of 8