ACC503 - MYOB Group Assignment Semester 1-2024 Page 3 Part 1 - Chart of Accounts A. Setup the Chart of Accounts and edit the Account List. You will need to design how you want the Balance Sheet and Profit and Loss Statements to appear. You need to add accounts, rearrange the account order and there should be appropriate headings used throughout. Appropriate headers and sub-totals will be expected. Edit the Account list: 1. You will first need to classify the accounts according to type ie Current, Non-Current Assets/Liability or Equity. 2. Next decide on an appropriate account number. You can rename or renumber existing accounts. Accounts that are linked may need to be unlinked. 3. Enter the accounts as shown below. 4. You will need to design how you want the Balance Sheet and Profit and Loss Statements to appear. Appropriate headers and sub-totals must be included. Chart of Accounts - Balances as at 1 October 2015 Account number Account name Amount Account number Account name Amount 1-0000 Assets 3-0000 Equity 1-1000 Current Assets Owner/Shareholder's Equity ACB Bank Account $42,218.34 Owner/Sharehldr Capital $55,000.00 Petty Cash $800.00 Owner/Sharehldr Drawings Undeposited Fund Retained Earnings ??? Accounts Receivable $6,693.80 4-0000 Income Provision for Provision for Doubtful Debts 4-1000 Sales 1-1300 Merchandise Inventory Summer Gear Sales Summer Gear $5,486.25 Winter Gear Sales Winter Gear $5,130.37 Freight Collected Prepaid Expense ??? Miscellaneous Income Deposits Paid $700.00 5-0000 Cost Of Sales 1-2000 Fixed Assets 5-1000 Cost of Goods Sold Motor Vehicles Summer Gear COGS Motor Vehicles at Cost $19,960.00 Winter Gear COGS Motor Vehicles Accum Dep -$2,994.00 6-0000 Expenses Office Equipment 6-1000 General & Administrative Expense Office Equip at Cost $22,520.00 Discounts Given Office Equip Accum Dep -$3,002.70 Bank Charges Store Equipment Depreciation Store Equipment at Cost $13,650.00 6-3000 Advertising & Promotion Store Equipment Accum Dep -$2,730.00 Advertising 2-0000 Liabilities 6-4000 Operating Expenses 2-1000 Current Liabilities Delivery Expenses Accounts Payable $5,574.27 Postage & Supplies ACC503 - MYOB Group Assignment Semester 1-2024 Page 4 Interest Payable ??? Electricity & Water Short-term loan Rent GST Liabilities Cleaning & Telephone GST Collected $2,102.34 6-5000 Employment Expenses GST Paid -$1,898.65 Superannuation Accrued Expense ??? Wages & Salaries Payroll Liabilities 8-0000 Other Income Payroll Accruals Payable Interest Income PAYG Withholding Payable $8,023.21 Discounts Taken 2-2000 Long Term Liabilities 9-0000 Other Expenses HSBC Bank Loans $35,000.00 Interest Expense Other Long Term Liabilities Income Tax Expense $60,150.89 $60,150.89

The above account list must be matched exactly (name and category). You may need to modify account names, create extra accounts and adjust linked accounts setup in order to achieve that. It is optional to leave other accounts being automatically created by MYOB undeleted. B. Identify the value at each Yellow Space with question marks using below information (you need to identify the relevant information for each value): Amounts are GST exclusive Paid $250 on 20 September 2015 for advertising in Travel magazine to be published in October 2015. Paid $4,200 on 30 September 2015 for 3 months shop rental starting from 1 October 2015. Adventures Pty Ltd owes the below suppliers (bills received), all amounts remain unpaid by 30 September 2015: o HSBC bank loan of $35,000 was acquired on 1 July 2015, the annual interest rate is 12%, the interest is payable every 3 months. The first interest payment will be on 5th October 2015; o $680 for leaflets printing to be paid to Vistaprint on 7th October 2015; o $2,200 for webpage designing from Magicdust, payable on 10th October 2015. C. Enter the opening balances as at 1st October 2015 After all the values at the Yellow Space have been identified, you need to enter the Opening Balance of the accounts as shown above. Note: Make sure that the account Historical Balancing equals ZERO when you have finished entering the Opening Balance.