assignment requires you to complete the following tasks for the month of JULY

using the following financial period : Financial Year 2021- 22( current financial year)

SET UP COMPANY as

- Retail - Aussie Parts Pty

SET UP ACCOUNTS

SET UP SALES AND PURCHASES

SET UP INVENTORY ITEMS

ENTER TRANSACTIONS

BANK RECONCILIATION

STOCKTAKE

END OF PERIOD PROCESSING

END OF PERIOD REPORTS

ou are the owner of

Aussie Parts Pty

.The firm distributes various types of vehicle parts to

businesses in the Melbourne suburban area. The company is located at 205 Ballarat Rd,

Footscray, 3015, Ph: 03 9349 9999 ABN 17 222 888 000.

The firm's Balance Sheet at the

beginning of July (i.e. Opening Balances) is presented below

BALANCE SHEET OF Aussie Parts

AS AT 1ST July

$

$

Current Assets

Cheque Account

40,000

Payroll Cheque Account

15,000

Merchandise Inventory

16,000

71,000

Non-Current Assets

Buildings & Improvements

80,000

Warehouse Equipment

62,000

Office Equipment

8,000

150,000

Total Assets

221,000

Current Liabilities

Creditors

6,600

GST Paid

- 600

6,000

Non-Current Liabilities

Bank Loan

34,000

Mortgage

50,000

84,000

Total Liabilities

90,000

Net Assets

131,000

Proprietorship

Capital - Your name

131,000

Equity

131,000

All goods purchased and sold are subject to GST.

Customer Details

:

Customer No.1. Dan's Auto Repairs, 25 Grange Rd, Sunshine, Vic, 3021, ABN 18 777 888 993

Customer No.2. Andy's Repairs, 20 Hampshire Rd, Sunshine, Vic 3021, ABN 32 444 332 443

Customer No.3. Panel Kings 121 Adison drive, Caroline Springs, Vic 3023, ABN 16 555 533 523

Customer Credit Terms are Net 30 days.

All Customers have a $30,000 credit limit, and pay by cheque.

The next Customer Item Invoice is # 6301.

Supplier Details

:

Supplier No.1. Mycars Ltd, 12 Sky Drive, Footscray, Vic, 3015, ABN 55 666 777 885

Supplier No.2. Ex Pipes Ltd, 201 St Kilda Rd, St Kilda, Vic, 3000, ABN 31 444 866 755

Supplier No.3. Wheels Ltd, 155 Ridge Rd, Keilor, Vic 3028, ABN 16 773 555 666

All Supplier Credit Terms are Net 30 days.

Credit Limit for all Suppliers is $40,000 and payment is by cheque.

Supplier No. 2 has an outstanding balance of $6,600 including GST for Invoice No.44728

dated 28th June.

nventory Details:

Aussie Parts Pty maintains a perpetual inventory system.

The firm maintains an account with the National Bank of Victoria (NBOV) IN Sunshine West, ID#

148 which has a BSB # 361-725. The account number for the firm is 6402-6636

ENTER TRANSACTION FOR JULY

July 1:

Sold 1 x 403, 2 x 302 to Andy's Repairs, their Order No 4632 for $7,700, including GST.

July 3:

Sold 1 x 403, 1 x 302,and 3 x 804 to Dan's Auto Repairs, their Order No. 326 for $6,160

including GST.

July 8:

Received goods and Invoice No. 11415 from Mycars Ltd for 3 x403 @ $2,000 each plus

GST, total $6,600, including GST.

July10:

Returned goods to stock, 1 x 804 from Dans Auto Repairs, their original Order No. 326

(05/08), plus GST. Our Credit Note No. C156 for $220.

July 12:

Received goods, 3 x 302, @ $1,000 each on Invoice No. WC11861 from Wheels Ltd for

$3,300, including GST.

July 13:

Paid Trust Real Estate for Monthly Rent. Our Cheque No.3351780 for $1,100 including

GST.

July 18:

Paid Ex Pipes Pty Ltd for outstanding Invoice No. 44728. Our Cheque No. 3351781 for

$6,600, including GST.

July 20:

Issued Receipt No. 4001 to Andy's Repairs, for payment of our Invoice No. 6301, their

Order No. 4632 for $7,700.

July 20:

Paid Power Ltd for Electricity. Our Cheque No. 3351782 for $880, including GST.

July 24:

Paid Mycars Ltd for outstanding Invoice No. 11415. Our Cheque No.3351783 for $6,600,

including GST.

July 26:

Sold 3 x 403, 2 x 703, 2 x 804 to Panel Kings Pty Ltd, on our Invoice No. 6303, their

Order No. 105 for $12,540, including GST.

July 27:

Issued Receipt No. 4002 to Dan's Auto Repairs, for payment of their Order No326, our

Invoice No. 6302 for $5,940.

July 30:

Received goods and Invoice No. 11493 from Mycars Ltd for 3 x 403 @ $2,000 each plus

GST, total $6,600, including GST.

July 31:

Received Credit Note for $2,200, including GST, from Mycars Ltd for Return of Damaged

Goods, 1 x 403, their Invoice No. 11493.

July 31:

Stock-on-Hand figures were:

302 Engines = 5

403 Exhaust Pipes= 4

703 Fuel pumps = 3

804 Radiator = 0

BAO2000 Sem 2 2021 assignment -

4

NATIONAL BANK of VICTORIA

account statement

Account Name:

Statement No: 0001

Aussie Parts

From: 1st July

250 Ballarat Rd, Footscray,

Melbourne, 3000

To: 31st July

Account No: 6402-6636