Balance sheet report Accrual mode 30 Apr 2024 1-0000 Assets 1-1000 Current Assets 1-1100 Accounts 1-1110 CASH Total Accounts Total Current Assets 1-1400 Bank Account Jasmine's Tutoring Service (Omar Daknach_ID34952845) Total 5,427.00 5,427.00 5,427.00 120.00 1-2000 Property, Plant & Equipment 1-2100 TEXTBOOK 1-2200 MOBILE PHONE 1-2300 LAPTOP 1-2400 MOTOR VEHICLE 1-2500 STATIONERY Total Property, Plant & Equipment Total Assets 200.00 300.00 900.00 6,500.00 149.00 8,049.00 13,596.00 2-0000 Liabilities 2-1000 Current Liabilities 2-1100 UNEARNED REVENUE 2-1300 MOBILE PHONE BILL Total Current Liabilities 2-2000 Non Current Liabilities 2-2100 MOTOR VEHICLE LOAN Total Non Current Liabilities Total Liabilities Net Assets 3-0000 Equity 3-1000 CAPITAL 3-2000 DRAWINGS 3-3000 Current Year Profit/(Loss) 3-9999 Historical Balancing Total Equity 70.00 (70.00) 0.00 6,500.00 6,500.00 6,500.00 7,096.00 4,000.00 (200.00) 696.00 2,600.00 7,096.00 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Balance sheet report | Generated 30 Apr 2024 Page 1 of 1 Jasmine's Tutoring Service (Omar Daknach_ID34952845) Trial balance report Apr 2024 Account no 1-1110 1-1400 1-2100 1-2200 Account name CASH Bank Account TEXTBOOK MOBILE PHONE YTD Debit ($) 5,427.00 YTD Credit ($) 1-2300 LAPTOP 1-2400 1-2500 2-1100 MOTOR VEHICLE STATIONERY UNEARNED REVENUE 120.00 200.00 300.00 900.00 6,500.00 149.00 70.00 2-1300 MOBILE PHONE BILL 70.00 2-2100 MOTOR VEHICLE LOAN 6,500.00 3-1000 3-2000 3-9999 4-1000 CAPITAL DRAWINGS Historical Balancing TUTORING INCOME 4,000.00 200.00 2,600.00 1,080.00 6-1000 ADVERTISING EXPENSE 194.00 6-1300 6-1400 Grand total Net profit MYKI EXPENSE WAGES EXPENSE 100.00 90.00 14,250.00 14,250.00 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Trial balance report | Generated 30 Apr 2024 Page 1 of 1 Profit and loss report Accrual mode 01 Apr 2024-30 Apr 2024 4-0000 Income 4-1000 TUTORING INCOME Total Income Gross Profit 6-0000 Expenses 6-1000 ADVERTISING EXPENSE 6-1300 MYKI EXPENSE 6-1400 WAGES EXPENSE Total Expenses Operating Profit Net Profit Jasmine's Tutoring Service (Omar Daknach_ID34952845) Total 1,080.00 1,080.00 1,080.00 194.00 100.00 90.00 384.00 696.00 696.00 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Profit and loss report | Generated 30 Apr 2024 Page 1 of 1 Trial balance report Apr 2024 Account no 1-1110 Jasmine's Tutoring Service (Omar Daknach_ID34952845) Account name CASH Bank Account TEXTBOOK YTD Debit ($) 5,427.00 1-1400 1-2100 1-2200 MOBILE PHONE 1-2300 LAPTOP 1-2400 MOTOR VEHICLE 1-2500 STATIONERY 1-2600 ACCUMULATED DEPRECIATION - PHONE 1-2700 ACCUMULATED DEPRECIATION - LAPTOP 2-1100 UNEARNED REVENUE 2-1300 MOBILE PHONE BILL 2-1400 ACCRUED INTEREST EXPENSE 2-1401 ACCOUNTS PAYABLE 2-2100 MOTOR VEHICLE LOAN 3-1000 YTD Credit ($) 120.00 200.00 300.00 900.00 6,500.00 99.00 10.00 30.00 70.00 70.00 34.66 34.66 6,500.00 3-9999 3-2000 CAPITAL DRAWINGS Historical Balancing 3,875.00 200.00 2,600.00 4-1000 TUTORING INCOME 1,080.00 6-1000 ADVERTISING EXPENSE 194.00 6-1100 DEPRECIATION EXPENSE - PHONE 10.00 6-1200 DEPRECIATION EXPENSE - LAPTOP 30.00 6-1300 MYKI EXPENSE 25.00 6-1400 Grand total Net profit WAGES EXPENSE 90.00 14,199.66 14,199.66 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Trial balance report | Generated 30 Apr 2024 Page 1 of 1 Balance sheet report Accrual mode 30 Apr 2024 1-0000 Assets 1-1000 Current Assets 1-1100 Accounts 1-1110 CASH Total Accounts Total Current Assets 1-1400 Bank Account 1-2000 Property, Plant & Equipment 1-2100 TEXTBOOK 1-2200 MOBILE PHONE 1-2300 LAPTOP 1-2400 MOTOR VEHICLE 1-2500 STATIONERY 1-2600 ACCUMULATED DEPRECIATION - PHONE 1-2700 ACCUMULATED DEPRECIATION - LAPTOP Total Property, Plant & Equipment Total Assets 2-0000 Liabilities 2-1000 Current Liabilities 2-1100 UNEARNED REVENUE 2-1300 MOBILE PHONE BILL 2-1400 ACCRUED INTEREST EXPENSE 2-1401 ACCOUNTS PAYABLE Total Current Liabilities 2-2000 Non Current Liabilities 2-2100 MOTOR VEHICLE LOAN Total Non Current Liabilities Total Liabilities Net Assets 3-0000 Equity 3-1000 CAPITAL 3-2000 DRAWINGS 3-3000 Current Year Profit/(Loss) 3-9999 Historical Balancing Total Equity Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Balance sheet report | Generated 30 Apr 2024 Jasmine's Tutoring Service (Omar Daknach_ID34952845) Total 5,427.00 5,427.00 5,427.00 120.00 200.00 300.00 900.00 6,500.00 99.00 (10.00) (30.00) 7,959.00 13,506.00 70.00 (70.00) (34.66) 34.66 0.00 6.500.00 6,500.00 6,500.00 7,006.00 3,875.00 (200.00) 731.00 2,600.00 7,006.00 Page 1 of 1 Profit and loss report Accrual mode 01 Apr 2024-30 Apr 2024 4-0000 Income 4-1000 TUTORING INCOME Total Income Gross Profit Jasmine's Tutoring Service (Omar Daknach_ID34952845) Total 1,080.00 1,080.00 1,080.00 6-0000 Expenses 6-1000 ADVERTISING EXPENSE 6-1100 DEPRECIATION EXPENSE - PHONE 6-1200 DEPRECIATION EXPENSE - LAPTOP 6-1300 MYKI EXPENSE 6-1400 WAGES EXPENSE Total Expenses Operating Profit Net Profit 194.00 10.00 30.00 25.00 90.00 349.00 731.00 731.00 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Profit and loss report | Generated 30 Apr 2024 Page 1 of 1 Journal entries report 01 Jul 2023-30 Apr 2024 Jasmine's Tutoring Service (Omar Daknach_ID34952845) Transaction type Issue date Description Debit ($) Credit ($) General journal 01/04/2024 Starting Capital 4,000.00 Spend money 02/04/2024 Advertising in Newsletter 150.00 4,000.00 150.00 Spend money 03/04/2024 Stationery Purchase 89.00 89.00 Spend money Receive money Receive money 03/04/2024 07/04/2024 11/04/2024 MYKI Expense 100.00 100.00 Tutoring Income 1 50.00 50.00 Group Tutoring 120.00 120.00 Spend money 12/04/2024 Stationery Purchase 60.00 60.00 Invoice 14/04/2024 Sale; 3, Customer 40.00 40.00 Invoice payment 14/04/2024 Customer 3 for 0000000100000001 40.00 40.00 General journal 14/04/2024 Motor Vehicle Loan 6,500.00 6,500.00 Spend money Receive money 17/04/2024 17/04/2024 Paying wages of friend 90.00 90.00 Friend covering tutoring 150.00 150.00 Spend money 20/04/2024 Advertisement at School 44.00 44.00 Invoice 24/04/2024 Sale; 5, Customer 120.00 120.00 Bill 29/04/2024 Purchase; Phone service supplier 70.00 70.00 Spend money 29/04/2024 Withdrawal 200.00 200.00 Receive money Receive money Invoice payment General journal 30/04/2024 30/04/2024 30/04/2024 30/04/2024 Prepaid Tutoring 500.00 500.00 Tutoring Income 100.00 100.00 Paid Invoice for Tutoring End of Month Adjustments 120.00 120.00 199.66 199.66 Jasmine's Tutoring Service (OmarDaknach_ID34952845) | Journal entries report | Generated 30 Apr 2024 Page 1 of 1 Hey Jasmine, Hope you're doing well! Considering your situation as a university student and a new business owner, MYOB could be a great fit for managing your accounting records. These are some of the advantages, disadvantages and other things you should consider. Advantages: 1. Ease of Use: MYOB's user-friendly interface is perfect for someone like you who's juggling university studies and starting a business. I've personally used it and it's fairly straightforward to navigate through it. 2. Affordability: As a student-turned-entrepreneur, cost-effectiveness is key. MYOB offers competitive pricing, ensuring you can manage your finances without straining your budget. 3. Automation: The automation it provides in accounting processes will allow you to spend more time to improve on your tutoring skills and much less on keeping records of your transactions. That way you will be able to put more time into what matters most to you. Disadvantages: 1. Limited Add-ons: While MYOB covers the basics well, it may lack some advanced features found in other accounting software. However, for your current needs, its capabilities should suffice. 2. Learning curve: Your first few months or even year of using the software might be difficult but remain patient as eventually you will get the hang of it. Other Factors to Consider: 1. Business Size: MYOB is well-suited for small businesses like yours, providing the essential tools without overwhelming you with unnecessary features. 2. Industry-Specific Needs: Since you're focused on tutoring in global politics, MYOB's general accounting features should meet your requirements. 3. Integration: MYOB's compatibility with other accounting programs ensures smooth operations as your business grows. It's worth considering how it fits into your overall financial ecosystem. Ultimately, MYOB offers a user-friendly solution for managing your accounting records, allowing you to focus on your studies and tutoring business. Take some time to explore its features and see if it aligns with your goals. Best of luck with your business endeavours! Omar Daknach Details related to the commencement of 'Jasmine's Tutoring Service' business on 1 April 2024 are: Assets contributed Cash $2,600 Laptop $900 (estimated current value) Mobile phone Textbooks $300 (estimated current value) $200 1 A description of transactions for the month of April 2024, including details about how she treated the items, are: 2 April 3 April 3 April 7 April 11 April 12 April 14 April 15 April 17 April 20 April 24 April 26 April 29 April 29 April 30 April 30 April Jasmine paid $150 cash to advertise in her local school newsletter, advertising that would last for the next three months. She recorded this as an expense. Jasmine purchased stationery from Office-worx for $89 cash, recording it as an asset. Jasmine loaded $100 on to a MYKI card ready to commute to students' homes. She recorded it as an expense. Jasmine provided tutoring to a student for $50 cash. Jasmine provided tutoring to a group of three students and collected $120 cash in total. Jasmine purchased more stationery for $60 cash, recording it as an asset. Jasmine conducted a tutoring session via Zoom and charged a reduced rate of $40 which she received immediately through bank transfer. Jasmine purchased a motor vehicle to drive to students' homes as she was close to obtaining her drivers licence. The car cost $6,500 which she paid for by organising a bank loan the previous day. Jasmine became unwell so asked a close friend to take her scheduled tutoring sessions to avoid disappointing the students. She paid her friend $90 cash for taking three sessions after receiving $150 cash in tutoring fees. Jasmine paid $44 cash for an advertisement at another school nearby. The advertisement would be published in the last week of April and she recorded it as an expense. Jasmine earned tutoring fees of $120 from the group of three students she had met before, though they did not have cash and promised to pay her within the next week. The parents of one of the students that Jasmine tutors paid her $500 in advance for ten tutoring sessions, which Jasmine recorded as income. Only one of the sessions was conducted the same day. A mobile phone/internet bill arrived for the month of April totalling $70. Jasmine intends to pay it on the due date (20 May). Jasmine took $200 from the business bank account for personal use. Jasmine provided two separate tutoring sessions and received $100 cash. The three students who owed Jasmine money from 24 April settled what they owed via bank transfer.