INTRODUCTION

In the assignment students are to utilise the MYOB Computer Accounting program to process transactions for two Shops, which are considered by management to be profit centres (management is desirous of measuring the economic performance of each Shop).

PRINT REPORTS - OUTPUT To be handed in:

1.0General Ledger(ensure that account numbers appear on 1.1, 1.2, 1.3 - else marks will be deducted))

1.1Standard Balance Sheet

1.2Profit and Loss (Accrual)

1.3Jobs - Profit & Loss

1.4General Journal

2.0Sales:

2.1Receivables Reconciliation Summary3.0Purchases:

3.1Payables Reconciliation Summary

4.0Inventory:

4.1Inventory Value Reconciliation5.0GST:

5.1GST [Summary Accrual]

6.0Transaction Journals:

6.1Cash Disbursements Journal

6.2Cash Receipts Journal

YOU ARE REQUIRED TO SUBMIT the above listed financial reports.

All reports should be dated 31^stJuly 2017.

Reports should be numbered and handed in using the sequence as listed above.(Marks will be deducted for non compliance with this requirement.)

INPUT Business data

The business is a wine retailer named, "Student Name Pty Ltd" with two outlets, one located atBondi(S1)and the other atParramatta (S2). The firm's sales are both over?thecounter cash and on credit to restaurants and well known customers who may be other wine retailers. The administration office is at the Bondi store.

Chart of Accounts

You are to customise your chart of accounts by selecting one of the default charts provided by MYOB which most closely resembles the business, or you can choose the 'Build your own' option. If you are using one of the default charts, you may be required to modify/delete accounts to suitthe nature of the transactions as given in the question. Thereisno need to delete linked accounts.

Profit Centres (Jobs)

Reporting by profit centres requires the processing and reporting revenue and expense transactions for both stores, as well as an aggregate for the business as a whole. MYOB uses the concept of JOBS to facilitate such reporting requirement. The JOB code for the store atBondiisS1and forParramattaisS2.Only the Income Statement which measures the performance of each store is set up for jobs, the balance sheet accounts are not dissected to the individual stores.

Sales transactions are captured at each store, expense and other purchase invoices are captured at Head Office (being Bondi), where the administration office is located. Where a transactions is clearly identifiable as belonging to a given store, it is processed / charged to the store, but where an expense is common to both stores it is allocated to each store based on allocations determined by management.

Transaction Source

Cash registers

- invoices issued for cash sales

Invoices

- for credit sales

Cheque book

- for miscellaneous cash payments

Deposit books

- for all cash receipts

Bank statements

- for direct charges and direct deposits

Supplier invoices

- for purchases of goods and services

Working papers

- for month end adjusting entries.

GST

GST is applicable to all purchase and sale of business transactions.

Transaction Period

New financial year starting on 1^stJuly, 2017 and ending on 30^thJune, 2018.The conversion month isJuly 2017, being the transaction recording period, and the year comprises12 periods.

Opening Balances

The following opening balances are provided for the General Ledger, Accounts Receivable, Accounts Payable and Inventory.

General ledger ? Opening Balances as at 1^stJuly 2017

Debit

Credit

Cash

68,020

Accounts receivable control

142,000

Provision for Doubtful Debts

5,000

Inventory control

177,240

Office Supplies and Stationery

1,600

Prepaid Insurance

22,000

Prepaid Rent

2,400

Shop Fixtures and Fittings

190,000

Accumulated Depn ? Shop Fixt & Fitts

90,000

Motor Vehicles

80,000

Accumulated Depn ? Motor Vehicles

32,000

Accounts payable control

105,900

GST Collected

27,600

GST Paid

21,800

Accrued Sales Commission

4,800

Accrued Salaries and Wages

6,400

Loans - current 8%

40,000

Dividend Payable

20,000

PAYG Payable

16,500

Loans - non?current 8%

110,000

Capital

200,000

Retained profits

46,860

TOTALS

705,060

705,060

CUSTOMERS

1.Students are required to make up their own unique customer names and addresses.

2.The firm' credit policy is 30 to 60 days.

3.All accounts are 'Open Item' which means that payments are to be set?off against specific invoices. This also applies to partial payments of invoices.

4.Information provided for customers and their balance as at 1 July are as follows:

Accounts Receivable as at 1 July 2017

Customer Code

Balance ($)

Days Outstanding

CU01

$22,000

60

CU02

28,600

30

CU03

7,600

60

CU04

12,800

30

CU05

15,600

30

CU06

17,800

60

CU07

9,600

30

CU08

8,400

30

CU09

12,600

60

CU10

7,000

30

TOTAL OWING

$142,000

SUPPLIERS

1.Students are required to make up their own unique supplier names and address.

2.Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.

3.Enter opening balance of suppliers as 1^stJuly 2017.

5.Information provided for suppliers and their balance as at 1 July is as follows:

Accounts Payable as at 1 July 2017

Supplier Code

Balance ($)

SUP01

$28,000

SUP02

30,000

SUP03

17,800

SUP04

16,700

SUP05 ? Advertising

1,800

SUP06 ? Freight

750

SUP07 ? Petrol and MV Repairs

880

SUP08 ? Accounting Fees

2,600

SUP09 - Stationery Supplier

6,400

SUP10 ? Telephone Co.

970

TOTAL OWING

$105,900

INVENTORY

1.Students are required to make up their own unique product names.

2.Inventory unit measure is per bottle

3.Selling price is arrived at using a mark?up of 150% on cost.

4.The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to 'Inventory 'account and when it is sold, the cost is debited against 'Cost of sales'.

5.Information provided for inventory balances as at1^stJulyare as follows:

Inventory Code

Quantity

Unit cost ($) (excludingGST)

Balance ($)

Unit Selling Price

($) (excluding GST)

PR01

900

$20.00

$18,000

$50.00

PR02

700

$12.00

$8,400

$30.00

PR03

850

$10.00

$8,500

$25.00

PR04

650

$14.00

$9,100

$35.00

PR05

880

$27.00

$23,760

$67.50

PR06

1,100

$16.00

$17,600

$40.00

PR07

1,050

$18.00

$18,900

$45.00

PR08

1,200

$30.00

$36,000

$75.00

PR09

950

$22.00

$20,900

$55.00

PR10

670

$24.00

$16,080

$60.00

TOTAL VALUE OF INVENTORY ON HAND

$177,240

Note:The control account for Accounts receivable, Accounts payable and Inventory as listed in the General Ledger all agree with the SUBSIDIARY ledger totals for each account. This must always be the case.

TRANSACTONS FOR JULY 2017 Purchase Transactions: Data source: suppliers' invoices, dates shown are invoice dates, all amounts include GST

5 July Received invoice from SUP01, for 520 bottles of PR01 received into warehouse. The invoice amounted to Euro $11,440.

7 July Received invoice from SUP04 for 200 bottles of PR02 for $2,640, and 300 bottles of PR04 $4,620.

9July Received invoice from SUP12 (new) $1,960 for legal fees in relation to lease for shop S2.

10July Received invoice from SUP03 for 180 bottles of PR09 $4,356, and 260 bottles of PR10, $6,864.

11For the purchase from SUP03 on the 10 July, the Warehouse manager reported that only 165 bottles of PR09 had been received. Accounts department requested a credit note and entered the shortfall into its records reducing the inventory level and amount owing to SUP03 for the short delivery.

12July Purchased stationery on account from SUP09, for $1,320.(Stationery is charged to the asset account Office Supplies and Stationery when purchased with a month end adjustment recording the usage by each store.)

13July Received invoice from SUP04, $28,215 for 950 bottles of PR05.

14July Received advertising invoice from SUP05 for July amounting to $2,860 - allocated 40% to S1 and 60% to S2.

11 July Received shipment from SUP02 comprising, 280 bottles of PR08. The invoice amounted to $9,240).

13 July Received invoice from SUP03 for 300 bottles of PR06 amounting to $5,280.

15 July Received invoice from SUP07 for petrol used for company vehicles $957- allocated 40% to S1 and 60% to S2.

18 July Invoice from SUP06 for courier and freight services used to date amounting to $638 (40% S1 & 60% S2).

21 July Invoice from SUP09 for office stationery amounting to $418.(Stationery is charged to the asset account Office Supplies and Stationery when purchased with a month end adjustment recording the usage by each store.)

23 July Received invoice from SUP03 for 180 bottles of PR03 amounting to $1,980 and 220 bottles of PR07 amounting to $4,356.

28 July Received invoice from SUP11 (new supplier) $803 for July cleaning expense (50% to S1 and 50% to S2).

30 July Received invoice from SUP08 for accounting and bookkeeping fees for the month $682 to be split 50% to S1 and 50% to S2.

30July Invoice from SUP06 for courier and freight services used amounting to $484.00 (30% S1, 70% S2.)

31July Received invoice from SUP10 for telephone usage for the month $1,430.00 - allocated 60% to S1 and 40% to S2.

Sale Transactions: Data source - sales invoices and cash register tapes for

(Bondi)S1- all sales to customers must include GST.

2July Sold 220 units PR01 for cash and 60 bottles of PR06.

3July Sold 90 units PR03 for cash.

4July Sold 140 units PR08 an account to CU04.

6 July Invoice to CU03 for 90 units of PR05 and 120 units of PR10.

8 July Sold 60 units PR06, 70 units PR07 and 90 units PR08 for cash.

8 July For the above cash sale made on 8 July, the customer returned 20 units PR07 and 10 units of PR08 due to defective packaging and a cash refund was given to this customer. The packaging was rectified and the units were returned to inventory.

11July Invoice to CU08 for 120 units of PR03, 100 of PR09.

12July Invoice to CU07 for 80 units PR06, 170 units PR10.

14July Sold 120 units of PR01 and 130 units PR08 to CU05 on account.

15Sold 85 units PR05 for cash.

16July Sold 170 units PR02, 35 units PR04, 60 units PR05 and 80 units PR10 for cash

18 July Invoice to CU09 for 180 units PR05, 260 units PR07, 60 units PR04.

20 July Customer CU09 returned 20 units PR05 and 30 units PR07 due to surplus to requirements and a credit note was issued for the value of the goods (inventory returned was placed back into inventory).

22 July Invoice to CU01 for 120 units PR02.

24 July Invoice to CU06 for 260 units PR08, 280 units PR09.

28 July Invoice to CU02 for 85 units PR02, 140 units PR04.

31 July Sold 75 units PR10 for cash.

Sale Transactions: Data source - sales invoices and cash register tapes for

(Parramatta)S2- all sales to customers must include GST.

1July Sold 260 units PR01 for cash

2July Sold 130 units PR03 for cash

3July Sold 110 units PR08 and 120 units PR10 on account to CU06

4July Invoice to CU10 for 190 units PR05 and 80 units PR07

5July Sold 95 units PR06, 110 units PR07 and 120 units PR08 for cash

8 July Invoice to CU07 for 130 units PR05 and 140 units PR09

10July Invoice to CU03 for 140 units PR07.

11July Invoice to CU10 for 140 units of PR01 and 180 units PR10.

11July Customer CU10 returned 30 units PR10 due surplus to requirements with the goods being returned to inventory.

12July Sold 185 units PR02 to CU01 on account.

14 July Sold 70 units PR03 for cash.

17 July Sold 115 units PR02, 78 units PR03, 96 units PR05 and 130 units PR10 for cash.

19 July Invoice to CU10 for 170 units PR04, 210 units PR06

21 July Invoice to CU06 for 140 units PR08

25 July Invoice to CU08 for 120 units PR07 and 80 units PR09,

31 July Sold 60 units PR03 and 180 units PR06 for cash

Banking Cash Receipts: Data source - deposit book

Cash receipts from account customers and other sources are as follows:

1 July The owner made a capital contribution of $20,000 in cash to the business.

5July Customer CU01 paid $22,000 being the owing as at 1^stJuly.

6July Customer CU03 and CU09 paid the balance owing as at 1^stJuly.

7July Customer CU04, paid $12,800 being the balance of the account as at 1^stJuly.

8July Customer CU10 paid $7,000 being the balance of the account as at 1^stJuly.

10 July Customer CU06 paid $15,000 being part payment of the balance owing as at 1^stJuly.

23July CU05, paid for balance of his account as at 1^stJuly, plus for sales made on account during the month up to today's date.

24July CU07 paid the balance of his account as at 1^stJuly.

25CU08 paid $8,400 being the balance owing as at 1^stJuly.

31 July Received the total balance owing from CU09 as at 25^thJuly.

31 July Received cheque from CU02 for full settlement of the account, leaving a nil balance owing as at 31^stJuly.

Banking Cash Payments: Data source - cheque book

1 July Drew a cheque for $2,000.00 to start a Petty Cash float.

3 July Paid by cheque a reimbursement of $122.00 to an employee for travel expenses incurred

(S1)

5 July Paid July's sales commission to retail assistants of $4,800.00 see accrued expenses at start of month.

8 July Paid SUP03 the balance owing as at 1^stJuly.

10 July Paid balance owing as at 1 July to SUP05.

13 July Paid balance owing as at 1July to SUP06.

17July Paid July PAYG withholding tax of $16,500 owing as at 1^stJuly.

18July Paid GST obligation for June, as per trial balance.

20 July Paid SUP01 the balance owing as at 1^stJuly 2017.

23 July Paid SUP02 the balance owing as at 1^stJuly, 2017.

25 July Paid SUP04 $28,700 being previous month balance, plus $12,000 toward current month purchases.

27July Paid rent in advance for August $2,640 (inclusive of GST).

28July Paid balance as at 1 July owing to SUP07, SUP08, SUP09, SUP10.

29July Reimbursed petty cash for the following cash expenses incurred; Donations $70, Local Travel fares $264.00, Sundry Office Expenses $176, and for Repairs and Maintenance $396.

All expenses claimed from petty cash are split 50% to S1 and 50% to S2.

30July Net Cash wages paid to employees during the month amounted to $66,400 which includes the accrued wages and salaries as at 1^stJuly. PAYG withholding tax of $18,000.00 is to be paid on the 21 August. (Wages are split 60/40 between S1 and S2 respectively).(Note:

Gross Wages - PAYG Withheld = Net cash wages paid)

30July A customer slipped on a wet floor in the Bondi shop (S1) and the company had to pay

$1,500 in compensation. (No GST is payable on compensation payments).

31July Paid dividend to shareholders as per the trial balance at 1 July.

Data source ? bank statements

9 July Customer CU04's, cheque for $12,800 received on 7 July returned as dishonoured.

9 July Dishonour fee of $30 was charged by the bank and this fee is to be charged back to customer.

15 July Periodic payment for lease of POS equipment $880.00 for July (50% S1 and 50% S2)

31 July Bank charges $98.00 was charged to the account (50% S1 and 50% S2).

Data source - notes and working papers

Month end Adjustments as at 31 July.

1.Shop Fixtures and Fittings are depreciated at 20% per annum straight line method, (50% to S1 and 50% to S2) ?(Calculate annual Depreciation using 365.25 days in the year and then calculate the relevant Month's Depreciation)

2.Motor Vehicles are depreciated at 25% per annum, reducing balance method, (50% to S1 and 50% to S2) ?(Calculate annual Depreciation using 365.25 days in the year and then calculate the relevant Month's Depreciation)

3.Sales commission earned by retail assistants, but not paid at the end of the month are to be accrued at the rate of 5% of sales for each shop.

4.Prepaid insurance as at 1^stJuly being $22,000.00 represented the premium paid on annual policy starting on 1^stJune 2017. Insurances are split 50/50 between stores and are expensed using months (not days). That is, if insurance is $12,000 for the year, then it is $1,000 per month.)

5.The company's short term loan and long term loan are at 8% pa and interest is to be accrued for July and split 50/50 between the 2 stores.(Calculate annual Interest Rate using 365.25 days in the year and then calculate the relevant Month's Interest rate)

6.Accrued electricity for July for S1 is $800.00 and S2 is $650.00.

7.Accrued wages at the end of July amounted to $1,800 for S1 and $1,200 for S2.

8.Superannuation on Wages & Salaries incurred during the month of July (including the accruals at month end) will need to be accrued at the rate of 9% of Gross Wages & Salaries for each store.

9.Adjust the provision for Doubtful Debts to be equal to 5% of Accounts Receivable as at 31^stJuly (allocated equally between S1 and S2.

10.Office Supplies and Stationery on hand at the end of the month amount to $1,200. Office Supplies and Stationery usage is allocated 50% to S1 and 50% to B2.

11.Prepaid rent at the start of the month relates to rent for the two shops for July to be allocated 60% to S1 and 40% to S2.

12.31 July At the end of the month,after the depreciation charge was made for the month, the company sold Shop Fixtures and Fittings which had a written down value of $4,200 at the time of sale, for $4,160.00 cash. The Shop Fixtures and Fittings had originally cost $10,000.00, and it was used at store S1.

Reports should be numbered and handed in using the sequence as listed above. (Marks will be deducted for non compliance with this requirement.) INPUT Business data The business is a wine retailer named, \"Student Name Pty Ltd\" with two outlets, one located at Bondi (S1) and the other at Parramatta (S2). The frm's sales are both over thecounter cash and on credit to restaurants and well known customers who may be other wine retailers. The administration office is at the Bondi store. Chart of Accounts You are to either create and customise your chart of accounts by selecting one of the default charts provided by MYOB which most closely resembles the business, or you can choose the 'Build your own' option. If you are using one of the default charts, you may be required to modify/delete accounts to suit the nature of the transactions as given in the question. There is no need to delete linked accounts. Profit Centres (Jobs) Reporting by proft centres requires the processing and reporting revenue and expense transactions for both stores, as well as an aggregate for the business as a whole. MYOB uses the concept of JOBS to facilitate such reporting requirement. The JOB code for the store at Bondi is S1 and for Parramatta is S2. Only the Income Statement which measures the performance of each store is set up for jobs, the balance sheet accounts are not dissected to the individual stores. Sales transactions are captured at each store, expense and other purchase invoices are captured at Head Office (being Bondi), where the administration office is located. Where a transactions is clearly identifable as belonging to a given store, it is processed / charged to the store, but where an expense is common to both stores it is allocated to each store based on allocations determined by management. Transaction Source Cash registers Invoices Cheque book Deposit books Bank statements Supplier invoices Working papers - invoices issued for cash sales - for credit sales - for miscellaneous cash payments - for all cash receipts - for direct charges and direct deposits - for purchases of goods and services - for month end adjusting entries. GST GST is applicable to all purchase and sale of business transactions. Transaction Period New fnancial year starting on 1st July, 2017 and ending on 30th June, 2018. The conversion month is July 2017, being the transaction recording period, and the year comprises 12 periods. Opening Balances The following opening balances are provided for the General Ledger, Accounts Receivable, Accounts Payable and Inventory. General ledger Opening Balances as at 1st July 2017 Debit Cash Credit 68,020 Accounts receivable control 142,000 Provision for Doubtful Debts 5,000 Inventory control 177,240 Office Supplies and Stationery 1,600 Prepaid Insurance 22,000 Prepaid Rent 2,400 Shop Fixtures and Fittings 190,000 Accumulated Depn Shop Fixt & Fits Motor Vehicles 90,000 80,000 Accumulated Depn Motor Vehicles 32,000 Accounts payable control 105,900 GST Collected 27,600 GST Paid 21,800 Accrued Sales Commission 4,800 Accrued Salaries and Wages 6,400 Loans - current 8% 40,000 Dividend Payable 20,000 PAYG Payable 16,500 Loans - noncurrent 8% 110,000 Capital 200,000 Retained profts 46,860 TOTALS 705,060 705,060 CUSTOMERS 1. Students are required to make up their own unique customer names and addresses. 2. 3. 4. The frm' credit policy is 30 to 60 days. All accounts are 'Open Item' which means that payments are to be setof against specifc invoices. This also applies to partial payments of invoices. Information provided for customers and their balance as at 1 July are as follows: Accounts Receivable as at 1 July 2017 Customer Code Balance ($) Days Outstanding CU01 $22,000 60 CU02 28,600 30 CU03 7,600 60 CU04 12,800 30 CU05 15,600 30 CU06 17,800 60 CU07 9,600 30 CU08 8,400 30 CU09 12,600 60 CU10 7,000 30 TOTAL OWING $142,000 SUPPLIERS 1. 2. 3. Students are required to make up their own unique supplier names and address. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit. Enter opening balance of suppliers as 1st July 2017. 5. Information provided for suppliers and their balance as at 1 July is as follows: Accounts Payable as at 1 July 2017 Supplier Code Balance ($) SUP01 $28,000 SUP02 30,000 SUP03 17,800 SUP04 16,700 SUP05 Advertising SUP06 Freight 1,800 750 SUP07 Petrol and MV Repairs 880 SUP08 Accounting Fees 2,600 SUP09 - Stationery Supplier 6,400 SUP10 Telephone Co. TOTAL OWING 970 $105,900 INVENTORY 1. 2. 3. 4. 5. Students are required to make up their own unique product names. Inventory unit measure is per botle Selling price is arrived at using a markup of 150% on cost. The frm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to 'Inventory 'account and when it is sold, the cost is debited against 'Cost of sales'. Information provided for inventory balances as at 1st July are as follows: Inventory Code Quantity Unit cost ($) (excluding GST) Balance ($) Unit Selling Price ($) (excluding GST) PR01 900 $20.00 $18,000 $50.00 PR02 700 $12.00 $8,400 $30.00 PR03 850 $10.00 $8,500 $25.00 PR04 650 $14.00 $9,100 $35.00 PR05 880 $27.00 $23,760 $67.50 PR06 1,100 $16.00 $17,600 $40.00 PR07 1,050 $18.00 $18,900 $45.00 PR08 1,200 $30.00 $36,000 $75.00 PR09 950 $22.00 $20,900 $55.00 PR10 670 $24.00 $16,080 $60.00 TOTAL VALUE OF INVENTORY ON HAND $177,240 Note: The control account for Accounts receivable, Accounts payable and Inventory as listed in the General Ledger all agree with the SUBSIDIARY ledger totals for each account. This must always be the case. TRANSACTONS FOR JULY 2017 Purchase Transactions: Data source: suppliers' invoices, dates shown are invoice dates, all amounts include GST 9 10 5 July Received invoice from SUP01, for 520 botles of PR01 received into warehouse. The invoice amounted to Euro $11,440. 7 July Received invoice from SUP04 for 200 botles of PR02 for $2,640, and 300 botles of PR04 $4,620. July Received invoice from SUP12 (new) $1,960 for legal fees in relation to lease for shop S2. July Received invoice from SUP03 for 180 botles of PR09 $4,356, and 260 botles of PR10, $6,864. 11 12 13 14 22566 Small Business Management & Accounting MYOB Assignment - Spring Semester 2017 July For the purchase from SUP03 on the 10 July, the Warehouse manager reported that only 165 botles of PR09 had been received. Accounts department requested a credit note and entered the shortfall into its records reducing the inventory level and amount owing to SUP03 for the short delivery. July Purchased stationery on account from SUP09, for $1,320. (Stationery is charged to the asset account Office Supplies and Stationery when purchased with a month end adjustment recording the usage by each store.) July Received invoice from SUP04, $28,215 for 950 botles of PR05. July Received advertising invoice from SUP05 for July amounting to $2,860 - allocated 40% to S1 and 60% to S2. 11 July Received shipment from SUP02 comprising, 280 botles of PR08. The invoice amounted to $9,240). 13 July Received invoice from SUP03 for 300 botles of PR06 amounting to $5,280. 15 July Received invoice from SUP07 for petrol used for company vehicles $957- allocated 40% to S1 and 60% to S2. 18 July Invoice from SUP06 for courier and freight services used to date amounting to $638 (40% S1 & 60% S2). 21 July Invoice from SUP09 for office stationery amounting to $418. (Stationery is charged to the asset account Office Supplies and Stationery when purchased with a month end adjustment recording the usage by each store.) 23 July Received invoice from SUP03 for 180 botles of PR03 amounting to $1,980 and 220 botles of PR07 amounting to $4,356. 28 July Received invoice from SUP11 (new supplier) $803 for July cleaning expense (50% to S1 and 50% to S2). 30 July Received invoice from SUP08 for accounting and bookkeeping fees for the month $682 to be split 50% to S1 and 50% to S2. 30 July Invoice from SUP06 for courier and freight services used amounting to $484.00 (30% S1, 70% S2.) 31 July Received invoice from SUP10 for telephone usage for the month $1,430.00 - allocated 60% to S1 and 40% to S2. Sale Transactions: Data source - sales invoices and cash register tapes for (Bondi) S1 - all sales to customers must include GST. 2 July Sold 220 units PR01 for cash and 60 botles of PR06. 3 July Sold 90 units PR03 for cash. 4 July Sold 140 units PR08 an account to CU04. 6 July Invoice to CU03 for 90 units of PR05 and 120 units of PR10. 8 July Sold 60 units PR06, 70 units PR07 and 90 units PR08 for cash. 8 July For the above cash sale made on 8 July, the customer returned 20 units PR07 and 10 units of PR08 due to defective packaging and a cash refund was given to this customer. The packaging was rectifed and the units were returned to inventory. 11 July Invoice to CU08 for 120 units of PR03, 100 of PR09. 12 July Invoice to CU07 for 80 units PR06, 170 units PR10. 14 July Sold 120 units of PR01 and 130 units PR08 to CU05 on account. 15 16 22566 Small Business Management & Accounting MYOB Assignment - Spring Semester 2017 July Sold 85 units PR05 for cash. July Sold 170 units PR02, 35 units PR04, 60 units PR05 and 80 units PR10 for cash 18 July Invoice to CU09 for 180 units PR05, 260 units PR07, 60 units PR04. 20 July Customer CU09 returned 20 units PR05 and 30 units PR07 due to surplus to requirements and a credit note was issued for the value of the goods (inventory returned was placed back into inventory). 22 July Invoice to CU01 for 120 units PR02. 24 July Invoice to CU06 for 260 units PR08, 280 units PR09. 28 July Invoice to CU02 for 85 units PR02, 140 units PR04. 31 July Sold 75 units PR10 for cash. Sale Transactions: Data source - sales invoices and cash register tapes for (Parramatta) S2 - all sales to customers must include GST. 1 July Sold 260 units PR01 for cash 2 July Sold 130 units PR03 for cash 3 July Sold 110 units PR08 and 120 units PR10 on account to CU06 4 July Invoice to CU10 for 190 units PR05 and 80 units PR07 5 July Sold 95 units PR06, 110 units PR07 and 120 units PR08 for cash 8 July Invoice to CU07 for 130 units PR05 and 140 units PR09 10 July Invoice to CU03 for 140 units PR07. 11 July Invoice to CU10 for 140 units of PR01 and 180 units PR10. 11 July Customer CU10 returned 30 units PR10 due surplus to requirements with the goods being returned to inventory. 12 July Sold 185 units PR02 to CU01 on account. 14 July Sold 70 units PR03 for cash. 17 July Sold 115 units PR02, 78 units PR03, 96 units PR05 and 130 units PR10 for cash. 19 July Invoice to CU10 for 170 units PR04, 210 units PR06 21 July Invoice to CU06 for 140 units PR08 25 July Invoice to CU08 for 120 units PR07 and 80 units PR09, 31 July Sold 60 units PR03 and 180 units PR06 for cash Banking Cash Receipts: Data source - deposit book Cash receipts from account customers and other sources are as follows: 1 July The owner made a capital contribution of $20,000 in cash to the business. 5 July Customer CU01 paid $22,000 being the owing as at 1st July. 6 July Customer CU03 and CU09 paid the balance owing as at 1st July. 7 July Customer CU04, paid $12,800 being the balance of the account as at 1 st July. 8 July Customer CU10 paid $7,000 being the balance of the account as at 1st July. 10 July Customer CU06 paid $15,000 being part payment of the balance owing as at 1 st July. 22566 Small Business Management & Accounting MYOB Assignment - Spring Semester 2017 23 July July CU05, paid for balance of his account as at 1st July, plus for sales made on account during the month up to today's date. 24 25 July CU07 paid the balance of his account as at 1st July. CU08 paid $8,400 being the balance owing as at 1st July. 31 July Received the total balance owing from CU09 as at 25th July. 31 July Received cheque from CU02 for full setlement of the account, leaving a nil balance owing as at 31st July. Banking Cash Payments: Data source - cheque book 1 July Drew a cheque for $2,000.00 to start a Pety Cash float. 3 July Paid by cheque a reimbursement of $122.00 to an employee for travel expenses incurred (S1) 5 July Paid July's sales commission to retail assistants of $4,800.00 see accrued expenses at start of month. 8 July Paid SUP03 the balance owing as at 1st July. 10 July Paid balance owing as at 1 July to SUP05. 13 July Paid balance owing as at 1 July to SUP06. 17 July Paid July PAYG withholding tax of $16,500 owing as at 1st July. 18 July Paid GST obligation for June, as per trial balance. 20 July Paid SUP01 the balance owing as at 1st July 2017. 23 July Paid SUP02 the balance owing as at 1st July, 2017. 25 July Paid SUP04 $28,700 being previous month balance, plus $12,000 toward current month purchases. 27 July Paid rent in advance for August $2,640 (inclusive of GST). 28 July Paid balance as at 1 July owing to SUP07, SUP08, SUP09, SUP10. 29 July Reimbursed pety cash for the following cash expenses incurred; Donations $70, Local Travel fares $264.00, Sundry Office Expenses $176, and for Repairs and Maintenance $396. All expenses claimed from pety cash are split 50% to S1 and 50% to S2. 30 July Net Cash wages paid to employees during the month amounted to $66,400 which includes the accrued wages and salaries as at 1st July. PAYG withholding tax of $18,000.00 is to be paid on the 21 August. (Wages are split 60/40 between S1 and S2 respectively). (Note: Gross Wages - PAYG Withheld = Net cash wages paid) 30 July A customer slipped on a wet floor in the Bondi shop (S1) and the company had to pay $1,500 in compensation. (No GST is payable on compensation payments). 31 July Paid dividend to shareholders as per the trial balance at 1 July. Data source bank statements 22566 Small Business Management & Accounting MYOB Assignment - Spring Semester 2017 July 9 July Customer CU04's, cheque for $12,800 received on 7 July returned as dishonoured. 9 July Dishonour fee of $30 was charged by the bank and this fee is to be charged back to customer. 15 July Periodic payment for lease of POS equipment $880.00 for July (50% S1 and 50% S2) 31 July Bank charges $98.00 was charged to the account (50% S1 and 50% S2). 22566 Small Business Management & Accounting MYOB Assignment - Spring Semester 2017 Data source - notes and working papers Month end Adjustments as at 31 July. 1. Shop Fixtures and Fittings are depreciated at 20% per annum straight line method, (50% to S1 and 50% to S2) (Calculate annual Depreciation using 365.25 days in the year and then calculate the relevant Month's Depreciation) 2. Motor Vehicles are depreciated at 25% per annum, reducing balance method, (50% to S1 and 50% to S2) (Calculate annual Depreciation using 365.25 days in the year and then calculate the relevant Month's Depreciation) 3. Sales commission earned by retail assistants, but not paid at the end of the month are to be accrued at the rate of 5% of sales for each shop. 4. Prepaid insurance as at 1st July being $22,000.00 represented the premium paid on annual policy starting on 1st June 2017. Insurances are split 50/50 between stores and are expensed using months (not days). That is, if insurance is $12,000 for the year, then it is $1,000 per month.) 5. The company's short term loan and long term loan are at 8% pa and interest is to be accrued for July and split 50/50 between the 2 stores. (Calculate annual Interest Rate using 365.25 days in the year and then calculate the relevant Month's Interest rate) 6. Accrued electricity for July for S1 is $800.00 and S2 is $650.00. 7. Accrued wages at the end of July amounted to $1,800 for S1 and $1,200 for S2. 8. Superannuation on Wages & Salaries incurred during the month of July (including the accruals at month end) will need to be accrued at the rate of 9% of Gross Wages & Salaries for each store. 9. Adjust the provision for Doubtful Debts to be equal to 5% of Accounts Receivable as at 31 st July (allocated equally between S1 and S2. 10. Office Supplies and Stationery on hand at the end of the month amount to $1,200. Office Supplies and Stationery usage is allocated 50% to S1 and 50% to B2. 11. Prepaid rent at the start of the month relates to rent for the two shops for July to be allocated 60% to S1 and 40% to S2. 12. 31 July At the end of the month, after the depreciation charge was made for the month, the company sold Shop Fixtures and Fittings which had a writen down value of $4,200 at the time of sale, for $4,160.00 cash. The Shop Fixtures and Fittings had originally cost $10,000.00, and it was used at store S1