Please help me for the second question in the assignment. The file is attached. The question will need a MYOB accounting software. The prescribed accounting software, is the MYOB Accounting Plus v18 ED in the student edition of the software. The software can be downloaded free from this site: http://www.giveawayoftheday.com/soft/077115/ Thank You!
Assessment Item 2 Assignment 2 Value: 20% Due Date: 13-Sep-2011 Question 1 (30 marks) Melbourne Ltd has decided to introduce electronic payment facilities to allow customers to pay for goods online. (a) What controls would you expect to see introduced to ensure the safety of the online banking data? (b) Which activities in the receive and record payment process will be affected? (c) What changes would you expect to see in these activities? (d) What metrics could you use to measure the success of this initiative post implementation? Question 2 (70 marks) Avalon Fashions of 234 Winkler Drive Port Melbourne VIC 3007 Ph: (03) 9209 6123, ABN 31 456 569 459, have decided to use a computer accounting system to process their cash transactions. The company has CASH at Bank of $2,500, as of 1st July 2010. The project is to be completed using MYOB Accounting Plus v18. You are to setup the company from scratch, using the templates provided with MYOB. All transactions took place in July 2010. Additional information All goods and services purchased and sold are subject to GST. The company uses an Undeposited Funds system for daily bank deposits. The company uses Clothing Retail for its Chart of Accounts. Use the Banking command centre for the receipt and spending of monies, not the Sales or Purchases command centre Requirements 1. Setup Company Start MYOB Accounting plus and create a new file. Set up a company using the MYOB template Retail Business - Clothing Retail. 2. Enter Company Information Enter company information based on information provided above. Type the name of the company as Avalon Fashions - (then add your student name). 3. Edit the Chart of Accounts The Chart of Accounts at present contains most of the accounts that you will require but may need some alteration. Edit the Chart of Accounts if you need to do so to ensure that after recording transactions correctly, the designated reports will be printed correctly. 4. Opening General Ledger Account Balances The opening balances at 1 July 2010 are shown below. Enter these opening balances into the accounts using MYOB opening account balances, not a journal entry. Account # Account Name Amount $ 1-1110 Cheque Account $2,500.00 3-1110 Owners' Capital $2,500.00 5. Enter the following cash payments for the month of July. AVALON FASHIONS CASH PAYMENT JOURNAL Date 1st 1st 1st 1st 5th 5th Cheque No. 1176 1177 1178 1179 1180 1181 5th 5th 12th 1182 1183 1184 24th 24th 25th 28th 1185 1186 1187 1188 6. Details Clothing - J Brown Telstra Clothing - I Rich Clothing - Barton Ltd Wages AEnergy-private electricity by owner Clothing - J Brown AEnergy - Electricity Clothing - Vue Fashions Wages Clothing - S Robinson Rentlo Office X - Office stationery TOTALS Purch. $ 300 Wages $ Rent $ Sundry $ GST Banking 30 40 41 45 - 330 440 451 495 340 270 35 12 46 385 132 506 180 18 90 18 340 198 990 198 970 375 5,075 400 410 450 340 270 350 120 460 340 180 900 2,150 680 900 Enter the following cash receipts for the month of July: AVALON FASHIONS CASH RECEIPTS JOURNAL Date 1st 4th 5th 9th 14th 17th 21st 25th 26th Receipt No. 702 703 704 705 706 707 708 709 710 711 712 713 714 715 Details Sales - Clothing Sales - Clothing Sales - Clothing Interest Received Sales - Clothing Sales - Clothing Sales - Clothing Dividends Received ABC Ltd Sales - Clothing Sales - Clothing Sales - Clothing Sales - Clothing Sales - Clothing Sales - Clothing TOTALS Sales $ 700 400 530 Sundry $ GST Banking $ 50 70 40 53 60 71 25 - 125 26 20 27 50 140 46 628 75 600 710 250 260 200 270 500 1,400 460 6,280 1,210 583 735 781 325 286 517 550 2,046 7,033 7. Reconcile the bank statement Reconcile the bank statement in MYOB as at 31/07/2010 and print out the bank reconciliation report from MYOB. The bank statement for the month of July is as follows: BANK STATEMENT - July ANY BANK AVALON FASHIONS ACCOUNT NO. 145-5567 Date 1st 4th 5th 9th 14th 16th 17th 21st 25th 26th 27th 30th 8. Particulars Balance Deposit Deposit Chq # 1180 Deposit Deposit Chq # 1183 Deposit Chequebook Fee Deposit Chq # 1178 Deposit Deposit Chq # 1176 Chq # 1185 Deposit Chq # 1187 Bank Fees Withdrawals Deposits 1,210.00 583.00 340.00 735.00 781.00 132.00 325.00 20.00 286.00 451.00 517.00 550.00 330.00 340.00 2,046.00 990.00 16.00 Balance 2,500.00 cr 3,710.00 4,293.00 3,953.00 4,688.00 5,469.00 5,337.00 5,662.00 5,642.00 5,928.00 5,477.00 5,994.00 6,544.00 6,214.00 5,874.00 7,920.00 6,930.00 6,914.00 cr Print the following reports for July Bank register Cash disbursements journal Cash receipts journal Profit and Loss Balance Sheet Trial Balance including account numbers 9. Print the following cheques #1177 to #1179 Submit your assignment manually printed out in hard copy. Electronic submission via EASTS is not permitted due to software related problems with MYOB software
