Practical Completion Point 3 - Computerised Section For this final part of the practical assignment you will be using the same information as for Practical Completion Point 1 with a couple of extra transactions but entering all data into a computerised system. The purpose of this exercise is to allow you to compare and contrast the skills needed to utilise different styles of systems. For this task the Xero Accounting Package will be used. The aim of this exercise is not to train you in the use of this system but to give you exposure to it. Basic instructions and comparable sample data are provided at the end of this document to assist you in navigating the system. Minnie Armim runs a business Min Armim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from. Task 1 Enter the information below from the chart of accounts and schedules in order to set up Minnie's new system in the Xero Accounting Software. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 Bank 3860 091 Petty Cash 210 610 Accounts Receivable Control 13585 611 Allowance for Bad and Doubtful Debts 462 111 Inventory 3090 113 Stationery on Hand 130 115 Prepaid Insurance 1800 116 Prepaid Rent 10000 140 Equipment 6400 141 Acc. Depreciation - Equipment 1460 150 Premises 140000 151 Accumulated Depreciation - Premises 21000 160 Vehicle 23000 161 Acc. Depreciation - Vehicle 229 800 Accounts Payable Control 7887 Office Supplies Owing 186 210 Internet and Telephone Expenses Payable 481 220 Wages Expense Payable 862 299 Big 4 Bank Mortgage Loan (5-year) 123000 820 GST 950 900 Capital - Minnie Ammin 45558 205 I Additional Notes This information already exists in the system (to simplify your data entry) but should be checked when entering conversion balances. Schedule of Accounts Receivable as at 1 July 2020 Acc. No 61001 Unplugged Limited 726 61003 The Charity Stores 2.310 61005 Developing Naturally 4.455 61007 Hotels United 6.094 13,585 80001 80003 80005 Schedule of Accounts Payable as at 1 July 2020 Get Connected Limited 4,180 Reduce, Reuse, Get Rich 1,760 Flooded Industries 1,947 7,887 Task 2 Enter the following transactions into Xero Accounting software using the instructions provided at the end of this document to guide you July 1 July 2 July 4 July 6 Transactions Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST). Received a cheque for $2475 from Developing Naturally as part payment of their account. Sold 2 Smart Meters to The Charity Stores for $350 each plus a $50 delivery fee (all amounts are net of GST) Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752.30 and a discount of $194.7 (including GST of $17.70) was received for early payment July 8 Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a freight charge of $50 and total GST of $85. Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report. Purchased 500 Energy Saving light globes for $3 cach from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 12 July 13 July 15 July 16 July 16 July 19 July 20 July 20 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (net of GST) Paid wages of $1,680 to Minnie's two part time employees Lei Zhee and Ena Jetic. Made a cash purchase of S60 stationery (net of GST) from Little M department store Purchased 15 LED Lighting Kits for a total of $330 (GST inclusive) from Flooded Industries. Cash Sale to Mr D Rock of 5 LED Lighting Kits for a total of $275 (including GST) Received a cheque from Unplugged Ltd of $1166 being full settlement of their account. Sold 100 meters of premium low voltage cable to Unplugged Ltd for $20 per meter (net of GST) The office supplies account of $186 was paid in full in cash. Minnie Amim withdrew $1,050 cash for personal use. Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amounts are net of GST) Paid all amounts owing to Reduce, Reuse, Get Rich. Made a cash payment of $921 (including S40 GST) to The Big Telco for the last two months telephone and internet usage. July 21 July 23 July 25 July 27 July 29 July 30 A stocktake on July 31 reveals the inventory on hand consists of 513 Energy Saving Light Globes, 45 LED Lighting Kits and 450 m of Premium Low Voltage Cable and $114 of stationery on hand. Prepaid insurance was paid for 3 months in advance on June 30, 2020. Prepaid rent was paid for 6 months in advance on 1 June, 2020. Depreciation is only calculated at the end of the financial year and so no adjustments are required for these accounts. I Submission Requirements Once you have completed the data entry in the above two tasks, you will need to export the following reports into a single excel file. Required Reports Balance Sheet Aged Payables Aged Receivables In addition to the above reports you will need to provide a brief statement of approximately 100- 200 words indicating what information can be identified from the reports you have produced and how accessing this information compares to the manual system you used in Completion Point 1. This statement should be included in your excel file along with your exported reports. Once your reports and statement are combined into a single file then this file must be uploaded to the submission point on learnonline Remember at this point accuracy of data entry is not being checked, only that all transactions have been entered into the correct accounts by following the correct processes. However, it is expected that students will make every effort to achieve the correct result which they can then compare to the feedback provided after all submissions are made. 1 X cu 1 copy A- Cal De Pa POLIDEOS Xfi Date D . . 1 . H CH Branca 11.00 Can LE A Acousecevoir 610 w DE EST *10 DOT 400 * Song . . Dark DE RE JO 2T ABD . ET INS SCH 1,100.00 & B Dwory al 140.000 10 200 www. 113 11 IT 361 C Dico 435 BOOTS DER 373 . 005 300 750 210 41.00 CST 19 EST 8.00 175.000 31 wa 08 439 ce 45 599 2 CE 100 30 LLE GIF CE 19 333 OLET erry 1000 SPO 201 1 36 ws 400 1ST 31 General Ledger Geral Ledger MmmW Review Home Insert Formulas View Data Page Layout Delete Pusle bowy Fm 1 . c Der M DET My 3.100 AP ARE ) HOT 20 . ya . 1 7 . 9 wart n! D 1 De Dal RY 12 May sas LSL By We 15 16 10 30 DE Du Dla 1 41. TINY 23 HE 25 25 28 De Inne er Myt Opening Bry TO 91 HE VE 38 . INOY Oper Band 10.00 ol STAR 2.300 18 42 45 49 DE D AP 41 De LORE 58 33 Glede Lodgers Min Armim Wasteage - Completion Point 1 - Student Feedback Review View Home - Wrap Text Insert Page Layout Formulas Data Cut A-A- Copy BIU A. Format Xfx Accounts Payable Control Insert Delete Paste Merge Center Conditional Format Formatting as Table Cel Styles A1 M . 6 H L 5 D E 1 2 ata Office Supplies Owing Date Details Accounts Payable Control Amount Date Details Amount Amount Date APORE Details Details julya 7,887.00 Opening intry 135 00 3 July Opening 915.00 186.00 4 Want 1.947.00 Purchase July 1 Reversing Entry 5 July 13 Purchase 1,760.00 6 7 9 10 Internet and Telephone Expenses Payable Wares pense Payable Details Details 11 Date Dute Date Details Amount Deals Amount Amount 12 Julyt Opening Entry 41.00 862.00 July1 Opening Entry 31 Reversing Entry 48100 July1 Reversing Intry 862.00 5 16 GST 4 Bank Mortgage Loan coate Details Amount Date Details Amount Date Details Amount Date Details 1 July1 Opening 950.00 Iuly1 Opening Entry 123,000.00 2 Accounts Payable 85.00 july1 Sale 49.00 313 Accounts Payable 310.00 Buy 4 Sale 75.00 4 July Accounts Payable 17.70 5 July 12 Bank 45.00 5 7 July 15 Bank 12.00 9 a 1 For Foming . fx S430 A 7 D E - De out JO ART 4500 7700 ly y e days are dir De Deals HINY WRC Det woor 4560 Ang Dute Amount ple Our Ledges Ready Logo Expor General Led- Ceny Cell Den F A1 fr Purchases 1 A 1 2 DR Dual An Am 3 Ab 800 Norg LOG 5 6 1 et de 11 DaDa amour 1 1 N. 413.00 y 14 11 16 13 11 19 be Ostale Am Am 55 4 15 36 General Ledger Good Grade General Ledger Expenses General Ledger-Equity Copy 3 lu Paste B I U Format E7 F D E B A 1 2 Date Capital - Minnie Armim Amount Date Details Amount Details 3 45558.00 Jul-01 Opening Entry 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A1 ppy 11 l 1 1 1 SOU 36 0.00 18 NE 11 91 12 1 18 20 ander mark Du Am 23 23 24 SE 26 27 30 TE CE 37 58 54 SS 95 SP 18 30 09 T 65 General Assets General Ledger A dor home Gewedge-Expenses Lediger. Evity Ready Subida Min Armim Wasteage - Completion Point 1 - Student Feedback Page Layout Formulas Data Review View Home Insert Xon Copy Format A- Wrap Teal B 1 u - Conditional Forma Formatting Table Cel Styles fx Get Connected Limited D + C Get Con Amount Rich Amount Tore Art BE Detail De Det Amount D swing 4.100 1.160.00 35.00 July Purchase 13 Purchase 1,760.00 Date Detail le M Date Am 1 Opening 1.47.00 17.00 1 - 54 35 53 59 41 63 66 65 Practical Completion Point 3 - Computerised Section For this final part of the practical assignment you will be using the same information as for Practical Completion Point 1 with a couple of extra transactions but entering all data into a computerised system. The purpose of this exercise is to allow you to compare and contrast the skills needed to utilise different styles of systems. For this task the Xero Accounting Package will be used. The aim of this exercise is not to train you in the use of this system but to give you exposure to it. Basic instructions and comparable sample data are provided at the end of this document to assist you in navigating the system. Minnie Armim runs a business Min Armim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from. Task 1 Enter the information below from the chart of accounts and schedules in order to set up Minnie's new system in the Xero Accounting Software. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 Bank 3860 091 Petty Cash 210 610 Accounts Receivable Control 13585 611 Allowance for Bad and Doubtful Debts 462 111 Inventory 3090 113 Stationery on Hand 130 115 Prepaid Insurance 1800 116 Prepaid Rent 10000 140 Equipment 6400 141 Acc. Depreciation - Equipment 1460 150 Premises 140000 151 Accumulated Depreciation - Premises 21000 160 Vehicle 23000 161 Acc. Depreciation - Vehicle 229 800 Accounts Payable Control 7887 Office Supplies Owing 186 210 Internet and Telephone Expenses Payable 481 220 Wages Expense Payable 862 299 Big 4 Bank Mortgage Loan (5-year) 123000 820 GST 950 900 Capital - Minnie Ammin 45558 205 I Additional Notes This information already exists in the system (to simplify your data entry) but should be checked when entering conversion balances. Schedule of Accounts Receivable as at 1 July 2020 Acc. No 61001 Unplugged Limited 726 61003 The Charity Stores 2.310 61005 Developing Naturally 4.455 61007 Hotels United 6.094 13,585 80001 80003 80005 Schedule of Accounts Payable as at 1 July 2020 Get Connected Limited 4,180 Reduce, Reuse, Get Rich 1,760 Flooded Industries 1,947 7,887 Task 2 Enter the following transactions into Xero Accounting software using the instructions provided at the end of this document to guide you July 1 July 2 July 4 July 6 Transactions Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST). Received a cheque for $2475 from Developing Naturally as part payment of their account. Sold 2 Smart Meters to The Charity Stores for $350 each plus a $50 delivery fee (all amounts are net of GST) Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752.30 and a discount of $194.7 (including GST of $17.70) was received for early payment July 8 Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a freight charge of $50 and total GST of $85. Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report. Purchased 500 Energy Saving light globes for $3 cach from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 12 July 13 July 15 July 16 July 16 July 19 July 20 July 20 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (net of GST) Paid wages of $1,680 to Minnie's two part time employees Lei Zhee and Ena Jetic. Made a cash purchase of S60 stationery (net of GST) from Little M department store Purchased 15 LED Lighting Kits for a total of $330 (GST inclusive) from Flooded Industries. Cash Sale to Mr D Rock of 5 LED Lighting Kits for a total of $275 (including GST) Received a cheque from Unplugged Ltd of $1166 being full settlement of their account. Sold 100 meters of premium low voltage cable to Unplugged Ltd for $20 per meter (net of GST) The office supplies account of $186 was paid in full in cash. Minnie Amim withdrew $1,050 cash for personal use. Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amounts are net of GST) Paid all amounts owing to Reduce, Reuse, Get Rich. Made a cash payment of $921 (including S40 GST) to The Big Telco for the last two months telephone and internet usage. July 21 July 23 July 25 July 27 July 29 July 30 A stocktake on July 31 reveals the inventory on hand consists of 513 Energy Saving Light Globes, 45 LED Lighting Kits and 450 m of Premium Low Voltage Cable and $114 of stationery on hand. Prepaid insurance was paid for 3 months in advance on June 30, 2020. Prepaid rent was paid for 6 months in advance on 1 June, 2020. Depreciation is only calculated at the end of the financial year and so no adjustments are required for these accounts. I Submission Requirements Once you have completed the data entry in the above two tasks, you will need to export the following reports into a single excel file. Required Reports Balance Sheet Aged Payables Aged Receivables In addition to the above reports you will need to provide a brief statement of approximately 100- 200 words indicating what information can be identified from the reports you have produced and how accessing this information compares to the manual system you used in Completion Point 1. This statement should be included in your excel file along with your exported reports. Once your reports and statement are combined into a single file then this file must be uploaded to the submission point on learnonline Remember at this point accuracy of data entry is not being checked, only that all transactions have been entered into the correct accounts by following the correct processes. However, it is expected that students will make every effort to achieve the correct result which they can then compare to the feedback provided after all submissions are made. 1 X cu 1 copy A- Cal De Pa POLIDEOS Xfi Date D . . 1 . H CH Branca 11.00 Can LE A Acousecevoir 610 w DE EST *10 DOT 400 * Song . . Dark DE RE JO 2T ABD . ET INS SCH 1,100.00 & B Dwory al 140.000 10 200 www. 113 11 IT 361 C Dico 435 BOOTS DER 373 . 005 300 750 210 41.00 CST 19 EST 8.00 175.000 31 wa 08 439 ce 45 599 2 CE 100 30 LLE GIF CE 19 333 OLET erry 1000 SPO 201 1 36 ws 400 1ST 31 General Ledger Geral Ledger MmmW Review Home Insert Formulas View Data Page Layout Delete Pusle bowy Fm 1 . c Der M DET My 3.100 AP ARE ) HOT 20 . ya . 1 7 . 9 wart n! D 1 De Dal RY 12 May sas LSL By We 15 16 10 30 DE Du Dla 1 41. TINY 23 HE 25 25 28 De Inne er Myt Opening Bry TO 91 HE VE 38 . INOY Oper Band 10.00 ol STAR 2.300 18 42 45 49 DE D AP 41 De LORE 58 33 Glede Lodgers Min Armim Wasteage - Completion Point 1 - Student Feedback Review View Home - Wrap Text Insert Page Layout Formulas Data Cut A-A- Copy BIU A. Format Xfx Accounts Payable Control Insert Delete Paste Merge Center Conditional Format Formatting as Table Cel Styles A1 M . 6 H L 5 D E 1 2 ata Office Supplies Owing Date Details Accounts Payable Control Amount Date Details Amount Amount Date APORE Details Details julya 7,887.00 Opening intry 135 00 3 July Opening 915.00 186.00 4 Want 1.947.00 Purchase July 1 Reversing Entry 5 July 13 Purchase 1,760.00 6 7 9 10 Internet and Telephone Expenses Payable Wares pense Payable Details Details 11 Date Dute Date Details Amount Deals Amount Amount 12 Julyt Opening Entry 41.00 862.00 July1 Opening Entry 31 Reversing Entry 48100 July1 Reversing Intry 862.00 5 16 GST 4 Bank Mortgage Loan coate Details Amount Date Details Amount Date Details Amount Date Details 1 July1 Opening 950.00 Iuly1 Opening Entry 123,000.00 2 Accounts Payable 85.00 july1 Sale 49.00 313 Accounts Payable 310.00 Buy 4 Sale 75.00 4 July Accounts Payable 17.70 5 July 12 Bank 45.00 5 7 July 15 Bank 12.00 9 a 1 For Foming . fx S430 A 7 D E - De out JO ART 4500 7700 ly y e days are dir De Deals HINY WRC Det woor 4560 Ang Dute Amount ple Our Ledges Ready Logo Expor General Led- Ceny Cell Den F A1 fr Purchases 1 A 1 2 DR Dual An Am 3 Ab 800 Norg LOG 5 6 1 et de 11 DaDa amour 1 1 N. 413.00 y 14 11 16 13 11 19 be Ostale Am Am 55 4 15 36 General Ledger Good Grade General Ledger Expenses General Ledger-Equity Copy 3 lu Paste B I U Format E7 F D E B A 1 2 Date Capital - Minnie Armim Amount Date Details Amount Details 3 45558.00 Jul-01 Opening Entry 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A1 ppy 11 l 1 1 1 SOU 36 0.00 18 NE 11 91 12 1 18 20 ander mark Du Am 23 23 24 SE 26 27 30 TE CE 37 58 54 SS 95 SP 18 30 09 T 65 General Assets General Ledger A dor home Gewedge-Expenses Lediger. Evity Ready Subida Min Armim Wasteage - Completion Point 1 - Student Feedback Page Layout Formulas Data Review View Home Insert Xon Copy Format A- Wrap Teal B 1 u - Conditional Forma Formatting Table Cel Styles fx Get Connected Limited D + C Get Con Amount Rich Amount Tore Art BE Detail De Det Amount D swing 4.100 1.160.00 35.00 July Purchase 13 Purchase 1,760.00 Date Detail le M Date Am 1 Opening 1.47.00 17.00 1 - 54 35 53 59 41 63 66 65