Practical Completion Point 3 - Computerised Section For this final part of the practical assignment you will be using the same information as for Practice 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 i the use of this system but to give you exposure to it. Basic instructions and comparable sample dat 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 accounts for you to work from. 610 Task 1 Enter the information below from the chart of accounts and schedules in order to set up Minnie's Few system in the Xero Accounting Software. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 Bank I 3860 091 Petty Cash 210 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 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 Schedule of Accounts Payable as at 1 July 2020 80001 Get Connected Limited 4,180 80003 Reduce, Reuse, Get Rich 1,760 80005 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 4 July 6 Transactions I Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST). July 2 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 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 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 8 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 $60 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 Armim withdrew $1,050 cash for personal use. Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amonts 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. 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 Che submission point on learnonline Remember at this point accuracy of data entry is not being checked, only that all transactions have Deen entered into the correct accounts by following the correct processes. However, it is expected hat students will make every effort to achieve the correct result which they can then compare to the zedback provided after all submissions are made. Practical Completion Point 3 - Computerised Section For this final part of the practical assignment you will be using the same information as for Practice 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 i the use of this system but to give you exposure to it. Basic instructions and comparable sample dat 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 accounts for you to work from. 610 Task 1 Enter the information below from the chart of accounts and schedules in order to set up Minnie's Few system in the Xero Accounting Software. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 Bank I 3860 091 Petty Cash 210 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 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 Schedule of Accounts Payable as at 1 July 2020 80001 Get Connected Limited 4,180 80003 Reduce, Reuse, Get Rich 1,760 80005 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 4 July 6 Transactions I Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST). July 2 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 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 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 8 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 $60 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 Armim withdrew $1,050 cash for personal use. Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amonts 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. 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 Che submission point on learnonline Remember at this point accuracy of data entry is not being checked, only that all transactions have Deen entered into the correct accounts by following the correct processes. However, it is expected hat students will make every effort to achieve the correct result which they can then compare to the zedback provided after all submissions are made