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Information Technology for Accountants

 Information Technology for Accountants

 BAC11A&B

Assignment 2 (100 marks:25%): Individual assignment

 You need to submit this Assignment by 11:55 pm Friday 3rd August 2018.

Please note that any Assignments submitted after the above mentioned time will incur a penalty of 25% marks every day up to Sunday 5th August 2018 11:55 pm :

 Instructions:  

This is an assignment.

§ o Please ensure that your submission must be your own original attempt.  

Student answers and submissions are required to be completed as§ follows:

Please check the Assessment tab on your Moodle site. Please click on the Assignment link (BAC11 A) Assignment2 18T2 Darazi and upload the following files one after another  .

myo file§  

.box file§

 Transaction Journal Report

§  Standard Balance Sheet Report

§  Profit and Loss (Accrual) Report

§  Ratio Analysis Excel§  Word Report

§  PowerPoint slides

§  Due date for this assignment is 11:55 pm Friday 3rd August 2018:

§ o Late submissions will be subject to a 25% reduction in marks obtained.  Results for this assessment will be released at the end of week 13

§ Please remember that you need to upload one file at a time and then you only get one attempt to submit your Assignment. You can see a list of files you have uploaded before you can click on the confirm button to submit your Assignment. In-case you missed to upload any of your files, you can click on the Edit Submission button and upload any missing files.

 If you do not have MYOB Version 19 on your personal computer, then you can use the computers in the student area on Level 10 at UBSS or the Computer Lab on Level 11 provided there is no other classes running at that time.

 I hope you will have no problems in completing this Assignment.

 Best of Luck!

Fadi Darazi

 Question 1 Part 1:

Create a company Create a company file with for “Exercise Equipment Retailer”, details of the business are as follows:

Name of company:

Your Personal Gym-studentID&Name (Insert your student number and name) Address:

233 Castleroyal Street, Sydney, NSW, 2000 ABN Number 12378945611 Financial year end:

2017 Last month in the financial year June Conversion month:

 July 2016 Industry classification:

 Retail Type of Business Sporting Goods Dealer Part 2:

 Enter Opening Balances in the General Ledger Enter the following Trial Balance as at 1st July 2016 using ‘Accounts’ in Easy Setup Assistant:

Part 3: Set up Customers and Enter Opening Balances for Customers (Accounts Receivable/Debtors) Enter the following customer accounts, using ‘Sales’ in Easy Setup Assistant, using ‘Item’ layout for balances as at 1 July 2016:

Card ID Customer Name Balance Date of Transaction ABN CU1 Iris Resort Ltd $20,500 1st June 2016 98765432198 CU2 Zone Fitness Ltd $15,500 9th June 2016 09876123451 Account Name Debit (Dr) Credit (Cr) Cash at Bank / Cheque Account 80,000 Accounts Receivable Control / Trade Debtors 36,000 Inventory Control / Merchandise Inventory 65,200 Prepaid Insurance 10,000 Store Equipment at Cost 210,000 Accumulated Depreciation – Store Equipment 21,000 Accounts Payable / Trade Creditors 48,700 GST Collected 6,000 GST Paid 4,400 PAYG Withholding Payable 6,500 Interest Bearing Loans / Other Long term Liabilities 80,000 Owner’s Capital 193,400 Retained earnings 50,000 Total 405,600 405,600

Part 4: Setup Suppliers and Enter Opening Balances for Suppliers (Accounts Payable/Creditors) Enter the following supplier accounts, using ‘Purchases’ in Easy Setup Assistant, using ‘Item’ layout for balances as at 1 July 2016:

Supplier Code Supplier Name Balance Date of Transaction ABN SU1 Be Healthy Ltd $29,700 16th June 2016 98976754523 SU2 Stay Fit LTD $19,000 1st June 2016 32154365476

Part 5: Set up Inventory Items and Entry of Opening Balances for Inventory items Enter using ‘Items List’ and ‘Adjust Inventory’ in the Inventory module for opening balances 1 July 2016: Inventory Suppli er Quanti ty Unit cost (Including GST) Total Value (ex GST) $ Selling Price (ex GST) Selling Price (Inc GST) Account IT1 - Bench Press SU1 80 $352 $25,600 $500 $550 1-1300 IT2 – Cable Machine SU2 110 $396 $39,600 $590 $649 1-1300 Part 6: TRANSACTION PROCESSING PROCEDURES Part 6.1 Supplier (purchase) transactions Enter July 2016 transactions for the Purchase of products: 2 July 2016 Received invoice from SU1 for 140 units of IT1 @ $352, received into the warehouse at a total cost of $49,280 including GST. 4 July 2016 Received invoice from SU2 for 200 units of IT2 @ $396, received into the warehouse at a total cost of $79,200 including GST. Part 6.2 Customer (sales) transactions Enter July 2016 transactions for the sale of products: 10 July 2016 Sold 26 units of IT1 on account to CU1 for $550 per unit including GST, and 29 units of IT2 for $649 per unit including GST. 12 July 2016 CU1 returned 1 unit of IT1 purchased on 10 July and a credit note was issued and settled. 15 July 2016 Sold 5 units of IT2 @ $649 and 12 units of IT1 @ $540 for Cash to CU2, customer paid same day. 17 July 2016 Sold 45 units of IT1 for $550 per unit incl GST and 160 units of IT2 for $650 per unit incl GST to CU1 20 July 2016 Sold 90 units of IT1 @ $560 for cash to CU2, paid today, total sales $50400. 30 July 2016 Sold 110 units of IT2 @ $649 to CU1 Part 6.3 Cash Receipts Enter July 2016 Cash receipt transactions: 3 July 2016 Customer CU2 paid $15,500, the balance of the account as at 30 June. 20 July 2016 Customer CU1, paid $53,071, the balance of the account as at 30 June and the invoice dated 10 July 2016, and the credit note was applied against that invoice. 25 July 2016 Customer CU1 paid $128,750, the balance due on the 17th July 2016 invoice . Part 6.4 Cash Payments Enter cash payments to Suppliers: 10 July 2016 Paid SU1, $29,700, being previous month balance (chq. #10331). 11 July 2016 Paid SU2, $19,000 being amount owing as at 1st July. (chq. #10332) 28 July 2016 Paid SU2 $40,000, being a part payments towards the amount owed (chq. #10334). Part 6.5 Cash Payments Enter cash payments: 16 July 2016 Paid Rent $6,600 incl GST (Chq. #10333). 19 July 2016 Paid Office Supplies $3,300 incl GST (Chq. #10334). 21 July 2016 Paid Telephone $3,520 incl GST (Chq. #10355). Part 6.6 Record journal entries 31 July 2016 Store Equipment is depreciated at 1% of original cost per month – calculate the amount and enter the journal entry (tax code N-T). Save it as recurring. Part 6.7 Accounting reports – to show your work for all of the above: On MYOB: (65 marks) Produce the following accounting Reports for the period of 1st July to 31st July 2016 and save them onto your USB or Desktop (ensure you have selected the correct date period): ▪ Trial Balance as at 1st July 2016 (15 Marks) ▪ Transaction Journal Report of the month of July 2016 (30 marks) ▪ Standard Balance Sheet Report as at 31 July 2016 (10 Marks) ▪ Profit and Loss (Accrual) Report for the month of July 2016 (10 Marks) On Microsoft Excel: (25 marks) • Enter the data of the Balance Sheet report and the P&L Report into the same Excel spread sheet • Calculate using Excel Formulas the following Ratios: (make sure you use cell reference for calculations and not values) 1. Current Ratio 2. Inventory Turnover 3. Average Days in Inventory 4. Debt to Total Assets Ratio 5. Gross Profit Rate On Microsoft word: (5 marks) ▪ .Write a report (200 words maximum) to evaluate the Liquidity, Solvency and Profitability of the business using the ratios you calculated on Excel. On Microsoft PowerPoint: (5 marks) Prepare 1 to 2 slides to present the report you prepared on Word. Use bullet points )J(Make it look pretty  VERY IMPORTANT: ▪ Please upload the following reports and files by clicking on the Assignment link (BAC11 A) (BAC11 A) Assignment2 18T2 Darazi Assessments Moodle.  .

myo file

§  .box file

§  Transaction Journal Report

§  Standard Balance Sheet Report

§  Profit and Loss (Accrual) Report

§  Ratio Analysis on Excel

§  Microsoft Word Report

§  PowerPoint slides

§ ▪ Ensure your name & student number are in the name of all Reports. --- END--- Best of Luck! Fadi



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