QUEENSLAND UNIVERSITY OF TECHNOLOGY
QUT Business School
School of Accountancy
AYB221 Accounting Systems & Technologies
SEMESTER 2 2014
MYOB Assignment
(Weighting Total – 20%)
Due: 24 September, 2014 at 8pm
Submission: Electronic assignment submission via Blackboard under Assessment & Assignment Minder, both before due date.
Type: Individual
Length: See Submission requirements below This assessment item assesses the following learning outcomes:
Have knowledge and skills pertinent to a particular discipline (KS)
1.2 Incorporate the use of technology appropriate to the discipline and context
This assignment is an individual assignment.
This means that you cannot collaborate with anyone in
any way in
the completion of the MYOB workbook and this assignment.
Submission Requirements:
1. Your final MYOB data file uploaded into the AYB221 Blackboard site via the electronic assignment submission process, and
2. Various MYOB reports and the MYOB assignment criteria sheet submitted through Assignment Minder.
** Please see page 7 of this document for full details regarding all documents required **
Academic staff will not discuss or provide assistance with this assignment in any manner.
The total assignment
will be marked out of 20 and
is worth 20%.
Late Assessment and Extensions
Assessment submitted after the
due date & time without an approved extension will not be marked and will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. If you don’t have an approved extension you should submit the work you have completed by the due date and it will be marked against the assessment criteria.
The Assignment
You will use your MYOB data file from the end of the MYOB Workbook to enter further transactions and some month end balance day adjustments for e Generation. You will then be requested to
produce various financial reports as at the end of
February 2015
.
You
should not
commence this assignment until you
have reviewed and confirmed that your
End of Workbook
file is correct. Any errors carried over into the assignment from the various textbook exercises will be penalised accordingly.
The
fundamental basis of this assignment is the accuracy of accounting information, in particular, the entry of the correct $ amounts to the correct debit and the correct credit accounts for each transaction. The marking for this assignment will be based on the accuracy of the accounting information contained in your submission.
The marking of this MYOB Assignment is based on this real world expectation. Please see the criteria sheet for further details regarding the marking process.
If in the processing of any of these transactions you make an error and you then correct that error so that the year to date balances are correct, then there will be no penalty. Errors also occur in practice and are tolerated if corrected appropriately.
Transactions – February 2015 Transactions for e Generation for the month of February 2015 are detailed below. Buying and selling prices for inventory items and freight charges do not include GST (add the GST) unless otherwise stated. Accept the next purchase order and invoice number displayed.
Date | Transaction | ||
2015 Feb |
1 | Reverse wages & salaries accrued at the end of January ($300.00). | |
2 | Received a cheque for $10403.25 from Pickwick & Partners CPA which has not yet been banked. | ||
2 | Sent a purchase order to Manx Ltd for: 10 x Blueberry Playbook (BBP) @ $360.00 each 20 x Blueberry Smartphone (BBS) @ $270.00 each. |
||
3 | Received the rent bill (invoice # ER2/15) of $1320.00 including GST, from Glenelg Realty and paid (cheque # 1222). | ||
3 | Received a cheque for $869.00 from Seaview Medical Practice which has not yet been banked. | ||
4 | Received all the items ordered from Manx Ltd on 30/01/15 together with their invoice # 7020 for $5984.00 including GST. The price charged for the Blueberry Smartphones was $270.00 each, and a freight charge of $40.00 was added. | ||
4 | Credit sale to Glenview High School (PO # GHS16029) of 10 x ePad at a special price of $450.00 each. | ||
5 | Deposited $11547.25 in the Bank of Adelaide cheque account. | ||
6 | Cash sale of 1 x Blueberry Playbook (BBP) and 1 x Smart Cover Plastic (SCP). The customer paid by EFTPOS. | ||
6 | Wrote cheque # 1223 to Emma Tomlinson for $602.00, to pay net wages (Gross wages $650 and PAYG Withholding $48). | ||
9 | Paid $223.85 to Australian Super with cheque # 1224 for superannuation payable to date. | ||
10 | Cash received from sales of the following items (all prices include GST) was banked today. 2 x EPU ePad Camera USB @ $22.00 each 3 x EPS ePod Shuttle @ $55.00 each 1 x BBC Blueberry Charger @ $66.00 each 2 x EAR Earphones @ $22.00 each |
||
11 | Received a bill (invoice # 123990) from Express Deliveries ABN 32 123 990 666 for $296.00 including GST for deliveries to customers. (Easy add and use the service layout) |
Date | Transaction | ||
Feb | 12 | Purchased staff amenities (tea, milk & biscuits) from Glenelg Supermarket for $22.50. The biscuits were $7.50 including GST the other items (tea & milk) were GST free. This was paid from petty cash. | |
13 | Received all the items ordered from Manx Ltd together with their invoice # 7022 for $9955.00 including GST. The invoice included a freight charge of $55.00 including GST . | ||
16 | Cashed cheque # 1225 for $2500.00 to reimburse petty cash (imprest[1] amount $100) with the remainder for the owners drawings. | ||
17 | Sent cheque # 1226 for $9548.00 to Visual Corporation in payment of the amount owing to them. | ||
18 | Credit sale on terms of net 7 days to Seaside Art Gallery, 29 Marine Terrace, Glenelg SA 5045 (PO # 3373) of: 8 x ePad (EPD) 8 x Smart Cover Leather (SCL) 8 x ePad Power Adapter (EPA) |
||
20 | Wrote cheque # 1227 to Emma Tomlinson for $500.00, to pay net wages (Gross wages $545 and PAYG Withholding $45). | ||
20 | Paid Manx Ltd with cheque # 1228, the amount owing to them, less prompt payment discount where applicable. | ||
23 | Seaside Art Gallery have returned 3 x EPA after discovering that they were not required. Prepare and send them an adjustment note for these items[2]. | ||
24 | Received and banked a cheque for $6875.00 from Mt Gilmore Mining Corp. | ||
25 | Credit sale to Mt Gilmore Mining Corp (PO # 19103) of 10 x Blueberry Smartphone (BBS) @ $310.00 each. Add a freight charge of $40.00. | ||
26 | Received the electricity bill from Eagle Power for $692.80 including GST. This was paid today with cheque # 1229. | ||
27 | Glenelg Glass repaired a broken window in the shop. Their invoice #7966 for $396.00 including GST was paid today with cheque # 1230. | ||
28 | Cash sales (including GST) for: 1 x ePod Classic (EPC) @ $297.00 each 2 x ePod Shuttle @ $55.00 each were paid by EFTPOS. |
Record end of month general journal entries (no GST in these transactions unless stated) | |||
Date | Transaction | ||
2015 | |||
Feb | 28 | Prepaid insurance consumed for the month is $300.00. | |
Wages payable at the end of the month are $280.00. | |||
Record the amount of superannuation payable for the month: $110.55. | |||
Record depreciation & amortisation expense for the month.
|
|||
Interest charged on the bank loan for the month was $113.50 (GST free) |
The Bank of Adelaide cheque account statement for February is shown below. Record any missing transactions and prepare a bank reconciliation statement.
Bank of Adelaide | |||||||
ABN 25 289 475 123 | |||||||
e Generation | BSB No: | 610 110 | |||||
720 Anzac Highway | Account No: | 346790 | |||||
Glenelg SA 5045 | Page: | 1 of 1 | |||||
Statement Date: | 28 February 2015 | ||||||
Debit | Credit | Balance | |||||
1/02/15 | Opening balance | 33 907.66 Cr | |||||
2/02/15 | Bank fees | 9.70 | |||||
Cheque 1220 | 12 390.00 | 21 507.96 Cr | |||||
5/02/15 | Deposit | 11 547.25 | |||||
Cheque 1222 | 1 320.00 | 31 735.21 Cr | |||||
6/02/15 | Deposit | 610.50 | |||||
Cheque 1223 | 602.00 | 31 743.71 Cr | |||||
10/02/15 | Deposit | 319.00 | |||||
Cheque 1224 | 223.85 | 31 838.86 Cr | |||||
16/02/15 | Cheque 1225 | 2 500.00 | 29 338.86 Cr | ||||
20/02/15 | Cheque 1227 | 500.00 | 28 838.86 Cr | ||||
23/02/15 | Cheque 1228 | 15 739.90 | 13 098.96 Cr | ||||
24/02/15 | Deposit | 6 875.00 | 19 973.96 Cr | ||||
26/02/15 | Cheque 1226 | 9 548.00 | 10 425.96 Cr | ||||
27/02/15 | Cheque 1229 | 692.80 | |||||
Loan Repayment | 1 000.00 | 8 733.16 Cr | |||||
Record the transactions for February and prepare the end of month bank reconciliation.
MYOB Assignment – Assignment Submission Processes:
You are required to
submit the following before 8pm on 24 September 2014
Step #1
: A copy of your final MYOB data file through the Electronic Assignment Submission process on the AYB221 Blackboard site.
When you upload this file at the submission point you will be agreeing that:
The file submitted is your own work and that you have not colluded or collaborated in the completion of this assignment, nor have you provided any material or assistance in the completion of another’s assignment.
Th
is file should be the
final .MYO
data file
that represents the reports that you are
submit
t
ing
for this assignment
.
Please note that you will be penalised for a submitting an incorrect file and also penalised if you do not submit a file at all.
Step #2
: The various documents listed below through the Assignment Minder System:
- The following reports as at 28 February 2015 in the order specified below, all stapled together in the top left hand corner:
- Trial Balance (do not print zero balances or account numbers)
- Audit Report from 1/1/2010 until 1/12/2015
Select Reportsè Accountsè Audit Trailè Audit Trail Report è and select Customise to enter the date range è Print
- Reconciliation Report for ONLY the bank account
- Aged Receivables (Detail report)
- Aged Payables (Detail report)
- Balance Sheet (Standard report)
- Profit & Loss report for the month of February 2015 including year to date figures
Please note that you if you do not submit any of the above reports or they are not stapled in the correct order, your assignment will be considered incomplete and you will be penalised accordingly.
You will receive zero marks if you don’t submit the audit report, or if the audit was not turned on at the start of the workbook or has been turned off at any time or you don’t do the complete assignment under your MYOB User Id. You will also receive zero marks if you don’t submit your .MYO file electronically
Submission of plagiarised reports and/or contributed to the plagiarism of another student will be considered academic misconduct and reported accordingly to the university.
- The MYOB Assignment Assessment Criteria Sheet which is available from the MYOB Assignment folder on the AYB221 Blackboard site.
Students will need to write their name and student number in the space provided at the top of this document and staple this sheet to the front of the MYOB reports.
Hints to maximise your assignment mark
A good check is to do a session report every time you exit MYOB and then compare the journals in the session report with the transaction list on Page 3&4 of this document.
OR if you really want to be sure, do the full assignment manually and compare with the MYOB reports and identify and fix mistakes.
Make Sure:
- All of the Dr and Cr balances in the Trial Balance are on the correct side, ie Assets Dr balance, Liabilities Cr balance, etc. and they look reasonable.
- The Bank Reconciliation process has been fully completed and that it correctly summarises the Cash at Bank ledger balance, all relevant reconciliation adjustments, and that the calculated “Expected Balance on Statement” actually matches the Ending Balance on the Bank Statement.
[1] Imprest means bring the Petty Cash balance up to $100 [2] The sales return is a similar approach to the purchase return
Attachments: