Myob Accounting assignment

BACC002- MYOB

CASE STUDY- 2020

2020

➢ LECTURE & TUTORIAL – WEEK 4 WILL GUIDE STUDENTS ON HOW TO COMPLETE THIS CASE STUDY

➢ Linh Do

UTS-INSEARCH |

1

MYOB- ASSIGNMENT BRIEF & KEY INSTRUCTIONS

o You are establishing a business under your name and run this business for a certain period (for a month)- November in the financial year 2020-2021.

o There will be many business transactions happening during this period and you will need to record for those transactions using MYOB program. The list of specific sales & purchase transactions etc. will be provided in this case study (please refer to next pages for more information).

o Firstly: To record for the business transactions in the later steps, you will need to set up your business file, and then some basic accounts needed (such as Cash at Bank, Account Receivable etc.), the products or services that you will be providing to the customers. – The list of basic accounts, products & services and their opening balances are provided in this case study (please refer to next pages (p2/3/4) for more information). In addition, you also need to set up the names of regular customers/suppliers who your business often deals with. This is to make your later recording become easier. This task is called Set-up Step.

o Secondly: After Set-up Step, when you already have all accounts/products/customers/suppliers set up, you then need to record all the business transactions (sales, purchases etc..) based on the list of transactions provided from this case study.

o One of key requirements in this case study: While all transactions relating to Products (sales/purchases etc..) are provided with full details (unit quantities, cost, price.), each student will need to MAKE-UP their own number/amount for the transactions relating to Services. For instance, you will need to think and come up with a reasonable amount of how much you will charge the client for hosting a management meeting (service). This is to ensure that your assignment work is unique and different from others.

o Finally, after completing all required recordings, MYOB can generate different reports for you according to your need. You will need to submit the required reports to Canvas before the end of week 6. Details of the reports & how to submit them are provided in the last page of this case study.

Below are some additional requirements when you perform set-up step:

1. Create a business with the name as following: Your name- Student Number Example: Linhdo-12345

2. Financial Year: 2020-2021

3. You need to put initials of your name and last 2 digits of student number

in front of All customers/suppliers/products in the stage of set-up. Example:

A supplier in a case study is: Coles

The student, Linh Do (12345) will set up this supplier in MYOB as: LD45-Coles

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Your Name- Your ID Business

Trial Balance as at 1st November 2020

Account Debit Credit

Cash at Bank $ 100,000

Petty Cash $ -

Account Receivables $ -

Inventory $ -

Pre-paid insurrance for building $ 1,000

Short term investments $ 17,000

Building $ 28,000

Building accum. depreciation $ -

Land $ 40,000

Furniture $ 1,000

Furniture accumulated depreciation $ -

Motor Vehicles $ 8,000

Motor vehicles accumulated. depreciation $ -

Long term investments $ 5,000 $ -

Account Payables $ - $ -

GST Collected $ -

GST Paid $ -

Bank Loan $ 40,000

Capital ,A $ 80,000

Capital ,B $ 80,000

Food & Beverage Sales Revenue $ -

Services Revenue $ -

Cost of Sales $ -

Catering Expense $ -

Electricity Expense $ -

Depreciation Expense $ -

Insurance Expense $ -

Maintenance Expense $ -

Interest Income $ -

Rental expense $ -

Interest Expense $ -

Total Debit/Credit $200,000 $200,000

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1. Part B – MYOB 1.1. Table of goods and services

No. Type Description Cost price Selling price Comments

PROD01 Item – food Platter of crispy chicken $ 8.00 $ 35.00 -

PROD02 Item – food Platter of prawn crepe $ 10.00 $ 50.00 -

PROD03 Item – food Platter of mixed salad $ 5.00 $ 25.00 -

PROD04 Item – drink Soft drink $ 1.00 $ 5.00 -

PROD05 Item – drink Beer $ 1.50 $ 8.00 -

PROD06 Item – drink Wine $ 10.00 $ 80.00 -

PROD07 Item – drink Champagne $ 15.00 $ 85.00 -

Services

Different services : Venue service, Hire car, Sound& Communication

Service etc...

N/A Resonably set your own price

Service price can vary for different events

2.2 Table of customers

No. Customers Adress ABN

CUS01 Deloitte

225 George Street, Sydney, 2000 NSW Australia 66 001 991 457

CUS02 Vertias Events

7/1 Pacific Highway, North Sydney, 2060 NSW, Australia 45 327 401 363

CUS03 Civeo Corporation 10 Bond Street, Sydney, 2000 NSW Australia 95 402 625 277

CUS04 NSW Department of planning

Level 22, 320 Pitt Street, Sydney, 2000 NSW, Australia 66 001 991 457

CUS05 UTS Business School

14-28 Ultimo Road, Ultimo, 2007 NSW, Australia 88 325 594 435

CUS06 UNSW Business Socity

10 College Road, Kensington, 2052 NSW, Australia 60 004 785 504

CUS07 Cancer Council NSW

153 Dowling Street, Woolloomooloo, 2011 NSW, Australia 15 606 253 696

CUS08 Sydney Theatre Company

4 Hickson Road, Walsh Bay, 2000 NSW, Australia 68 072 667 228

CUS09 Annual Sydney Home Show

10 Devonshire Street, Haymarket, 2000 NSW, Australia 89 083 413 512

CUS10 Vintage Automobiles Exhibition Sydney 2016

101 More Street, Liverpool, 2170 NSW, Australia 81 073 727 198

CUS99 Walk-in Customers To record for the one-off clients (who you might not need to know their names)

Put Initials &

last 2 digits

Put Initials &

last 2 digits

of ID at front

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2.3 Table of suppliers

No. Suppliers Adress ABN

SUP01 Catering Bizz

34-762 Princes Highway, Tempe, 2044 NSW, Australia 89 083 419 504

SUP02 Sydney Sound Service

B/112 Magowar Road, Girraween, 2145 NSW, Australia 81 074 326 442

SUP03 Office Managers Sydney

12 Distribution Place, Seven Hills, 2147 NSW, Australia 66 002 590 690

SUP04 Corporate Party Catering

255 George Street, Sydney, 2000 NSW, Australia 68 073 266 461

SUP05 Liqourland

50-72 Union and Edward Streets, Pyrmont, NSW 2009, Australia 45 327 407 355

SUP06 Red Bottle Chinatown

9-13 Hay Street, Haymarket, 2000 NSW, Australia 88 325 600 427

SUP07 JBHIFI

644 George Street, Sydney, 2000 NSW, Australia 95 402 631 269

SUP08 HAYS

11 Chifley Square, Sydney, 2000 NSW, Australia 60 005 385 281

SUP09 Aussie Farmers Direct

50-54 Clayton Road, Clayton, 3168 Victoria, Australia 15 606 259 688

SUP10 New Zealand Winery

34 Kitchener Street, Martinborough, 5471 New Zealand 66 101 983 683

Put Initials &

last 2 digits

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2.4 Table of purchases

No. Date Description Description

1 1/11/2020 Purchase; Aussie Farmers Direct (SUP09)

Purchase of 2,000 PROD01; 500 PROD02; 4,000 PROD03.

2 1/11/2020 Purchase; New Zealand Winery (SUP10)

Purchase of 5,000 PROD06

3 1/11/2020 Purchase; Red Bottle Chinatown (SUP06)

Purchase of 5,000 PROD04; 2,500 PROD05

4 1/11/2020 Purchase; Liqourland (SUP05) Purchase of 500 PROD06

5 6/11/2020 Purchase; Office Managers Sydney (SUP03)

A meeting for senior manages is hosted by Office Managers Sydney

6 6/11/2020 Purchase; HAYS (SUP08) Staff provided by HAYS for hosting events

7 6/11/2020 Purchase; Corporate Party Catering (SUP04)

Catering services provided by Corporate Party Catering to host an event

8 6/11/2020 Purchase; Catering Bizz (SUP01) Catering services provided by Catering Bizz to host an event

9 8/11/2020 Purchase; Office Managers Sydney (SUP03)

Service provided by Office Managers Sydney to host an event

10 8/11/2020 Purchase; JBHIFI (SUP07) Maintenance provided by JBHIFI for wiring

11 10/11/2020 Purchase; New Zealand Winery (SUP10)

Purchase of 2,700 PROD06

12 10/11/2020 Purchase; Liqourland (SUP05) Purchase of 5,000 PROD06; 4,500 PROD05

13 14/11/2020 Purchase; Sydney Sound Service (SUP02)

Maintenance service provided by Sydney Sound Service

14 15/11/2020 Purchase; HAYS (SUP08) Staff provided by HAYS for hosting events

15 26/11/2020 Purchase; Corporate Party Catering (SUP04)

Catering services provided by Corporate Party Catering to host an event

16 27/11/2020 Purchase; Aussie Farmers Direct (SUP09)

Purchase of 5,000 PROD01; 4,000 PROD02; 3,000 PROD03; 6,000 PROD04

17 27/11/2020 Purchase; New Zealand Winery (SUP10)

Purchase of 5,000 PROD06; 4,000 PROD07

18 29/11/2020 Purchase; Red Bottle Chinatown (SUP06)

Purchase of 4800 PROD04; 2500 PROD05; 1250 PROD06

19 29/11/2020 Purchase; Corporate Party Catering (SUP04)

Catering services provided by Corporate Party Catering to host an event

20 29/11/2020 Purchase; HAYS (SUP08) Staff provided by HAYS for hosting events

2.5 Table of sales

No. Date Description Description

1 2/11/2020 Sale; Deloitte (CUS01) Event hosted: Venue hire and hire car services provided

1 2/11/2020 Sale; Deloitte (CUS01) Catering for hosted event: Sold 250 PROD01; 350 PROD02, 500 PROD04; 100 PROD05, 50 PROD06

2 3/11/2020 Sale; Sydney Theatre Company (CUS08)

Event hosted: Venue hire service provided

2 3/11/2020 Sale; Sydney Theatre Company (CUS08)

Catering for hosted event: Sold 150 PROD02; 50 PROD04; 50 PROD05

3 3/11/2020 Sale; UTS Business School (CUS05)

Event hosted: Venue hire, as well as sound and communication services provided

4 5/11/2020 Sale; Vertias Events (CUS02) Event hosted: Large hall hire service provided

4 5/11/2020 Sale; Vertias Events (CUS02) Catering for hosted event: Sold 600 PROD01; 500 PROD02; 200 PROD03; 300 PROD04; 200 PROD05; 500 PROD06

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5 7/11/2020 Sale; CASH SALES (CUS99) Cash sale: Venue hire for walk-in customer

6 7/11/2020 Sale; Vertias Events (CUS02) Event hosted: Large hall hire service provided

6 7/11/2020 Sale; Vertias Events (CUS02) Catering for hosted event: Sold 200 PROD01; 800 PROD02; 500 PROD03; 1000 PROD04, 500 PROD05; 500 PROD06

7 7/11/2020 Sale; NSW Department of Planning (CUS04)

Event hosted: Large venue hire and hire car services provided

7 7/11/2020 Sale; NSW Department of Planning (CUS04)

Catering for hosted event: Sold 500 PROD01; 150 PROD02; 500 PROD04; 500 PROD05; 2,000 PROD06

8 9/11/2020 Sale; Vintage Automobiles Exhibition Sydney (CUS10)

Event hosted: Large hall hire, as well as sound and communication services provided

9 9/11/2020 Sale; Civeo Corporation (CUS03)

Event hosted: Venue hire service provided

9 9/11/2020 Sale; Civeo Corporation (CUS03)

Catering for hosted event: Sold 150 PROD01; 100 PROD05; 10 PROD06

10 9/11/2020 Sale; Cancer Council NSW (CUS07)

Event hosted: Venue hire, as well as sound and communication services provided

11 11/11/2020 Sale; Deloitte (CUS01) Event hosted: Venue hire and hire car services provided

11 11/11/2020 Sale; Deloitte (CUS01) Catering for hosted event: Sold 800 PROD01; 100 PROD02; 700 PROD04; 250 PROD05; 500 PROD06

12 11/11/2020 Sale; Sydney Theatre Company (CUS08)

Event hosted: Venue hire, as well as sound and communication services provided

13 15/11/2020 Sale; NSW Department of Planning (CUS04)

Event hosted: Large venue hire services provided

13 15/11/2020 Sale; NSW Department of Planning (CUS04)

Catering for hosted event: Sold 200 PROD01; 100 PROD03; 200 PROD04; 125 PROD05

14 16/11/2020 Sale; Annual Sydney Home Show (CUS09)

Event hosted: Large trade hall hire and hire car services provided

15 27/11/2020 Sale; CASH SALES (CUS99) Cash sale: Venue hire and hire care services provided for walk-in customer

16 28/11/2020 Sale; Cancer Council NSW (CUS07)

Fund raising event hosted: Venue hire service provided

16 28/11/2020 Sale; Cancer Council NSW (CUS07)

Catering for hosted event: Sold 100 PROD01; 100 PROD02; 100 PROD03

17 28/11/2020 Sale; Deloitte (CUS01) Event hosted: Large venue hire, car hire, sound equipment hire services provided

17 28/11/2020 Sale; Deloitte (CUS01) Catering for hosted event: Sold 200 PROD01; 300 PROD04; 130 PROD06; 125 PROD07

18 30/11/2020 Sale; NSW Department of Planning (CUS04)

Event hosted: Large venue hire services provided

18 30/11/2020 Sale; NSW Department of Planning (CUS04)

Catering for hosted event: Sold 250 PROD02; 150 PROD03; 50 PROD07; 40 PROD05; 66 PROD04

19 30/11/2020 Sale; UNSW Business Society (CUS06)

Ball hosted: Venue hire services provided

19 30/11/2020 Sale; UNSW Business Society (CUS06)

Catering for hosted event: Sold 50 PROD02; 200 PROD04; 130 PROD05; 50 PROD06; 30 PROD07

20 30/11/2020 Sale; Cancer Council NSW (CUS07)

Fundraiser hosted: Venue hire services provided

20 30/11/2020 Sale; Cancer Council NSW (CUS07)

Catering for hosted event: Sold 40 PROD01; 100 PROD02; 50 PROD03

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2.6 Table of cash disbursements

No. Date Description

1 2/11/2020 Paid $5,000 to reduce Bank Loan

2 2/11/2020 Liquor land - paid for the purchase on 1/11/2020

3 2/11/2020 Aussie Farmers Direct – paid in full for the purchase on 1/11/2020

4 7/11/2020 New Zealand Winery – paid in full for the purchase on 1/11/2020

5 11/11/2020 HAYS – made a payment to clear entire owing balance up to the date

6 15/11/2020 Established a petty cash of $500

7 15/11/2020 Liquor land - paid in full for the purchase on 10/11/2020

8 15/11/2020 New Zealand Winery - paid in full for purchases on 10/11/2020

9 20/11/2020 JBHIFI – made a payment to clear entire owing balance up to the date

10 22/11/2020 Office Managers Sydney - paid in full for purchases on 6/11/2020 & 8/11/2020

11 24/11/2020 Catering Bizz - paid in full for purchase on 6/11/2020

12 28/11/2020 Aussie Farmers Direct - paid in full for the purchase on 27/11/2020

13 29/11/2020 Red Bottle Chinatown - paid in full for the purchase on 29/11/2020

14 30/11/2020 Paid $1,000 for electricity bill for November 2020

15 30/11/2020 HAYS - paid in full for the purchase on 15/11/2020

16 30/11/2020 Paid $1,500 for interest charged on bank loan for November 2020

2.7 Table of cash receipts

No. Date Description

1 3/11/2020 A new bank loan is received from CBA for $ 15,000

2 7/11/2020 Received a full payment from Deloitte for the sale on 2/11/2020

3 11/11/2020 Received a full payment from UTS Business School for the sale on 3/11/2020

4 14/11/2020 Sublease income from the building rental received for $50,000

5 15/11/2020 Received in full from Sydney Theatre Company for sales on 3/11/20 &11/11/2020

6 15/11/2020 Received a full payment from Vertias Events for the sale on 5/11/2020

7 20/11/2020 Received a full payment from Vertias Events for the sale on 7/11/2020

8 22/11/2020 Received a full payment from Civeo Corporation for the sale on 9/11/2020

9 22/11/2020 Received a full payment from Cancer Council NSW for the sale on 9/11/2020

10 28/11/2020 Received a full payment from Annual Sydney Home Show for the sale on 16/11/20

11 30/11/2020 Received a full payment from NSW Department of Planning for sales on 7/11/2020 and 15/11/2020

12 30/11/2020 Received $8,500 interest income from Investments (Long-term & Short-term)

2.8 Table of General Journal entries

No. Date Description

1 30/11/2020 Depreciation Furniture for November 2020 - $280

2 30/11/2020 Depreciation Building for November 2020- $5,000

3 30/11/2020 Depreciation Motor Vehicles for November 2020 - $3,000

4 30/11/2020 Pre-paid insurance one month used up - $1,000

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MYOB SUBMISSION ON CANVAS- END OF WEEK 6

After the completion of recording, you are required to submit onto Canvas those

reports from MYOB before the end of Week 6:

• General Journal Transaction Journal for the period of business operation

printed from MYOB

• Sales and Receivable Transaction Journal for the period of business

operation from MYOB

• Purchase and Payable Transaction Journal for the period of business

operation printed from MYOB

• Cash Disbursement Transaction Journals

• Cash Receipts Transaction Journals

• Standard Balance Sheet for the period of business operation.

• Profit and Loss Statement (Accrual) for the period of business operation.

➢ Hints: Students should save all the MYOB reports required as PDF files first and then combined all of

them in one Single Word or PDF file (either by Scanning them or using Snipping Tool)

➢ Finally, students only need to submit ONE file showing all the required reports.

MYOB SKILLS BEING ASSESSED IN YOUR TUTORIAL - WEEK 7 • Each student will be assessed on your MYOB Skills in 5 mins.

• Your tutor will ask few questions/transactions selected randomly from the

case study which you should have completed them already in Week 6.

• For example: Your tutor might ask “please show me how to record the

purchase transaction occurred on 1st November 2020 in the case study.”

• You then need to Share your computer screen with the MYOB/business

file opened, and demonstrate all necessary steps on how to record this

purchase transaction.

We wish you all the best for your MYOB Assessment !