Profesional Auditing

ASSIGNMENT BAO5524 PROFESSIONAL AUDITING

Part A

Semester 1, 2016

Background There are two parts to the assignment. The first part requires students to set up an entity’s books in MYOB and process transactions to relevant accounts. The second part requires students to prepare a document for the Audit Manager. Part A You have recently graduated from VU and are now working for a small accounting firm. The firm recently purchases MYOB software for internal use. Upon learning that you had recently completed an accounting degree, the firm’s partner asks you to set up and process a number of transactions into relevant accounts. Required 1. Set up the firm on MYOB. 2. The financial year must be 1 April 2015 to 31 March 2016 3. Process the transactions listed in Part A_MYOB_S12016 into relevant accounts. 4. Print out and submit reports for the year ended 31 March 2016.

Part A No. Task required Details

1 Set up a company Set system date 1/04/2015 Company details: s12016syd (example: Tom sets up a company called Tom Ltd) ABN 32 889 888 887 Address 300 Ballarat Road, Footscray, VIC 3010 Phone (03) 4444 2222 Fax (03) 4444 3333 Email [email protected] (example: [email protected]) Financial year 01/04/2015 to 31/03/2016 Conversion month April No. of accounting periods 13 Industry classification retail Type of business motor vehicle dealership

2 Set up accounts module Edit an account 1-1110 - cheque account, change to cash at bank

3-1100 - Owner's/Sharehldr Capital, change to Shareholder Equity 3-1200 - Owner's/Sharehldr Drawings, change to Drawings 2-1200 Trade Creditors, change to Accounts Payable 1-1200 Trade Debtors, change to Accounts Receivable

3 Delete an account 2-1120 Diners Club, delete this account Entering opening balances 1-1110: $320000; 1-1200: $55000; 2-1310: $5000; 3-1100: $370000.

4 Set up sales module Sales Layout for Invoices Item Credit limit $80,000 Tax code GST Payment method Cheque Payment due In a Given # of Days Balance Due Days 30

5 Set up customer cards MMM, ABN: 32 333 666 567, 5 king street, footscray, VIC 3010, phone: 03 1234 5678, email: [email protected]. Payment method: cheque. Income account: 4-1100. NNN, ABN: 32 456 789 222, 10 queen street, rye, VIC 3011, phone: 03 2345 6789. Payment method: cheque. Income account: 4-1100

Enter a customer's opening balance MMM, invoice no.: 110, date: 26/04/15, Total including tax: $55000, Tax code: GST. 6 Set up purchases module

Purchase layout for invoices Item Supplier credit limit $50,000 Tax code for suppliers GST Payment method Cheque Payment due In a Given # of Days Discount days 0 Balance due 30 % Discount early payment 0

Set up supplier cards OOO, 3 prince street, rein, VIC 3013, phone: 03 9876 5432, ABN: 32 566 778 999, email: [email protected]

PPP, 4 knight street, rhim, VIC 3014, phone: 03 8765 4321, ABN: 32 777 444 321, email: [email protected]

7 Set up inventory module

Enter item profile data Item no. 4401, name: MONDA S1 part, status: buy, sell and inventory, COGS account: 5-4000, Income account: 4-4100, Inventory account: 1-1340, buying unit of measure: each, number of items per buying unit: 1, tax code: GST, minimum level of restocking alert: 5, primary supplier: OOO, supplier item number: 4401, default reorder quantity: 5, base selling price: $250, selling unit of measure: each, number of items per selling unit: 1, tax code: GST.

Item no. 5502, name: MONDA S2 part, status: buy, sell and inventory, COGS account: 5-4000, Income account: 4-4100, Inventory account: 1-1340, buying unit of measure: each, number of items per buying unit: 1, tax code: GST, minimum level of restocking alert: 5, primary supplier: PPP, supplier item number: 5502, default reorder quantity: 5, base selling price: $350, selling unit of measure: each, number of items per selling unit: 1, tax code: GST.

8 Enter transactions

Purchase of inventory Tax invoice: 300, supplier: OOO, description: 10 MONDA S1 parts at $150 each, invoice amount: $1500 (GST exclusive), tax code: GST, date: 3 May 2015.

Purchase of inventory Tax invoice: 123, supplier: PPP, description: 10 MONDA S2 parts at $200 each, invoice amount: $200 (GST exclusive), tax code: GST, date: 4 June 2015.

Sale of goods Tax invoice: 111, order: C101, customer: MMM, description: 1 MONDA S1 part at $250, revenue account: 4-4100, invoice amount: $250 (GST exclusive), tax code: GST, date: 10 July 2015.

Sale of goods Tax invoice: 112, order: D202, customer: NNN, description: 1 MONDA S2 part at $350, revenue account: 4-4100, invoice amount: $350 (GST exclusive), tax code: GST, date: 30 August 2015.

Payment from customer Receipt no.: 1, customer: MMM, ID#: CR001, payment method: cheque, amount: $55000, tax code: GST, date: 6 September 2015.

Service revenue Tax invoice: 113, order: e103, customer: NNN, description: service contract to service NNN's vehicle fleet, revenue account: 4-2400, invoice amount: $5000 (GST exclusive), tax code: GST, date: 30 november 2015.

Expense payment Cheque no. 150, supplier: security services, payee: security services, amount: $2750 (GST inclusive), expense account: 6- 5150, tax code: GST, date: 9 October 2015.

9 Print reports Trial balance - 13th Period 2016 Balance Sheet as of 31 March 2016 Profit and Loss Statement (Accrual) April 2015 - March 2016 Account Transactions (Accrual) 01/04/15 to 31/03/16