Bella has a lot of information for you to sort through to get her systems ready. She has provided these to you on the following pages.

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1 Assessment event 1 Instructions 1. Read the scenario provided. 2. Conduct your research to satisfy the requirements of the scenario and each task. 3. Complete your entries / answers for each task. 4. Upload your completed documents to the assessment area for this unit. Scenario Bella s Bobs Hair Salon provides hairdressing services to clients, as well as selling specialised hair products such as shampoos, hair treatments, styling products to both clients and the general public. You have just been contracted by Bella s Bobs Hair Salon as their bookkeeper. Bella has been keeping manual books and thinks a computerised accounting system would be easier to manage and produce reports. Task Bella has a lot of information for you to sort through to get her systems ready. She has provided these to you on the following pages. You will need to use the same data to create two different report formats 1 of this information: a) 1 x Excel spreadsheet version using this template b) 1 x version in your preferred accounting software (such as Reckon One, MYOB, or other). You will need to submit a portfolio of reports from your software) 1 This event requires to process the same data in two formats; 1 x Excel version, and one in your chosen accounting software package. (For example Reckon One, MYOB, or OTHER). This is not standard accounting practice but is necessary for this event to demonstrate your understanding of the underpinning knowledge and processes. IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 1 of 32

2 Spreadsheet reports In the Excel template the following tabs should be completed: 1) Credit Purchases Journal 2) Credit Sales Journal 3) Cash Payments Journal 4) Cash Receipts Journal 5) Petty Cash Journal 6) T-Accounts 7) Sub Ledgers AP 8) Sub Ledgers AR 9) Unadjusted Trial Balance 10) Profit and Loss 11) Balance Sheet 12) Inventory Counts 13) General journal 14) Worksheet 15) Asset Register Accounting software reports The accounting software reports should be submitted in PDF format and include: May Reports 1) Trial Balance 2) Balance Sheet 3) Profit and Loss 4) Supplier Ledger 5) Customer Ledger 6) Reconciliation Report June Reports 1) Trial Balance 2) Balance Sheet 3) Profit and Loss 4) Supplier Ledger 5) Customer Ledger 6) Reconciliation Report Refer to the following information to complete each report format. Ensure that your completed documents meet the marking criteria as detailed in the Unit Assessment guide. IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 2 of 32

3 Task 1. Create company file and alter Chart of Accounts Table 1 - Company file information Company information Bella s Bobs Your Name 934 Peel Street FORSTER NSW 2428 Phone: Fax: bella@ .com.au ABN: Financial Year: 20CY Conversion Month: April 12 accounting periods Type of Business - Hairdressing IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 3 of 32

4 Table 2 - Chart of Accounts data Ensure that you have the following accounts set up: Account Bank Account Petty Cash Un-deposited Funds Accounts Receivable Prov'n for Doubtful Debts Inventory Prepaid Insurance Fixtures and Fittings at Cost Fixtures and fittings Accumulated Depreciation Furniture at Cost Furniture Accumulated Depreciation Motor Vehicles at Cost Motor Vehicles Accumulated Depreciation Office Equipment at Cost Office Equipment Accumulated Depreciation Accounts Payable Payroll Accruals Payable GST Liabilities (May be separated into two accounts) Loan PAYG Withheld Capital Drawings Ladies Cut Men's Cut Childern's Cuts Semi Perm Colour Perm Colour Foils Semi Formal Formal Bridal Hair Products Novelty Items Freight Collected Purchases Discounts Given Insurance Expense Doubtful Debt Expense Bad Debt Expense Type Current Asset Current Asset Current Asset Current Asset Current Asset (Contra) Current Asset Current Asset Fixed Asset Fixed Asset (Contra) Fixed Asset Fixed Asset (Contra) Fixed Asset Fixed Asset (Contra) Fixed Asset Fixed Asset (Contra) Liability Liability Liability Liability Liability Owner s Equity Owner s Equity (Contra) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Cost of Goods Sold Cost of Goods Sold Expense Expense Expense IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 4 of 32

5 Depreciation Expense Vehicle Expense Office/Salon Supplies Bank Fees Freight Marketing Equipment <$1,000 Rent Rates Telephone Water Employment Expenses Wages Discount Taken Interest Earned Interest Paid Profit or Loss on Sale of Asset Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Other Income Other Income Other Expense Other Expense IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 5 of 32

6 Task 2. Create inventory items Table 3 - Products Product code Account name Selling price Account 101 Hairy Shampoo $ Purchases 102 Hairy Conditioner $ Purchases 103 Hairy Treatment $ Purchases 201 Normal Hair Spray $ Purchases 202 Flexible Hair Spray $ Purchases 203 Hair Wax $ Purchases 301 Wattle Shampoo $ Purchases 302 Wattle Conditioner $ Purchases 303 Wattle Hair Treatment $ Purchases 304 Wattle Highlights $ Purchases ** Amounts inclusive of GST Table 4 - Services Product code Account name Selling price Account 500 Ladies Cuts $ Ladies Cuts 501 Men s Cuts $ Men s Cuts 502 Children s Cuts $ Children s Cuts Permanent Colour $ Semi-Permanent Colour $ Permanent Colours Semi-Permanent Colours 505 Foils $ Foils 506 Semi-Formal Style $ Semi-Formal 507 Formal Style $ Formal 508 Bridal Style $ Bridal ** Amounts inclusive of GST IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 6 of 32

7 Task 3. Set up customer and supplier cards Create the following supplier and customer cards. Table 5 - Supplier card information Supplier No. Supplier Name Address Phone ABN S1000 Cash Purchases S1001 Colour Solutions 559 Peel Street TAMWORTH NSW 2340 S1002 Curly Equipment 765 Green Ave LIVERPOOL NSW 2170 S1003 Hair Solutions 557 Peel Street TAMWORTH NSW 2340 S1004 Hairy Business 866 Pacific Hwy NEWCASTLE NSW 2300 S1005 Wattle Hairess 869 Balo Street MOREE NSW Not Registered for GST (GNR) No Discount S2000 Telstra S2001 Origin Energy S2002 AAMI Insurance S2003 Barrys Fuels Pty Ltd S2004 Tamworth Regional Council S1000 Cash Purchases S2005 Specialist Shampoo Table 6 - Customer card information Custome r No. Customer Name Address Phone / Other C5001 Brittany s B & B 875 Carpet Street WALLABADAH NSW 2343 C5002 Suzy s Supermodels 50 Merriwa Road DURI NSW 2344 C5003 Golden Oldies Retirement Homes 987 George Street TAMWORTH NSW 2340 C5004 Beautiful Day Spa 865 New England Hwy SCONE NSW 2337 C5005 Natural Beauty 887 Kowhatu Road AUCKLAND NEW ZEALAND C5006 Holly Wilson 458 George Street TAMWORTH NSW 2310 C7004 Cash Sales / bds@bigpond.com suzysmodels@optus.com golden@dodo.com Default Tax Code for Natural Beauty should be EXP since they are a New Zealand business ABN: IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 7 of 32

8 Task 4. Enter the Opening Balances Table 7 Opening balances Account name Debit Credit Cheque Account 50, Accounts Receivable 4, Inventory 1, Prepaid Insurance 300 Fixtures and Fittings at Cost 15, Fixtures and Fittings Accum Depn 3, Furniture At Cost 7, Furniture Accum Depn 3, Motor Vehicles at Cost 50, Motor Vehicles Accum Depn 24, Office Equipment at Cost 10, Office Equipment Accum Depn 2, Accounts Payable 1, Mortgage 74, Capital Isabella Robson 40, Ladies Cuts 30, Men s Cuts 10, Children s Cuts 10, Permanent Colours 9, Semi-Permanent Colours 4, Foils 8, Semi-Formal 3, Formal 6, Bridal 4, Sales Hair Products 15, Novelty Items 970 Freight Collected 900 Purchases 33, Equipment <$1,000 3, Rent 20, Office/Salon Supplies 2, Wages & Salaries 57, , , Enter the following Customer/Supplier Opening Balances. IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 8 of 32

9 Table 8 Customer opening balances Customer Opening Balances Suzy s Supermodels 10/4/20CY Invoice $980 24/4/20CY Invoice $320 Brittany s B & B 5/4/20CY Invoice $700 Natural Beauty 20/4/20CY Inv $2,200 Their Tax Code needs to be Export Tax Code as they are located in New Zealand Table 9 Supplier opening balances Supplier Opening Balances Colour Solutions 14/4/20CY Invoice $400 28/4/20CY Invoice $550 Hair Solutions 19/4/20CY Invoice $350 IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 9 of 32

10 Task 5. Enter Accounts Payable transactions for May Credit Purchases Colour Solutions 559 Peel Street TAMWORTH NSW 2340 ABN: Phone: Tax Invoice 159 Fax: Date 2/5/20CY Colour & Bleach Powder Fire Red $ $ Colour & Bleach Powder Golden Blonde $ $ Supa Blanc White Bleach Tub 500g $ $ Semi Colour Brown $ $ Semi Colour Chocolate $ $ Permanent Colour Ash Blonde $ $ Total $ GST Included $ Code to Office/Salon Supplies (not for resale) Curly Equipment 765 Green Avenue LIVERPOOL NSW 2170 ABN: NOT REGISTERED FOR GST Phone: Invoice 1847 Fax: Date 5/5/20CY Plastic Spray Bottle $ $ Comb Set 6 pce $ $ Standard Black Cape $ $ Digital Timer $ $ Subtotal $ Freight $ Invoice Total $ Code to Office/Salon Supplies (not for resale) IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 10 of 32

11 Hair Solutions 557 Peel Street TAMWORTH NSW 2340 ABN: Phone: Tax Invoice 3593 Fax: Date 19/5/20CY Solutions Hair Spray Extra Strong $ $ Solutions Hair Spray Flexible $ $ Solutions Hair Wax $ $ Subtotal $ Freight $ Invoice Total $ GST Included $ Code to Office/Salon Supplies (not for resale) Specialist Shampoo 12 Caribbean Street INVERELL NSW 2360 ABN: Phone: Tax Invoice 112 Fax: Date 24/5/20CY Moisturising Shampoo $ $ Moisturising Conditioner $ $ Moisturising Treatment $ $ Subtotal $ Freight $ Invoice Total $ GST Included $ Code to Office/Salon Supplies (not for resale) IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 11 of 32

12 Task 6. Enter cash transactions for May Cash payments Cash Payment Cash Payment Cash Payment Date 1/5/CY Date 1/5/CY Date 6/5/CY Details Details Details Start Petty Cash Account Loan Repayment TNT Freight Mortgage CCU Delivery of goods from Colour Interest Portion $71.83 Solutions, including GST Cash $ Cash $2, Cash $57.00 Cash Payment Cash Payment Cash Payment Date 8/5/CY Date 10/5/CY Date 13/5/CY Details Details Details Loan Repayment Payroll Colour Solutions Mortgage CCU Gross Wages $550, Tax Invoice 159 Interest Portion $69.97 PAYG $50 Cash $2, Cash $ Cash $ Cash Payment Cash Payment Cash Payment Date 13/5/CY Date 15/5/CY Date 17/5/CY Details Details Details Curly Equipment Loan Repayment Payroll Tax Invoice 1847 Mortgage CCU Gross Wages $500, PAYG $50 Interest Portion $68.12 Cash $ Cash $2, Cash $ Cash Payment Cash Payment Cash Payment Date 19/5/CY Date 19/5/CY Date 22/5/CY Details Details Details Tamworth Mechanical Repairs Car Service inc GST Tamworth Marketing Enterprises Advertising Campaign inc GST Loan Repayment Mortgage CCU Interest Portion $66.26 Cash $ Cash 330 Cash $2, IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 12 of 32

13 Cash Payment Cash Payment Cash Payment Date 24/5/CY Date 29/5/CY Date 30/5/CY Details Details Details Hair Solutions Loan Repayment Specialist Shampoo Tax Invoice 3593 Mortgage CCU Tax Invoice 112 Interest Portion $64.40 Cash $ Cash $2, Cash $ Cash receipts Date: 1/5/20CY Qty Price Total Date: 6/5/20CY Qty Price Total Ladies Cuts 13 $ $ Ladies Cuts 7 $ $ Men s Cuts 5 $ $ Men s Cuts 3 $ $ Children s Cuts 15 $ $ Children s Cuts 9 $ $ Foils 4 $ $ Foils 6 $ $ Perm Colour 6 $ $ Hairy Shampoo 4 $ $ Hairy Conditioner 4 $ $ TOTAL $ 1, TOTAL $ 1, Includes GST $ Includes GST $ Date: 7/5/20CY Qty Price Total Date: 8/5/20CY Qty Price Total Ladies Cuts 3 $ $ Ladies Cuts 11 $ $ Children s Cuts 4 $ $ Men s Cuts 3 $ $ Semi-Formal 6 $ $ Semi Perm Colour 4 $ $ Formal 6 $ $ Foils 3 $ $ Hair Wax 4 $ $ Formal 2 $ $ TOTAL $ 1, TOTAL $ 1, Includes GST $ Includes GST $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 13 of 32

14 Date: 9/5/20CY Qty Price Total Date: 10/5/20CY Qty Price Total Ladies Cuts 11 $ $ Ladies Cuts 9 $ $ Children s Cuts 2 $ $ Men s Cuts 4 $ $ Perm Colour 4 $ $ Semi Perm Colour 3 $ $ Foils 4 $ $ Foils 3 $ $ Hairy Shampoo 7 $ $ Formal 3 $ $ Hairy Conditioner 7 $ $ TOTAL $ 1, TOTAL $ 1, Includes GST $ Includes GST $ Date: 19/5/20CY Qty Price Total Date: 20/5/20CY Qty Price Total Ladies Cuts 8 $ $ Ladies Cuts 2 $ $ Children s Cuts 12 $ $ Men s Cuts 3 $ $ Perm Colour 4 $ $ Children s Cuts 4 $ $ Hairy Shampoo 2 $ $ Foils 4 $ $ Hairy Conditioner 2 $ $ Perm Colour 1 $ $ TOTAL $ TOTAL $ Includes GST $ Includes GST $ Date: 21/5/20CY Qty Price Total Date: 31/5/20CY Qty Price Total Ladies Cuts 11 $ $ Ladies Cuts 11 $ $ Children s Cuts 3 $ $ Men s Cuts 4 $ $ Semi-Formal 3 $ $ Children s Cuts 10 $ $ Formal 4 $ $ Foils 1 $ $ Hairy Shampoo 4 $ $ Perm Colour 1 $ $ Hairy Conditioner 4 $ $ TOTAL $ 1, TOTAL $ Includes GST $ Includes GST $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 14 of 32

15 Task 7. Record General Ledger entries Complete the following transaction in the Excel template and your accounting software. 1 On May 1 Transfer all inventory from Inventory to Purchases. (Hint Use General Journal Tab in excel) 2 On May 31 Record Payroll Accrual of $200 for wages incurred but not yet paid. (Hint Use General Journal Tab in excel) 3 On May 31 Enter the May instalment of the Prepaid Insurance ($150). (Hint Use General Journal Tab in excel) 4 Bella s Bobs would like to depreciate their Assets Monthly using the Prime Cost Method. For each of the Tasks in the table below, complete the following: a. Enter the monthly depreciation journal entry. (Hint Use General Journal Tab in excel) b. In Excel ONLY - Prepare an asset register for each Asset (Asset Register Tab). Task Cost Depreciate monthly over Fixtures and Fittings $15, years Furniture $7,500 5 years Motor Vehicle $50,000 8 years Office Equipment $10,000 5 years * (round up to the nearest dollar) 5 May 22 Isabella Robson took drawing of $2, (In Excel enter this into the Cash Payments Journal) Task 8. Perform Bank reconciliation Perform a Bank Reconciliation based on the following statement: IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 15 of 32

16 Table 10 Statement of Account Community Credit Union Bella s Bobs Statement of Account for May 20CY Date Details Withdrawals Deposits Balance 1 Statement Opening Balance 50, CR Withdrawal - Cash , CR Withdrawal - CCU Mortgage 2, , CR 2 Deposit 1, , CR 6 Withdrawal - TNT Freight , CR 7 Deposit 1, , CR 8 Deposit 1, , CR Withdrawal - CCU Mortgage 2, , CR 9 Deposit 1, , CR 10 Deposit 1, , CR 10 Withdrawal - Cash Payroll , CR 11 Deposit 1, , CR 15 Withdrawal - CCU Mortgage 2, , CR 16 Withdrawal - Curly Equipment , CR 17 Withdrawal - Wages , CR 19 Withdrawal - Advertising , CR 20 Deposit , CR Withdrawal - Tamworth MR , CR 21 Deposit , CR Withdrawal - Colour Solutions , CR 22 Deposit 1, , CR Withdrawal - CCU Mortgage 2, , CR Drawings Isabella Robson 2, , CR 29 Cheque , , CR 30 Withdrawal - Cash Payment , CR 31 Interest , CR Bank Charges , CR 31 Statement Closing Balance 44, CR IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 16 of 32

17 Task 9: Enter Accounts Payable transactions Credit Purchases Retail Equipment 415 Goonoo Goonoo Road TAMWORTH NSW 2340 ABN: Phone: Tax Invoice Fax: Date: 1/6/20CY Comm Desktop Computer $ 2, $ 2, Acca 17 Monitor $ $ Novo Register $ $ Canna Printer $ $ Installation & Setup $ $ Invoice Total $ 4, GST Included $ We have received this computer for the front counter. It should be recorded against Office Equipment at cost. Hair Solutions 557 Peel Street TAMWORTH NSW 2340 ABN: Phone: Tax Invoice 1847 Fax: Date 1/6/20CY Normal Hair Spray $ $ Flexible Hair Spray $ $ Hair Wax $ $ Subtotal $ 1, Freight $ Invoice Total $ 1, GST Included $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 17 of 32

18 Wattle Hairess 869 Balo Street MOREE NSW 2400 ABN: Phone: Tax Invoice 313 Fax: Date 1/6/20CY Wattle Shampoo $ $ 2, Wattle Conditioner $ $ 2, Wattle Hair Treatment $ $ 1, Wattle Highlights $ $ 1, Subtotal $ 9, Freight $ Invoice Total $ 9, GST Included $ Hairy Business 866 Pacific Highway NEWCASTLE NSW 2300 ABN Phone: Tax Invoice 1018 Fax: Date 8/6/20CY Hairy Shampoo $ $ Hairy Conditioner $ $ Hairy Treatment $ $ 1, Invoice Total $ 3, GST Included $ Wattle Hairess PO Box 447 MOREE NSW 2400 ABN: ADJUSTMENT NOTE: 976 Phone: Related to Tax Invoice 313 Fax: Date 14/6/20CY Wattle Shampoo $ $ Wattle Conditioner $ $ Invoice Total $ GST Included $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 18 of 32

19 Curly Equipment 765 Green Avenue LIVERPOOL NSW 2170 ABN: NOT REGISTERED FOR GST Phone: Tax Invoice 269 Fax: Date 25/6/20CY Hair Dryer $ Hot Curling Iron 87 2 $ Subtotal $ Freight $ Invoice Total $ Curly Equipment 765 Green Avenue LIVERPOOL NSW 2170 ABN: NOT REGISTERED FOR GST ADJUSTMENT NOTE AN876 Phone: Related to Invoice 269 Fax: Date 28/6/20CY Product No Product Name Unit Price Quantity Total C755 Hot Curling Iron 87 1 $ Invoice Total $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 19 of 32

20 Task 10: Enter Accounts Receivable transactions for June Credit Sales Bill To: Suzy's Supermodels Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 101 Date 7/6/20CY Wattle Shampoo $ $ Wattle Conditioner $ $ Normal Hair Spray $ $ Flexible Hair Spray $ $ Hair Wax $ $ Total Due $2, GST Included $ Bill To: Golden Oldies Retirement Homes Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 102 Date 7/6/20CY Ladies Cut $ $ Mens Cut $ $ Permanent Colour $ $ Total Due $1, GST Included $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 20 of 32

21 Bill To: Brittany's B&B Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 103 Date 7/6/20CY Hairy Shampoo $ $ Hairy Conditioner $ $ Hairy Treatment $ $ Wattle Shampoo $ $1, Wattle Conditioner $ $1, Wattle Treatment $ $ Total Due $4, GST Included $ Bill To: Natural Beauty New Zealand Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 104 Date 7/6/20CY Wattle Shampoo $ $ Wattle Conditioner $ $ Wattle Treatment $ $ Wattle highlights $ $ Total Due $1, No GST Export IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 21 of 32

22 Bill To: Suzy's Supermodels Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Adjustment Note AN 101 Date 7/6/20CY Wattle Shampoo $ $99.00 Hair Wax $ $66.00 Total Due $ GST Included $15.00 Bill To: Suzy's Supermodels suzysmodels@optus.com Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 105 Date 21/6/20CY Formal Styles $ $ 2, Semi Formal Styles $ $ 1, Ladies Cuts $ $ Foils $ $ Semi -Permanent Colours $ $ Total Due $5, GST Included $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 22 of 32

23 Bill To: Beautiful Day Spa Bella's Bobs 934 Peel Street Forester, NSW 2428 ABN: Tax Invoice 106 Date 7/6/20CY Hairy Shampoo $ $ Hairy Conditioner $ $ Hairy Treatment $ $ Total Due $1, GST Included $ Task 11. Enter cash transactions for June Cash Payments Cash Payment Cash Payment Cash Payment Date 4/6/20CY Date 4/6/20CY Date 4/6/20CY Details Details Details Colour Solutions Hair Solutions Tamworth Printing - Invoice 140/141 - $ Invoice - $ Advertising Job Vacancy Less Discount - $47.50 (GST Discount $17.50 (GST Included) GST Included $ 5.00 included) Cash $ Cash $ Cash $ Cash Payment Cash Payment Cash Payment Date 5/6/CY Date 12/6/CY Date 17/6/20CY Details Details Details Loan Repayment Loan Repayment Tamworth Regional Council Mortgage CCU Mortgage CCU Quarterly Rates - $ Cash $2, Cash $2, Water - $ Interest Interest GST Free Cash $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 23 of 32

24 Cash Payment Cash Payment Cash Payment Date 17/6/20CY Date 17/6/20CY Date 17/6/20CY Details Details Details Petrol $ Potage $ Telstra Shop Supplies $ Telephone Expenses inc GST Office Supplies $ GST Included $ 5.36 GST included $ Cash $ Cash $ Cash $ Cash Payment Cash Payment Cash Payment Date 19/6/CY Date 24/6/CY Date 26/6/CY Details Details Details Loan Repayment Barry s Fuels Loan Repayment Mortgage CCU Fuel - $46.00 inc GST Mortgage CCU Cash $2, Repairs to Brakes on Motor Vehicle - Cash $2, Interest $ inc. GST Interest Cash $ Date Details Cash Payment 29/6/CY Tamworth Printing Printing new promotional material inc GST Cash $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 24 of 32

25 Cash Receipts RECEIPT OF ACCOUNT Suzy's Supermodels Date: 4/06/20CY Qty Price Total Date: 4/06/20CY Total Ladies Cuts 7 $ $ Invoice 654 $ Mens Cuts 6 $ $ Less Discount (GST Included) -$ Childern Cuts 14 $ $ Invoice 655 $ Foils 8 $ $ Less Discount (GST Included) -$ 8.00 Hairy Shampoo 6 $ $ Hairy Conditioner 6 $ $ Normal Hair Spray 4 $ $ TOTAL $ 1, TOTAL $ 1, Includes GST $ RECEIPT OF ACCOUNT Brittany's B and B Date: 7/6/20CY Qty Price Total Date: 7/6/20CY Total Ladies Cuts 15 $ $ Invoice 325 $ Mens Cuts 4 $ $ Semi Permanent 9 $ $ Foils 9 $ $ Hairy Treatment 5 $ $ TOTAL $ 2, TOTAL $ Includes GST $ Date: 16/6/20CY Qty Price Total Date: 17/6/20CY Qty Price Total Ladies Cuts 25 $ $ Bridal Style 2 $ $ Childern Cuts 10 $ $ Formal Style 6 $ $ Semi Perm Colour 4 $ $ Semi Formal Style 6 $ $ Foils 10 $ $ Foils 5 $ $ Flex Hair Spray 15 $ $ Wattle Treatment 10 $ $ Wattle Shampoo 14 $ $ Hairy Treatment 14 $ $ Wattle Conditioner 14 $ $ Wattle Highlights 10 $ $ TOTAL $ 3, TOTAL $ 3, Includes GST $ Includes GST $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 25 of 32

26 Date: 21/6/20CY Qty Price Total Date: 26/6/20CY Qty Price Total Ladies Cut 5 $ $ Ladies Cut 30 $ $ Childerns Cuts 15 $ $ Mens Cut 20 $ $ Perm Colour 5 $ $ Childerns Cut 22 $ $ Hair Wax 10 $ $ Foils 10 $ $ Hairy Shampoo 11 $ $ Perm Colour 15 $ $ 1, Hairy Conditioner 14 $ $ Wattle Highlights 6 $ $ TOTAL $ 1, TOTAL $ 3, Includes GST $ Includes GST $ Date: 28/6/20CY Qty Price Total Date: 29/6/20CY Qty Price Total Ladies Cut 14 $ $ Ladies Cuts 15 $ $ Childerns Cut 9 $ $ Mens Cut 20 $ $ Semi Formal Style 8 $ $ Childerns Cut 16 $ $ Formal Style 6 $ $ Foils 8 $ $ Normal Hair Spray 15 $ $ Perm Colour 9 $ $ Hairy Shampoo 15 $ $ Hairy Conditioner 18 $ $ TOTAL $ 2, TOTAL $ 2, Includes GST $ Includes GST $ Date: 30/6/20CY Qty Price Total Ladies Cuts 5 $ $ Childerns Cuts 2 $ $ Semi Formal Style 7 $ $ Formal Style 5 $ $ Wattle Shampoo 8 $ $ Wattle Treatment 8 $ $ Wattle Highlights 4 $ $ TOTAL $ 2, Includes GST $ IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 26 of 32

27 Task 12: Record Petty Cash Transactions Petty Cash Transactions Petty Cash Voucher Petty Cash Voucher 6/5/20CY /5/20CY 002 Debit: Staff Amenities Particulars Debit: Shop Supplies Particulars Details Acquisition GST Total Details Acquisition GST Total Milk 3 3 Tea/Coffee Rubber Gloves Cotton Buds Totals: Totals: Received: Approved: Received: Approved: IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 27 of 32

28 Petty Cash Voucher Petty Cash Voucher 19/5/20CY /5/20CY 004 Debit: Motor Vehicle Expenses Debit: Staff Amenities Particulars Particulars Details Acquisition GST Total Details Acquisition GST Total Fuel Milk 4-4 Biscuits Totals: Totals: Received: Approved: Received: Approved: Petty Cash Voucher Petty Cash Voucher 27/5/20CY /5/20CY 006 Debit: Postage Debit: Fuel/Staff Amenities Particulars Particulars Details Acquisition GST Total Details Acquisition GST Total Postage Fuel Stamps Milk 4-4 Totals: Totals: Received: Approved: Received: Approved: IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 28 of 32

29 Task 13. General ledger entries Complete the following transaction in the Excel template and your accounting software. 1 On June 1 reverse May s Payroll Accrual. 2 On June 30 enter the Monthly instalment for the insurance prepayment (Use Insurance expense Account). 3 On June 30 enter the monthly depreciation journal entry. 4 On June 30 Bella s Bobs would like to establish a Provision for doubtful Debts to be equal to 5% of the current Account Receivable to be altered each month. 5 On June 30 record Payroll Accrual of $100 for wages incurred but not yet paid. Use the Accounts Payroll Accruals Payable /Wages. 6 One June 30 drawing of $2,500 for Isabella Robson. (In Excel enter in Cash Payments Journal) 7 On June 30 notification has been received that Beautiful Day Spa has been declared bankrupt. Write off any money outstanding to bad debt. 8 Top up petty cash to have a balance of $200. Use General Journal 9 On June 29th a Haircutting chair was sold. It was bought for $770 (Including GST), and has accumulated depreciation of $500 assigned to it. The chair was sold for $165 cash (including GST). Create and record the journal entry to account for the asset being sold. This cash has not been taken to the bank yet, so record it to undeposited funds until it has been deposited. The asset is currently allocated to the Furniture at Cost account. 10 On June 30 Transfer closing Inventory from Supplies to Inventory. IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 29 of 32

30 Task 14. Perform a Bank Reconciliation Perform a Bank Reconciliation based on the statement below. Table 11 Statement of Account Community Credit Union Bella s Bobs Statement of Account for June 20CY Date Details Withdrawals Deposits Balance 1 Statement Opening Balance 44, CR 1 Deposit , CR 2 Cheque , CR 5 Deposit , CR Deposit , CR Cheque , CR Withdrawal - CCU Mortgage , CR 7 Cheque , CR 8 Deposit 2, , CR Deposit , CR Cheque , CR 12 Withdrawal - CCU Mortgage , CR 18 Deposit 3, , CR 19 Deposit 3, , CR Withdrawal - Rates , CR Withdrawal - Pertol , CR Withdrawal - Phone , CR Withdrawal - CCU Mortgage , CR 22 Deposit 1, , CR 22 Drawings Isabella Robson 2, CR Withdrawal - Vehicle Maint , CR 25 Cheque , CR Withdrawal - CCU Mortgage , CR 27 Deposit 3, , CR 29 Deposit 2, , CR Withdrawal - Advertising , CR 30 Interest , CR Deposit 2, , CR Top up Petty Cash , CR Bank Charges , CR 30 Statement Closing Balance 53, CR IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 30 of 32

31 Task 15. End of year reporting Spreadsheet reports In the Excel template the following tabs should be completed: 1) Credit Purchases Journal 2) Credit Sales Journal 3) Cash Payments Journal 4) Cash Receipts Journal 5) Petty Cash Journal 6) T-Accounts 7) Sub Ledgers AP 8) Sub Ledgers AR 9) Unadjusted Trial Balance 10) Profit and Loss 11) Balance Sheet 12) Inventory Counts 13) General journal 14) Worksheet 15) Asset Register Accounting software reports The accounting software reports should be submitted in PDF format and include: May Reports 1) Trial Balance 2) Balance Sheet 3) Profit and Loss 4) Supplier Ledger 5) Customer Ledger 6) Reconciliation Report June Reports 1) Trial Balance 2) Balance Sheet 3) Profit and Loss 4) Supplier Ledger 5) Customer Ledger 6) Reconciliation Report IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 31 of 32

32 IB_FNS015_UAG_AE1_V3 Revised: 23/11/17 Page 32 of 32

MYOB Bookkeeping Practice Assessment B: Computerised (MYOB) Bookkeeping

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