Chapter 8, 9 and 10 to be completed on the attached MYOB file. Also refer assessment 4 and see the details and what is required to be done. Please create each myob file after completing each chapter. CHAPTER 8 INTEGRATION Integration brings together what you have learned in the Accounts, Banking, Sales, Purchases and Inventory modules, with a few new transactions and areas you havent visited before. The Payroll and Time Billing modules are treated more as standalone modules because they take time to set up and are therefore not be included in this integration chapter. In these exercises you will be expected to start to think like the accountant or bookkeeper that you aim to be, so instructions will be kept to a minimum and most transactions will be narrations only. You will be processing transactions for Carry on Camping that intertwine with the transactions covered in the previous chapter on inventory. End of year adjustments can be marked as such so that they can be identified easily and reversed. However the adjustments we do are all the normal end of period type adjustments, therefore we will not use this feature. A business activity statement will be prepared and the Business Insights feature checked out. CHAPTER 8 INTEGRATION Transactions
Note: The base selling price (computer generated price) is to be used unless an alternative price is
given. All prices are GST exclusive unless otherwise stated. 1/06/20 1/06/20 Sent cheque #184 for $6,252.00 to Ozzie Trailblazers in payment of amounts owing to them for April and May, less prompt payment discount where applicable. Purchase order sent to a new supplier Coleman Distributors Pty Ltd of 72 Richmond Rd, Keswick SA 5035 (ABN 33 209 991000) for the following new inventory items on terms of net 30 days: Item # Name Qty Type Cost Price Selling Price AIRBDQ BGSBBT Coleman Qui ckbed Queen Big Game Sleeping Bag Big& Tall 20 20 Sleeping Equip Sleeping Equip $43.00 $65.00 $73.00 $109.00 Minimum level for restocking alert and default recorder quantity is 10 for both ite ms. 2/06/20 2/06/20 2/06/20 4/06/20 4/06/20 5/06/20 5/06/20 Cash sale of 1 x OZSW3 @ $130.00 and 1 x ENCF14 @ $695.00 both prices include GST. The customer paid by EFTPOS directly into our bankaccount. Paid Commercial Realty the amount to them with cheque #185. Transferred (electronically) $5,000.00 from the investment account to the cheque account. Received invoice #435/6 from Commercial Realty for the June rent. Total amount payable is $3,300.00 including GST. Received an order (PO #769) from Kangaroo Camping Gear of 16 Ocean Drive, Geraldton WA 6530 for 2 x OZHlK2, 1 x GMFEN5, 1 x OZSUN6, 5 x AIRBDQ 2 x BKWSBS, 3 x BGSBBT, 1 x OZSTV2 and 1 x OZSTV3 to be delivered as soon as possible. Standard credit terms apply. Create a sales order because some of the items are not currently available. Received all the goods ordered (PO #2019) from Coleman Distributors Pty Ltd together with their invoice #10978 for $2,486.00 which includes a freight charge of $100.00. Prices are as quoted. Received and paid the telephone bill from Telstra for $592.70 including GST with cheque #186. 5/06/20 8/06/20 9/06/20 10/06/20 11/06/20 12/06/20 15/06/20 16/06/20 16/06/20 17/06/20 Cheque #187 drawn in the amount of $2,998.00 was cashed to pay net wages of $2,198.00 (Gross $2,508.00, PAYGWithholding $310.00) and drawings of $800.00. The goods ordered by Kangaroo Camping Gear were sent to them today, together with our invoice for $2,806.10 which includes a freight charge of $150.00. Received a cheque for $4,000.00 from Woodbridge Primary School in part payment of the amount owing bythem. The cheque has not yet been banked. Check the To Do List Stock Alert to see which items we need to order from Ozzie Trailblazers and Airtex Group, and create purchase orders to be sent to them for the default reorderquantities. Received a cheque from Police Supply Dept for $2,486.00 in payment of May invoices. The cheque has not yet been banked. Purchase order sent to Gem Generators, 75 Foster St, Geelong VIC 3220 for 5 x Promac 2000W generators (code for new item PROGEN) @ $845.00 each. Their terms are net 30 days. The generators will sell for $1,350.00 each. Link to other sales and cost of sales. Minimum level for restocking alert and default reorder quantity is 5 for this item. Do not change tax code. Cash sale of 1 x OZSTV2 @ $95.00 including GST. The customer paid with cash which has not yet been banked (use [Details] to select Undeposited Funds). Credit sale to Police Supply Dept (PO #113927) of 5 x BKWSBS and 5 x BGSBBT. This isa new sale, not the supply of goods ordered 22/06/20. Purchased some postage stamps from Australia Post for $100.00 including GST. these were paid from petty cash. Deposited $6,486.00 in the bank. The $95 cash was used reimburse petty cash.
CHAPTER 8 INTEGRATION FIGURE 8.1 Bank and Deposit Adjustments 18/06/20 18/06/20 19/06/20 19/06/20 19/06/20 20/06/20 22/06/20 22/06/20 23/06/20 24/06/20 25/06/20 25/06/20 25/06/20 26/06/20 26/06/20 29/06/20 29/06/20 Received the 10 airbeds @ $18 each ordered from Airtex (PO #2022) together with their invoice #729 for $220.00 including a freight charge of $20.00. Edit the card for this supplier to indude their address: 77 McCoy Street, Myaree, WA 6156, their phone number: 9310 2289, theirABN: 29 376 110 333, and their terms: net 10 days. Received 3 of the Promac generators ordered from Gem Generators on our purchase order #2024, the remainder of the order will be delivered as soon as possible. Record the receipt of these inventory items together with delivery docket #5562. Their ABN is 32 620 159 990. Credit sale to Scout Shop (PO #631) of 6 x OZHlK2 @ $114.00 each, 1 x PROGEN @ $1,350.00 and 1 x GMFEN5 @ $725.00. Cheque #188 drawn to pay net wages of $2,198.00 (Gross $2,508.00, PAYG Withholding $310.00). Received all the items ordered from Ozzie Trailblazers on purchase order #2023, together with their invoice #27524 for $957.00 including a freight charge of $50.00. The price of the OZtrail 2 Burner stove increased to $54.00 each. Cash sale of 2 HP Specials @$470 each incl. GST. The customer paid by EFTPOS. Invoice Scout Shop for repairs to 2 tents (PO #633). The total cost is $220.00 includingGST. Received and banked a cheque for $2,217.40 from Kal barri General Store. Received the bill from Gem Generators (Invoice #5562) for the items received on 18/06/20, for $2,920.50 including $120.00 freight. Check the quantities when you convert this to a bill because you only received 3, some are on backorder. Sent cheque #189 to Engel Aust Pty Ltd in payment of the amount owing to them for the invoice dated 18/06/20. Check the discount calculation because a return was applied against this invoice. Scout Shop returned 1 x OZHlK2 from their PO #631 and our invoice #2234 because someone misread a figure on the order and one more than they actually ordered was delivered. Issue an adjustment note. Credit sale to Kangaroo Camping Gear (PO #773) of 6 x OZtrail Cabin tents. The customer was given a volume discount of 5% on this order, and a freight charge of $80 was added. This sale will exceed the credit limit given to them. Allow the sale to proceed because they have promised to EFT $5,000 into our account tomorrow. Increase the credit limit on their card to $15,000. Received and banked a cheque for $3, 762.66 from Adventure Tou rs. Received the electricity bill from Synergy for $634.50 including GST, which the owner paid immediately with his Visa credit card. Received adjustment note #733 for $39.60 from Airtex Group for 2 faulty single airbeds returned to them. Received and banked a cheque for $5,591.02 from Scout Shop. Check the discount calculations and availability. Received notification that Outback Touring Company has gone into liquidation. CHAPTER 8 INTEGRATION CHAPTER 8 INTEGRATION Write the amount owing off as a bad debt using the allowance method and the miscellaneous layout. This is an internal adjustment and no invoice will be sent to the customer. Record the transaction and then apply the credit against the amount
29/06/20 30/06/20 30/06/20 30/06/20 30/06/20 The owner wrote cash cheque #190 for $1,000.00 to reimburse petty cash with $5.00; the balance is for his own personal use. Cheque #191 was used to purchase a new executive office desk from Morgan Office Furniture for the owner less the trade in of his old desk. The new desk cost $2,200 and he received cash back of $150 for the old desk. Both prioes indude GST. Use the Banking Command Centre to record the purchase and sale of these assets. The cash has put into petty cash. The old desk cost $500 and had a written down value of $90 at the time of sale. Received a bill from the Caltex Service Station, 610 Olga Road, Maddington, WA 6109 for fuel purchases for the motor vehide during May and June. Total amount due on invoice 1009 is $728.60 including GST. The ABN for this new supplier is 88 000 114 626 and the terms are net 10 days. Use the service layoutforthe supplier. Record the build of 2 HP Specials. The owner transferred $6,000 electronically from the cheque account to the investment account. Additional Information 1/06/20 Reverse $1,254.00 wages accrued at the end of May. 30/06/20 A physical stock count at 30/06/20 found that there was one AIRBDI and one OZHP65 missing and the BKWSBS missing in the previous stocktake has been found. Record the interest charges (FRE) for the period on the business loan account of $125.65. Transfer the following pre paid expenses to their respective expe nse accounts for the period. Prepaid Insurance $445.00 Pre paid Advertising $600.00. Record wages accrued at the end of June of $1,635.00 Record superannuation payable on wages for June of $238.26. Adj ust the provision for doubtful debts to $643.00. Use Recurring CHAPTER 8 INTEGRATION To record the general journal entry for depreciation for the month use the [Record Journal Entry] and click [Use Recurring], highlight the entry to be recorded and click [Select]. The journal entry will display. There are no changes required to the amount of
$598.89 shown in the journal entry, so click [Record].
FIGURE 8.3 Use recurring journal entry Bank Reconciliations Prepare end of month bank reconciliations for both these accounts. INVESTMENT ACCOUNT BANK STATEMENT (ASAT 30/06/2020) Date Particulars Debit Credit Balance 1/06/20 2/06/20 30/06/20 30/06/20 Opening Balance Tra nsfer Transfer I nterest 5,000.00 6,000.00 31.91 15,042.19 Cr 10,042.19 Cr 16,074.10 Cr TABLE 8.1 Investment account bank statement Use Bank Entry to record the interest earned on the investmentaccount. Tax code is ITS. CHAPTER 8 INTEGRATION CHEQUE ACCOUNT BANK STATEMENT (AS AT 30/06/2020) Date Pa rticulars Debit Credit Balance 1/06/20 2/06/20 5/06/20 8/06/20 15/06/20 17/06/20 19/06/20 22/06/20 25/06/20 26/06/20 29/06/20 30/06/20 Openi ng Balance Cheque #181 Deposit Deposit Tra nsfer Cheque #184 Cheque #187 Deposit Cheque #185 Cheque #186 Loan repayment Deposit Cheque #188 Deposit Deposit Deposit Ka nga roo Ca mpi ng Deposit Deposit Cheque #189 Cheque #190 Tra nsfer Bank Fees 396.00 6,252.00 2,998.00 3,300.00 592.70 600.00 2,198.00 3,135.00 1,000.00 6,000.00 10.00 250.00 825.00 5,000.00 660.00 6,486.00 940.00 2,217.40 3,762.66 5,000.00 470.00 5,591.02 7,907.40 Cr 7,761.40 Cr 13,586.40 Cr 4,336.40 Cr 1,103.70 Cr 503.70 Cr 6,989.70 Cr 4,791.70 Cr 7,949.10 Cr 11,711.76Cr 16,711.76 Cr 18,637.78 Cr 12,627.78 Cr TABLE 8.2 Cheque account bank statement Reports Display the following reports for June. Banking Cheques and Deposits Reconciliation Report (All accounts) GST GST Reports GST [Summary Accrual] Sales Receivables Aged Receivables [Summary] Sales Customer Analyse Sales [Customer] Purchases Payables Aged Payables [Summary] PurchasesSupplierPurchases [Supplier Summary] Inventoryltems Items List [Summary] Inventory- ItemsAuto-Build Items Accounts Balance Sheet Balance Sheet (Filter to Level 3) Accounts Profit & Loss Profit & Loss Statement (1/07/19 to 30/06/20) Accounts Accounts Trial Balance Carry on Campinq 1800 Albany Highway Reconciliation Report Maddington WA 6109 ABN: 62 099 854 074 Email: [email protected] Withdrawal Account: I 11 XO Business Cheque Account Date Ot Bank Statement: 30/06/2020 Last Reconciled: 30/06/2020 Last Reconciled Balance: $12,627.78 Reconciled Cheques 281 22/05/2020 Airto Grouo S-39éSJO 1/06/2020 Ozz;e 186 187 188 189 190 -300620 TR000003 2/06/2020 3/06/2020 5/06/2020 i 5/06/2020 19/06/2020 24/06/2020 29/06/2020 30/06/2020 30/06/2020 Commerciå Retty restra Cash Bank Loan Cash Aust Pty Ltd Cash rees for June Money 3ransfer $3,300.00 $592.70 52998.00 5600.00 $2,198.00 $3,133.00 Si.OOD,OO 310.00 6.00000 Tcta;: so. N $26*61.70 Reconciled Deposits 1/06/2020 cash Sajes for 00002224 szsoco 2/06/2020 cash Sales for 00022231 2/002020 Money $500,300 CRD00013 6106/2020 Cash Sates for 03002226 seoo CROOOOi9 Bank Oeoosit 56,486-00 CR000020 20/06/2020 cash Sales N00223é CR000021 22/%/2020 Kalbart± Genera} Store 92,227.40 CROOC022 CR00002ß CR0000*4 CRD0002S 25/06/2020 26/06/2020 29/06/2020 29/06/2020 Payment; Adventure Tours Payment: Kargaroo Gear cash sales for &3002229 Scout Shoo ss.59%.02 202.08 $100 Outstanding Cheques 30/06/2020 Mötgan Offce Furritute Reconcition: AccountRight Balance On 30/06/2020: Add: Ct.eques: $10,427.78 330.00 Deacct. Outstand ro Oe0%t5: $12,627.78 -lance Statemert: $12,627.78 Account; 1-1120 Investment Account Date Of Bank Statement: 30/06/2020 Last Reconciled: 30/06/2020 Last Reconciled Balance: $16,074.10 Reconciled Cheques TR000002 2/06/2020 Money Trensfer ss.ooo.oo Totat. 5,000.00 Reconciled Deposits .E30ü20 TROOC003 30/06,2020 interest for Jace 30/06/2020 Money Total: $6,231-s: 50.00 Reconcifiat.n. AccountRight Baarce On 30/06/2020: Add: Outstare ng frequs: $16,074.10 so.oo
CHAPTER 8 INTEGRATION 233 FIGURE 84-. Reconciliation Reports Carry on Campinq 1800 Albany Highway G ST [Summary Accrual] Maddington WA 6109 June 2020 ABN: 62 099 854 074 Email: [email protected] Tax Collected Tax Paid $2,200.00 -00.00 CST Free coo % 5235.65 CST Goods & Services 10.00 % 530,951.08 537.50220 52,813.74 53,409.29 Input Taxed Sales S31.S: Not Repottäöle FIGURE 8.5 GST [Summary Accrual] Carry on Campinq 1800 Albany Highway Aged Receivables [Summary] Maddington WA 6109 As of 30/06/2020 ABU: 62 099 854 074 Email: [email protected] Name Total Due 0-30 31 -60 61 -90 90+ Adventure Tours sl.o so.oo $0.00 so.oo Kangaroo Cemoing Gear so,oo so.oo Potice Suppiy Dept sg,222.so 59,222.50 $0.00 $0.00 50.00 Wooer d e Prima Sci-oti 308. so so.oo Total: 520, 82540 SO,oo so.oo Ageing Percent: 11.1%
CHAPTER 8 INTEGRATION FIGURE 86-. Aged Receivables [Summary] Carry on Campinq 1800 Albany Highway Analyse Sales [Customer] Maddington WA 6109 June 2020 ABU: 62 099 854 074 Email: [email protected] Sales % Total Sales Adventure Tours 53,426.60 Cash Saves 45.9% FIGURE 8.7 Analyse Sales [Customer] Note: The columns in both these reports have been widened to improve theirappearance. Carry on Campinq 1800 Albany Highway Aged Payables [Summary] Maddington WA 6109 As of 30/06/2020 62 099 854 074 Email: [email protected] Total Due31 -60 61 Airtex Groupscoo Caltex Service Station 5723.60 5723.60 so.oo so.oo Coleman Distributors Pty Ltd 52,486.00 S2,48E.OO so.oo sono Commerc;af Resty 53,300.00 so.oo son Garmir & Co Australia so.oo so.oo Gem Generztors sox so.oo so.co 50.00 FIGURE 8.8 Aged Payables [Summary] Carry on Camping 1800 Albany Highway Purchases [Supplier Summary] Maddington WA 6109 June 2020 ABU: 62 099 854 074 Email: [email protected]
Airtex Group
Caltex Service Station
Coleman Distributors Pty Ltd
Commercial Realty
Gem Generators
CHAPTER 8 INTEGRATION 235 FIGURE 89-. Purchases [Supplier Summary] Carry on Campinq 1800 Albany Highway Item List [Summary] Maddington WA 6109 62 099 854 074 Emeil: [email protected] Coleman Quick-bed Queen ses.oo AIRES Air Bed sing)e Airtex Group 8 $144.00 BGSSBT 3ig Game Sleep Bag SiS & W Coæman Distr;butrs Pty Ltd $78&00 ss.oo EK%VSBS 3Bck Wolf steeping singte3 $240.00 snoo sumo ENCFß Ergei 14t chest fridge Aust Pty Ltd 3 ENFF32 Enge 32!t Ltd s 52,900.00 ssnoo SESOO GMFENS Gam-tin Ferix S GPS Watch Germin & Co Austra}iE 3 S.no.oo ssoo.oo 5725.00 HP Special Hikers Pack 4 S302.S7 ozcA3N OZtzi cabin Ozzie Traidazers 5 ss,socoo s.,zoo.oo OZHX2 OZtralZ Hiker 2 person tent Ozzre TraiibazeÆ 5450.00 sucoo OZHPE Hike Peck EL Ozzie Traii&azers SEO.oo ozsrvz OZt&ii Burner stove Ozzie 6 5320.62 55344 OZSTV3 OZtrali Deluxe 3 burner stove Ozzje Traiazers 8 $640.00 sn.oo OZSUN OZtraj; Sundowner E pers. tent Ozzie Traidazers OZSWCF OZtraii Swit Pitch tent Ozzie 3 5180.00 SECCO Grand Totai: 520,011.30 PROGEN Ptomac 2CCCW generator Gem Generators 2 FIGURE 8.10-Items List [Summary] Carry on Campinq 1800 Albany Highway Auto-Build Items Maddington WA 6109 62 099 854 074 Email: [email protected]
Quantity to build: I HP Special Hikers Pack OZSWIF OZtröi Swit Pite tent 1 sso.oo 3 BKWS3S Black WOif sleeping sirg!e 1 snoo 3 ozsrv2 OZtraj; Z Burner stove 1 OZHPé5 OZtt&i Hike Pack EL 1 CHAPTER 8 INTEGRATION FIGURE 8.11 -Auto-Build Items Carry on Campinq 1800 Albany Highway Balance Sheet Maddington WA 6109 As of June 2020 62 099 854 074 Email: [email protected]
Assets Current Assets 3ank Accounts 526.75188 193.90 -36.00 $17,337.23 Tots Assets $6,908.31 Liabilities Current Liabiüties Credit Cards 51.00432 CST -$1,375.55
Net Assets S42EIS.4g Equity Owners Capita! Owners Dewings Current Year Earnings -3,223.00 -$27,659.00 FIGURE 8.12 -Balance Sheet (Level 3) Carry on Campinq 1800 Albany Highway Profit & Loss Statement Maddington WA 6109 July 2019 To June 2020 ABU: 62 099 854 074 Email: [email protected]
Income Sales Tents $138,345.27 Ses Sleeping Equipment $21,727,- Sales Kitchen Equipment Sales Other $65,311.82 Sep/ce Income Freight Income Discount Received $668.00 Tot3 Income 52863503.96 Cost Of Sates Cost Of Sae Tents Cost of Sales Sleepirg Equip Cost of Sales Kitchen Equip Cost of Sales Other Freight Costs DEscount Aiowed Inventory Adjustments $53,225.00 $12,921.00 $29,585.00 $33,927.50 $1,430.00 $2.00 Total Cost Cf Sa;es sas.66 Gross Profit Genera; Expenses Accounting/300keeping Fees Advertising & Marketing Bark Fees 522000 Bad Debts $2 81482 Qctocity Expenses $2,351.82 General Repa;rs & Maintenance $1,160.00 Postage Station 597.09 5,599.52 5245.41 $138 003.62 Operatmg Prof. Other Income Interest Income $74.10 Profit on sale of asset Total Other Income Other Expenses Interest Ex ense Tots Other Expenses $125.65 CHAPTER 8 INTEGRATION FIGURE 8.13 Profit & Loss Statement Carry on Camping 1800 Albany Highway Trial Balance Maddington WA 6109 June 2020 ABU: 62 099 854 074 Email: [email protected] YTD Debit investment Account Petty On Hnd s:so.ao Accounts ReceiÆbE Less Prcvn for Doubtful Debts S353.oo 5643.00 Inventory $20,011.50 Advertising S3,ooaoo Prepac Insurance Furniture & Ec;ufgmetrt At Cost Accum, Dept. Fum & Equip 505.00 improvements At Cost ssoozoo Dept, Imorcvements sz,w.oo Motor At Cost Accum. Depr, Motor Vehicies S37.S9 Vsa GST Coliected SE,E7.74 CST SZZ13.29 PAYC Withholding SUE0.oo Superannuation 73/3b;e Wages & Sz.Ües PsybJe *35.00 Accounts Payab;e 523,433.00 537,467.30 Eustess Loan S13,32S.E Owners Capita s:s.zzs.oo Owrers 51,793.00 Saks Tents sees Sleep;ng Equipment Equipment %646.3E Sales Other 54031.82 Service Income 53 400.00 Freight Income *10.00 Discount Received not Cost Of SEE Tents 553,223.0-7 Cost cf SEES Szeeo;ng Equip Cut cf SEES Kitcnen Equip Cost cf SEB Other E 752.so 333,927.50 Freight Costs Discount s-.42.25 Inventory Adjustments Fees Advertising soo.% Bank Fees s:o.oo Deots *799.32 *814.82 Electricity Expenses 32,331.82 Expenses S3,OOOZ g.onoo Gene & so.oo Postge Stationery 5797.09 Wages Saæries Expenses 55.3972 Suoeennuaticn 523326 $5,599.32 Staf Amenities so.oo DepreciEtjon Expenses 5437.78 Expenses SE62,3 54,362.36 Expenses :nterest Income Proft on we cf esset :ttetest Expense tow: 238 CHAPTER 8 INTEGRATION FIGURE 8.14 -Trial Balance