5/24/2019. Financial statements. MYOB AccountRight Prac

5/24/2019 Financial statements
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Financial statements
Balance Sheet - Level 3
The standard Balance Sheet for The Digital Village as at 31 January 2019 is shown below:
The Digital Village
Balance Sheet
As of January 2019
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand $82,728
1-1200 Accounts Receivable $55,669
1-1210 Less Prov'n for Doubtful Debts ($1,868)
1-1300 Inventory $96,710
1-1400 Office Supplies $1,488
1-1500 Prepaid Rent $5,833
Total Current Assets $240,560
1-3000 Non-current Assets
1-3100 Property & Equipment $39,400
Total Non-current Assets $39,400
Total Assets $279,960
2-0000 Liabilities
2-1000 Current Liabilities
2-1200 Accounts Payable $49,573
2-1300 GST Liabilities $1,266
2-1400 Payroll Liabilities $3,090
2-1700 Interest Payable $70
2-1800 Short Term Loans $14,000
Total Current Liabilities $67,999
2-2000 Long-Term Liabilities
2-2100 Bank Loans $48,000
Total Long-Term Liabilities $48,000
Total Liabilities $115,999
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5/24/2019 Financial statements
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Net Assets $163,961
3-0000 Equity
3-1100 Share Capital $45,000
3-8000 Retained Earnings $120,452
3-9000 Current Year Earnings ($1,491)
3-9999 Historical Balancing $0
Total Equity $163,961
Profit & Loss Statement) - Level 3
The Profit & Loss Statement for The Digital Village for the period from 1 July 2018 through to 31 January 2019 is shown
below:
The Digital Village
Profit & Loss Statement
July 2018 through January 2019
4-0000 Income
4-1100 Sales Revenue $161,299
Total Income $161,299
5-0000 Cost of Sales
5-1100 Cost of Sales $108,509
Total Cost of Sales $108,509
Gross Profit $52,790
6-0000 Expenses
6-1100 Depreciation Expense $16,100
6-1800 Office Supplies Expense $2,842
6-1930 Salaries Expense $22,298
6-2100 Rent Expense $1,167
6-2200 Telephone Expense $4,901
6-2420 Electricity Expense $4,598
6-2500 Bank Charges $49
6-2600 Bad Debts Expense $2,137
Total Expenses $54,092
Operating Profit ($1,302)

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8-0000 Other Income
8-1000 Interest Income $601
Total Other Income $601
9-0000 Other Expenses
9-1000 Interest Expense $790
Total Other Expenses $790
Net Profit/(Loss) ($1,491)
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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