Federation Business School BUACC1507 MYOB Accounting Practice Set

This document presents a comprehensive solution to an MYOB accounting practice set, likely for a BUACC1507 assignment at Federation Business School. The solution includes various financial statements and reports, such as Aged Payables and Receivables summaries, a Balance Sheet, Cash Disbursements and Receipts Journals, a General Journal, an Items List, a Purchases & Payables Journal, a Payroll Journal, a Profit & Loss Statement, a Reconciliation Report, a Sales & Receivables Journal, and a Trial Balance. These components collectively illustrate the financial activities of a business, providing a detailed overview of transactions, account balances, and financial performance for a specific period. The assignment likely simulates a real-world scenario, requiring students to apply accounting principles and utilize MYOB software to record and analyze financial data.

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Aged Payables [Summary]
1/31/2019
Name Total Due 0 - 30 31 - 60 61 - 90 90+
MOON MEGASYSTEM $19,942.00 $12,242.00 $7,700.00 $0.00
PONY $28,798.00 $6,864.00 $21,934.00 $0.00
Total: $48,740.00 $19,106.00 $29,634.00 $0.00
Ageing Percent: 39.20% 60.80% 0.00%
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000
AUSTRALIA
Aged Receivables [Summary]
1/31/2019
Name Total Due 0 - 30 31 - 60 61 - 90 90+
JERRY TECHNOLOGY $5,200.00 $5,200.00 $0.00 $0.00 $0.00
RADIO HUT $4,290.00 $4,290.00 $0.00 $0.00 $0.00
TURBO TECH $59,664.00 $42,174.00 $17,490.00 $0.00 $0.00
Total: $69,154.00 $51,664.00 $17,490.00 $0.00 $0.00
Ageing Percent: 74.70% 25.30% 0.00% 0.00%

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Balance Sheet
As of January 2019
Assets
Current Assets
Cash On Hand $82,195.00
ACCOUNTS RECEIVABLE $69,154.00
Less Prov'n for Doubtful Debts ($2,111.00)
Inventory $68,230.00
OFFICE SUPPLIES $1,386.00
PREPAID RENT $5,833.00
Total Current Assets $224,687.00
NON CURRENT ASSETS
PROPERTY & EQUIPMENT $27,538.00
Total NON CURRENT ASSETS $27,538.00
Total Assets $252,225.00
Liabilities
Current Liabilities
ACCOUNTS PAYABLE $48,740.00
GST Liabilities $7,620.00
Payroll Liabilities $3,090.00
INTEREST PAYABLE $60.00
SHORT TERM LOANS $12,000.00
Total Current Liabilities $71,510.00
Long-Term Liabilities
BANK LOAN $40,000.00
Total Long-Term Liabilities $40,000.00
Total Liabilities $111,510.00
Net Assets $140,715.00
Equity
SHARE CAPITAL $55,000.00
Retained Earnings $55,775.00
Current Year Earnings $29,940.00
Total Equity $140,715.00

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Cash Disbursements Journal
1/1/2019 To 1/31/2019
ID# Acct# Account Name Debit Credit Job No.
CD 1/2/2019 OFFICE SUPPLIES
WAREHOUSE
4014 1-1110 Cheque Account $2,750.00
4014 1-3110 PROPERTY &
EQUIPMENT at
Cost
$2,500.00
4014 2-1330 GST Paid $250.00
CD 1/4/2019 DISCOUNT OFFICE SUPPLIES
4016 1-1110 Cheque Account $1,760.00
4016 1-1400 OFFICE SUPPLIES $1,600.00
4016 2-1330 GST Paid $160.00
CD 1/6/2019 BIG TELCO
4017 1-1110 Cheque Account $10,362.00
4017 2-1200 ACCOUNTS
PAYABLE
$10,362.00
CD 1/8/2019 MOON MEGASYSTEM
4015 1-1110 Cheque Account $3,400.00
4015 2-1200 ACCOUNTS
PAYABLE
$3,400.00
CD 1/15/2019 BIG TELCO
4018 1-1110 Cheque Account $8,217.00
4018 2-1200 ACCOUNTS
PAYABLE
$8,217.00
CD 1/15/2019 AMY WRONG REAL ESTATE
4019 1-1110 Cheque Account $7,700.00
4019 1-1500 PREPAID RENT $7,000.00
4019 2-1330 GST Paid $700.00
CD 1/30/2019 BIG TELCO
4020 1-1110 Cheque Account $5,280.00
4020 2-1200 ACCOUNTS
PAYABLE
$5,280.00
CD 1/31/2019 MATHER ORLANDO
4021 1-1110 Cheque Account $2,890.00
4021 6-1930 SALARIES
EXPENSES
$3,400.00
4021 2-1420 PAYG Withholding
Payable
$510.00

CD 1/31/2019 MANPREET KAUR
4022 1-1110 Cheque Account $3,060.00
4022 6-1930 SALARIES
EXPENSES
$3,600.00
4022 2-1420 PAYG Withholding
Payable
$540.00
CD 1/31/2019 INTEGER ENERGY
4023 1-1110 Cheque Account $1,430.00
4023 6-2420 Electricity $1,300.00
4023 2-1330 GST Paid $130.00
CD 1/31/2019 VOPSTRA
4024 1-1110 Cheque Account $1,320.00
4024 6-2200 Telephone $1,200.00
4024 2-1330 GST Paid $120.00
CD 1/31/2019 BITI BANK
4025 1-1110 Cheque Account $200.00
4025 9-1000 Interest Expense $200.00
CD 1/31/2019 TRANSACTION FEES
SC013119 1-1110 Cheque Account $14.00
SC013119 6-2500 BANK CHARGES $14.00
Grand Total: $49,433.00 $49,433.00
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Cash Receipts Journal
1/1/2019 To 1/31/2019
ID#
Acct
#
Account
Name Debit Credit Job No.
CR 1/2/2019 RECEIVED AMOUNT FROM UNCLE
LENNOX
CR000001 1-
1180
Undeposited
Funds
$12,000.00
CR000001 2-
1800
SHORT
TERM
LOANS
$12,000.00
CR 1/4/2019 Payment; RADIO HUT

CR000002 1-
1180
Undeposited
Funds
$9,273.00
CR000002 1-
1200
ACCOUNTS
RECEIVABLE
$9,273.00
CR 1/5/2019 Payment; JERRY TECHNOLOGY
CR000003 1-
1180
Undeposited
Funds
$6,900.00
CR000003 1-
1200
ACCOUNTS
RECEIVABLE
$6,900.00
CR 1/7/2019 Bank Deposit
CR000004 1-
1110
Cheque
Account
$28,173.00
CR000004 1-
1180
Undeposited
Funds
$12,000.00
CR000004 1-
1180
Undeposited
Funds
$9,273.00
CR000004 1-
1180
Undeposited
Funds
$6,900.00
CR 1/9/2019 Payment; JERRY TECHNOLOGY
CR000005 1-
1180
Undeposited
Funds
$12,342.00
CR000005 1-
1200
ACCOUNTS
RECEIVABLE
$12,342.00
CR 1/21/201
9
Bank Deposit
CR000006 1-
1110
Cheque
Account
$12,342.00
CR000006 1-
1180
Undeposited
Funds
$12,342.00
CR 1/31/201
9
Payment; JERRY TECHNOLOGY
CR000007 1-
1180
Undeposited
Funds
$11,000.00
CR000007 1-
1200
ACCOUNTS
RECEIVABLE
$11,000.00
CR 1/31/201
9
Bank Deposit
CR000008 1-
1110
Cheque
Account
$11,000.00
CR000008 1-
1180
Undeposited
Funds
$11,000.00
CR 1/31/201
9
INTEREST EARNED
IE013119 1-
1110
Cheque
Account
$670.00
IE013119 8-
1000
Interest
Income
$670.00
Grand Total: $103,700.0
0
$103,700.0
0

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
General Journal
1/1/2019 To 1/31/2019
ID#
Acct
# Account Name Debit Credit Job No.
GJ 1/31/201
9
to record DEPRECIATION
GJ000001 6-
1100
Depreciation Expense $226.00
GJ000001 1-
3120
PROPERTY&EQUIPMENT
Accum Dep
$226.00
GJ 1/31/201
9
TO RECORD INTEREST
EXPENSE
GJ000002 9-
1000
Interest Expense $60.00
GJ000002 2-
1700
INTEREST PAYABLE $60.00
GJ 1/31/201
9
TO RECORD RENT
GJ000003 6-
2100
Rent $1,167.0
0
GJ000003 1-
1500
PREPAID RENT $1,167.0
0
GJ 1/31/201
9
TO RECORD OFFICE
EXPENSES
GJ000004 6-
1800
OFFICE SUPPLIES
EXPENSE
$704.00
GJ000004 1-
1400
OFFICE SUPPLIES $704.00
GJ 1/31/201
9
TO RECORD BAD DEBT
EXPENSE
GJ000005 6-
2600
BAD DEBT EXPENSE $1,356.0
0
GJ000005 1-
1210
Less Prov'n for Doubtful
Debts
$1,356.0
0
Grand Total: $3,513.0
0
$3,513.0
0

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Items List [Summary]
Item # Item Name Supplier Units On Hand Total Value Average Cost Current Price
BLUEB BLUE BERRY PHONES 9.00 $8,640.00 $960.00 $1,650.00
DK800 DK800 DESKTOP COMPUTERS 20.00 $22,800.00 $1,140.00 $1,848.00
MX620 MX620 NOTEBOOK COMPUTERS 25.00 $26,000.00 $1,040.00 $1,738.00
TONY TONY ZIO MLP PROJECTS 13.00 $10,790.00 $830.00 $1,430.00
Grand Total: $68,230.00
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Purchases & Payables Journal
1/1/2019 To 1/31/2019
ID# Acct# Account Name Debit Credit Job No.
PJ 1/8/2019 Purchase; MOON
MEGASYSTEM
00000321 2-1200 ACCOUNTS
PAYABLE
$14,220.00
00000321 2-1200 ACCOUNTS
PAYABLE
$1,422.00
00000321 1-1300 Inventory $6,240.00
00000321 1-1300 Inventory $7,980.00
00000321 2-1330 GST Paid $1,422.00
PJ 1/9/2019 Purchase; BIG TELCO
00000322 2-1200 ACCOUNTS $8,640.00

PAYABLE
00000322 2-1200 ACCOUNTS
PAYABLE
$864.00
00000322 1-1300 Inventory $8,640.00
00000322 2-1330 GST Paid $864.00
PJ 1/15/2019 Purchase; BIG TELCO
00000323 2-1200 ACCOUNTS
PAYABLE
$7,470.00
00000323 2-1200 ACCOUNTS
PAYABLE
$747.00
00000323 1-1300 Inventory $7,470.00
00000323 2-1330 GST Paid $747.00
PJ 1/20/2019 Purchase; PONY
00000324 2-1200 ACCOUNTS
PAYABLE
$6,240.00
00000324 2-1200 ACCOUNTS
PAYABLE
$624.00
00000324 1-1300 Inventory $6,240.00
00000324 2-1330 GST Paid $624.00
PJ 1/25/2019 Purchase; BIG TELCO
00000325 2-1200 ACCOUNTS
PAYABLE
$3,840.00
00000325 2-1200 ACCOUNTS
PAYABLE
$384.00
00000325 1-1300 Inventory $3,840.00
00000325 2-1330 GST Paid $384.00
Grand Total: $44,451.00 $44,451.00
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Payroll Journal
1/1/2019 To 1/31/2019
ID# Acct# Account Name Debit Credit Job No.
CD 1/31/2019 MATHER
ORLANDO
4021 1-1110 Cheque Account $2,890.00
4021 6-1930 SALARIES EXPENSES $3,400.00
4021 2-1420 PAYG Withholding $510.00

Payable
CD 1/31/2019 MANPREET
KAUR
4022 1-1110 Cheque Account $3,060.00
4022 6-1930 SALARIES EXPENSES $3,600.00
4022 2-1420 PAYG Withholding
Payable
$540.00
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Profit & Loss Statement
July 2018 through January 2019
Income
SALES REVENUE $258,111.00
Total Income $258,111.00
Cost of Sales
COST OF SALES $177,566.00
Total Cost of Sales $177,566.00
Gross Profit $80,545.00
Expenses
Depreciation Expense $11,962.00

OFFICE SUPPLIES EXPENSE $3,032.00
SALARIES EXPENSES $22,896.00
Rent $1,167.00
Telephone $4,263.00
Electricity $4,780.00
BANK CHARGES $54.00
BAD DEBT EXPENSE $2,461.00
Total Expenses $50,615.00
Operating Profit $29,930.00
Other Income
Interest Income $670.00
Total Other Income $670.00
Other Expenses
Interest Expense $660.00
Total Other Expenses $660.00
Net Profit / (Loss) $29,940.00

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Reconciliation Report
ID# Date Memo/Payee Deposit Withdra
Cheque Account: 1-1110 Cheque Account
Date of Bank Statement: 1/31/201
9
Reconciled Cheques
4014 1/2/2019 OFFICE SUPPLIES WAREHOUSE $2,750.0
4016 1/4/2019 DISCOUNT OFFICE
SUPPLIES
$1,760.0
4017 1/6/2019 BIG TELCO $10,362.
4015 1/8/2019 MOON MEGASYSTEM $3,400.0
4019 1/15/201
9
AMY WRONG REAL
ESTATE
$7,700.0
4020 1/30/201
9
BIG TELCO $5,280.0
SC013119 1/31/201
9
TRANSACTION FEES $14.00
Total: $0.00 $31,266.
Reconciled Deposits
CR000004 1/7/2019 Bank Deposit $28,173.00
CR000006 1/21/201
9
Bank Deposit $12,342.00
IE013119 1/31/201
9
INTEREST EARNED $670.00
Total: $41,185.00 $
Outstanding Cheques
4018 1/15/201
9
BIG TELCO $8,21
4021 1/31/201
9
MATHER ORLANDO $2,89
4022 1/31/201
9
MANPREET KAUR $3,06
4023 1/31/201 INTEGER ENERGY $1,43

9
4024 1/31/201
9
VOPSTRA $1,32
4025 1/31/201
9
BITI BANK $20
Total: $0.00 $17,11
Outstanding Deposits
CR000008 1/31/201
9
Bank Deposit $11,000.00
Total: $11,000.00 $
Reconciliation
AccountRight Standard Balance on
1/31/2019:
$82,195.
Add: Outstanding Cheques: $17,117.
Subtotal: $99,312.
Deduct: Outstanding Deposits: $11,000.
Expected Balance on Statement: $88,312.
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Sales & Receivables Journal
1/1/2019 To 1/31/2019
ID# Acct# Account Name Debit Credit Job No.
SJ 1/5/2019 Sale; JERRY
TECHNOLOGY
00003047 1-1200 ACCOUNTS
RECEIVABLE
$11,000.00
00003047 1-1200 ACCOUNTS
RECEIVABLE
$1,100.00
00003047 4-1100 SALES REVENUE $11,000.00
00003047 2-1310 GST Collected $1,100.00
00003047 5-1100 COST OF SALES $7,030.00
00003047 1-1300 Inventory $2,880.00
00003047 1-1300 Inventory $4,150.00

SJ 1/9/2019 Sale; JERRY
TECHNOLOGY
00003048 1-1200 ACCOUNTS
RECEIVABLE
$11,220.00
00003048 1-1200 ACCOUNTS
RECEIVABLE
$1,122.00
00003048 4-1100 SALES REVENUE $11,220.00
00003048 2-1310 GST Collected $1,122.00
00003048 5-1100 COST OF SALES $7,440.00
00003048 1-1300 Inventory $2,880.00
00003048 1-1300 Inventory $4,560.00
SJ 1/16/2019 Sale; RADIO HUT
00003050 1-1200 ACCOUNTS
RECEIVABLE
$12,300.00
00003050 1-1200 ACCOUNTS
RECEIVABLE
$1,230.00
00003050 4-1100 SALES REVENUE $12,300.00
00003050 2-1310 GST Collected $1,230.00
00003050 5-1100 COST OF SALES $8,190.00
00003050 1-1300 Inventory $5,700.00
00003050 1-1300 Inventory $2,490.00
SJ 1/22/2019 Sale; RADIO HUT
00003051 1-1200 ACCOUNTS
RECEIVABLE
$8,400.00
00003051 1-1200 ACCOUNTS
RECEIVABLE
$840.00
00003051 4-1100 SALES REVENUE $8,400.00
00003051 2-1310 GST Collected $840.00
00003051 5-1100 COST OF SALES $5,700.00
00003051 1-1300 Inventory $5,700.00
SJ 1/24/2019 Sale; TURBO TECH
00003049 1-1200 ACCOUNTS
RECEIVABLE
$38,340.00
00003049 1-1200 ACCOUNTS
RECEIVABLE
$3,834.00
00003049 4-1100 SALES REVENUE $38,340.00
00003049 2-1310 GST Collected $3,834.00
00003049 5-1100 COST OF SALES $25,050.00
00003049 1-1300 Inventory $3,840.00
00003049 1-1300 Inventory $18,720.00
00003049 1-1300 Inventory $2,490.00
Grand Total: $142,796.00 $142,796.00

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000
AUSTRALIA
Trial Balance
January 2019
Account Debit Credit
Cheque Account $3,802.00
ACCOUNTS RECEIVABLE $31,391.00
Less Prov'n for Doubtful Debts $1,356.00
Inventory $9,280.00
OFFICE SUPPLIES $896.00
PREPAID RENT $5,833.00
PROPERTY & EQUIPMENT at
Cost
$2,500.00
PROPERTY&EQUIPMENT Accum Dep $226.00
ACCOUNTS PAYABLE $8,744.00
GST Collected $6,446.00
GST Paid $4,633.00
PAYG Withholding Payable $1,050.00
INTEREST PAYABLE $60.00
SHORT TERM LOANS $12,000.00
BANK LOAN $0.00
SHARE CAPITAL $0.00
Retained Earnings $0.00
SALES REVENUE $64,460.00
COST OF SALES $42,010.00
Depreciation Expense $226.00
OFFICE SUPPLIES EXPENSE $704.00
SALARIES EXPENSES $7,000.00
Rent $1,167.00
Telephone $1,200.00
Electricity $1,300.00
BANK CHARGES $14.00
BAD DEBT EXPENSE $1,356.00
Interest Income $670.00
Interest Expense $260.00
Total: $104,292.00 $104,292.00