The Digital Village: MYOB Financial Statements Practice Set Analysis

This document presents the financial statements for The Digital Village, derived from a MYOB AccountRight practice set. It includes a Balance Sheet as of January 31, 2019, detailing assets (cash, accounts receivable, inventory, etc.), liabilities (accounts payable, GST liabilities, loans, etc.), and equity components (share capital, retained earnings). The document also provides a Profit & Loss Statement for the period from July 1, 2018, to January 31, 2019, outlining income (sales revenue, interest income), cost of sales, expenses (depreciation, salaries, rent, etc.), and the resulting net profit or loss. The practice set demonstrates the application of accounting principles within the MYOB software, covering key financial statement elements and their interrelationships. The analysis reveals an operating loss and a net loss for the period, highlighting the company's financial performance.

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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