ACCT2062 Financial Accounting: Phil's Fitness MYOB Session Report

This assignment presents a comprehensive session report for Phil's Fitness, created using MYOB accounting software. The report includes various financial transactions, such as pre-conversion purchases and sales, inventory counts, rent and loan payments, energy bills, and sales through different channels like Village Fair and Crown Logistics. It also covers discounts, credit notes, and debit notes from suppliers and customers. Further transactions include cash sales, stationary and accounting fee payments, wages, owner's drawings, and purchases from suppliers like Rowers Land and Treadmill World. The report also incorporates adjustments like depreciation, advertising expenses, wages payable, accrued energy bills, and inventory adjustments. The assignment demonstrates the practical application of computerized accounting in managing a small business's financial activities, with a focus on accurate transaction recording and adjustments within the MYOB environment. Desklib provides students with access to similar solved assignments and past papers for further learning.

Phil's Fitness
470 Brisbane Street
North Melbourne, 3051
Session Report
24-03-2019
24-03-2019
0:28:42
Page 1
ID# Acct# Account Name Debit Credit Job No.
SJ 18-01-2019 Pre-conversion sale
00000001 1-1200 Accounts Receivable $3,500.00
00000001 1-1200 Accounts Receivable $350.00
00000001 1-1200 Accounts Receivable $3,850.00
PJ 24-01-2019 Pre-conversion purchase
00000001 2-1200 Accounts Payable $3,080.00
00000001 2-1200 Accounts Payable $308.00
00000001 2-1200 Accounts Payable $3,388.00
PJ 24-01-2019 Pre-conversion purchase
00000002 2-1200 Accounts Payable $1,560.00
00000002 2-1200 Accounts Payable $156.00
00000002 2-1200 Accounts Payable $1,716.00
PJ 24-01-2019 Pre-conversion purchase
00000003 2-1200 Accounts Payable $3,850.00
00000003 2-1200 Accounts Payable $385.00
00000003 2-1200 Accounts Payable $4,235.00
SJ 24-01-2019 Pre-conversion sale
00000003 1-1200 Accounts Receivable $3,200.00
00000003 1-1200 Accounts Receivable $320.00
00000003 1-1200 Accounts Receivable $3,520.00
SJ 27-01-2019 Pre-conversion sale
00000002 1-1200 Accounts Receivable $4,550.00
00000002 1-1200 Accounts Receivable $455.00
00000002 1-1200 Accounts Receivable $5,005.00
IJ 01-02-2019 Inventory count
IJ000001 1-1300 Inventory $8,160.00
IJ000001 1-1300 Inventory $1,560.00
IJ000001 1-1300 Inventory $2,200.00
IJ000001 1-1300 Inventory $4,400.00
CD 01-02-2019 Rent paid
1 1-1110 Cheque Account $1,650.00
1 6-2100 Rent $1,500.00
1 2-1330 GST Paid $150.00
CD 01-02-2019 Paid Bank Loan & Interest
2 1-1110 Cheque Account $1,157.50
2 6-1450 Bank Interest $357.50
2 2-4100 Bank Loans $800.00
CD 02-02-2019 Tru Energy
3 1-1110 Cheque Account $170.00
3 2-3000 Accrued Energy Bill $170.00
SJ 02-02-2019 Sale; Village Fair
00000004 1-1200 Accounts Receivable $5,700.00
00000004 1-1200 Accounts Receivable $570.00
00000004 4-1000 Sales - Products $5,700.00
00000004 2-1310 GST Collected $570.00
00000004 5-1000 Cost of Sales $3,490.00
00000004 1-1300 Inventory $1,320.00
00000004 1-1300 Inventory $520.00
00000004 1-1300 Inventory $1,650.00
CR 03-02-2019 Payment; Crown Logistics

Phil's Fitness
Session Report
24-03-2019
24-03-2019
0:28:43
Page 2
ID# Acct# Account Name Debit Credit Job No.
CR 03-02-2019 Payment; Crown Logistics
CR000001 1-1110 Cheque Account $3,432.00
CR000001 1-1200 Accounts Receivable $3,432.00
SJ 03-02-2019 Crown Logistics: Discounts on 00000003
00000005 1-1200 Accounts Receivable $80.00
00000005 1-1200 Accounts Receivable $8.00
00000005 6-1210 Discounts Given $80.00
00000005 2-1310 GST Collected $8.00
SJ 03-02-2019 Crown Logistics: Credit from 00000005
SJ000001 1-1200 Accounts Receivable $88.00
SJ000001 1-1200 Accounts Receivable $88.00
CR 03-02-2019 Payment; Offline Education Organisation
CR000002 1-1110 Cheque Account $3,850.00
CR000002 1-1200 Accounts Receivable $3,850.00
CR 03-02-2019 Payment; Village Fair
CR000003 1-1110 Cheque Account $4,879.87
CR000003 1-1200 Accounts Receivable $4,879.87
SJ 03-02-2019 Village Fair: Discounts on 00000002
00000006 1-1200 Accounts Receivable $113.75
00000006 1-1200 Accounts Receivable $11.38
00000006 6-1210 Discounts Given $113.75
00000006 2-1310 GST Collected $11.38
SJ 03-02-2019 Village Fair: Credit from 00000006
SJ000002 1-1200 Accounts Receivable $125.13
SJ000002 1-1200 Accounts Receivable $125.13
CD 03-02-2019 Bikers Paradise
4 1-1110 Cheque Account $1,681.68
4 2-1200 Accounts Payable $1,681.68
PJ 03-02-2019 Bikers Paradise: Discounts on 00000002
00000004 2-1200 Accounts Payable $31.20
00000004 2-1200 Accounts Payable $3.12
00000004 6-1220 Discounts Taken $31.20
00000004 2-1330 GST Paid $3.12
PJ 03-02-2019 Bikers Paradise: Debit from 00000004
PJ000001 2-1200 Accounts Payable $34.32
PJ000001 2-1200 Accounts Payable $34.32
CD 03-02-2019 Rowers Land
5 1-1110 Cheque Account $3,286.36
5 2-1200 Accounts Payable $3,286.36
PJ 03-02-2019 Rowers Land: Discounts on 00000001
00000005 2-1200 Accounts Payable $92.40
00000005 2-1200 Accounts Payable $9.24
00000005 6-1220 Discounts Taken $92.40
00000005 2-1330 GST Paid $9.24
PJ 03-02-2019 Rowers Land: Debit from 00000005
PJ000002 2-1200 Accounts Payable $101.64
PJ000002 2-1200 Accounts Payable $101.64
CD 03-02-2019 Treadmill World
6 1-1110 Cheque Account $4,150.30
6 2-1200 Accounts Payable $4,150.30

Phil's Fitness
Session Report
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24-03-2019
0:28:43
Page 3
ID# Acct# Account Name Debit Credit Job No.
PJ 03-02-2019 Treadmill World: Discounts on 00000003
00000006 2-1200 Accounts Payable $77.00
00000006 2-1200 Accounts Payable $7.70
00000006 6-1220 Discounts Taken $77.00
00000006 2-1330 GST Paid $7.70
PJ 03-02-2019 Treadmill World: Debit from 00000006
PJ000003 2-1200 Accounts Payable $84.70
PJ000003 2-1200 Accounts Payable $84.70
SJ 04-02-2019 Sale; Offline Education Organisation
00000007 1-1200 Accounts Receivable $6,800.00
00000007 1-1200 Accounts Receivable $680.00
00000007 4-1000 Sales - Products $6,800.00
00000007 2-1310 GST Collected $680.00
00000007 5-1000 Cost of Sales $4,150.00
00000007 1-1300 Inventory $2,750.00
00000007 1-1300 Inventory $520.00
00000007 1-1300 Inventory $880.00
SJ 04-02-2019 Sale; Cash Sales
00000008 1-1200 Accounts Receivable $2,000.00
00000008 1-1200 Accounts Receivable $200.00
00000008 4-2000 Fitness Training Income $2,000.00
00000008 2-1310 GST Collected $200.00
CD 06-02-2019 Paid Motor Vehicle Fuel
7 1-1110 Cheque Account $99.00
7 6-1550 Fuel Costs $90.00
7 2-1330 GST Paid $9.00
CD 09-02-2019 Paid for Stationary Expenses
8 1-1110 Cheque Account $132.00
8 6-1850 Office Stationery $120.00
8 2-1330 GST Paid $12.00
CD 11-02-2019 Paid Accounting Fees
9 1-1110 Cheque Account $550.00
9 6-0040 Accounting Fees $500.00
9 2-1330 GST Paid $50.00
CD 13-02-2019 Wages paid
10 1-1110 Cheque Account $1,360.00
10 2-2410 Wages Payable $510.00
10 6-1930 Wages & Salaries $1,000.00
10 2-2420 PAYG Withholding Payable $150.00
CD 14-02-2019 Drawings by Proprietor
11 1-1110 Cheque Account $1,500.00
11 3-1200 Owner's Drawings $1,500.00
SJ 15-02-2019 Sale; Cash Sales
00000009 1-1200 Accounts Receivable $3,200.00
00000009 1-1200 Accounts Receivable $320.00
00000009 4-2000 Fitness Training Income $3,200.00
00000009 2-1310 GST Collected $320.00
PJ 16-02-2019 Purchase; Rowers Land
00000007 2-1200 Accounts Payable $3,200.00
00000007 2-1200 Accounts Payable $320.00
00000007 1-1300 Inventory $3,200.00
00000007 2-1330 GST Paid $320.00
PJ 16-02-2019 Purchase; Bikers Paradise

Phil's Fitness
Session Report
24-03-2019
24-03-2019
0:28:43
Page 4
ID# Acct# Account Name Debit Credit Job No.
PJ 16-02-2019 Purchase; Bikers Paradise
00000008 2-1200 Accounts Payable $2,080.00
00000008 2-1200 Accounts Payable $208.00
00000008 1-1300 Inventory $2,080.00
00000008 2-1330 GST Paid $208.00
PJ 16-02-2019 Purchase; Treadmill World
00000009 2-1200 Accounts Payable $4,950.00
00000009 2-1200 Accounts Payable $495.00
00000009 1-1300 Inventory $4,950.00
00000009 2-1330 GST Paid $495.00
SJ 18-02-2019 Sale; Crown Logistics
00000010 1-1200 Accounts Receivable $8,200.00
00000010 1-1200 Accounts Receivable $820.00
00000010 4-1000 Sales - Products $8,200.00
00000010 2-1310 GST Collected $820.00
00000010 5-1000 Cost of Sales $4,840.00
00000010 1-1300 Inventory $1,600.00
00000010 1-1300 Inventory $1,040.00
00000010 1-1300 Inventory $2,200.00
PJ 21-02-2019 Purchase; Treadmill World
00000010 2-1200 Accounts Payable $550.00
00000010 2-1200 Accounts Payable $55.00
00000010 1-1300 Inventory $550.00
00000010 2-1330 GST Paid $55.00
PJ 21-02-2019 Treadmill World: Debit from 00000010
PJ000004 2-1200 Accounts Payable $605.00
PJ000004 2-1200 Accounts Payable $605.00
SJ 21-02-2019 Sale; Crown Logistics
00000011 1-1200 Accounts Receivable $700.00
00000011 1-1200 Accounts Receivable $70.00
00000011 4-1000 Sales - Products $700.00
00000011 2-1310 GST Collected $70.00
00000011 5-1000 Cost of Sales $400.00
00000011 1-1300 Inventory $400.00
SJ 21-02-2019 Crown Logistics: Credit from 00000011
SJ000003 1-1200 Accounts Receivable $770.00
SJ000003 1-1200 Accounts Receivable $770.00
CD 22-02-2019 Hardly Normal Ltd.
12 1-1110 Cheque Account $2,860.00
12 1-3210 Office Equipment at Cost $2,600.00
12 2-1330 GST Paid $260.00
SJ 23-02-2019 Sale; Cash Sales
00000012 1-1200 Accounts Receivable $2,800.00
00000012 1-1200 Accounts Receivable $280.00
00000012 4-2000 Fitness Training Income $2,800.00
00000012 2-1310 GST Collected $280.00
IJ 23-02-2019 Inventory count
IJ000002 3-1200 Owner's Drawings $260.00
IJ000002 1-1300 Inventory $260.00
SJ 25-02-2019 Sale; ABC Electronics
00000013 1-1200 Accounts Receivable $4,100.00
00000013 1-1200 Accounts Receivable $410.00
00000013 4-1000 Sales - Products $4,100.00
00000013 2-1310 GST Collected $410.00

Phil's Fitness
Session Report
24-03-2019
24-03-2019
0:28:43
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ID# Acct# Account Name Debit Credit Job No.
SJ 25-02-2019 Sale; ABC Electronics
00000013 5-1000 Cost of Sales $2,420.00
00000013 1-1300 Inventory $520.00
00000013 1-1300 Inventory $800.00
00000013 1-1300 Inventory $1,100.00
CD 25-02-2019 Paid for motor vehicle fuel
13 1-1110 Cheque Account $88.00
13 6-1550 Fuel Costs $80.00
13 2-1330 GST Paid $8.00
CD 27-02-2019 Josie and Luke
14 1-1110 Cheque Account $1,870.00
14 6-1930 Wages & Salaries $2,200.00
14 2-2420 PAYG Withholding Payable $330.00
CD 28-02-2019 Cash Drawings
15 1-1110 Cheque Account $1,500.00
15 3-1200 Owner's Drawings $1,500.00
CD 28-02-2019 Bank Fees & Insurance
16 1-1110 Cheque Account $193.00
16 6-1010 Bank Fees $15.00
16 6-1400 Insurance $161.82
16 2-1330 GST Paid $16.18
GJ 28-02-2019 Depreciation Expense
GJ000001 6-1100 Depreciation Expense $555.00
GJ000001 1-3120 Motor Vehicle Accum Dep $375.00
GJ000001 1-3220 Office Equipment Accum Dep $180.00
GJ 28-02-2019 Advertisement expenses for the month
GJ000002 6-1000 Advertising $250.00
GJ000002 1-1400 Prepaid Advertising $250.00
GJ 28-02-2019 Wages Payable
GJ000003 6-1930 Wages & Salaries $800.00
GJ000003 2-2420 PAYG Withholding Payable $120.00
GJ000003 2-2410 Wages Payable $680.00
GJ 28-02-2019 Accrued Enery Bill
GJ000004 6-2420 Energy Costs $160.00
GJ000004 2-3000 Accrued Energy Bill $176.00
GJ000004 2-1330 GST Paid $16.00
IJ 28-02-2019 Inventory count
IJ000003 5-3000 Inventory Loss/Gain $260.00
IJ000003 1-1300 Inventory $260.00
Grand Total: $133,315.29 $133,315.29