Financial Statements: MYOB AccountRight Practice Set Analysis

This document presents a comprehensive set of financial statements generated using MYOB AccountRight, specifically tailored for an Australian Edition practice set. The included financial statements consist of a Balance Sheet as of January 31, 2019, and a Profit & Loss Statement covering the period from July 2018 to January 2019. The Balance Sheet details assets (current and non-current), liabilities (current and long-term), and equity, providing a snapshot of the company's financial position. The Profit & Loss Statement outlines income, cost of sales, expenses, and other income/expenses, culminating in the net profit or loss for the specified period. The document also includes various financial figures such as total assets, liabilities, equity, sales revenue, cost of sales, and expenses like depreciation, salaries, rent, and interest. The solution is a detailed analysis of the financial performance and position of the company, providing valuable insights into its financial health.

5/21/2019 Financial statements
https://www.perdisco.com/resources/meld/accPS3myob19_2016/previousPage.html?id=popupNumber9&u=k180115 1/3
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Financial statements
Balance Sheet - Level 3
The standard Balance Sheet for Tech Head as at 31 January 2019 is shown below:
Tech Head
Balance Sheet
As of January 2019
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand $95,169
1-1200 Accounts Receivable $65,857
1-1210 Less Prov'n for Doubtful Debts ($1,996)
1-1300 Inventory $73,600
1-1400 Office Supplies $1,228
1-1500 Prepaid Rent $4,167
Total Current Assets $238,025
1-3000 Non-current Assets
1-3100 Property & Equipment $27,527
Total Non-current Assets $27,527
Total Assets $265,552
2-0000 Liabilities
2-1000 Current Liabilities
2-1200 Accounts Payable $33,692
2-1300 GST Liabilities $4,488
2-1400 Payroll Liabilities $2,850
2-1700 Interest Payable $113
2-1800 Short Term Loans $17,000
Total Current Liabilities $58,143
2-2000 Long-Term Liabilities
2-2100 Bank Loans $44,000
Total Long-Term Liabilities $44,000
Total Liabilities $102,143
Close this previous page Completed By: k180115

5/21/2019 Financial statements
https://www.perdisco.com/resources/meld/accPS3myob19_2016/previousPage.html?id=popupNumber9&u=k180115 2/3
Net Assets $163,409
3-0000 Equity
3-1100 Share Capital $50,000
3-8000 Retained Earnings $117,825
3-9000 Current Year Earnings ($4,416)
3-9999 Historical Balancing $0
Total Equity $163,409
Profit & Loss Statement) - Level 3
The Profit & Loss Statement for Tech Head for the period from 1 July 2018 through to 31 January 2019 is shown below:
Tech Head
Profit & Loss Statement
July 2018 through January 2019
4-0000 Income
4-1100 Sales Revenue $190,908
Total Income $190,908
5-0000 Cost of Sales
5-1100 Cost of Sales $129,441
Total Cost of Sales $129,441
Gross Profit $61,467
6-0000 Expenses
6-1100 Depreciation Expense $24,973
6-1800 Office Supplies Expense $3,478
6-1930 Salaries Expense $24,514
6-2100 Rent Expense $833
6-2200 Telephone Expense $5,133
6-2420 Electricity Expense $4,422
6-2500 Bank Charges $41
6-2600 Bad Debts Expense $2,433
Total Expenses $65,827
Operating Profit ($4,360)

5/21/2019 Financial statements
https://www.perdisco.com/resources/meld/accPS3myob19_2016/previousPage.html?id=popupNumber9&u=k180115 3/3
8-0000 Other Income
8-1000 Interest Income $717
Total Other Income $717
9-0000 Other Expenses
9-1000 Interest Expense $773
Total Other Expenses $773
Net Profit/(Loss) ($4,416)
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
© 2010 - 2017 Perdisco / latin /. v., learn thoroughly
www.perdisco.com.au | Terms Of Use | Privacy Policy
Close this previous page