BFA504 Accounting Systems and Processes: MYOB Assignment Solution

This document presents a comprehensive solution to an MYOB assignment for the BFA504 Accounting Systems and Processes course. The assignment focuses on LookinGood Clothes Pty Ltd, a Tasmanian SME, transitioning from manual bookkeeping to MYOB. The solution includes setting up the company with provided opening balances, supplier, customer, and employee cards, and items for stock. It encompasses entering all January 2019 transactions, as detailed in the bank statement, to generate financial reports for both Hobart and Launceston stores. The assignment requires the use of MYOB AccountRight Plus or Enterprise v19.6 to create balance sheets, profit and loss statements, and manage stock balances, demonstrating practical application of accounting principles within a business context.

Caroline
Balance Sheet
As of January 2019
26-05-19
1:39:48 PM
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand
1-1110 Cheque Account $79,661.76
1-1121 Till Float - Hobart $100.00
1-1122 Till Float- Launceston $100.00
1-1140 Petty Cash- Hobart $50.00
1-1141 Pety Cash- Launcston $50.00
Total Cash On Hand $79,961.76
1-1200 Trade Debtors $61,072.80
1-1300 Inventory- Clothing $41,857.03
Total Current Assets $182,891.59
1-3000 Fixed Assets
1-3100 Store - Equip
1-3110 Store Equip - Hobart $38,000.00
1-3120 STore equip hobart acc dep ($3,750.00)
1-3121 Acc dep STore equip launceston ($150.00)
1-3130 STore Equip - Launceston $37,500.00
Total Store - Equip $71,600.00
Total Fixed Assets $71,600.00
Total Assets $254,491.59
2-0000 Liabilities
2-1000 Current Liabilities
2-1100 Credit Cards
2-1130 MasterCard $436.47
Total Credit Cards $436.47
2-1200 Trade Creditors $43,507.97
2-1300 GST Liabilities
2-1310 GST Collected $15,417.05
2-1330 GST Paid $222.28
Total GST Liabilities $15,639.33
2-1400 Payroll Liabilities
2-1410 Payroll Accruals Payable $1,120.00
2-1420 PAYG Withholding Payable $1,492.65
Total Payroll Liabilities $2,612.65
2-1700 Other Current Liabilities ($635.36)
Total Current Liabilities $61,561.06
2-2000 Long-Term Liabilities
2-2100 Bank Loans $14,450.00
Total Long-Term Liabilities $14,450.00
Total Liabilities $76,011.06
Net Assets $178,480.53
3-0000 Equity
3-1000 Owner's Equity
3-1100 Owner's Capital $15,500.00
Total Owner's Equity $15,500.00
3-8000 Retained Earnings from Previou $58,303.84
3-8001 Reatained earngs from curren y $83,479.19
3-9000 Current Year Earnings $21,197.50
Total Equity $178,480.53