University Finance: MYOB Practice Set Solution Report

This document presents a comprehensive solution to a MYOB practice set, likely for an accounting or finance course. The solution includes a detailed session report, encompassing various financial transactions and accounting entries. The report covers a period with transactions involving trade debtors and creditors, inventory counts, and various payments and receipts. It includes journal entries for sales, purchases, and payments, as well as adjustments for depreciation, salaries, and other expenses. The document likely aims to demonstrate the practical application of accounting principles within the MYOB software, providing a complete overview of the accounting cycle, from initial transactions to the generation of financial statements.

Krishna Sai & titus Private Ltd
863 Elliott Road, Brisbane, QLD, 4000 Australia
Session Report
24-05-19
24-05-19
8:14:40 PM
Page 1
ID# Acct# Account Name Debit Credit Job No.
SJ 15-12-18 Pre-conversion sale
00003474 1-1200 Trade Debtors $10,000.00
00003474 1-1200 Trade Debtors $1,000.00
00003474 1-1200 Trade Debtors $11,000.00
SJ 17-12-18 Pre-conversion sale
00003475 1-1200 Trade Debtors $5,720.00
00003475 1-1200 Trade Debtors $572.00
00003475 1-1200 Trade Debtors $6,292.00
SJ 26-12-18 Pre-conversion sale
00003476 1-1200 Trade Debtors $11,390.00
00003476 1-1200 Trade Debtors $1,139.00
00003476 1-1200 Trade Debtors $12,529.00
PJ 08-12-18 Pre-conversion purchase
00000318 2-1200 Trade Creditors $8,730.00
00000318 2-1200 Trade Creditors $873.00
00000318 2-1200 Trade Creditors $9,603.00
PJ 19-12-18 Pre-conversion purchase
00000319 2-1200 Trade Creditors $7,000.00
00000319 2-1200 Trade Creditors $700.00
00000319 2-1200 Trade Creditors $7,700.00
PJ 21-12-18 Pre-conversion purchase
00000320 2-1200 Trade Creditors $18,150.00
00000320 2-1200 Trade Creditors $1,815.00
00000320 2-1200 Trade Creditors $19,965.00
IJ 01-01-19 Inventory count
IJ000001 1-1300 Inventory $102,160.00
IJ000001 1-1300 Inventory $24,380.00
IJ000001 1-1300 Inventory $18,000.00
IJ000001 1-1300 Inventory $44,030.00
IJ000001 1-1300 Inventory $15,750.00
CD 02-01-19 Offie supplies warehousse
4077 1-1110 Cheque Account $3,850.00
4077 1-3110 Prop & Equip at Cost $3,500.00
4077 2-1330 GST Paid $350.00
CR 02-01-19 Srt term loan
CR000001 1-1110 Cheque Account $14,000.00
CR000001 2-1800 Short term loans $14,000.00
CD 03-01-19 JCN Electrical
4078 1-1110 Cheque Account $9,603.00
4078 2-1200 Trade Creditors $9,603.00
CD 03-01-19 Discount office supplies
4079 1-1110 Cheque Account $2,090.00
4079 1-1400 Office supplies $1,900.00
4079 2-1330 GST Paid $190.00
CR 04-01-19 Payment; Pikea
CR000002 1-1110 Cheque Account $6,292.00
CR000002 1-1200 Trade Debtors $6,292.00
SJ 06-01-19 Sale; Handys Electronics
00003477 1-1200 Trade Debtors $9,900.00
00003477 1-1200 Trade Debtors $990.00

Krishna Sai & titus Private Ltd
Session Report
24-05-19
24-05-19
8:14:40 PM
Page 2
ID# Acct# Account Name Debit Credit Job No.
SJ 06-01-19 Sale; Handys Electronics
00003477 4-1100 Sales Type A $9,900.00
00003477 2-1310 GST Collected $990.00
00003477 5-1100 Purchases Type A $6,180.00
00003477 1-1300 Inventory $3,180.00
00003477 1-1300 Inventory $3,000.00
CR 06-01-19 Handys Electronics for 00003477
CR000003 1-1110 Cheque Account $4,600.00
CR000003 1-1200 Trade Debtors $4,600.00
PJ 02-01-19 Purchase; Pear Technology
00000321 2-1200 Trade Creditors $16,140.00
00000321 2-1200 Trade Creditors $1,614.00
00000321 1-1300 Inventory $7,140.00
00000321 1-1300 Inventory $9,000.00
00000321 2-1330 GST Paid $1,614.00
CD 02-01-19 Pear Technology
4076 1-1110 Cheque Account $3,700.00
4076 2-1200 Trade Creditors $3,700.00
SJ 10-01-19 Sale; Handys Electronics
00003478 1-1200 Trade Debtors $14,900.00
00003478 1-1200 Trade Debtors $1,490.00
00003478 4-1100 Sales Type A $14,900.00
00003478 2-1310 GST Collected $1,490.00
00003478 5-1100 Purchases Type A $9,300.00
00003478 1-1300 Inventory $5,300.00
00003478 1-1300 Inventory $4,000.00
CR 10-01-19 Handys Electronics for 00003478
CR000004 1-1110 Cheque Account $16,390.00
CR000004 1-1200 Trade Debtors $16,390.00
PJ 11-01-19 Purchase; JCN Electrical
00000322 2-1200 Trade Creditors $7,420.00
00000322 2-1200 Trade Creditors $742.00
00000322 1-1300 Inventory $7,420.00
00000322 2-1330 GST Paid $742.00
CD 15-01-19 Amy wong real estate
4080 1-1110 Cheque Account $7,700.00
4080 1-1500 Prepaid rent $7,000.00
4080 2-1330 GST Paid $700.00
PJ 16-01-19 Purchase; JCN Electrical
00000323 2-1200 Trade Creditors $4,500.00
00000323 2-1200 Trade Creditors $450.00
00000323 1-1300 Inventory $4,500.00
00000323 2-1330 GST Paid $450.00
CD 16-01-19 JCN Electrical
4081 1-1110 Cheque Account $4,950.00
4081 2-1200 Trade Creditors $4,950.00
SJ 18-01-19 Sale; Pikea
00003480 1-1200 Trade Debtors $21,200.00
00003480 1-1200 Trade Debtors $2,120.00
00003480 4-1100 Sales Type A $21,200.00
00003480 2-1310 GST Collected $2,120.00
00003480 5-1100 Purchases Type A $13,250.00
00003480 1-1300 Inventory $11,000.00
00003480 1-1300 Inventory $2,250.00

Krishna Sai & titus Private Ltd
Session Report
24-05-19
24-05-19
8:14:40 PM
Page 3
ID# Acct# Account Name Debit Credit Job No.
SJ 18-01-19 Sale; Pikea
PJ 20-01-19 Purchase; Pony
00000324 2-1200 Trade Creditors $7,140.00
00000324 2-1200 Trade Creditors $714.00
00000324 1-1300 Inventory $7,140.00
00000324 2-1330 GST Paid $714.00
SJ 23-01-19 Sale; Pikea
00003481 1-1200 Trade Debtors $14,400.00
00003481 1-1200 Trade Debtors $1,440.00
00003481 4-1100 Sales Type A $14,400.00
00003481 2-1310 GST Collected $1,440.00
00003481 5-1100 Purchases Type A $9,000.00
00003481 1-1300 Inventory $9,000.00
SJ 23-01-19 Pikea: Credit from 00003481
SJ000001 1-1200 Trade Debtors $15,840.00
SJ000001 1-1200 Trade Debtors $15,840.00
PJ 24-01-19 Purchase; JCN Electrical
00000325 2-1200 Trade Creditors $4,240.00
00000325 2-1200 Trade Creditors $424.00
00000325 1-1300 Inventory $4,240.00
00000325 2-1330 GST Paid $424.00
PJ 24-01-19 JCN Electrical: Debit from 00000325
PJ000001 2-1200 Trade Creditors $4,664.00
PJ000001 2-1200 Trade Creditors $4,664.00
SJ 25-01-19 Sale; Radio Hut
00003479 1-1200 Trade Debtors $26,700.00
00003479 1-1200 Trade Debtors $2,670.00
00003479 4-1100 Sales Type A $26,700.00
00003479 2-1310 GST Collected $2,670.00
00003479 5-1100 Purchases Type A $16,680.00
00003479 1-1300 Inventory $8,480.00
00003479 1-1300 Inventory $5,950.00
00003479 1-1300 Inventory $2,250.00
CD 27-01-19 JCN Electrical
4082 1-1110 Cheque Account $3,498.00
4082 2-1200 Trade Creditors $3,498.00
CR 31-01-19 Payment; Handys Electronics
CR000005 1-1110 Cheque Account $11,000.00
CR000005 1-1200 Trade Debtors $11,000.00
CD 31-01-19 Salary expene
4083 1-1110 Cheque Account $2,890.00
4083 6-1930 Salaries expense $3,400.00
4083 2-1420 PAYG Withholding Payable $510.00
CD 31-01-19 Salary expense
4084 1-1110 Cheque Account $3,060.00
4084 6-1930 Salaries expense $3,600.00
4084 2-1420 PAYG Withholding Payable $540.00
CD 31-01-19 Inter energy
4085 1-1110 Cheque Account $1,650.00
4085 6-2420 Electricity $1,500.00
4085 2-1330 GST Paid $150.00
CD 31-01-19 Vopstr atelephoe

Krishna Sai & titus Private Ltd
Session Report
24-05-19
24-05-19
8:14:40 PM
Page 4
ID# Acct# Account Name Debit Credit Job No.
CD 31-01-19 Vopstr atelephoe
4086 1-1110 Cheque Account $1,320.00
4086 6-2200 Telephone $1,200.00
4086 2-1330 GST Paid $120.00
CD 31-01-19 East pac bank
4087 1-1110 Cheque Account $240.00
4087 9-1000 Interest Expense $240.00
CD 31-01-19 Bank Charges
4088 1-1110 Cheque Account $15.00
4088 6-2500 bank Charges $15.00
CR 31-01-19 ntrest income
CR000006 1-1110 Cheque Account $601.00
CR000006 8-1000 Interest Income $601.00
GJ 31-01-19 Interest due
GJ000001 9-1000 Interest Expense $70.00
GJ000001 2-1700 Interest payable $70.00
GJ 31-01-19 Depreciaton
GJ000002 6-1100 Depreciation Expense $383.00
GJ000002 1-3120 Prop & Equip Accum Dep $383.00
GJ 31-01-19 Office supplies
GJ000003 6-1800 Store Supplies $836.00
GJ000003 1-1400 Office supplies $836.00
GJ 31-01-19 Prov fro doubtful debt
GJ000004 6-2600 bad debt expense $1,272.00
GJ000004 1-1210 Less Prov'n for Doubtful Debts $1,272.00
GJ 31-01-19 Rent expense
GJ000005 6-2100 Rent $1,167.00
GJ000005 1-1500 Prepaid rent $1,167.00
Grand Total: $485,584.00 $485,584.00