BFA504: Accounting Systems and Processes - MYOB Implementation

This document presents a comprehensive solution to an accounting assignment focusing on the implementation of MYOB software for LookinGood Clothes Pty Ltd, a small to medium-sized enterprise (SME) with two stores. The assignment involves setting up the company within MYOB, including the input of opening balances from the balance sheet, profit and loss statement, and stock balances as of December 31, 2018. It requires the creation of supplier, customer, and employee cards, as well as item setup for stock sold. The core of the assignment involves entering all transactions provided for January 2019, including those detailed in a bank statement. The solution demonstrates the correct handling of various financial transactions, bank reconciliation and the generation of financial reports. This solution is designed to assist students in understanding and applying accounting principles within the MYOB environment.

Caroline
Trial Balance
January 2019
26-05-19
1:39:39 PM
Page 1
Account # Account Debit Credit YTD Debit YTD Credit
1-1110 Cheque Account $35,243.59 $79,661.76
1-1121 Till Float - Hobart $0.00 $100.00
1-1122 Till Float- Launceston $0.00 $100.00
1-1140 Petty Cash- Hobart $0.00 $50.00
1-1141 Pety Cash- Launcston $0.00 $50.00
1-1200 Trade Debtors $52,577.80 $61,072.80
1-1300 Inventory- Clothing $4,797.40 $41,857.03
1-3110 Store Equip - Hobart $0.00 $38,000.00
1-3120 STore equip hobart acc dep $150.00 $3,750.00
1-3121 Acc dep STore equip launcest $150.00 $150.00
1-3130 STore Equip - Launceston $0.00 $37,500.00
2-1130 MasterCard $146.82 $436.47
2-1200 Trade Creditors $792.60 $43,507.97
2-1310 GST Collected $6,454.15 $15,417.05
2-1330 GST Paid $4,100.90 $222.28
2-1410 Payroll Accruals Payable $1,120.00 $1,120.00
2-1420 PAYG Withholding Payable $1,008.00 $1,492.65
2-1700 Other Current Liabilities $635.36 $635.36
2-2100 Bank Loans $550.00 $14,450.00
3-1100 Owner's Capital $0.00 $15,500.00
3-8000 Retained Earnings from Previo $0.00 $58,303.84
3-8001 Reatained earngs from curren $0.00 $83,479.19
4-1100 Sales Type A $64,541.65 $64,541.65
5-1100 Purchases Type A $32,270.78 $32,270.78
6-1100 Depreciation Expense $300.00 $300.00
6-1800 Store Supplies $127.27 $127.27
6-1910 Staff Amenities $31.65 $31.65
6-1930 Wages & Salaries $6,800.00 $6,800.00
6-2100 Rent $3,509.09 $3,509.09
6-2200 Telephone $272.73 $272.73
8-1000 Interest Income $1.75 $1.75
9-1000 Interest Expense $34.38 $34.38
Total: $107,807.96 $107,807.96 $302,372.85 $302,372.85