Myob Accounting assignment
BACC002- MYOB

CASE STUDY- 2020

2020

? LECTURE & TUTORIAL – WEEK 4 WILL GUIDE STUDENTS ON HOW TO COMPLETE THIS CASE STUDY

? Linh Do

UTS-INSEARCH |

1

MYOB- ASSIGNMENT BRIEF & KEY INSTRUCTIONS

o You are establishing a business under your name and run this business for a certain period (for a month)- November in the financial year 2020-2021.

o There will be many business transactions happening during this period and you will need to record for those transactions using MYOB program. The list of specific sales & purchase transactions etc. will be provided in this case study (please refer to next pages for more information).

o Firstly: To record for the business transactions in the later steps, you will need to set up your business file, and then some basic accounts needed (such as Cash at Bank, Account Receivable etc.), the products or services that you will be providing to the customers. – The list of basic accounts, products & services and their opening balances are provided in this case study (please refer to next pages (p2/3/4) for more information). In addition, you also need to set up the names of regular customers/suppliers who your business often deals with. This is to make your later recording become easier. This task is called Set-up Step.

o Secondly: After Set-up Step, when you already have all accounts/products/customers/suppliers set up, you then need to record all the business transactions (sales, purchases etc..) based on the list of transactions provided from this case study.

o One of key requirements in this case study: While all transactions relating to Products (sales/purchases etc..) are provided with full details (unit quantities, cost, price.), each student will need to MAKE-UP their own number/amount for the transactions relating to Services. For instance, you will need to think and come up with a reasonable amount of how much you will charge the client for hosting a management meeting (service). This is to ensure that your assignment work is unique and different from others.

o Finally, after completing all required recordings, MYOB can generate different reports for you according to your need. You will need to submit the required reports to Canvas before the end of week 6. Details of the reports & how to submit them are provided in the last page of this case study.

Below are some additional requirements when you perform set-up step:

1. Create a business with the name as following: Your name- Student Number Example: Linhdo-12345

2. Financial Year: 2020-2021

3. You need to put initials of your name and last 2 digits of student number

in front of All customers/suppliers/products in the stage of set-up. Example:

A supplier in a case study is: Coles

The student, Linh Do (12345) will set up this supplier in MYOB as: LD45-Coles

2

Your Name- Your ID Business

Trial Balance as at 1st November 2020

Account Debit Credit

Cash at Bank $ 100,000

Petty Cash $ –

Account Receivables $ –

Inventory $ –

Pre-paid insurrance for building $ 1,000

Short term investments $ 17,000

Building $ 28,000

Building accum. depreciation $ –

Land $ 40,000

Furniture $ 1,000

Furniture accumulated depreciation $ –

Motor Vehicles $ 8,000

Motor vehicles accumulated. depreciation $ –

Long term investments $ 5,000 $ –

Account Payables $ – $ –

GST Collected $ –

GST Paid $ –

Bank Loan $ 40,000

Capital ,A $ 80,000

Capital ,B $ 80,000

Food & Beverage Sales Revenue $ –

Services Revenue $ –

Cost of Sales $ –

Catering Expense $ –

Electricity Expense $ –

Depreciation Expense $ –

Insurance Expense $ –

Maintenance Expense $ –

Interest Income $ –

Rental expense $ –

Interest Expense $ –

Total Debit/Credit $200,000 $200,000

3

1. Part B – MYOB 1.1. Table of goods and services

No. Type Description Cost price Selling price Comments

PROD01 Item – food Platter of crispy chicken $ 8.00 $ 35.00 –

PROD02 Item – food Platter of prawn crepe $ 10.00 $ 50.00 –

PROD03 Item – food Platter of mixed salad $ 5.00 $ 25.00 –

PROD04 Item – drink Soft drink $ 1.00 $ 5.00 –

PROD05 Item – drink Beer $ 1.50 $ 8.00 –

PROD06 Item – drink Wine $ 10.00 $ 80.00 –

PROD07 Item – drink Champagne $ 15.00 $ 85.00 –

Services

Different services : Venue service, Hire car, Sound& Communication

Service etc…

N/A Resonably set your own price

Service price can vary for different events

2.2 Table of customers

No. Customers Adress ABN

CUS01 Deloitte

225 George Street, Sydney, 2000 NSW Australia 66 001 991 457

CUS02 Vertias Events

7/1 Pacific Highway, North Sydney, 2060 NSW, Australia 45 327 401 363

CUS03 Civeo Corporation 10 Bond Street, Sydney, 2000 NSW Australia 95 402 625 277

CUS04 NSW Department of planning

Level 22, 320 Pitt Street, Sydney, 2000 NSW, Australia 66 001 991 457

CUS05 UTS Business School

14-28 Ultimo Road, Ultimo, 2007 NSW, Australia 88 325 594 435

CUS06 UNSW Business Socity

10 College Road, Kensington, 2052 NSW, Australia 60 004 785 504

CUS07 Cancer Council NSW

153 Dowling Street, Woolloomooloo, 2011 NSW, Australia 15 606 253 696

CUS08 Sydney Theatre Company

4 Hickson Road, Walsh Bay, 2000 NSW, Australia 68 072 667 228

CUS09 Annual Sydney Home Show

10 Devonshire Street, Haymarket, 2000 NSW, Australia 89 083 413 512

CUS10 Vintage Automobiles Exhibition Sydney 2016

101 More Street, Liverpool, 2170 NSW, Australia 81 073 727 198

CUS99 Walk-in Customers To record for the one-off clients (who you might not need to know their names)