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ACC10008 Monetary Info Techniques
Semester 1, 2018
Due date: mid-night Friday 18 Might 2018
The task should be accomplished in a bunch of 2-Three college students.
This task counts 30% in direction of your closing evaluation.
Al Wilson owns and runs a retail and wholesale surf store, Surf Haven, in a sea aspect city
The enterprise is located on a distinguished nook of the city at 1 View Road, Bell’s Inlet. Its
customized is especially from younger surf board, crusing and boogie board riders.
The store has a nautical environment and may be very properly organised. Merchandise encompass
surfboards, sailboards and boogie boards. Surf Haven additionally sells second-hand surfboards on
Surf Haven additionally provides lots of the surf retailers across the coast.
The enterprise prices GST on all stock gross sales and browsing classes, and pays GST on
stock purchases and most enterprise bills.
Surf Haven employs two informal assistants, Brian Jardine, works as a browsing teacher with Al
and Carl Holland who works within the store promoting inventory, and taking bookings for surf classes.
Fred pays each Brian and Carl $30 per hour. Every worker works between 10 to 15 hours
per week, relying on the season and demand. Payday is each second Wednesday.
On the finish of February, Surf Haven owed Four hours pay to each Brian and Carl.
Be aware: Don’t use the payroll part of MYOB; file wages expense money cost.
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Items and Providers Tax
Surf Haven pays GST of 10% on all enterprise bills, besides wages. Non-current asset
acquisitions are additionally taxed at 10%.
The next is an inventory of closing stock and the suppliers as at 28 February 2018.
Description Price Worth Sale
20 SFB Surfboards $420 $750 Customized Surfboards
15 BBD Boogie Boards $120 $240 Wave Rider
30 SFM Browsing Manuals $10 $25 Seahorse Publishers
Every of the above gadgets of stock is quoted excluding GST.
The required stock is bought on credit score underneath the phrases of cost required by
Al has a superb relationship with every of his suppliers. As soon as he locations an order, the
suppliers will ship them freed from cost the identical day.
All classes are paid for on the time of the lesson and is recorded individually to the
sale of stock.
Suppliers account balances at 28 February 2018.
Title Tackle Account Stability
ABN 50 566 722 363
56 Foremost Road, Torquay $Three,700
ABN 20 888 566 222
2 Seashore Highway, Fairhaven $5,500
92 000 444 666
1B Carlton Parade, Geelong $2,300
Every of the above account balances represents deliveries of stock obtained on 22
February 2018; all purchases are on phrases 2/10, n30. All stock gadgets are delivered on the
identical day as they’re ordered.
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Surf Haven sells most of its stock strictly on a money foundation, however the enterprise has three
credit score clients. Phrases of cost for these clients are web 30 days.
Buyer balances at 28 February 2018:
Title Tackle Date Final
Sharkeys Wye River
ABN 62 444 333 543
14 Bay Road
Feb 18 $2,400
Torquay Surf Store
ABN 50 596 794 363
47 Buckley Highway,
Feb 20 $Four,000
Aireys Surf Membership
ABN 877 475 200
Three Aireys Lane
Feb 22 $1,700
Phrases of cost for purchasers is 2/10, n30. Freight of $50 (GST unique) is charged for
all credit score gross sales.
Trial Stability as at 28 February 2018
Account Debit ($) Credit score ($)
1-1110 Financial institution 10,500
1-1200 Accounts Receivable Eight,100
1-1300 Stock 10,500
1-1400 Stationery provides 650
1-3110 Store Fittings & tools (price) 12,500
1-3120 Amassed depreciation Store fittings & tools 1,450
1-3210 Motorized vehicle (price) 22,000
1-3220 Amassed Depreciation – Motor Automobile. Three,500
2-1200 Accounts Payable 11,500
2-1310 Web GST Payable 560
2-1350 Wages payable 240
2-2100 Mortgage – ANZ Financial institution, Bell’s Inlet 20,000
Three-1200 Capital – Al Jardine 27,000
Whole 64,250 64,250
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Transactions: March 2018
1 Paid money for printing bills to Acorn Press– $594 (GST Inclusive).[chq 201]
1 Bought a brand new money register for $2,310 (GST inclusive) [chq 202].It’s anticipated that
the money register could have an efficient lifetime of 6 years with a zero residual worth.
2 Paid three month’s hire of $Four,620 (GST inclusive) to Prime Actual Property. [chq 203].
Three Paid for 2 months (March & April) promoting within the Browsing Occasions – $286 (GST
inclusive) [chq 204]
Four Credit score sale to Airey’s Surf Membership : stock offered: 2 boogie boards, 2 surfboards, Three browsing
manuals (Bill CR663)
5 Obtained cost of $Four,000 from Torquay Surf Store
Eight Obtained $1,540 (GST inclusive) for browsing classes.
Eight Paid Seahorse Publishers for February account. [chq 205]
9 Paid money to GMJ Autos for automobile expenses- $297 – (Together with GST) [chq 206]
9 Bought stock: 12 surfboards and 16 boogie boards. (P.O. 326, 327)
9 Obtained cost from Starkey’s Wye River for steadiness excellent at 27 February.
10 Paid Wave Rider the steadiness excellent at 28 February. [chq 207]
10 Bought workplace provides from Ace Workplace Provides, $803 [chq 208]
11 Gross sales Bill despatched to Sharkeys Wye River for the next gadgets:6 surfboards, 6 boogie
boards, 10 browsing manuals (bill CR664)
12 Obtained $Three,410 (GST inclusive) from Level Hicks Faculty for browsing classes.
12 Pay day. Carl was paid for 28 hours and Brian was paid for 30 hours; the funds
included wages owing from February. [Chqs 209 & 210]
12 Bought stock: 15 surfboards and 12 browsing manuals (P.O. 328)
14 Obtained cost from Airey’s Surf Membership for February account.
15 Credit score sale to Torquay Surf Membership: 14 surfboards, 10 boogie boards and 15 browsing
manuals (Bill CR665)
16 Money drawings – Cheque payable to Al Wilson of $2,000 [chq 211]
16 Paid money for automobile bills – $220 (Together with GST) [chq 212]
16 Bought 12 boogie boards (P.O. 329)
17 Obtained cost from Airey’s Surf Membership for Four March gross sales.
17 Returned 2 boogie boards to Wave Rider. They had been barely broken. A Credit score Be aware
was issued by the provider. This stuff had been from the acquisition on 16 March
18 Obtained cost from Sharkey’s Wye River for stock offered on 11 March.
18 Money gross sales of three surfboards and three browsing manuals (Bill CS754)
19 Bought 10 browsing manuals (P.O. 330)
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19 Paid Australian Taxation Workplace GST owing [Chq 213]
20 Paid Wave Rider for stock bought on 16 March [Chq 214]
21 Paid Customized Surfboards the steadiness excellent on 28 February 2018[chq 215]
22 Credit score sale to Aireys Surf Membership: 5 surfboards and 5 boogie boards (Bill CR666)
23 Bought 12 surfboards and 15 browsing manuals (P.O. 331 & 332)
23 Al introduces a brand new product on the market. He bought 20 sailboards from Wave Rider for
$400 every (GST unique) (P.O. 333). Promoting value of the sailboards is $640 every (GST
24 Paid Customized Surfboards for stock bought on 12 March. [Chq 216]
24 Paid month-to-month compensation to ANZ for financial institution mortgage; $1,zero50 (contains $50 curiosity). GST will not be
payable on this transaction. Fred determined that the enterprise would pay a further $500
off the mortgage principal. [chq 217]
25 Paid Telstra Ltd for enterprise telephone accounts – $572 (GST Inclusive) [chq 218]
25 Credit score sale to Sharkeys Wye River: Eight surfboards, 9 boogie boards and seven sailboards.
26 Pay day. Carl was paid for 30 hours and Brian was paid for 24 hours. [chqs 219 & 220]
26 Sharkeys Wye River returned 1 sailboard and obtained a credit score observe. The sailboard was
undamaged and returned to stock.
27 Obtained $2,695 money (GST inclusive) for browsing classes.
27 A buyer bought Three surfboards for money at a particular value of $1,485 every (together with
GST). The client additionally bought 6 browsing manuals on the regular value. (Bill
28 Obtained partial cost of $7,000 from Torquay Surf Membership.
31 The ANZ Financial institution in Williamsville has despatched a financial institution assertion for the month of March 2018.
The next gadgets had been famous from the financial institution assertion:
Financial institution charges of $35 had been debited to the account on 30 March
A credit score for an digital switch of $1,200 was obtained on the market of second-hand surfboards on
Changes at 31 March 2018
A few of the essential changes are to be discovered within the transactions above. Different
changes are listed beneath.
1. The bodily inventory take doesn’t agree with the pc information and changes
for stock are required.
Bodily stock-take as at 31 March 2018:
• Surfboards 18
• Sailboards 14
• Boogie boards Eight
• Browsing manuals 28
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2. A inventory take of stationery provides revealed $540 of stationery readily available at 31 March
Three. The store fittings are to be depreciated utilizing the straight line methodology, at 15%
each year on price. The motorcar is to be depreciated utilizing the straight
line methodology at 20% each year on price.
Four. Accrued wages owing on 31 March 2018: Carl – Eight hours, and Brian – 10 hours.
1-1000 Present Property
1-1110 Money at Financial institution
1-1180 Undeposited funds
1-1190 Digital clearing account
1-1200 Commerce Accounts Receivable
1-1250 Different revenue receivable
1-1400 Stationery provides
1-2200 Pay as you go bills
1-3100 Store fittings
1-3110 Store fittings at price
1-3120 Store fittings-accumulated depreciation
1-3200 Motorized vehicle
1-3210 Motorized vehicle at price
1-3220 Motorized vehicle-accumulated depreciation
1-3300 Money register
1-3310 Money register at price
1-3320 Money register-accumulated depreciation
2-1200 Accounts Payable
2-1300 GST Liabilities
2-1310 GST Collected/Payable
2-1330 GST Paid/Receivable
2-1350 Web GST Payable/Receivable (guide recording solely)
2-1600 Buyer deposits
2-1700 Wages payable
2-1750 Different bills payable
2-2100 Mortgage-Jap Financial institution
Three-1000 Homeowners’ Fairness
Three-1100 Capital-Al Wilson
Three-1200 Drawings-Al Wilson
Three-8000 Retained Earnings
Three-9500 Revenue and Loss Abstract (guide recording solely)
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Four-1100 Gross sales
Four-1200 Gross sales returns (guide recording solely)
Four-1300 Classes revenue
Four-2000 Freight charges collected
Price of gross sales
5-1100 Purchases(Price of products sold-manual recording)
5-1200 Stock loss/achieve
5-2000 Freight expense
6-1000 Promoting expense
6-1210 Low cost given
6-1220 Low cost taken
6-1300 Depreciation-shop fittings
6-1400 Depreciation-motor automobile
6-1500 Depreciation-cash register
6-1600 Motorized vehicle bills
6-1800 Stationery provides expense
6-1930 Wages and salaries
6-2100 Lease expense
6-2200 Phone bills
6-2300 Financial institution charges
Eight-1000 Curiosity expense
9-1000 Curiosity revenue
9-1100 Fee revenue
Be aware: Delete or cover accounts not required.
Accounts that are linked accounts can’t be deleted
Half A: Handbook recording
1. Document the opening balances as at 1 March 2018 within the applicable basic ledger
accounts and the opening balances of accounts receivable, accounts payable and
stock within the applicable subsidiary ledgers.
2. Document the transactions within the applicable basic or particular journal for March 2018.
Publish all transactions from journals to the overall ledger in accordance with accounting
Three. Put together schedules of accounts receivable, accounts payable and stock as at 31
March 2018 and reconcile these with the management accounts within the basic ledger.
Four. Document finish of month changes within the basic journal and submit these to the overall
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5. Put together a Trial Stability earlier than and after finish of month changes as at 31 March 2018
6. Put together an Earnings Assertion for March 2018 and a Stability Sheet as at 31March 2018.
7. Put together closing entries for March 2018.
Eight. Put together a Trial Stability after closing entries for March 2018.
Transactions should be recorded within the pro-forma journals, ledgers, worksheets and reviews
obtainable within the evaluation folder.
Half B Computerised accounts utilizing MYOB
1. Arrange an information file for Surf Haven and course of the transactions for March 2018.
2. The Straightforward Setup Assistant can be utilized for the preliminary setup course of to:
Put together the Chart of Accounts
Enter the opening balances within the basic ledger
Setup buyer and provider playing cards and enter opening balances within the specialist
The Command Heart can be utilized to create stock gadgets and enter opening balances
Three. Document the transactions for March 2018.
Four. Document finish of month changes.
Whole: 18 + 12 = 30 marks)
Digital submission by way of to submissions sub-folder within the evaluation folder of the unit
residence web page of
a. Task cowl sheet (clearly state every group members scholar id quantity
and full title)
b. Half A: excel file (title the file as ‘your name-Surf Haven-Half A’)
c. Half B MYOB reviews: Common Journal report and
Common Ledger element report
Earnings Assertion for March 2018
Stability Sheet as at 31 March 2018
1. One task solely is to be submitted for every group.
1. If the task doesn’t fulfill each of the next necessities, it is not going to be
accepted for marking.
a. When establishing the enterprise title for the task, college students are
required to insert their very own title after the enterprise title (Refer above).
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Any task with no scholar title/ names within the firm title is not going to
2. The task should be accompanied with an task cowl sheet itemizing all
members’ full title and scholar identification quantity.
Three. It’s the scholar’s duty to maintain a backup copy of the task till all of the
task course of is accomplished and marks are on blackboard.
Four. Any assignments handed in late shall be penalised as defined within the unit define.
Please confer with the unit define for particulars.