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BAO2000 Accounting Information Systems

Question

Answered

Question:

You are required to complete the following comprehensive computerised business simulation accounting project Parts & Accessories Pty Ltd using MYOB Account Right Software. This assessment will introduce you how to use an accounting software and will allow you to set up a company from scratch and to consolidate your knowledge of transaction processing.

When setting up your company make sure your student id number appears along with the business name.eg (s1234567 Parts & Accessories Pty) 

Anderson is the owner of Parts & Accessories Pty Ltd.  The firm distributes various types of spare parts to businesses in the Melbourne area. The company is located at 199 Koala Rd, Collaroy 2097, Ph: 02 9850 1111   ABN 16 142 999 000. The firm's Balance Sheet at the beginning of December 2019 (i.e. Opening Balances) is presented below:

All goods purchased and sold are subject to GST. 

Customer Details:

Customer No.1.  Polly’s Auto Repairs, 52 Dandona St, Sydney 2021, ABN 18 777 888 993

Customer No.2.  Mandy’s Repairs, 20 Sandshire Rd, Sydney 2021, ABN 32 444 332 443

Customer No.3.  Board Queen, 161 Adison drive, Sydney 2023, ABN 16 555 533 523

  • Customer Credit Terms are Net 30 days.
  • All Customers have a $30,000 credit limit and pay by cheque.
  • The next Customer Item Invoice is # 6301.

Supplier Details:

Supplier No.1.  Vehicle Parts Ltd, 12 Sky Drive, Sydney 2015, ABN 56 666 777 885

Supplier No.2.  Best Connections Ltd, 201 Mt Kimba Rd, Sydney 2000, ABN 72 444 866 755

Supplier No.3.  Tyres Ltd, 155 Bridge Rd, Sydney 2028, ABN 13 773 555 666

  • All Supplier Credit Terms are Net 30 days.
  • Credit Limit for all Suppliers is $40,000 and payment is by cheque.
  • Supplier No. 2 has an outstanding balance of $13,200 including GST for Invoice No.24753   dated 28th November 2019.

Inventory Details:

Parts & Accessories Pty maintains a perpetual inventory system.

The firm maintains an account with the Corporate Bank of Australia (CBOA) in Sunshine West, Melbourne ID# 235 which has a BSB # 165-983. The account number for the firm is 5802-3890

Enter Transaction For December 2019

Dec 2:  Sold 1 x 602, 2 x 302 to Mandy’s Repairs, their Order No 6423 for $7,700, including GST.

Dec 5:  Sold 1 x 602, 1 x 302, 3 x 804 to Polly’s Auto Repairs, their Order No. 263 our        Invoice No. 3069, for $6,160   including GST.

Dec 8: Received goods and Invoice No. 22830 from Vehicle Parts Ltd for 3 x602 @ $2,000 each plus       GST, total $6,600, including GST.

Dec10: Returned goods to stock, 1 x 804 from Polly’s Auto Repairs, their original Order No. 263 (05/12), plus GST. Our Credit Note No. C651 for $220.

Dec 12: Received goods, 3 x 302, @ $1,000 each on Invoice No. TR22435 from Tyres  Ltd for         $3,300, including GST.

Dec 13: Paid Trust Real Estate for Monthly Rent. Our Cheque No.6603441 for $1,100 including GST.

Dec 18: Paid Best Connections Pty Ltd for outstanding Invoice No. 24753. Our Cheque No. 6603442 for $13,200, including GST.

Dec 20: Issued Receipt No. 2002 to Mandy’s Repairs, for payment of our Invoice No. 3062 their Order    No. 6423 for $7,700.

Dec 20: Paid Power Ltd for Electricity. Our Cheque No. 6603444 for $880, including GST.

Dec 24: Paid Vehicle Parts Ltd for outstanding Invoice No. 22830. Our Cheque No. 6603448 for $6,600,  including GST.

Dec 26: Sold 3 x 602, 2 x 703, 2 x 804 to Board Queen Pty Ltd, on our Invoice No. 3065, their  Order No. 210 for $12,540, including GST.

Dec 27: Issued Receipt No. 2004 to Polly’s Auto Repairs, for payment of their Order No 263, our  Invoice No. 3069 for $5,940.

Dec 30: Received goods and Invoice No. 22248 from Vehicle Parts Ltd for 3 x 602 @ $2,000 each plus GST, total $6,600, including GST.

Dec 31: Received Credit Note for $2,200, including GST, from Vehicle Parts Ltd for Return of Damaged Goods, 1 x 602, their Invoice No. 22248.

Dec 31: Stock-on-Hand figures were:

 302 Engines = 10

 602 Best Connections= 8

703 Fuel pumps = 8

 804 Radiator = 6

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