AYB 221 Queensland University of Technology Technotronics Business Performance Report


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QUT Business School
School of Accountancy
AYB221 – Accounting Systems and Analytics
MYOB Assignment
(Weighting Total – 25%)
Due Date:
THURSDAY 26 May 11.59 PM
Assessment of Learning Outcomes
KS Knowledge & Skills (Technology)
KS 1.2 Incorporate the use of technology appropriate to the discipline and content.
HO Higher Order Thinking
HO 2.2 Exercise independent judgement and initiative in adapting and applying knowledge and
skills for effective planning, problem solving and decision making in diverse contexts.
Assessment Purpose
This assignment is an individual assessment assessing your learning from the MYOB tutorials
and Pabst & Perrin text by completing the February transactions and end of month processing.
Accuracy of accounting information is important and the marking will be based on correct entries.
This assessment will assist you to develop problem solving and judgement skills.
Part A involves preparing February MYOB accounts and is worth 17%.
Part B involves a business report worth 8%.
Submission Requirements:
1. Upload your completed Technotronics Pty MYOB data (.myo) file and audit trail
2. Enter the $ amounts from specified accounts online at the time of submission through the
Blackboard Quiz tool. (KS1.2)
3. Submit the Business Performance report as per the pro forma provided to Turnitin.
Late Assessment and Extensions
Refer to Blackboard for more information.
MYOB Assignment Semester 1 2022
Page 1
Check the currency of your computer is in Australian dollars. To change this, go to
your computers control panel and find region/language. Change the region to Australia
and Currency to $. Ring IT helpdesk if you need further assistance on how to do this.
Check the date format of your computer is dd/mm/yr
This assignment is based on skills obtained from completing the tutorial work. DO NOT
USE YOUR MYO file from tutorials. You are to use Technotronics Pty.MYO file for
this assignment that is provided to you on Blackboard.
For the first time when you open the Technotronics Pty.myo file you will need to use
“Administrator”, but immediately create and use your own MYOB User ID (student
number) (see Tutorial Activity 1 pages 3 and 4). Marks will be deducted and plagiarism
investigations will occur if you do not use your own MYOB user ID.
Ensure Audit Trail tracking is turned on (see Tutorial Activity 1)
Work out each transaction type before starting to record the transactions (ie ask
yourself is the transaction a cash sale? sales return? etc). Look at how each transaction
type was processed in the MYOB text which is a good reference for your assignment.
Due to a low volume of cash and cheques being received, receipts are not banked
every day so please ensure you read the transactions to indicate when cash and cheques
are deposited at the bank.
You may need to add a new customer and/or new terms for credit sales. There are two
suppliers already created in the file.
Make sure to tick the tax inclusive box for Cash Sales; and the box is not ticked for
Credit Sales or Purchases (follow the same process as what you did when completing
the tutorial work).
Ensure invoices are in “item” layout as this will enable you to record the sale/purchase
of items from the inventory list.
The cheque number sequence for this assignment begins from #1000.
The ABN is not registered and was created for this assessment purpose only. Read the
background to this business before you commence the assignment to see how End of
Month Adjusting entries are processed.
Remember to select Edit, Recap Transactions to ensure you are processing a
transaction in the way you intend before you record it. It is far easier to record
transactions carefully than have to fix mistakes later on.
Backup every few transactions. Use meaningful backup names such as Feb 4
indicating you have processed up to the end of the 4th February transactions.
MYOB Assignment Semester 1 2022
Page 2
Business background
As a graduate accountant, you will be preparing the accounts for Peter Baine who is the sole
owner of a retail business, Technotronics Pty which buys and sells general electrical goods and
appliances. The business used to break even (where revenues covered the expenses) but over
the last couple of years, a loss has been reported.
Peter needs your advice as to how the financial position of this business can be improved. The
business does not operate on the weekend and the owner is wondering whether this should be
considered to boost sales.
Technotronics Pty is registered for Goods and Services Tax (GST) with the ATO and business
dealings are under the Australian Business Number (ABN) 90 189 212 233.
The accrual method of accounting is used and Peter has a perpetual inventory system, which
records a continuous movement of inventory. In terms of accounts receivable, most of the
customers are given a discount for prompt payment and terms vary from 7 to 30 days. Regarding
suppliers, Technotronics Pty receives a discount if payment is made early on outstanding
Peter works in the store along with a salesperson, Susan Smith (retail sales) who works Mondays
to Fridays and is paid for the fortnight just worked (up to and including) the Friday. Susan worked
4 hours a day in February – she is currently the only employee (other than Peter). Tax is deducted
from her wage (PAYG) and is remitted to the ATO quarterly. Peter is aware that he should use a
Payroll module to process pays, however he does not have the time and funds to implement this.
Susan’s wages are paid fortnightly via a cheque. Susan is entitled to superannuation at 9.5% of
her gross wages for the month of February. An end of month journal entry will need to reflect this
In terms of end of month processing, Peter prepaid rent at the start of the financial year.
Prepayments are recorded as assets and the portion used for the month (expense) is recorded
in the general journal as an adjusting entry. There was a wages accrual processed in the
accounts at the end of January 2019, which was estimated to be $1,350. Reversal entries for
wages accrued are done at the start of February. Depreciation of furniture and fixtures is
calculated using a straight line rate of 10%. Peter also wants to expand the business and took
out a $35,000 business loan which was drawn on the 26th February 2019. The first interest
payment is to be made in March. An adjusting entry is to be recorded in the general journal to
record the interest expense that has been incurred in February but not yet paid.
The St George business saver account is mainly used for payments other than petty cash. The
petty cash account is used for staff amenities and postage stamps. The account needs to be
reimbursed to $50 prior to the end of month. Peter has a Mastercard that is used for small
purchases or other miscellaneous payments.
MYOB Assignment Semester 1 2022
Page 3
You do not need to create a MYOB file for this assignment. Download and use the
Technotronics Pty.MYO file that is provided to you on Blackboard under Assessment (DO
1. When you log into Technotronics Pty for the first time you will need to use “Administrator”
as the user ID. Then immediately create a new user ID with your student number (see
Tutorial Activity 1). Use your student ID the next time you log in and ensure audit trail
tracking is ticked under security preferences (see Tutorial Activity 1)
2. Enter the February 2019 transactions
3. Prepare End of Month Adjusting Entries for 28 February 2019
4. Perform the Bank Reconcilation at 28 February 2019
5. Once you have entered all the assignment transactions for February 2019, import the
budget data text file in the same manner as what you did in the tutorial. You have been
provided a different budget text file on Blackboard under Assessment (DO NOT USE THE
6. Upload the completed Technotronics Pty myo data file and audit trail in the submission
area on Blackboard.
7. Prepare a Business Performance Report using the proforma provided on Blackboard.
Submit the report via Turnitin.
8. Complete the required $ account balances for the requested accounts in the MYOB
submission area on Blackboard.
MYOB Assignment Semester 1 2022
Page 4
February 2019 transactions:
Record the reversing entry for wages that were accrued.
Superannuation payable of $128.25 was paid to Effortless Super by Cheque #
Received a cheque of $869 from Grace Jones for Invoice # 41777. The cheque
was banked by close of business.
Wrote cheque # 1001 to Susan to pay two weeks’ net wages. Susan’s gross pay
was $1,500 with $192 tax deducted. Wages are paid for the fortnight just worked
(up to and including the Friday) Hint: Follow the same process as the text
regarding processing the payment of wages.
Note: superannuation is not included when paying wages for simplicity
Received Invoice #900 from the Council for water charges of $242.50 (GST free).
The invoice was paid on the same day by Cheque # 1002.
Cash sale – 1 x BSPR02 Breville Sandwich Press, 1 KSB019 Sunbeam Kettle.
The customer paid Cash. Hint: Use the same processing method as the tutorial
Received a cheque from JK Thomas for Invoice # 41781. The cheque for the
amount of $6,875 was banked the same day along with cash of $136.40. The total
amount of the deposit was $7,011.40
Cash sale (paid by EFTPOS):
3 x FTB991 Fitbit Black, 1 x NKCM03 Nikon Digital Camera and 1 x DLCM99
DeLonghi Coffee Machine.
Received an EFTPOS payment of $1,000 from Cole Edwards for part payment of
Invoice #41774. The customer is having serious financial issues and is unable to
pay the whole invoice.
Cash sale – 4 x RHDR90 Remington Turbo HairDryer, 1 x FTB991 Fitbit Black.
The customer paid cash.
Paid Appliances on the Go with Cheque # 1003 clearing the amount owing. You
need to take into account any discount if applicable.
Susan banked the cash from the sale on the 8th February. Total deposit amounted
to $577.50
Paid Amart Furniture $11, 000 by Cheque # 1004 for additional furniture for the
office. Hint: use existing accounts and tax code CAP.
MYOB Assignment Semester 1 2022
Page 5
Credit sale:
New Customer
Invoice # 41787 (PO # 1011)
1 x LGDS01 LG Dishwasher S/Steel
1 x DYSN02 Dyson MultiFloor
Joe Bloggs
1 Walter Street
Logan, Qld 4114
ABN 86 281 999 553
Credit Limit $2,000
Terms 10/10 N30
Invoiced Grace Jones at an agreed price (Invoice #41788) (PO # 2195).
Increased their credit limit to $8,000
1 x DLCM99 DeLonghi Coffee Machine (agreed price of $580)
Smith and Sons paid their final balance owing with their credit card over the
Wrote cheque # 1005 to Susan to pay two weeks’ net wages. Susan’s pay was
the same as last fortnight.
Note: superannuation is not included when paying wages for simplicity
Received a cheque from Joe Bloggs as full payment of invoice #41787 taking into
account any discounts they are entitled to. Accept the default invoice number
displayed if applying any discount. The cheque was kept in the safe.
Used the Mastercard to pay for an invoice from Handyman on Call for $412.50
(inc GST) relating to maintenance on some fixtures. Use the default cheque
The owner withdrew $1,600 for personal use.
Banked the cheque from Joe Bloggs amounting to $1,552.32
Purchased stationary from Officeworks amounting to $210 (inc GST) using the
Ordered 5 x DLTS10 DeLonghi Toasters from Inspector Gadgets at a cost of
$68.15 each (exc GST). The supplier waived freight charges. Received the order
(#1388) the following day along with Invoice # 21432
Hint create new inventory item (DLTS10). The base selling price is $86.25 each
(exc GST). Follow the same procedure as per tutorials to create the new inventory
item. Ensure tax inclusive box is not ticked.
Grace Jones paid Invoice #41788. The cheque for the amount of $638 was kept
in the safe for the next banking.
Received a phone order from JK Thomas (PO # 2195). The customer will collect
the goods the following day.
2 x LGDS01 LG Dishwasher S/Steel
9 x FTB991 Fitbit Black
Invoiced JK Thomas the goods ordered (Invoice #41790) (PO # 2195) with a
discount of 2% on all items.
Recorded Petty Cash Voucher #001 for milk $16.80 (GST free) and coffee $32.50
(GST free). Total amount for Petty Cash is $ 49.30. Hint pay from the Petty Cash
MYOB Assignment Semester 1 2022
Page 6
account. Use 6-1910 for staff amenities
JK Thomas found 2 faulty Fitbits (FTB991) and returned them for a credit
(adjustment number 125). The fitbits were purchased on the 19th February.
Paid Inspector Gadgets the balance owing with Cheque # 1007
Cheque # 1008 was for a reimbursement of Petty Cash. Hint: look at the Petty
Cash account to calculate how much the reimbursement should be for
Paid monthly Accounting Fees of $2,200 (including GST) by Cheque # 1009
Received the telephone bill from Phone Zone for $880.00 (inclusive of GST). This
was paid on the same day with Cheque # 1010
A $35,000 business loan was drawn out on this day at a 4.75% p.a interest rate.
The loan period is for 7 years. The bank paid the funds directly to the St George
business saver account. The loan repayments will commence on the 26th March
2019. Hint: use the existing bank loan account (2-2100)
JK Thomas paid the amount owing taking into account any discounts if applicable.
The customer paid by EFTPOS
A stocktake was done and the results are listed below. Hint: this is a critical
thinking transaction which may/may not require an adjustment in the accounts.
Process the End of Month entries which were done on Thursday 28th February.
Complete the bank reconciliation for the end of February. Refer to pages 8 and 9
for the adjustments and bank statement.
Item Number
Item Name
Breville Sandwich Press
DeLonghi Coffee Machine
DeLonghi Toaster
Dyson Multi Floor Vacuum
Fitbit Black
Sunbeam Kettle
Nikon Digital Camera
Remington Turbo Hair Dryer
MYOB Assignment Semester 1 2022
Page 7
February 2019 Adjusting Entries:
Record the following adjusting entries on 28 February 2019 and include your detailed
calculations in the memo field of each entry. For help on recording adjusting entries in
MYOB, refer to the GL & Reporting Lecture which discussed end of month reporting.
1. There is no GST applicable for any of the adjusting entries.
2. Calculations for depreciation, interest and superannuation should be rounded to 2
decimal places.
3. Base your calculations on months (hint: divide by 12), not days except for wages
accrual and items that have been purchased during the month. (Hint –you can refer
to an ATO calculator for calculating the number of days).
The owner Prepaid Rent of $12,000 at the start of the financial year which was to be
consumed over the 12 months. Calculate the adjusting entry for Rent Expense for the
month of February.
Wages are paid fortnightly on Friday for the fortnight just worked (up to and including the
Friday). The next wages payment will be made on 1st March and it will be for the same
amount as on the 15th February. Susan only works Monday to Friday. Calculate the
adjusting entry to accrue for wages payable at the end of February. Hint: work out her daily
rate * number of days to the end of February
Accrue for superannuation at 9.5% of the gross wages actually paid for the month of
Accrue for superannuation from the last wages payment (on the 15th February) to the end
of the month. Hint: calculate daily rate * number of days to the end of the month
Depreciation of Furniture & Equipment for the month is calculated using the straight-line
method and a rate of 10% per annum. Depreciation is calculated on the historic cost and
there is no residual value. Hint: use months to calculate this figure not days. However for
purchases made during the month, use the number of days (divide by 365) from the date
of the purchase up to, and including, the 28th February
A $35,000 business loan to expand operations was drawn on the 26th February 2019. The
first interest payment is to be made in March. An adjusting entry is to be recorded in the
general journal to accrue for the interest expense that has been incurred in February but
not yet paid. Hint: loan amount * daily interest rate * number of days (when loan was drawn
to the end February).
MYOB Assignment Semester 1 2022
Page 8
Bank Statement
St George Business Saver Account
ABN 90 188 211 144
Technotronics Pty
159 Springbrook
Account No:
224 563
1 of 1
Statement Date:
28 February 2019
Springbrook QLD
01-Feb-19 Opening balance
01-Feb-19 Cheque 1
01-Feb-19 Cheque 1000
04-Feb-19 Cheque 1001
04-Feb-19 Bank Deposit
05-Feb-19 Bank Deposit
05-Feb-19 EFT Deposit
06-Feb-19 Cheque 1002
07-Feb-19 EFT Deposit
11-Feb-19 Bank Deposit
14-Feb-19 Cheque 1004
15-Feb-19 Smith and Sons
15-Feb-19 Cheque 1005
15-Feb-19 Cheque 1003
18-Feb-19 Bank Deposit
25-Feb-19 Cheque 1007
26-Feb-19 EFT Deposit
26-Feb-19 Cheque 1008
28-Feb-19 Bank Fees
28-Feb-19 Direct Credit
28-Feb-19 Cheque 1006
MYOB Assignment Semester 1 2022
Page 9
You are required to submit the following before the due date and time of Thursday
26 May at 11.59 pm.
When you upload this file at the submission point on Blackboard you will be agreeing
The file submitted is your own work and that you have not colluded or collaborated in the
completion of this assignment, nor have you provided any material or assistance in the
completion of another’s assignment.
You must have used your own UserID and turned on the Audit Trail tracking at the start of
the MYOB work.
1. Your final completed Technotronics Pty MYO data file AND audit trail report
(Do not submit or use the tutorial e_Generation MYO file.
Ensure the Audit Trail Report is dated from 1/1/2019 until 31/12/22
(Accounts >>Audit Trail >>Audit Trail Report) select Customise to enter the date
range è Print è Send To è PDF
Your submission is not complete and therefore will not be marked if you
don’t provide the two files (.myo file and audit trail.pdf)
2. Enter the required $ amounts from specified accounts online at the time of
submission through the Blackboard Quiz tool.
Note: It is recommended you have the PDF versions of the following MYOB reports with
you whilst entering the amounts: These reports DO NOT need to be submitted.
1. February 2019 Trial Balance
2. Reconciliation Report for the St George Business Saver Account, as at 28th
February 2019
3. Detailed Ledger ONLY for Account 1-1180 Undeposited Funds for February 2019
(Accounts >>General Ledger (Detail))
4. Transaction Journal for General Journal for February 2019
(Accounts >>Transaction Journals >>General Journal)
The Memo field for each entry should show how the figures were calculated.
5. Budget Analysis Report for February 2019
(Accounts >>Profit & Loss >>Budget Analysis)
3. Submit the Business Performance Report (see next page) as per the proforma to
MYOB Assignment Semester 1 2022
Page 10
Peter has asked you to write a business performance report of 400 words (maximum), reviewing
the following:
Discuss profitability (3 marks) and inventory management (3 marks) at Technotronics
Pty. In your discussion, identify issues and offer suggestions to address the issues.
To support your discussion, design a graph in Excel that compares inventory on hand to
sales as at 28 February for the different items sold (2 marks). (Copy the graph into your
Word template)
Use the proforma template to address the above.
No external research or references are required for this report.
MYOB Assignment Semester 1 2022
Page 11

Purchase answer to see full

Inventory Management

accounting systems

Technotronics Business

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