FIJI NATIONAL UNIVERSITY

Department of Accounting

ACC503 – INTRODUCTION TO
COMPUTERISED ACCOUNTING

Assignment: Semester 1, 2022

SCENARIO
The organization’s name is Adventures Pty Ltd. The company operates a retail shop to sell sport
equipment. The company also has a website to tap into the online shopping market with free
delivery. Sales are made on both cash and credit. There are discounts for early payment of credit
sales. Purchases are made only on credit with agreed credit terms from selected suppliers. The
main customers of the company are public and private schools around the country.
Andy is the owner and also the sole director of the company. There are three employees: Jack is
the sales manager, Mark is sales staff, and Paula is employed part-time on a casual basis to
perform administrative tasks.

Getting Started:
You will need to create the data file.

Mandatory:
Enter the name of the organisation in the Company Name field and the group members’ names
(initials) and first four numbers in student ID numbe rs in the Address field. This will ensure
that any reports that are printed can be identified. Failure to do so will result in awarding a Zero
for whole assignment.

The conversion month is October, current financial year is 2016; choose 12 accounting periods. In
the Account List creation screen, select the option to start with one of the list provided (1 st option).
Choose appropriate business type and industry to have the most suitable list. The right selection of
account list will greatly assist you in setting the Chart of Accounts as per below requirement;
otherwise, you will have to spend significant time to edit the Account List.
Example of entering group members name in address field.
(John Dyer A202411004) will be entered as JD A2024

Part 1 - Chart of Accounts

A. Setup the Chart of Accounts and edit the Account List.

You will need to design how you want the Balance Sheet and Profit and Loss Statements to appear.
You need to add accounts, rearrange the account order and there should be appropriate headings
used throughout. Appropriate headers and sub-totals will be expected.

Edit the Account list:

1. You will first need to classify the accounts according to type ie Current, Non-Current
Assets/Liability or Equity.
2. Next decide on an appropriate account number. You can rename or renumber existing
accounts. Accounts that are linked may need to be unlinked.
3. Enter the accounts as shown below.
4. You will need to design how you want the Balance Sheet and Profit and Loss Statements to
appear. Appropriate headers and sub-totals must be included.

Chart of Accounts –
Balances as at 1 October 2015
Account Account name Amount Account Account name Amount
number number
1-0000 Assets 3-0000 Equity
1-1000 Current Assets Owner/Shareholder's Equity
ACB Bank Account $42,218.34 Owner/Sharehldr Capital $55,000.00
Petty Cash $800.00 Owner/Sharehldr Drawings
Undeposited Fund Retained Earnings ???
Accounts Receivable $6,693.80 4-0000 Income
Provision for Doubtful Debts 4-1000 Sales
1-1300 Merchandise Inventory Summer Gear Sales
Summer Gear $5,486.25 Winter Gear Sales
Winter Gear $5,130.37 Freight Collected
Prepaid Expense ??? Miscellaneous Income
Deposits Paid $700.00 5-0000 Cost Of Sales
1-2000 Fixed Assets 5-1000 Cost of Goods Sold
Motor Vehicles Summer Gear COGS
Motor Vehicles at Cost $19,960.00 Winter Gear COGS
Motor Vehicles Accum Dep -$2,994.00 6-0000 Expenses
Office Equipment 6-1000 General & Administrative Expense
Office Equip at Cost $22,520.00 Discounts Given
Office Equip Accum Dep -$3,002.70 Bank Charges
Store Equipment Depreciation

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 Store Equipment at Cost $13,650.00 6-3000 Advertising & Promotion
Store Equipment Accum Dep -$2,730.00 Advertising
2-0000 Liabilities 6-4000 Operating Expenses
2-1000 Current Liabilities Delivery Expenses
Accounts Payable $5,574.27 Postage & Supplies
Interest Payable ??? Electricity & Water
Short-term loan Rent
GST Liabilities Cleaning & Telephone
GST Collected $2,102.34 6-5000 Employment Expenses
GST Paid -$1,898.65 Superannuation
Accrued Expense ??? Wages & Salaries
Payroll Liabilities 8-0000 Other Income
Payroll Accruals Payable Interest Income
PAYG Withholding Payable $8,023.21 Discounts Taken
2-2000 Long Term Liabilities 9-0000 Other Expenses
HSBC Bank Loans $35,000.00 Interest Expense
Other Long Term Liabilities Income Tax Expense
$60,150.89 $60,150.89

The above account list must be matched exactly (name and category). You may need to
modify account names, create extra accounts and adjust linked accounts setup in order to
achieve that. It is optional to leave other accounts being automatically created by MYOB
undeleted.

B. Identify the value at each Yellow Space with question marks using below information
(you need to identify the relevant information for each value):

Amounts are GST exclusive

• Paid $250 on 20 September 2015 for advertising in Travel magazine to be published in October
2015.
• Paid $4,200 on 30 September 2015 for 3 months shop rental starting from 1 October 2015.
• Adventures Pty Ltd owes the below suppliers (bills received), all amounts remain unpaid by 30
September 2015:
o HSBC bank loan of $35,000 was acquired on 1 July 2015, the annual interest rate is 12%,
the interest is payable every 3 months. The first interest payment will be on 5th
October 2015; o $680 for leaflets printing to be paid to Vistaprint on 7 th
October 2015; o $2,200 for webpage designing from Magicdust, payable on 10th
October 2015.

C. Enter the opening balances as at 1st October 2015

After all the values at the Yellow Space have been identified, you need to enter the Opening
Balance of the accounts as shown above.
Note: Make sure that the account Historical Balancing equals ZERO when you have finished
entering the Opening Balance.

Part 2 - Setting up Customers, Vendors, Inventories and Payroll

ACC503 -Assignment Semester 1-2022 Page 3

 A. Set up the Sales Module: enter individual customer details and enter historical balances.
Payments for credit customers are ‘In a given # of days’. You must enter your initials
immediately after the names of the customers.

Customers Detail

Customers with credit facilities as at 30th September 2015

Australian Sport APT Travel Harvey World

Name Bankwest
Academy Travel
Card ID C001 C002 C003 C004
Address Morala Ave 339 North Rd Humphrey’s Way Kessels Rd
Suburb Gold Coast Caulfield South Rowville Nathan
State QLD VIC VIC QLD
Postcode 4216 3162 3178 4111
Phone #1 9419 5805 9380 4062 9580 4576 9866 2685
Contact Melanie Chris Carol Gregory
ABN 12 345 678 910 32 142 746 523 45 689 456 637 32 789 543 121
th
Terms On 14 each month 2/10 Net 45 3/7 Net 30 2/10 Net 45
Credit Limit $15,000.00 $12,000.00 $12,000.00 $15,000.00

Aged Receivables
Customer INV # Date Total Due
Australian Sport Academy 842 26/08/2015 $1,440.60
856 2/09/2015 $693.80
APT Travel 831 15/08/2015 $1,559.30
Bankwest 834 17/08/2015 $449.70
Harvey World Travel 861 8/09/2015 $2,550.40

B. Set up the Purchases Module: enter individual vendor details and enter historical balances.
You must enter your initials immediately after the names of the vendors.

Suppliers Detail

Suppliers allowing credit facilities as at 30th September 2015

Travel Universe Paddy Pallin Pty

Vendor Kathmandu Pty Ltd Annapurna Pty Ltd
Pty Ltd Ltd
Card ID S001 S002 S003 S004
Address 45 Rundle Street 678 South Road 576 Main Road 1 Hall Street
Suburb Adelaide Renmark Mordialloc Hawthorn East
State SA SA VIC VIC
Postcode 2035 3037 3195 3123

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 Phone #1 9666 6114 9203 1651 1800 126 659 1300 285 872
Contact Jane John Alison Ian
ABN 32 821 111 764 32 157 461 291 49 104 012 857 85 131 831 297
th
Terms 3/7 Net 30 2/10 Net 45 On 5 next month Net 30
Credit
$25,000.00 $25,000.00 $20,000.00 $20,000.00
Limit

Aged Payables
Supplier Total
Supplier Date
INV # Due
Kathmandu Pty Ltd 7215 12/08/2015 $1,519.80
7554 1/09/2015 $1,919.00
Annapurna Pty Ltd 3120 17/08/2015 $174.97
3300 5/09/2015 $329.45
Travel Universe Pty Ltd 5921 14/09/2015 $148.00
6153 3/09/2015 $599.90
Paddy Pallin Pty Ltd 1238 23/08/2015 $389.00
1245 8/09/2015 $494.15

C. Set up the Inventory Module: The Inventory items need to be entered with all their
accompanying details. You must enter your initials immediately after each product name.

- Selling price and cost value shown below are GST exclusive
- Adventures Pty Ltd uses perpetual inventory system
- Buying/selling unit: item

Inventory Details

Inventory Details as at 1st October 2015

Unit Restock Vendor Default

Item # Name Principal Vendor
Price Alert Item # Reorder
S001 Sleeping bag $62.20 30 Kathmandu SB128 20
S002 Backpack $45.45 30 Kathmandu B3512 20
S003 Single tent $75.00 30 Annapurna ST655 20
S004 Double tent $110.00 20 Annapurna DT912 20
W001 Jacket $84.54 30 Travel Universe J3647 20
W002 Binocular $28.00 30 Travel Universe B2375 20
W003 Helmet $35.00 30 Paddy Pallin H232 20
Thermal pants
W004 $145.00 40 Paddy Pallin TP294 30

ACC503 -Assignment Semester 1-2022 Page 5

 Quantity on Cost Value Sales / COGS
Item # Name hand (Excl. GST) Category
S001 Sleeping bag 35 $1,050.00 Summer Gear
S002 Backpack 50 $1,136.25 Summer Gear
S003 Single tent 22 $825.00 Summer Gear
S004 Double tent 45 $2,475.00 Summer Gear
W001 Jacket 31 $1,310.37 Winter Gear
W002 Binocular 40 $560.00 Winter Gear
W003 Helmet 33 $577.50 Winter Gear
W004 Thermal pants 37 $2,682.50 Winter Gear

D. Set up the Payroll Module: Complete the payroll set up for all employees as shown below.
You must enter your initials immediately after each employee surname (last name).

Payroll Details

Payroll Details as at 30th September 2015

Name Jack Cino Mark Locke Paula Ford

Position (card ID) Manager Sales Admin
45 Evans Street, 15 Dean Street, 38 Alice Street,
Port Melbourne, Bairnsdale, Clayton,
Address VIC 3207 VIC 3875 VIC 3168
Phone 9427 0524 9557 8929 9550 5554
Start date 20/04/2015 11/05/2015 24/03/2015
Pay basis Salary Salary hourly
Annual/hourly rate $75,000 $35,000 $30
Pay frequency fortnightly fortnightly fortnightly
Tax File Number 787-999-676 222-565-474 222-565-878
Tax Free Tax Free Tax Free
Tax scale Threshold Threshold + Threshold
HECS or HELP
Workcover 2% 2% 2%
insurance
SGC Super 9% 9% 9%
Salary sacrifice $350.00 $25.00
per month
(paid 1st period)
RAMS Home Loan $460.00 $150.00
per pay period
Union Fees per $3.50
pay period
Payment method cheque cheque cheque

Adventures
PtyLtd General Payroll Information

ACC503 -Assignment Semester 1-2022 Page 6

 Withholding
Bank Branch (BSB) 083-456 payee number make up
Account Number 111 333 343 Round pay down 5 cents
to….
Trading Name Travel Shop Default fund Spectrum
Bank Code ACB include self balancing transactions

Information for October 2015

Jack Cino Mark Locke Paula Ford
Holiday balance 66 hours 53 hours Not entitled to any
as at 01/10/2015 type of leave
In the first pay period
Sick Leave taken Worked 25 hours,
Holiday Leave 8 hours no overtime
taken
Overtime (x 1.5) 2 hours 2 hours
Overtime (x 2) 3 hours
Bonus paid $200
In the second pay period
Sick Leave taken 8 hours Worked 30 hours,
Holiday Leave 24 hours no overtime
taken
Overtime (x 1.5) 2 hours 2 hours
Overtime (x 2) 2 hours
Bonus paid $400

THE END

ACC503 -Assignment Semester 1-2022 Page 7