Financial Reporting Assignment
Financial Reporting Assignment
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ASSIGNMENT INSTRUCTION
STUDENT NAME: _________________________________________________
CLASS: _________________________________________________________
TEACHER: _______________________________________________________
In this assignment, you are required to submit the following:
1. Opening Trial Balance as at 1 June 2020
2. Accounts Receivable Schedule as at 1 June 2020
3. Accounts Payable Schedule as at 1 June 2020
4. Inventory List as at 1 June 2020
5. Cash Payments Journal
6. General Journal
7. General Ledger
8. Depreciation Schedules (2)
9. Closing Trial Balance as at 30 June 2020
10. Income Statement for the year ended 30 June 2020
11. Balance Sheet as at 30 June 2020
1. PDF – 1. Transaction Journal for June [All]
2. PDF – 2. Bank Reconciliation Report for June
3. PDF – 3. Bank Reconciliation Report for July
4. PDF – 4. Profit and Loss Accrual
5. PDF – 5. Balance Sheet
6. PDF – 6. General Ledger [Detail]
7. PDF – 7. Trial Balance for 30 June 20__
8. PDF – 8. Accounts Receivable Reconciliation Summary
9. PDF – 9. Accounts Payable Reconciliation Summary
10. PDF – 10. Account List [Detail]
11. PDF – 11. Card List
12. PDF – 12. Inventory List [print screen]
13. PDF – 13. Transaction Journal – July [after roll-over]
SETTING UP EXCEL
You have a business that you are managing. You have collected financial information from trading during the month of May 2020 (use 2020 as the year for this assignment) and you have processed it in Journals and Ledgers. You extracted a trial balance and schedules from the ledgers.
In this section of the assignment you will continue to operate using your records. It is now June 2020 and you need to prepare the records for the financial year end.
Log into Moodle and download and read the Financial Recording assignment Task Sheet and Mark sheet.
Log into Moodle and download the Financial Recording assignment instruction booklet
Log into Moodle and download the Financial Recording Assignment EXCEL TEMPLATE. SAVE this document as “Your name Class Financial Reporting Assignment.XLSX. It must be excel format. If you do not have excel you can save it by exporting it and choosing an excel format.
Set up the opening balances in the Financial Reporting assignment excel template in the “Opening Trial Balance” Tab. See moodle lesson for a demonstration video.
MANUAL ACCOUNTS
· Open General Ledger accounts for all your accounts in your trial balance. (Use excel so that you can add lines if required.)
· Enter the opening balances from your trial balance on 1 June 2020.
General Ledger
Particulars
1 June 2020
1 June 2020
Note: b/d stands for “brought down” which is a common accounting expression meaning – taken from information from the previous month/s.
STEP 6 onwards:
TRANSACTIONS FOR JUNE 2020 (JOURNALS & GENERAL LEDGER)
28TH June 2020
· Complete cash payments Journal entries for the payment of the bills which are now due for June (see bills list on moodle). Use cheque number 0015. Use the date 28th June 2020. Ensure that you are calculating the GST correctly and entering the amount excluding GST in the “other” column.
· Also, record an amount of $50 in the cash payments journal taken by the owner as drawings on this date.
· Post this journal to the general ledger (total to GST, total to Bank; individual amounts to various expenses).
30th June 2020
a) Select one of your accounts receivable. This customer has notified you that they will not be paying you (they are bankrupt). Write off their debt as a bad debt (remembering to deduct the GST from the balance owing).
b) Depreciate one of the tangible non-current assets using the straight line method. The life of your asset is likely to be 5 years. The residual value will be 5% of the original cost (cost price you paid for it – excl GST). Work out the pro-rata depreciation for this year. Assume the asset was purchased on 1 January 2020.
c) Depreciate the other tangible non-current assets using the diminishing balance method at a rate of 37.5% p.a. Assume the asset was purchased on 1 January 2020.
d) Calculate 15% of the total of your A/c Receivable from 1 June 2020 as the doubtful debts’ provision amount.
e) Your telephone account has been received and you calculate that the total for the year should be $53. Adjust this account (using prepaid or accrued expenses as required) to ensure the balance of $53.
f) Your insurance premiums for the year should be $19. Adjust this account (using prepaid or accrued expenses as required) to ensure the balance of $19.
g) Your training expenses (MYOB or Sales training) have been prepaid by $10. Adjust this account.
h) Interest on your loan is due. Calculate the interest (simple interest) at 2.5% for 1 year on your loan amount. Record this as an accrued expense.
i) You receive notice from the wholesaler that they intend to pay you Commission of 5% of your total credit purchases of inventory (excluding GST) for the year. (See your calculation made previously regarding inventory bought).
j) You conduct a stock take on the 30th June and discover the following: Product 1 is correct; Product 2 has 1 item more on the shelf. Determine the cost price of the item and enter the stock adjustment entry.
· Complete general journal entries for all of the above
· Post this journal to the general ledger.
TRIAL BALANCE
Complete a trial balance as at 30 June 2020.
DEPRECIATION SCHEDULES
Complete the depreciation schedule for this year only (to 30 June 2020) for both assets (Using the depreciation calculated in the balance day adjustments (b) and (c) above)
CLOSING ENTRIES
· Enter general journal entries to close all expense and revenue accounts to a profit and loss summary account; Close the drawings account to capital; Close the profit and loss account to capital.
· Post the journal entries to the general ledger.
INCOME STATEMENT
Complete a fully classified Income Statement manually (handwritten or excel) to show the gross and net profits for the year ending 30th June 2020.
BALANCE SHEET
Complete a fully classified Balance Sheet manually (handwritten or excel) as at 30th June 2020.
MYOB ACCOUNTS
You must complete “Set up and check records” before you do the MYOB section.
1. Copy the Company file from teams and save in your computer (your teacher will give you the name and location of this file)
2. Open the company file using MYOB version 19 and use Setup>>company information to change the name to your business name + Your own name e.g. Shoe Zone ( ).
3. Amend the accounts list to be the same as your trial balance list.
a. Insert the opening balances on 1 June 2020 according to your trial balance.
4. Create A/c Receivable (customers) according to your list.
a. Insert opening balances on 1 June 2020 according to your Schedules in Excel
5. Create A/c Payable (suppliers) according to your list.
a. Enter opening balances (use set-up menu) for customers and suppliers.
6. Create inventory according to your list.
a. Enter opening balances for inventory.
TRANSACTIONS FOR JUNE 2020
Enter all transactions from the Cash Payments into MYOB.
BANK RECONCILIATION IN JUNE
You received the bank statement from the bank dated 30th June 2020. It shows the same balance as your records, except the cheque for $50 taken by the owner for drawings on the 28th has not been presented to the bank.
Complete a bank reconciliation process on MYOB as at 30 June 2020.
Manual bank reconciliation is not required.
BANK RECONCILIATION IN JULY
· You received the bank statement from the bank dated 1st July 2020. It shows an amount of $50 taken by the owner for drawings on the 28th has been presented to the bank.
· Complete a bank reconciliation process on MYOB as at 1st July 2020.
TRANSACTIONS FOR JUNE 2020
1) Enter all transactions from the General Journal into MYOB.
2) A Bad debts can be written off by:
a) Go to the Sales command centre and click Enter Sales. The Sales window appears.
b) Enter customer details.
c) Click Layout and choose Miscellaneous, then click OK.
d) In the Description field, type a description of the transaction.
e) In the Acct No. field, type or select the account for Bad Debts.
f) In the Amount field, type the bad debt amount as a negative number.
g) In the Tax field, type or select the required tax code.
h) Click Record.
i) In the Settle Returns & Credits window, apply the credit against the original open invoice.
· Optional: Print a Detail General Ledger (remove zero balances) for June 2020 so you can check against your excel ledger (this will not be submitted)
· Create a back-up of your MYOB file. Save it in your computer.
· Use the following name to save:
· [your full name] [your class] Financial Reporting MYOB Backup ZIP file
e.g. AC… Financial Reporting MYOB Backup ZIP file
SAVE TO PDF
VERY IMPORTANT MESSAGE
1) COPY YOUR MYOB FILE ON USB BEFORE YOU CONTINUE
2) REFER TO PAGE 11 of this instruction booklet on how to save to PDF
PDF – 1. Transaction Journal [All] for June
PDF – 2. Bank Reconciliation Report for June
PDF – 3. Bank Reconciliation Report for July
PDF – 4. Profit and Loss Accrual
PDF – 5. Balance Sheet
PDF – 6. General Ledger [Detail]
PDF – 7. Trial Balance for 30 June 20__
PDF – 8. Accounts Receivable Reconciliation Summary
PDF – 9. Accounts Payable Reconciliation Summary
PDF – 10. Account List [Detail]
PDF – 11. Card List
PDF – 12. Inventory List [print screen]
ROLL OVER Perform a financial year end rollover in MYOB.
WARNING: HAVE YOU PERFORMED A BACK-UP
DO NOT PERFORM A ROLLOVER UNTIL YOU HAVE SAVED ALL DOCUMENTS IN THE PREVIOUS STEP TO PDF AND YOU HAVE PERFORMED A BACK-UP
****** COPY YOUR MYOB FILE ON USB BEFORE YOU ROLLOVER****
****** PERFORM A BACK-UP BEFORE YOU ROLL-OVER****
Once a rollover occurs you will not be able to undo this so it is VERY VERY IMPORANT YOU HAVE a COPY OF YOUR MYOB BUSINESS ON a USB AND YOU HAVE PERFORMED a BACK-UP
· SAVE TO PDF a Transaction Journal “all” for the dates 1/7/20– [today’s date]. This journal should only contain the retained earnings transaction generated by the MYOB system when performing the rollover.
REFER TO PAGE 11 of this instruction booklet on how to save to PDF
SAVE TO PDF – 13. Transaction Journal – July [after roll-over]
SAVING TO PDF Instructions – MYOB
USE 2020 AS THE YEAR WHEN ENTERING THE DATES
1. PDF 1 – Transaction Journal [ALL]
Go to Accounts Command Centre.
Click on Transaction Journal.
Set date from 01/06/20_ to 30/06/20__
Select the “All” tab to show all types of transactions.
Select Print
Choose Microsoft Print to PDF
Save as PDF – 1. Transaction Journal – June
2. Bank Reconciliation Report 30 June 2020
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Banking’ tab.
Under the ‘Cheques and Deposits’ subheading, select ‘Reconciliation Report’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set statement date to 30/06/…..
Select Send to:
Choose PDF
Save as PDF – 2. Bank Reconciliation Report June
3. Bank Reconciliation Report 1 July 2020
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Banking’ tab.
Under the ‘Cheques and Deposits’ subheading, select ‘Reconciliation Report’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set statement date to 1/07/…..
Select Send to:
Choose PDF
Save as PDF- 3. Bank Reconciliation Report for July
4. Profit and Loss Accrual 30 June 2020
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Accounts’ tab.
Under the ‘Profit & Loss’ subheading, select ‘Profit & Loss [Accrual].
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set statement date from 1/7/2019 to 30/06/2020
Select Send to:
Choose PDF
Save as PDF – 4. Profit and Loss Accrual
5. Balance Sheet 30 June 2020
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Accounts’ tab.
Under the ‘Balance Sheet’ subheading, select ‘Standard Balance Sheet”
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set statement date to 30/06/20..
Select Send to:
Choose PDF
Save as PDF – 5. Balance Sheet
6. General Ledger
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Accounts’ tab.
Under the ‘Accounts’ subheading, select ‘General Ledger – Detail’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set date from 01/06/…… to 30/06/…..
Under the ‘Report Fields’ tab, remove the tick from the ‘Job No.’ field.
Under the ‘Finishing’ tab, remove the tick from ‘Include Accounts with No Activity’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 6. General Ledger [Detail]
7. Trial Balance
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Accounts’ tab.
Under the ‘Accounts’ subheading, select ‘Trial Balance’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the period to ‘June’.
Under the ‘Finishing’ tab, remove the tick from ‘Include $0.00 Balances’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 7. Trial Balance
Accounts Receivable Reconciliation [Summary]
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Sales’ tab.
Under the ‘Receivables’ subheading, select ‘Reconciliation Summary’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the date of the report ‘30/06/2020’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 8. Accounts Receivable Reconciliation [Summary]
9. Accounts Payable Reconciliation [Summary]
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Purchases’ tab.
Under the ‘Payables’ subheading, select ‘Reconciliation Summary’.
Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the date of the report ‘30/06/2020’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 9. Accounts Payable Reconciliation [Summary]
10. Accounts List Detail
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Accounts’ tab.
Under the ‘Accounts’ subheading, select ‘Accounts List Detail’.
Click on ‘Customise’ button under the list of reports.
Set the date of the report ‘30/6/2020’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 10. Accounts List [Detail]
11. Card List Detail
Go to ‘Reports’ menu.
Click on ‘Index to Reports’.
Select the ‘Cards’ tab.
Under the ‘Cards’ subheading, select ‘Card List Summary’.
Click on Display to display the report.
Select Send to:
Choose PDF
Save as PDF – 11. Card List [Summary]
12. Print Screen of “Inventory List”
Go to the ‘Inventory Command Centre’.
Select ‘Items List’.
Using the keyboard, hold the ‘Ctrl +Alt + PrtScn’ keys together.
(Note: If your keyboard shows ‘Print Screen’ in blue, you must press the blue ‘Fn’ key in addition to the other keys. ie. ‘Ctrl + Alt + Fn + Print Screen’
Open Word to save as PDF or paint to save as a picture
Click on the ‘Paste’ button. The screen capture should appear.
Save as PDF 12. Inventory Print Screen
NOTE: You can use snipping tool if you have the Windows Accessories in the menu and save as a picture
BEFORE YOU ROLL OVER YOUR MYOB FILE MAKE SURE YOU HAVE A COPY OF YOUR MYOB BUSINESS ON YOUR USB AND YOU HAVE PDF 1-12 SAVED ON YOUR COMPUTER. ONCE YOU ROLL OVER YOUR BUSINESS YOU WILL NOT BE ABLE TO SAVE PDF 1-12
13. Transaction Journal after roll over
Go to Accounts Command Centre.
Click on Transaction Journal.
Set date from 01/07/20_ to [today’s date]
Select the “All” tab to show all types of transactions.
Select Print
Choose Microsoft Print to PDF
Save as PDF – 13. Transaction Journal – July after roll – over
Financial Reporting SUBMISSION C H E C K L I S T
You must complete the following:
Tick when included
B. A. IN THE EXCEL TEMPLATE THE FOLLOWING HAS BEEN COMPLETED:
1. Opening Trial Balance as at 1 June 2020
A/c Receivable list as at 1 June 2020
A/c Payable list as at 1 June 2020
Inventory totals list as at 1 June 2020.
2. Cash Payments Journal
3. General Journal
4. Depreciation schedules (x2).
5. General Ledger (including balance day adjustments and closing entries)
6. Trial Balance as at 30 June 2020
7. Income Statement (fully classified)
8. Balance Sheet (fully classified)
Continue to the next page for the MYOB submission checklist
1. Transaction Journal “all” – 1/6/20 – [today’s date]
PDF – 1. Transaction Journal – June
2. Bank Reconciliation statement 30 June 2020
PDF – 2. Bank Reconciliation Report June
3. Bank Reconciliation in July
PDF- 3. Bank Recon Report for July
4. Profit and Loss [Accrual] (1 July 2019 – 30 June 2020)
PDF – 4. Profit and Loss Accrual
5. Balance Sheet (June)
PDF – 5. Balance Sheet
6. General ledger [Detail] for the month of June– remove zero balances; no accounts with no activity
PDF – 6. General Ledger
7. Trial balance for 30 June 2020
PDF- 7. Trial Balance for 30 June 2020
8. A/c Receivable Reconciliation [Summary]
PDF – 8. Accounts Receivable Reconciliation
9. A/c Payable Reconciliation [Summary]
PDF – 9. Accounts Payable Reconciliation
10. Account List [Detail].
PDF – 10. Accounts List
11. Card List
PDF – 11. Card List
12. Inventory List [print screen]
PDF- 12. Inventory List
13. Transaction Journal “all” (after roll-over) for July – 1/7/20 – [today’s date]
PDF – 13. Transaction Journal – July
D. Back-up file in Uploaded to Moodle (correctly named).
SUBMISSION
Upload the following files to Moodle by due date.
1. Completed Financial Reporting EXCEL file (correctly named)
Use the following name to save:
· [your full name] [your class] Financial Reporting Assignment Excel
e.g. AC… Financial Reporting Assignment Excel
2. Your MYOB PDF Reports merged together into one document. Name the file [your full name] [your class] Financial Reporting Assignment MYOB Reports
How to combine PDF files online:
3. Go to the website https://smallpdf.com/merge-pdf
4. Drag and drop your PDFs into the PDF combiner.
5. Rearrange individual pages or entire files in the desired order.
6. Add more files, rotate or delete files, if needed.
7. Click ‘Merge PDF!’ to combine and download your PDF.
8. Rename the File [your full name] [your class] Financial Reporting Assignment MYOB Reports
Make sure your file names follow the file name convention indicated below.
PDF – 1. Transaction Journal [All]
PDF – 2. Bank Reconciliation Report for June
PDF – 3. Bank Reconciliation Report for July
PDF – 4. Profit and Loss Accrual
PDF – 5. Balance Sheet
PDF – 6. General Ledger [Detail]
PDF – 7. Trial Balance for 30 June 20__
PDF – 8. Accounts Receivable Reconciliation Summary
PDF – 9. Accounts Payable Reconciliation Summary
PDF – 10. Account List [Detail]
PDF – 11. Card List
PDF – 12. Inventory List [print screen]
PDF – 13. Transaction Journal – July [after roll-over]
9. Your MYOB Backup ZIP file (correctly named)
Use the following name to save:
· [your full name] [your class] Financial Reporting MYOB Backup ZIP file
e.g. AC… Financial Reporting MYOB Backup ZIP file
It is important for you to complete this process exactly to ensure all your assignment can be fully graded. Please ask your teacher if you have any questions.
INSTRUCTION BOOK 2 Feb 2020 (v1.1)
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