Reports to be printed and submitted in PDF format:

  1. AGED RECEIVABLES (SUMMARY)
  2. AGED PAYABLES (SUMMARY)
  3. TRIAL BALANCE (YTD)
  4. PROFIT & LOSS STATEMENT
  5. BALANCE SHEET
  6. BANK RECONCILIATION
  7. ACCOUNTS TRANSACTIONS ACCRUAL

The assignment requires you to complete the following tasks for the month of  AUGUST using the following financial period : Financial Year 2019- 20

 

SET UP COMPANY as– Retail – Motor Parts Pty

SET UP ACCOUNTS

SET UP SALES AND PURCHASES

SET UP INVENTORY ITEMS

ENTER TRANSACTIONS

BANK RECONCILIATION

STOCKTAKE

END OF PERIOD PROCESSING

END OF PERIOD REPORTS

Anderson is the owner of Motor Parts Pty .The firm distributes various types of vehicle parts to businesses in the Melbourne area. The company is located at 205 Ballarat Rd, Sydney, 3015,   Ph: 03 9349 9999   ABN 17 222 888 000. The firm’s Balance Sheet at the beginning of August (i.e. Opening Balances) is presented below:

 

BALANCE SHEET OF Sydney Dealers Pty Parts

AS AT 1ST August

                                                             $                           $

Current Assets

Cheque Account                                40,000

Payroll Cheque Account                      5,000

Merchandise Inventory                      16,000                   61,000

 

Non-Current Assets

Buildings & Improvements                 80,000

Office Equipment                                 8,000

Transport Equipment                          62,000                   150,000

Total Assets                                                                    211,000

 

Current Liabilities

Creditors                                             6,600

GST Paid                                            – 600                         6,000

 

Non-Current Liabilities

Bank Loan                                          34,000

Mortgage                                            50,000                   84,000

Total Liabilities                                                               90,000

 

Net Assets                                                                       121,000

 

Proprietorship

Capital – Your name                                                      121,000

Equity                                                                               121,000

 

 

 All goods purchased and sold are subject to GST.

 

Customer Details:

Customer No.1.  Dolly’s Auto Repairs, 25 Gongala Rd, Sunshine, Vic, 3021, ABN 18 777 888 993

Customer No.2.  Andy’s Repairs, 20 Hampshire Rd, Sunshine , Vic 3021,  ABN 32 444 332 443

Customer No.3.  Panel Kings 121 Adison drive, Caroline Springs, Vic 3023, 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.  Car Parts Ltd, 12 Sky Drive, Sydney, Vic, 3015,   ABN 55 666 777 885

Supplier No.2.  Exhaust Pipes Ltd, 201 St Kilda Rd, St Kilda, Vic, 3000, ABN 31 444 866 755

Supplier No.3.  Wheels Ltd, 155 Ridge Rd, Keilor, Vic 3028, ABN 16 773 555 666

  • 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 $6,600 including GST for Invoice No.44728 dated 28th July.

 

Inventory Details:

  • Motor Parts Pty maintains a perpetual inventory system.
ITEM
CODE		 DESCRIPTION SUP
#		 $ COST
PER UNIT		 $ SALES PRICE PER UNIT ON HAND MIN
LEVEL		 RE-
STOCK
QTY		 VALUE
$
302 Engines 3       1,000       2,000 5 2 3      5,000
602 Exhaust Pipes 1       2,000       3,000 4 2 3      8,000
703 Fuel Pump 2          500       1,000 5 2 3      2,500
804 Radiator 2          100          200 5 2 3         500
              total    16,000

 

 

 

  • The firm maintains an account with the National Bank of Victoria (NBOV) IN Sunshine West, ID# 148 which has a BSB # 361-725. The account number for the firm is 6402-6636

 

ENTER TRANSACTION FOR AUGUST

 

Aug 2:  Sold 1 x 602, 2 x 302 to Andy’s Repairs, their Order No 4632 for $7,700, including GST.

Aug 5:  Sold 1 x 602, 1 x 302, 3 x 804 to Dolly’s Auto Repairs, their Order No. 326 for $6,160   including GST.

Aug 8: Received goods and Invoice No. 11415 from Car Parts Ltd for 3 x602 @ $2,000 each plus       GST, total $6,600, including GST.

Aug10: Returned goods to stock, 1 x 804 from Dollys Auto Repairs, their original Order No. 326    (05/08), plus GST. Our Credit Note No. C156 for $220.

Aug 12: Received goods, 3 x 302, @ $1,000 each on Invoice No. WC11861 from Wheels Ltd for         $3,300, including GST.

Aug 13: Paid Trust Real Estate for Monthly Rent. Our Cheque No.3351780 for $1,100 including GST.

Aug 18: Paid Exhaust Pipes Pty Ltd for outstanding Invoice No. 44728. Our Cheque No. 3351781 for $6,600, including GST.

Aug 20: Issued Receipt No. 4001 to Andy’s Repairs, for payment of our Invoice No. 6301, their Order    No. 4632 for $7,700.

Aug 20: Paid Power Ltd for Electricity. Our Cheque No. 3351782 for $880, including GST.

Aug 24: Paid Car Parts Ltd for outstanding Invoice No. 11415. Our Cheque No.3351783 for $6,600,             including GST.

Aug 26: Sold 3 x 602, 2 x 703, 2 x 804 to Panel Kings Pty Ltd, on our Invoice No. 6303, their                                       Order No. 105 for $12,540, including GST.

Aug 27: Issued Receipt No. 4002 to Dollys Auto Repairs, for payment of their Order No326,    our        Invoice No. 6302 for $5,940.

Aug 30: Received goods and Invoice No. 11493 from Car Parts Ltd for 3 x 602 @ $2,000 each plus GST, total $6,600, including GST.

Aug 31: Received Credit Note for $2,200, including GST, from Car Parts Ltd for Return of Damaged Goods, 1 x 602, their Invoice No. 11493.

Aug 31: Stock-on-Hand figures were:

302 Engines = 5

602 Exhaust Pipes= 4

703 Fuel pumps = 3

804 Radiator = 0

 

 

NATIONAL BANK of VICTORIA account statement
Account Name: Statement No:        0001
Motor Parts From:                1st August
250 Ballarat Rd, Footscray, Melbourne, 3000 To:                      31st August
  Account No:       6402-6636

 
Date Particulars Debit Credit Balance
1 opening balance     40,000CR
18 cheque #3351780 1,100   38,900
19 cheque #3351781 6,600   32,300
20 deposit   7,700 40,000
25 cheque#3351782 880   39,120
27 deposit   5,940 45,060
31 bank fee 40   45,020

 

 

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