In this assignment students are required to use the following modules of the MYOB computer accounting program to process transactions and to produce a set of accounting reports relating to business operations:


  • General Ledger
  • Banking
  • Sales – Accounts Receivable
  • Purchases – Accounts Payable
  • Inventory

Company Data


The business is a Gift Shop named, “Student Name Gifts Pty Ltd” (students are to insert their own name) and the ABN number must include your “Student Number as a unique identifier” with zeros making up the required numbers. The firm’s sales are both over-the-counter cash sales and credit sales on account.


It will be necessary to create a new company, details are as follows:

Company Name Address ABN



Financial Year

Last Month of Financial


Your Name

Gifts Pty Ltd

Your Student Number ?? ??? ??? ???

11 digits

000 Student Number








Conversion month:                July 2020



Chart of Accounts

You are to select one of the default charts provided by MYOB which most closely resembles the business or you can choose the ‘Build your own’ option. If you are using one of the default charts, you may be required to modify/delete accounts to suit the nature of the transactions as given in the question.

Transaction Sources

Cash registers – for cash sales

Invoices – for credit sales

Cheque book – for cash payments

Deposit books – for cash receipts

Bank statements – for direct charges and direct deposits

Supplier invoices – for goods and services

Working papers – for adjusting and miscellaneous entries



Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines – you can check with your lecturer for others.

Transaction Period

New financial year starting 1st July 2020, and the processing period is July 2020, the current financial year is 2021, conversion month being July and there are 12 periods.

Opening Balances as at 1 July 2020


General Ledger Account Balances  Debit $ Credit $
Cash at Bank $45,000  
Accounts Receivable $61,000  
Inventory $150,190  
Prepaid Insurance $9,000  
Prepaid Rent $4,400  
Store Fittings $80,000  
Accumulated Depreciation – Store Fittings   $45,000
Motor Vehicles $55,000  
Accumulated Depreciation – Motor Vehicles   $30,000
Accounts Payable   $75,970
GST Collected (payable)   $16,000
GST Paid (receivable) $7,200  
Sales Commission Payable   $6,500
Loans – Current   $20,000
PAYG Withholding Payable   $8,500
Loan – Non-current   $80,000
Share Capital   $80,000
Retained Earnings $49,820
  $411,790 $411,790


  1. Students are required to devise their own unique customer names and addresses.
  2. Both cash and credit sales are recorded via the sales modules.
  3. Information provided for customers and their balance as at 1st July are as follows:


Accounts Receivable Control
Customer Code Balance Outstanding $ Days Outstanding
CUS01 $9,000 60
CUS02 $7,500 30
CUS03 $6,800 90
CUS04 $8,700 30
CUS05 $2,400 30
CUS06 $8,600 60
CUS07 $7,200 30
CUS08 $4,800 30
CUS09 $2,800 90
CUS10 $3,200 30
Total $61,000  


  1. Students are required to devise their own unique supplier names and addresses.
  2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.
  3. All suppliers extend the normal 30-day terms, with no discount for prompt payment.
  4. Information provided for suppliers and their balance as at 1st July are as follows:


Accounts Payable Control
Supplier Code Balance Outstanding $ Invoice Date
SUP01 $23,000 7-Jun-20
SUP02 $16,500 12-Jun-20
SUP03 $18,400 15-Jun-20
SUP04 $9,800 22-Jun-20
SUP05 – Telephone $770 4-Jun-20
SUP06 – Stationery $660 9-Jun-20
SUP07 – MV Maintenance $440 24-Jun-20
SUP08 – Real Estate (rent) $0 18-Jun-20
SUP09 – Advertising $5,300 3-Jun-20
SUP10 – Postage $1,100 20-Jun-20
Total $75,970  

Note: SUP05 – SUP10 are all suppliers of services (use Service for the invoice layout).


  1. Students are required to devise their own unique product names.
  2. Inventory unit measure is per gift item (unit). There are 10 different products.
  3. The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to “Inventory” and when it is sold, the cost is debited against ‘Cost of sales’ and credited against “Inventory”).
  4. Information provided for the inventory opening balance as at 1 July is as follows:


Inventory Control  
Product Code Quantity  on Hand Unit cost  ($) Value of Inventory Unit Sell Price  Excluding GST
P001 1,100 $16 $17,600 $40.00
P002 750 $14 $10,500 $35.00
P003 860 $12 $10,320 $30.00
P004 940 $18 $16,920 $40.00
P005 1,150 $15 $17,250 $37.50
P006 1,480 $10 $14,800 $25.00
P007 1,600 $13 $20,800 $32.50
P008 900 $17 $15,300 $42.50
P009 1,200 $14 $16,800 $35.00






$9,900 $27.50



Transactions for July 2020


Date source: Supplier Invoice dates and amounts include GST. 


Date Transaction Details
5th July Received invoice from SUP01, for 800 units of P001, received into the warehouse. The invoice was for $14,080.
8th July Received invoice from SUP04 for 250 units of P002, $3,850.
9th July Received invoice from SUP03 for 300 units of P009, $4,620 and 200 units of P010, $2,420.
10th July Received invoice from SUP05 for telephone for the month, $880.
11th July Purchased stationery on account from SUP06, for $330 (stationery is expensed at the time it is purchased).
12th July Received advertising invoice from SUP09 for $5,500.
14th July Received invoice for $7,480 with shipment from SUP02 of 400 units of P008.
19th July Received invoice from SUP07 for maintenance of company vehicles $770.00.
23rd July Invoice from SUP06 for more office stationery purchased $264.00
24th July Received invoice from SUP03, for 360 units of P004 $7,128 and 440 units of P003 $5,808.
24th July Received invoice from SUP04, $14,025 for 850 units of P005.
28th July Received invoice from SUP11 (new) $330.00 for cleaning for the month.
29th July Received Invoice from SUP10 for postage services $440.00.
30th July Received invoice from SUP12 (new) $2,310.00 for legal fees.


Purchase Returns


Date Transaction Details
16th July There was a short delivery of 20 units of P008 from the order received from SUP02 on 14th July. The original order was for 400 units of P008 but only 380 units were received by the Warehouse. The Accounts department informed the supplier and a credit note was received from SUP02 for the difference.



Date source: Sales Invoices and Cash register. All sales include GST. 


Date Transaction Details
1st July Sold 300 units of P001 for cash
2nd July Sold 160 units P002, 180 units P004, and 80 units P009 for cash
3rd July Sold 70 units P007 on account to CUS06
3rd July Sold 120 units P006 on account to CUS05
3rd July Invoice to CUS01 for 130 units of P007
4th July Invoice to CUS08 for 90 units of P002
4th July Sold 70 units P006, 80 units P009 and 30 units P010 for cash
4th July Invoice to CUS09 for 140 units P006 and 80 units of P008
5th July Sold 30 units P005, 40 units P008 and 50 units P003 for cash
5th July Invoice to CUS10 for 100 units P005 and 70 units of P009
5th July Invoice to CUS05 for 110 units of P006 and 160 units of P010
5th July Sold 80 units of P005 and 40 units P009 to CUS08 on account
6th July Sold 30 units P002, 20 units P003, 25 units P008 and 30 units P009 for cash
6th July Invoice to CUS06 for 120 units of P005
6th July Invoice to CUS05 for 80 units of P006
6th July Sold 40 units P010 to CUS01 on account
7th July Sold 30 units P004 for cash
8th July Sold 30 units P003, 25 units P004, 40 units P006 and 20 units P010 for cash
8th July Invoice to CUS09 for 180 units of P005 and 250 units of P006
8th July Invoice to CUS10 for 220 units of P004, 300 units of P008 and 80 units P009
14th July Invoice to CUS01 for 90 units of P009
15th July Invoice to CUS02 for 100 units of P002 and 120 units of P007
16th July Invoice to CUS06 for 130 units of P003
20th July Invoice to CUS07 for 230 units of P008 and 400 units of P005
20th July Invoice to CUS08 for 160 units of P008 and 280 units of P009
22nd July Sold 80 units P010 for cash
30th July Invoice to CUS01 for 100 units of P003 and 150 units of P005
30th July Sold 70 units of P004 and 150 units of P007 for cash



Sales Returns – Credit Notes Issued


Date Transaction Details
8th July CUS05 has returned 20 units of P006, as damaged and requested a credit note for the amount – (REFER to the sale on 6th July listed above).



Data source – Deposit book (Cash Receipts)


Date Transaction Details
5th July Customer CUS01 paid $9,000, the balance of their account as at 1st July.
6th July Customer CUS03 paid $6,800, the balance of their account as at 1st July.
7th July Customer CUS04, paid $8,700 the balance of their account as at 1st July.
8th July Customer CUS10 paid $3,200, the balance of their account as at 1st July.
10th July Customer CUS06 paid $8,600 the balance of their account as at 1st July.
15th July CUS05, paid the balance of their account as at 1st July, plus all the purchases of goods made up to and including the 6th July.
25th July CUS08 paid $18,000 of the outstanding balance of their account.
27th July Received $15,000 from CUS09.
30th July Received a cheque from CUS02 for full settlement of their account, leaving a nil balance.
31st July On 31st July, after depreciation was recorded, the business sold an old motor vehicle that had a written down value of $6,500.00 at the end of the month, for $7,700.00 cash (the $7,700 is inclusive of GST). The motor vehicle originally cost $20,000.00. This amount was not banked as at 31st July.


Data source – Cheque book (Cash Payments)


Date Transaction Details
1st July Drew a cheque for $1,500.00 to start a Petty Cash float. (Cheque No: 1001)
3rd July Reimbursed $132.00 to an employee for travel expenses incurred.  (Cheque No: 1002)
6th July Paid June’s sales commission to retail assistants of $6,500.00 previously accrued. (Cheque No: 1003)
14th July Paid June’s PAYG withholding tax of $8,500.00 (Cheque No: 1004)
16th July Paid net GST obligation for June, as per the trial balance. (Cheque No: 1005)
20th July Paid SUP01 $23,000, the balance owing as at 1st July. (Cheque No: 1006)
21st July Paid SUP02 $16,500, the balance owing as at 1st July. (Cheque No: 1007)
23rd July Paid SUP04, $9,800.00 being the previous month’s balance, plus $3,850.00 toward current month purchases. (Cheque No: 1008)


25th July



Paid balances as at 1st July owing to

SUP03 (Cheque No: 1009),

SUP05 (Cheque No: 1010),

SUP06 (Cheque No: 1011),

SUP07 (Cheque No: 1012),

SUP09 (Cheque No: 1013),

SUP10 (Cheque No: 1014),

30th July Net wages paid to employees for the month amounted to $38,000 (Cheque No: 1015). The PAYG withholding tax amounted to $12,000.00 and this amount will be remitted to the Australian Taxation Office on the 23 August.
31st July Paid $4,500.00 (Cheque No: 1016) for employee superannuation on wages earned during July.
31st July Drew a cheque (Cheque No: 1017) for $810.00 to reimburse petty cash fund

for the following cash expenses: (all amounts are GST Inclusive)

Subscriptions                  $210.00

Printing                          $320.00

Travelling Expenses        $180.00

Sundry Office Expense  $100.00.



Data source – Bank Statement (see next page)


              Date Transaction Details
18th July Periodic payment for lease of POS equipment $1,100.00 for July (incl. GST).
30th July Bank charges of $80.00 were charged to the account.



Data source – Notes and Working papers (Month-end Adjustments)


Date Transaction Details
31st July Store Fittings are depreciated at 20% per annum, calculated and recorded using the number of days in the month.
31st July Motor Vehicles are depreciated at the rate of 25% of carrying amount per annum (using the reducing balance method of depreciation). Depreciation is calculated as follows – (Carrying Amount * 25% * 31÷365)
31st July Sales commission earned but not paid as at 31 July, amounted to $4,200.
31st July Prepaid insurance as at 1 July ($9,000.00) represented the balance of the premium paid on the annual policy, which started on 1 May (with 2 months insurance expired as at 30 June). This prepaid insurance is expensed monthly (irrespective of the number of days in the month).
31st July The prepaid rent at the start of the month was charged to Rent expense during the month.
31st July The company’s short term and long-term loans are charged interest at the rate of 12% per annum and interest needs to be accrued for July (31 days).
31st July Estimated electricity cost for July is $2,600 which must be accrued.

The Bank Statement received from the bank at the end of July is as follows:


NABBY Bank Australia





Business Trading Account

Account Name:  Case Study Account No. 012 199 088789

                     The Manager,

Your Name Gifts Pty Ltd


From:       1-July-2020



To:            31-July-2020


Date Particulars Debit Credit Balance
1-Jul-20 Opening Balance     $45,000.00
2-Jul-20 Deposit – Cash & Cheques   $13,200.00 $58,200.00
3-Jul-20 Deposit – Cash & Cheques   $17,160.00 $75,360.00
3-Jul-20 Chq.# 1001 $1,500.00   $73,860.00
5-Jul-20 Chq.# 1002 $132.00   $73,728.00
5-Jul-20 Deposit – Cash & Cheques   $5,912.50 $79,640.50
6-Jul-20 Deposit – Cash & Cheques   $9,000.00 $88,640.50
6-Jul-20 Deposit – Cash & Cheques   $4,757.50 $93,398.00
7-Jul-20 Deposit – Cash & Cheques   $6,800.00 $100,198.00
7-Jul-20 Deposit – Cash & Cheques   $4,138.75 $104,336.75
8-Jul-20 Chq.# 1003 $6,500.00   $97,836.75
8-Jul-20 Deposit – Cash & Cheques   $1,320.00 $99,156.75
8-Jul-20 Deposit – Cash & Cheques   $8,700.00 $107,856.75
9-Jul-20 Deposit – Cash & Cheques   $3,795.00 $111,651.75
9-Jul-20 Deposit – Cash & Cheques   $3,200.00 $114,851.75
11-Jul-20 Deposit – Cash & Cheques   $8,600.00 $123,451.75
15-Jul-20 Chq.# 1004 $8,500.00   $114,951.75
18-Jul-20 Periodic Payment POS Equip Lease $1,100.00   $113,851.75
16-Jul-20 Deposit – Cash & Cheques   $15,215.00 $129,066.75
20-Jul-20 Chq.# 1005 $8,800.00   $120,266.75
22-Jul-20 Chq.# 1006 $23,000.00   $97,266.75
23-Jul-20 Deposit – Cash & Cheques   $2,420.00 $99,686.75
23-Jul-20 Chq.# 1007 $16,500.00   $83,186.75
25-Jul-20 Chq.# 1008 $13,650.00   $69,536.75
26-Jul-20 Deposit – Cash & Cheques   $18,000.00 $87,536.75
27-Jul-20 Chq.# 1010 $770.00   $86,766.75
27-Jul-20 Chq.# 1009 $18,400.00   $68,366.75
28-Jul-20 Chq.# 1014 $1,100.00   $67,266.75
28-Jul-20 Chq.# 1012 $440.00   $66,826.75
28-Jul-20 Chq.# 1013 $5,300.00   $61,526.75
28-Jul-20 Chq.# 1011 $660.00   $60,866.75
28-Jul-20 Deposit – Cash & Cheques   $15,000.00 $75,866.75
30-Jul-20 Bank Charges July $80.00   $75,786.75
31-Jul-20 Chq.# 1015 $38,000.00   $37,786.75
30-Jul-20 Deposit – Cash & Cheques   $15,640.00 $53,426.75


Transaction not shown on the Bank Statement are either UNPRESENTED CHEQUES or OUTSTANDING DEPOSITS.



  1. Set up the business in MYOB – Remember to incorporate YOUR NAME as part of the company name.
  2. Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly.

Note: You must be specific in the naming of accounts.

  1. Enter the Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory.
  2. Process transactions for July, including the completion of the Bank Reconciliation.
  3. Export (in PDF form) and submit the following reports (along with the Assignment Cover Sheet).

Note: Make sure that the Company name (which includes your full name) and ABN (which includes your Student ID) is present on each report:


  • General Ledger (Accounts)
    • Balance Sheet
    • Profit & Loss Statement  
  • Sales (Accounts Receivable)
    • Receivables Reconciliation (Summary)
  • Purchases (Accounts Payable)
    • Payables Reconciliation (Summary)
  • Banking
    • Cash Disbursements Journals
    • Cash Receipts Journals

For solution, please contact at or whatsapp/ text at +1 (450) 800 2020.