Using MYOB Accounting program to record the same business transactions and end of month adjusting entries and generate the required reports from MYOB.


Business data

The business is a Home Furniture Retailer which buys from suppliers and sells to other retail businesses.  The business name is “Student Name Furniture Pty Ltd” (students are to insert their name) and is located at Your Address – Sydney NSW 2000. The business’ sales are both over-the-counter cash and credit to wellknown customers.


Company Name Address ABN Current

Financial Year

Starter Chart
“Your name” Furniture Pty Ltd Your Address Your student Number 2023 Wholesale

Furniture store


Financial Year                              1st July 2022 – 30th June 2023


Transaction Sources:

Cash registers – for cash sales Invoices – for credit sales

EFT Transfers – for cash payments

Cash Register – 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, commissions, interest expense, superannuation, and fines. Adjusting entries (Accruals) do not incur GST.


All other transactions incur GST.  Invoices from Suppliers include GST.  Product sale prices do not include GST.  This means you must calculate the GST and add it to the quoted prices on all sales.


Balances as at 1 July 2022


YOUR NAME Furniture Pty Ltd  
as at 1 July 2022  
  Dr Cr
Account $ $
Cash at Bank 30,500  
Accounts Receivable 33,000  
Inventory control 46,500  
Prepaid Insurance 30,000  
Shop Fixtures and Equipment 180,000  
Accum Depn – Shop Fixt & Equip   60,000
Accounts Payable   21,500
GST payable (collected)   18,000
GST receivable (paid) 12,000  
Accrued Expenses (eg Commission Payable)   15,000
PAYG Withholding Tax   2,000
Provision for dividend   9,000
Loan – noncurrent   100,000
Issued and Paid up capital   65,000
Retained Earnings






Total 332,000 332,000



  1. Students are required to make up their own unique customer names and addresses.
  2. The business’ credit policy is 30 days.
  3. Information provided for customers and their balance as at 1 July is as follows:


Accounts Receivable Control
Customer Code Balance Outstanding $ Days Outstanding
C01 13,000 30
C02 6,000 60
C03 6,500 30






Total 33,000  



  1. Students are required to make up their own unique supplier names and address.
  2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.
  3. Cash purchases are processed directly through the cash book.
  4. All suppliers extend the normal 30-day terms, with no discount for prompt payment.
  5. Information provided for suppliers and their balance as at 1 July is as follows:


Accounts Payable Control  
Supplier Code Balance Outstanding


Invoice Date
S01 – Trading Goods 5,000 1st June
S02 – Trading Goods 2,500 5th June
S03 – Trading Goods 8,500 7th June
S04 – Telephone Co 1,000 12th June
S05 – Stationery 500 15th June
S06 – Advertising Co 1,700 16th June
S07 – Electricity






30th June



Total 21,500  


Be sure to enter an ABN number for each supplier when creating the Supplier’s       account otherwise there are taxation implications.            All suppliers must have an ABN Number.


  1. Inventory unit measure is per furniture item
  2. The business uses the perpetual inventory method of accounting for inventory, that is:
    1. when inventory is purchased, it is added (debited) to ‘Inventory’ account; and
    2. when it is sold, the cost is debited against ‘Cost of sales’ and credited against ‘Inventory’.
  3. Information provided for inventory and their balance as at 1 July is as follows:


  Inventory Con trol  
Product Code Quantity on Hand Unit cost Value of Inventory Unit Sell Price

Excluding GST

P01 – Dining Chairs 135 $100.00 $13,500 $180.00
P02 – Dining Table 12 $600.00 $7,200 $1,000.00
P03 – Office Desk 40 $150.00 $6,000 $300.00
P04 – Office chair 40 $120.00 $4,800 $240.00
P05 – Coffee Table















TOTAL     $46,500  


Transactions & Economic Events for July 2021


Data sourceSuppliers’ Invoices. Dates shown are invoice dates, amounts include  GST.


Date Credit Purchases
1st Jul Received invoice from S01 for 11 Dining Tables – stock item P02, for $7,260
2nd Jul Received invoice from S03 for 10 Coffee Tables – stock item P05, for $3,300.
7th Jul Received invoice from S02, for 30 Office Desks– stock item P03, for $4,950.
14th Jul Received invoice from S05 for Stationary $385.
24th Jul Received invoice from S04 for telephone for the month $660.
26th Jul Received invoice from S06 for advertising undertaken in July $715.
26th Jul Received invoice from S01 for 100 dining chairs – stock item P01, for $11,000.


Data source – sales invoices and cash register tapes – sales include GST.  


Date Cash Sales
1st Jul Sold 6 units of P01
10th Jul Sold 4 units of P01 and 1 unit of P02
26th Jul Sold 5 units of P03 and 5 units of P04 and 3 units of P05



Date Credit sales
6th Jul Invoice to C01 for 50 units of P01
10th Jul Invoice to C02 for 30 units of P01 and 5 units of P02
19th Jul Invoice to C03 for 25 units of P03 and 20 units of P04
27th Jul Invoice to C04 for 15 units of P05


Data source – deposit book (cash receipts)

The daily over-the-counter cash sales are banked the same day. Other receipts include payments by account customers, as follows:


Date Cash Receipts from Credit Customers
18th Jul Customer C01 paid $6,000.00
20th Jul Customer C02 paid $7,000.00
21st Jul Customer C03 paid for balance of her account as at 30 June, plus the purchases during the month made prior to 20th July.
31st Jul At the end of the month, after the depreciation charge was made for the month, the business sold old Shop Fixtures and equipment for cash for $5,500 (GST inclusive).  The Fixtures and Equipment had a written down value of $2,000.00 at the time of sale. The Fixtures and equipment originally cost $18,000.


Data source – EFT (cash payments)


Date Cash Payments
4th Jul Paid sales commission owing to retail assistants of $15,000.00 previously accrued.
9th Jul Paid balance as at 1 July owing to S05.
10th Jul Paid balance as at 1 July owing to S06.
15th Jul Paid June’s PAYG withholding tax of $2,000.00
17th Jul Paid S01 the balance of the account as at 1 July.
27th Jul Paid balance as at 1 July owing to S04.
28th Jul Paid balance as at 1 July owing S02.
31st Jul The owners are paid $9,000 dividends, as provided in June.


Data source – bank statements


Date Unrecorded Bank Statements items
18th Jul Periodic payment for lease of POS equipment $990.00 for July.
31st Jul Bank fees of $110.00 were charged to the account.


Data source – notes and working papers – Month end adjustments (Accruals)

No GST on accruals.


Date Month end Adjustments (Accruals)
31st Jul Shop fixtures and equipment are depreciated at 20% p.a. Straight line method and the entry for July 2021 (being 31 days of depreciation) needs to be made.
31st Jul Sales commission earned by retail assistants, but not paid at 31st July amounted to $12,000.00.
31st Jul Prepaid Insurance as at 30 June ($30,000.00) represented the premium paid on annual policy starting on 1 May 2021. Record the insurance expense expired for the month of July.
31st Jul The company’s long-term loan is at 7.00% p.a. Interest is paid quarterly, but needs to be accrued for July (31 days).
31st Jul Estimated electricity usage for July amounted to $2,100.00 and this amount is to be accrued as at 31st July.        


Required Assessment Tasks

You are required to use MYOB Accounting Program to record for all the business transactions and economic events relating to the business.

  1. Set-up the business in MYOB – Remember to incorporate YOUR NAME as part of the business name.
  2. Modify the chart of accounts as required to ensure that the transactions affecting the business are recorded and classified correctly.
  3. Enter the 1 July 2022 Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory.
  4. Process all business transactions & economic events (adjusting Entries) for July 2022
  5. Print reports for the month of July to be submitted, are as follows:
  • Accounts (General Ledger)

Transaction Journals = General Journal

Profit & Loss

Balance Sheet

  • Sales (Accounts Receivable)

Sales & Receivables Transaction Journals

  • Purchases (Accounts Payable)

Purchases & Payables Transaction Journals

  • Banking

Cash Disbursements Journal and  Cash Receipts Journals

  • Inventory

Items List Summary


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