Ch. 7: Control and Accounting Information Systems
ACC203 Accounting Information Systems Revision Material
ACC203 Revision Materials
Accounting Subsystem (MYOB)
Chart of account
Acct. #
Account Name
Acct. #
Account Name
1-0000
Assets
3-0000
Equity
1-1000
Cheque Account
3-1000
Owner’s Capital
1-1100
Bank Accounts
3-2000
Owner's Drawings
1-1110
Business Cheque Account
4-0000
Income
1-1120
Investment Account
4-1000
Sales Desktop
1-1140
Petty Cash/Cash On Hand
4-2000
Sales Laptop
1-1200
Clearing Accounts
4-3000
Sales Tablet
1-1210
Undeposited Funds Account
4-3500
Sales Othe
1-1220
Electronic Clearing Account
4-4000
Service Income
1-1230
Payroll Clearing Account
4-4500
Freight Income
1-1300
Other Cu
ent Assets
4-6000
Discount Received
1-1310
Accounts Receivable
4-7000
Miscellaneous Income
1-1315
Less Provision for Doubtful Debts
5-0000
Cost Of Sales
1-1320
Inventory
5-1000
Cost of Sales Desktop
1-1330
Deposits To Suppliers
5-2000
Cost of Sales Laptop
1-1340
Prepaid Insurance
5-3000
Cost of Sales Tablet
1-1350
Voluntary Withholding Credits
5-3500
Cost of Sales Othe
1-1360
ABN Withholding Credits
5-4000
Freight Costs
1-2000
Undeposited Funds Account
5-4500
Discount Allowed
1-2100
Furniture & Equipment
5-5000
Inventory Adjustments
1-2110
Furniture & Equipment at Cost
5-6000
Late Fees Paid
1-2120
Accum. Depn. Furniture & Equipment
6-0000
Expenses
1-2800
Motor Vehicles
6-1000
Wages & Salaries Expenses
1-2810
Motor Vehicles at Cost
6-1100
Accounting/Bookkeeping Fees
1-2820
Accumulated Depreciation MV
6-1200
Advertising & Marketing
2-0000
Liabilities
6-1300
Bank Fees
2-1000
Trade Creditors
6-1500
Bad Debts
2-1100
Credit Cards
6-1700
Utilities Expenses
2-1110
Visa
6-2100
Rent
2-1200
GST Liabilities
6-3100
Freight Out
2-1210
GST Collected
6-3200
Postage & Stationery
2-1220
GST Paid
6-4000
Payroll Expenses
2-1300
Other Tax/Withholding Liability
6-4100
Wages & Salaries Expenses
2-1310
Voluntary Withholdings Payable
6-4300
Superannuation Expenses
2-1320
ABN Withholdings Payable
6-4700
Other Payroll Expenses
2-1400
Payroll Liabilities
6-5000
Depreciation Expenses
2-1410
PAYG Withholding Payable
6-6000
Motor Vehicle Expenses
2-1420
Superannuation Payable
6-7000
Insurance Expenses
2-1430
Wages & Salaries Payable
8-0000
Other Income
2-1490
Other Payroll Liabilities
8-1000
Interest Income
2-1500
Other Cu
ent Liabilities
8-2000
Other Income
2-1510
Accounts Payable
8-3000
Profit on sale of asset
2-1520
Customer Deposits
9-0000
Other Expenses
2-1530
A/P Accrual - Inventory
9-1000
Interest Expense
Accounting Subsystem (MYOB)
The linked accounts for sales and purchase of a retailer are as shown below:
KOI store recorded the following transactions using MYOB AccountRight software
1 July 2020
Purchased 33 YOLO tents from Behnaz Holdings on credit. Credit terms: 2/15, n/45
3 July 2020
Returned 3 of YOLO tents purchased on 1 July, and received an adjustment note
12 July 2020
Paid the supplier the amount due on the 1 June purchase
15 July 2020
Sold Bilal 22 YOLO tents on credit. Credit terms: 2/10, n/30
16 July 2020
Bilal returned 2 YOLO tents sold
24 July 2020
Bilal sent a cheque for the amount due on the other 20 YOLO tents
The profile of YOLO tent (new item) is as follows:
Required:
A) Show the recap transaction features which view the journal entries that will be created when each transaction is recorded using the screenshot below.
B) Prepare BAS for the quarter ended 30 September 2020 with the GST report and Payroll advice for the period.
A) Show the recap transaction features which view the journal entries that will be created when each transaction is recorded using the screenshot below.
a. Purchase – New Item
A recap transaction in Purchase:
Src
Date
ID No.
Account
Debit
Credit
Jo
PJ
1/07/2020
Purchase; Behnaz Holdings
Auto #
1-1320 Inventory
$3,300.00
Auto #
5-4000 Freight Costs
$100.00
Auto #
2-1220 GST Paid
$340.00
Auto #
2-1510 Accounts Payable
$3,740.00
. Purchase – New Item (Return)
A recap transaction in Purchase (return):
Src
Date
ID No.
Account
Debit
Credit
Jo
PJ
3/07/2020
Purchase; Behnaz Holdings
Auto #
2-1510 Accounts Payable
$330.00
Auto #
1-1320 Inventory
$300.00
Auto #
2-1220 GST Paid
$30.00
c. Apply to Purchase
A recap transaction in Settle Returns & Debits:
Src
Date
ID No.
Account
Debit
Credit
Jo
PJ
3/07/2020
Behnaz Holdings: Debit from XXXXXXXXXX
Auto #
2-1510 Accounts Payable
$330.00
Auto #
2-1510 Accounts Payable
$330.00
d. Pay Bills
A recap transaction in Pay Bills:
Src
Date
ID No.
Account
Debit
Credit
Jo
PJ
12/07/2020
Behnaz Holdings: Discounts on XXXXXXXXXX
Auto #
2-1510 Accounts Payable
$68.20
Auto #
4-6000 Discount Received
$62.00
Auto #
2-1220 GST Paid
$6.20
PJ
12/07/2020
Behnaz Holdings: Debit from Auto #
Auto #
2-1510 Accounts Payable
$68.20
Auto #
2-1510 Accounts Payable
$68.20
CD
12/07/2020
Payment; Behnaz Holdings
Auto #
2-1510 Accounts Payable
$3,341.80
Auto #
1-1110 Business Cheque Account
$3,341.80
e. Sales – New Item
A recap transaction in Sales:
Src
Date
ID No.
Account
Debit
Credit
Jo
SJ
15/07/2020
Sale; Bilal
Auto #
1-1310 Account Receivable
$12,100.00
Auto #
4-1000 Sales Tents
$11,000.00
Auto #
2-1210 GST Collected
$1,100.00
Auto #
5-1000 Cost of Sales Tents
$2,200.00
Auto #
1-1320 Inventory
$2,200.00
f. Sales – New Item (return)
A recap transaction in Sales (return):
Src
Date
ID No.
Account
Debit
Credit
Jo
SJ
16/07/2020
Sales; Bilal
Auto #
4-1000 Sales Tents
$1,000.00
Auto #
2-1210 GST Collected
$100.00
Auto #
1-1310 Account Receivable
$1,100.00
Auto #
1-1320 Inventory
$200.00
Auto #
5-1000 Cost of Sales Tents
$200.00
g. Settle Returns & Credits
A recap transaction in Settle Returns & Credits:
Src
Date
ID No.
Account
Debit
Credit
Jo
SJ
16/07/2020
Bilal: Credit from XXXXXXXXXX
Auto #
1-1310 Account Receivable
$1,100.00
Auto #
1-1310 Account Receivable
$1,100.00
h. Receive Payments
A recap transaction in Receive Payments:
Src
Date
ID No.
Account
Debit
Credit
Jo
SJ
24/07/2020
Bilal: Discounts on XXXXXXXXXX
Auto #
5-4500 Discount Allowed
$200.00
Auto #
2-1210 GST Collected
$20.00
Auto #
1-1310 Account Receivable
$220.00
SJ
24/07/2020
Bilal: Credit form Auto #
Auto #
1-1310 Account Receivable
$220.00
Auto #
1-1310 Account Receivable
$220.00
CR
24/07/2020
Payment; Bilal
Auto #
1-1110 Business Cheque Account
$10,780.00
Auto #
1-1310 Account Receivable
$10,780.00
B) Prepare BAS for the quarter ended 30 September 2020 with the GST report and Payroll activity report for the period.
BAS Information
GST [Summary - Accrual]
July 2020 To September 2020
Code
Description
Rate
Sale Value
Purchase Value
Tax Collected
Tax Paid
CAP
Capital Acquisitions
10%
$11,440
$1,040
FRE
GST Free
0%
$224
GST
Goods & Services Tax
10%
$102,850
$35,970
$9,350
$3,270
ITS
Input Taxed Sales
0%
$80
N-T
Not Reportable
0%
($4,870)
$8,805
Total:
$9,350
$4,310
Payroll Activity [Summary]
1 July 2020 To 30 September 2020
Employee
Wages
Taxes
Net Pay
Superannuation
Hart, Kevin
$6,669
$507
$6,162
$633.56
Black, Jack
$4,992
$78
$4,914
$474.24
Gillan, Karen
$10,500
$1,494
$9,006
$997.50
Da
y, Rhys
$12,600
$2,235
$10,365
$1,197.00
Cannavale, Bo
y
$7,800
$768
$7,032
$741.00
Jonas, Nick
$5,400
$156
$5,244
$513.00
Total:
$47,961
$5,238
$42,723
$4,556.30
a. GST Calculation Worksheet 4 marks
GST worksheet for BAS
Tax Period
1 Jul 2020 to 30 Sep 2020
Calculation worksheet
Name
Jumanji Outdoor Store
GST amounts you owe the ATO from sales
G1
Total Sales (including any GST)
G1
$102,930
G1 on the BAS
G2
Export Sales
G2
$0
G2 on the BAS
G3
Other GST-free sales
G3
$0
G3 on the BAS
G4
Input taxed sales
G4
$80
G5
G2+G3+G4
G5
$80
G6
Total sales subject to GST (G1 minus G5)
G6
$102,850
G7
Adjustments (if applicable)
G7
$0
G8
Total sales subject to GST after adjustments (G6+G7)
G8
$102,850
G9
GST on sales (G8 divided by eleven)
G9
$9,350
1A on the BAS
GST amounts the ATO owes you from purchases
G10
Capital purchase (incl. any GST)
G10
$11,440
G10 on the BAS
G11
Non-Capital purchases (incl. any GST)
G11
$36,194
G11 on the BAS
G12
G10+G11
G12
$47,634
G13
Purchases for making input taxed sales
G13
$0
G14
Purchases without GST in the price
G14
$224
G15
Estimated purchases for private use or not income tax deductible
G15
$0
G16
G13+G14+G15
G16
$224
G17
Total purchases subject to GST (G12 minus G16)
G17
$47,410
G18
Adjustments (if applicable)
G18
$0
G19
Total purchases subject to GST after adjustment (G17+G18)
G19
$47,410
G20
GST on purchases (G19 divided by eleven)
G20
$4,310
1B on the BAS
. Business Activity Statement 4.5 marks
Quarterly BAS
Business Activity Statement
Jumanji Outdoor Store
1 July 2020 to 30 September 2020
Far Far Away
Sydney NSW 20000
Document ID
XXXXXXXXXX
ABN
XXXXXXXXXX
When completing this form, please
From due on
28 Oct 2020
- use a BLACK pen only (to help with processing)
Payment due on
28 Oct 2020
- leave boxes blank if not applicable (do not use N/A, NIL)
GST accounting method
Accruals
- show whole dollars only (do not show cents)
Contact phone numbe
XXXXXXXXXX
- do not use symbols such as +,-,/,$
Contact person who completed the form
Lily Yoo
Goods and services tax (GST)
PAYG tax withheld
Option 1: Calculate GST and report quarterly
Total sales
G1
$
102,930
Total salary, wages and other payments
W1
$
47,961
Does the amount shown as G1 include GST? XXXXXXXXXXYes XXXXXXXXXXNoX
Amount withheld from payments shown at W1
W2
$
5,238
Export Sales
G2
$
0
Amount withheld where no ABN is quoted
W3
$