1 ACCT10002: Semester 1, 2017 PRACTICE SET – PART 2 One month after Michael Brown decided to leave his employment and start his own business in providing catering supplies to food outlets he found that he was finding his feet and looking to develop his business further. In the first month he started small and only traded in a few products at first. In the second he plans to increase the range of products slowly and also to find some new customers. The following pages contain the source documents for Michael’s second month of business. Your task is to input the relevant transactions into MYOB software and produce a Statement of Financial Performance for the month of August and a Statement of Financial Position as at 31 August, 2016. You will have access to MYOB software located on the computers in the Computer Laboratory in Bouverie Street. The company file for MBB Catering Supplies Pty. Ltd. has been prepared and ready for you to record the transactions for August. First, you need to confirm the Trial Balance data from July 31, 2016 – the balances should be checked against the Income Statement and Balance sheet ‘solutions’ from the LMS. (Note the solution may differ from your own submission for Part 1 – Part 2 follows on from our LMS solution.) Part 2 of the Practice Set will commence after students receive some basic instruction in using MYOB accounting software. This work entails entering transactions and adjustments for the second month of MBB Catering Services Pty. Ltd. You are only required to hand to your tutor the Statement of Financial Performance and the Statement of Financial Position at the end of August 31, 2016. Make sure you have your name and student number written on the page(s). You also need to attach a copy of the following statement with your work and sign it to certify that it was your own work. Your tutor will provide a mark out of 7.5 for Part 2. If you have not received full marks then you should review your work by discussing with a fellow student or by comparing your answer with the correct answer which will be made available on the LMS after the due date for submission. Due date: Your tutorial beginning Week 12 – May 22. This is to certify that the work contained in the above worksheet is my own. Signed: ……………………………… Student number:………………… 2 OFFICE MEMORANDUM Date: 01/08/16 To: Accountant SUBJECT: 1. Please ensure that the wages owing at the end of July are paid on the normal pay day 3rd August. Signed: Michael Brown MBB CATERING SUPPLIES Purchase Order ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Purchase Order No.: Date: 0001 01/08/2016 Details of order: KitchenAid 6-8 Billbrooke Close Cameron park, NSW 2286 QTY Description Price Amount 1 Refrigerated Bain Marie $5600 $5600 Please advise delivery date. 3 MBB CATERING SUPPLIES Purchase Order ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Purchase Order No.: Date: 0002 01/08/2016 Details of order: Roband 1 Inman Rd Cromer, NSW 2099 QTY Description Price Amount 5 Apex coffee machines $850.00 $4 250.00 Please advise delivery date. Tax Invoice ABN 35 945 022 518 1 Inman Rd Cromer, NSW 2099 Phone: +61 2 9971 1788 Fax: +61 2 9971 1336 Invoice No.: Date: Terms: 68723 06/08/2016 2/5,N/30 Sold To: MBB Catering Supplies 351 Boutique Blvd Templestowe, VIC 3107 QTY Description Unit Price $ Amount $ 5 Apex Coffee Machines 850.00 4250.00 Freight FOB Shipping point 200.00 Subtotal Total 4450.00 $4450.00 4 OFFICE MEMORANDUM Date: 06/08/16 To: Accountant SUBJECT: 1. Received 5 Apex coffee machines from Roband. Record one coffee machine as a company asset. 2. Can Do Café settled their account in full by EFT. 3. Advised by KitchenAid – Bain Marie to be delivered 11th August. Signed: Michael Brown GRAND BANK - Receipt 08 August 2016 8.15 pm Receipt number 4567 Amount $4361 From MBB Catering Supplies 07 4567 3482 9856 To Roband Biller Code: 5248 Ref. 9301 Invoice no. 68723 5 MBB CATERING SUPPLIES Purchase Order ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Purchase Order No.: Date: 0003 08/08/2016 Details of order: Roband 1 Inman Rd Cromer, NSW 2099 QTY Description Price Amount 5 Vitamix Drink Machines $450 $2250.00 Please advise delivery date. Tax Invoice ABN 35 945 022 518 1 Inman Rd Cromer, NSW 2099 Phone: +61 2 9971 1788 Fax: +61 2 9971 1336 Invoice No.: Date: Terms: 68915 09/08/2016 2/5, N/30 Sold To: MBB Catering Supplies 351 Boutique Blvd Templestowe, VIC 3107 QTY Description Unit Price $ Amount $ 4 Vitamix Drink Machines 450.00 1800.00 Freight FOB Shipping point 100.00 Subtotal Total 1900.00 $1900.00 6 Tax Invoice ABN 95 000 029 729 6-8 Billbrooke Close Cameron Park, NSW 2286 Phone: (02) 4902 6500 Invoice No.: Date: Terms: PO #: 4761 11/08/2016 N30 1001 Sold To: MBB Catering Supplies 351 Boutique Blvd Templestowe, VIC 3107 QTY Description Unit Price $ Amount $ 1 Refrigerated Bain Marie 5600.00 5600.00 Freight 350.00 Subtotal Total 5950.00 $5950.00 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0008 11/08/2016 2/10, N30 Sold To: Talking Parrot Cafe 45 Native Birds Street Warrandyte, VIC 3113 QTY Description Price Amount 1 Panini Press $420.00 $420.00 1 Vitamix Drink Machine $650.00 $650.00 1 Gelato Ice Cream machine $950.00 $950.00 Sale Amount: Freight: Total Amount: Paid Today: Balance Due: $2020.00 0.00 $2020.00 $0.00 $2020.00 7 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0009 12/08/2016 2/10, N30 Sold To: The Tiki Room 18 Grand Blvd Montmorency, VIC 3094 QTY Description Price Amount 1 Refrigerated Bain Marie $6,500.00 $6500.00 Sale Amount: Total Amount: Paid Today: Balance Due: $6500.00 $6500.00 $0.00 $6500.00 OFFICE MEMORANDUM Date: 13/08/16 To: Accountant SUBJECT: 1.Took vehicle to Doncaster Auto Repairs for fitting of tow bar. 2. Reimburse Michael for following amounts: $45 petrol; $18 telephone expenses; $24 stationery expenses. 3. Transfer to Michael’s personal account $1,200 as wages. Signed: Michael Brown 8 Doncaster Auto Repairs Tax Invoice 1001 Doncaster Road Doncaster, VIC 3108 Phone: (03) 9848 2222 Invoice No.: Date: 3529 14/08/2016 ABN 84 002 168 032 Biller Code: 5167 To: MBB Catering Supplies Description Amount Fitting tow bar and wiring Parts Labour $350.00 $250.00 $600.00 GRAND BANK - Receipt 13 August 2016 2.26 pm Receipt number 4568 Amount $1 287.00 From MBB Catering Supplies 07 4567 3482 9856 To Michael Brown 313-140 Mecu Limited 764831 9 Tax Invoice ABN 95 000 029 729 6-8 Billbrooke Close Cameron Park, NSW 2286 Phone: (02) 4902 6500 Invoice No.: Date: Terms: PO #: 5013 14/08/2016 N30 4 Sold To: MBB Catering Supplies 351 Boutique Blvd Templestowe, VIC 3107 QTY Description Unit Price $ Amount $ 6 Soup kettles 600.00 3600.00 2 Panini Press 210.00 420.00 Freight 150.00 Subtotal Total 4170.00 $4170.00 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0010 15/08/2016 2/10, N30 Sold To: Tranquil Deck Restaurant 23 Peaceful Street Eltham, VIC 3095 QTY Description Price Amount 1 Gelato Ice Cream Machine $2280.00 $2280.00 1 Soup kettle $720.00 $720.00 Sale Amount: Freight: Total Amount: Paid Today: Balance Due: $3000.00 0.00 $3000.00 $0.00 $3000.00 10 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: : 0011 16/08/2016 2/10, N30 Sold To: Cash Sale QTY Description Price Amount 2 Soup kettles $720.00 $1440.00 Sale Amount: Trade discount Total Amount: Paid Today: Balance Due: $1440.00 140 $1300.00 $1300.00 0 MBB CATERING SUPPLIES Purchase Order ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Purchase Order No.: Date: 0004 17/08/2016 Details of order: Sunbeam 6/13 Lord Street Botany, NSW 2099 QTY Description Price Amount 5 Café Series Food Processors $289 $1 445.00 Please advise delivery date. 11 OFFICE MEMORANDUM Date: 19/08/16 To: Accountant SUBJECT: 1.Received $400 from the manager of “Tranquil Deck” for a consulting job which will take four weeks starting on 24th August. 2. “Tranquil Deck” settled the outstanding account. Signed: Michael Brown GRAND BANK - Receipt 20 August 2016 7.23 pm Receipt number 4569 Amount $600.00 From MBB Catering Supplies 07 4567 3482 9856 To Doncaster Auto Repairs 313-140 Mecu Limited 54231789 #3529 12 Tax Invoice ABN 45 365 722 816 6/13 Lord Street Botany, NSW 2099 Phone: +61 2 9695 9999 Invoice No.: Date: Terms: 33289 21/08/2016 N30 Sold To: MBB Catering Supplies 351 Boutique Blvd Templestowe, VIC 3107 QTY Description Unit Price $ Amount $ 5 Café Series Food Processors 289.00 1445.00 Freight 50.00 Subtotal Total 1495.00 $1495.00 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0012 22/08/2016 2/10, N30 Sold To: Can Do Cafe 23 Main Street Eltham, VIC 3095 QTY Description Price Amount 1 Café series food processor $350.00 $350.00 1 Coffee Machine $1250.00 $1250.00 1 Panini Press $310.00 $310.00 1 Soup kettle $750.00 $750.00 Sale Amount: Total Amount: Paid Today: Balance Due: $2 660.00 $2 660.00 $0.00 $2 660.00 13 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0013 22/08/2016 COD Sold To: Cash Sale QTY Description Price Amount 1 Café series food processor $350.00 $350.00 1 Coffee Machine $1250.00 $1250.00 1 Panini press $310.00 $310.00 1 Soup Kettle $750.00 $750.00 Sale Amount: Freight: Total Amount: Paid Today: Balance Due: $2 660.00 $0.00 $2 660.00 $2 660.00 $0.00 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0014 29/08/2016 COD Sold To: Cash Sales- QTY Description Price Amount 1 Heavy duty mixer $750.00 $750.00 1 Coffee Machine $1050.00 $1050.00 Sale Amount: Freight: Total Amount: Paid Today: Balance Due: $1800.00 $0.00 $1800.00 $1800.00 $0.00 14 GRAND BANK - Receipt 30 August 2016 4.45 pm Receipt number 4570 Amount $5950.00 From MBB Catering Supplies 07 4567 3482 9856 To Kitchen Aid EFT Invoice Number: 4761 GRAND BANK - Receipt 30 August 2016 4.54 pm Receipt number 4571 Amount $1495.00 From MBB Catering Supplies 07 4567 3482 9856 To Sunbeam Bank transfer Invoice Number: 33289 15 MBB CATERING SUPPLIES Tax Invoice ABN 42 088 423 290 351 Boutique Blvd Templestowe, VIC 3107 Phone: (03) 9850 0351 Invoice No.: Date: Terms: 0015 30/08/2016 COD Sold To: Cash Sale QTY Description Price Amount 1 Coffee Machine $1100.0 $1100.00 1 HD Mixer $1500.00 $1400.00 Sale Amount: Freight: Total Amount: Paid Today: Balance Due: $2500.00 $0.00 $2 500.00 $2 500.00 $0.00 OFFICE MEMORANDUM Date: 31/08/16 To: Accountant SUBJECT: 1.The manager of the ‘Talking Parrot” advised that the firm would not be able to pay their account owing to a fire at the premises and having no cash reserves to pay creditors. No insurance in place to cover the fire. 2. Wages owing to assistant at end of month $475 3. Take up other adjustments to accounts as per those at the end of July 4. Include depreciation for motor vehicle at 30% reducing balance from start of August and one half month depreciation of coffee machine also at 30% reducing balance. 5. Prepare the Income Statement and Balance Sheet as at end of August so I can see how the business is going in its second month. 6. Mr. Kyriacou, paid for a new HD Mixer in advance on 30th August as he wanted to place an order before the price rise in September. The item will be ordered on 1st September. Signed: Michael Brown 16 Grand Bank ABN 47 598 943 243 MBB Catering Supplies BSB No: 512-170 351 Boutique Blvd Account No: 11595 Templestowe, VIC 3107 Page: 1 of 1 Date: 31 August 2016 Debit $ Credit $ Balance $ 01/08/16 Opening Balance 5 721.00 02/08/16 Bank Fees - month 15.00 5 706.00 06/08/16 EFT Daily Reconciliation 7 320.00 13 026.00 08/08/16 EFT #4567 4 361.00 8 665.00 13/08/16 EFT #4568 1 287.00 7 378.00 16/08/16 EFTPOS Daily Reconciliation 1 300.00 8 678.00 19/08/16 EFTPOS Daily Reconciliation 400.00 9 078.00 19/08/16 EFT Daily Reconciliation 3 000.00 12 078.00 20/08/16 EFT #4569 600.00 11 478.00 22/08/16 EFTPOS Daily Reconciliation 2 660.00 14 138.00 29/0816 EFTPOS Daily Reconciliation 1 800.00 15 938.00 30/08/16 EFT #4570 5 950.00 9 988.00 30/08/16 EFT #4571 1 495.00 8 493.00 30/08/16 EFTPOS Daily Reconciliation 2 500.00 10 993.00