MYOB EXERCISE BOOTS N ALL

SET UP COMPANY
Company Name: Boots n All – Student Number
ABN: 26 339 100 656
Address: 19 Roberts Road
Pakenham VIC 3810
Telephone: 8357 9990
Financial Year: 2012
Last month of financial year: June
Conversion Month: July
Number of accounting periods: Twelve (12)
Industry Classification: Retail
Type of Business: Shoe Store
File Name: Student Number

EDIT OR MODIFY ACCOUNTS

A/C ## From To Account Tax Type
Type Code
1-1200 Trade Debtors Accounts Receivable Accs Rec’le N-T Detail
1-1300 Merchandise Inventory Merchandise Inventory Other Asset N-T Header*
2-1200 Trade Creditors Accounts Payable Accs Pay’le N-T Detail
1-2600 Store Equipment Warehouse Equipment Asset N-T Header*
1-2610 Store Equipment at Cost Warehouse Equip at Cost Other Asset N-T Detail
1-2620 Store Equipment Accum Warehouse Equip Accum Other Asset N-T Detail
Dep Dep
1-1400 Prepaid Insurance Prepaid Insurance Other Asset N-T Detail
1-1500 Prepaid Interest Prepaid Rent Other Asset N-T Detail
6-1100 Legal Fees Insurance Expenses Expense N-T Detail

ADD / DELETE ACCOUNTS:

A/C # Name Type Tax Code Action
3-2000 Share Capital Detail N-T Equity Add
5-4000 Inventory Adjustments Detail N-T COGS Add
1-1310 Childrens Inventory Detail N-T Other Assets Add
1-1320 Ladies Inventory Detail N-T Other Assets Add
1-1330 Mens Inventory Detail N-T Other Assets Add
3-1000 Owner/Shareholder’s Equity Header N-T Equity Delete
3-1100 Owner/Shareholder Capital Detail N-T Equity Delete
3-1200 Owner/Shareholder Drawings Detail N-T Equity Delete

GENERAL LEDGER OPENING BALANCE (as at 01/07/11)

Account Description Debit Credit
Cheque Account 32,600
Accounts Receivable 56,100
Childrens Inventory 13,475
Ladies Inventory 40,275
Mens Inventory 35,360
Warehouse Equipment at Cost 15,000
Warehouse Equipment Accum Dep 3,100
Accounts Payable 29,200
GST Collected 7,300
GST Paid 5,500
Share Capital 100
Retained Earnings 158,610

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SET UP CUSTOMER CARD FILES (Default Layout: Item)
Card Type Customer Customer
Name Best Shoes Kings Footwear
Credit Terms Net 30 days Net 30 days
Tax Code GST GST
Credit Limit $55,000 $50,000
Outstanding Inv # 820 822
Invoice Date 17/06/11 29/06/11
Amount Due (Incl GST) $26,100 $30,000

SET UP SUPPLIER CARD FILES (Default Layout: Item)

Card Type Supplier Supplier
Name Italian Imports Brazilian Shoes
ABN 92 108 922 081 11 005 505 522
Terms Net 30 days Net 30 days
Tax Code GST GST
Credit Limit $75,000 $50,000
Outstanding Inv # 1029 (PO#1001) 5603 (PO#1007)
Invoice Date 06/06/11 27/06/11
Amount Due (Incl GST) $18,680 $10,520

SET UP INVENTORY ITEMS (as at 01/07/11)

Item Number: C100 L100 M100
Item Name: Childrens Shoes Ladies Shoes Mens Shoes
I Buy/Sell and Inventory Items   
Asset Account for Inventory Items 1-1310 1-1320 1-1330
Income Account for tracking Sales 4-1100 4-1100 4-1100
Cost of Sale Account 5-1100 5-1100 5-1100
Buying & Selling Unit of Measure Box (1) Box (1) Box (1)
Tax Code when bought and sold GST GST GST
Minimum Level for Restocking Alert 100 250 200
Default Reorder Quantity 100 250 200
Selling Price (excluding GST) $65 $110 $140
Inventory on Hand 385 537 442
Value of Inventory on Hand $13,475 $40,275 $35,360

ENTER TRANSACTIONS FOR JULY 2011

Notes:
 All unit costs/ prices and freight charges are GST exclusive unless stated otherwise.
 The ‘asset method’ is used for prepaid expenses.
 The ‘allowance method’ is used for bad and doubtful debts.
 Create new accounts if required
 Makes an adjustment journal if necessary
 Don’t change tax default in each account detail

Jul 2 Boots n All paid 12 months office rent for the amount of $5,280.00 (GST
included). At the end of each month this has to be accrued to the related period
(Check #1040)

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Jul 3 Credit sale to Best Shoes (Invoice #823) of
 50 boxes of childrens shoes @ $65.00 per box,
 80 boxes of ladies shoes @ $110.00 per box and
 75 boxes of mens shoes @ $140.00 per box.
Customer order #7077.

Jul 3 Prepayment for council rates, quarterly paid is $150.00, (Check #1041).
* Monthly recognition is required at the end of the month. Use Prepaid Taxes for this
transaction (1-1600) and Dues and Subscription (6-1400) for adjustment.

Jul 4 Paid General Insurance for 6 months period to Zurich Insurance about
$1,320.00 (GST included), starting from Jul 1, 2011 until Dec 31, 2011 (Check
#1042)

Jul 5 Cash sale to new customer (Crown Shoes, Casino Shopping Centre, Falcon
Street, South Melbourne, VIC 3205), who will be given a credit limit of
$75,000 and terms of net 30 days in the future, but is required to pay cash this
time. Invoice #824 is for
 200 boxes of ladies shoes @ $105.00 per box and
 150 boxes of mens shoes @ $135.00 per box and
the customer paid by cheque.

Jul 10 Purchase order #1008 sent to Italian Imports for

 250 boxes of ladies shoes @ $75.00 per box and
 200 boxes of mens shoes @ $80.00 per box.

Jul 11 Received payment from Best Shoes for Jun 2011 transaction.

Jul 12 Crown Shoes have returned 1 box of mens shoes at cost $135.00, that are
faulty. They have requested for a refund. The shoes will be returned to our
supplier (Italian Imports) so there is no need to do inventory write off. Prepare
an adjustment note for the return of the shoes.

Jul 14 Received adjustment note #11120 from Italian Imports for the box of faulty
shoes returned to them. These Mens shoes were purchased in June at a cost of
#$85.00 (PO#1001).

Jul 17 Received the goods ordered on purchase order #1008, together with Italian
Imports invoice #11122.

Jul 18 Received payment from Kings Footwear for Jun 2011 transaction.

Jul 19 Invoiced Kings Footwear for

 120 boxes of childrens shoes @ $65.00 per box.
A freight charge of $20.00 was added because they required urgent delivery
by courier. Customer order #3390.

Jul 20 Lucy has decided to increase the base selling prices of all items due to the
increase in price by the wholesaler. Adjust the set prices to:
 Childres shoes $70.00
 Ladies shoes $120.00
 Mens shoes $145.00

Jul 20 A heavy rain storm caused the gutters to overflow into the warehouse. Some
items were damaged beyond repair and some were only slightly damaged.
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 Kings Footwear agreed to take the slightly damaged items at a heavily reduced
price, the remainder must be written off.
a) Prepare an invoice for Kings Footwear for
 20 boxes of childrens shoes @ $35.00 per box
 38 boxes of ladies shoes @ $55.00 per box
b) Write off the following items
 6 boxes of ladies shoes
 42 boxes of mens shoes

Jul 24 Sent purchase order to Brazilian shoes for

 100 boxes of childrens shoes @$35.00 per box,
 80 boxes of ladies shoes @ $75.00 per box and
 50 boxes of mens shoes @ $ 80.00 per box

Jul 26 Credit sale to Crown shoes of

 180 boxes of childrens shoes @ $70.00 per box,
 200 boxes of ladies shoes @ $120.00 per box and
 200 boxes of mens shoes @ $145.00 per box.
The customer was given 2,5% discount on each of the items because of the
quantity purchased.

Jul 28 Receive a part delivery from Brazilian Shoes (purchase order was placed on
24 July) with the balance being put on backorder to be delivered as soon as
available. Invoice #5560 is for
 70 boxes of childrens shoes @ $30.00 per box,
 80 boxes of ladies shoes @ $65.00 per box and
 40 boxes of mens shoes @ $80.00 per box.
A freight charge of $100.00 was added to the invoice. Prices were less than
expected due to an improved exchange rate.

Jul 31 A physical stocktake done over the weekend found that there were 85 boxes of
childrens shoes, 341 boxes of ladies shoes and 213 boxes of mens shoes.
Check the computer records and adjust the inventory if necessary.

REPORTS

Sales: Item (Analyse Sales)

What is the sales value and quantity sold for these items?
Sales Units Sold
Childrens Shoes
Ladies Shoes
Mens Shoes

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Sales: Receivable (Aging Summary)

How much does Best Shoes owe the company?

How much does Crown Shoes owe the company?
How much does Kings Footwear owe the company?

Sales: Customer (Analyse Sales)

What percentage of total sales does Best Shoes represent?

What percentage of total sales does Crown Shoes represent?
What percentage of total sales does Kings Footwear represent?

GST: GST Report (Summary – Accrual)

What is the Purchase Value figure for the tax code GST?
What is the Tax Collected figure for the tax code GST?

Item: Item List (Summary)

How much units on hand of Ladies Shoes?
What is the average cost of Mens Shoes?
What is the current price of Childrens Shoes?
What is the total value of all shoes?

Items: Analyse Inventory Detail

How much units on order of Childrens Shoes?
How much units available of Mens Shoes?

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Trial Balance – July 2011

YTD
Account Debit Credit YTD Debit Credit
Cheque Account
Accounts Receivable
Childrens Inventory
Ladies Inventory
Mens Inventory
Prepaid Insurance
Prepaid Rent
Prepaid Expenses
Warehouse Equipment at Cost
Warehouse Equipment Accum
Accounts Payable
GST Collected
GST Paid
Share Capital
Retained Earnings
Shoe Sales
Freight Collected
Shoe Purchases
Inventory Adjustments
Insurance Expenses
Dues & Subscriptions
Freight Paid
Stock Spoilage
Rent
Total:

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