Recent Question/Assignment

20% of your total marks
Students are required to complete the following comprehensive computerised business simulation accounting exercise
SPARE PARTS R US Pty Ltd using MYOB Accountright plus 2018.3 version. The assessment will introduce you how to use an accounting software and will allow you to set up a company from scratch and to consolidate your knowledge of transaction processing.
Once you have completed the exercise you are required to print the following reports in a PDF format and submit them to your lecturer. Students who fail to print reports in the above-mentioned format will be penalised.
When setting up your company make sure your student id number appears along with the business (s1234567- SPARE PARTS R US Pty Ltd )
• Please note there will be no assistance from your lecturers with completing this assignment. You are expected to use the additional resources referred to within the unit guide and the additional help notes uploaded on VUC.
Reports to be printed and submitted in PDF format:
The above is to be followed strictly. Reports without student name & ID and reports with other financial years will not be accepted.
The assignment requires you to complete the following tasks for the month of AUGUST using the following financial period : Financial Year 2019- 2020
SET UP COMPANY as– Retail –named as: s1234567 - SPARE PARTS R US Pty Ltd

Anderson is the owner of SPARE PARTS R US Pty Ltd.The firm distributes various types of vehicle parts to businesses in the Sydney area. The company is located at 205 Ballarat Rd, Footscray Park, 3015, Ph: 03 9349 9999 ABN 17 222 888 000. The firm's Balance Sheet at the beginning of August (i.e. Opening Balances) is presented below:
All goods purchased and sold are subject to GST.
Customer Details:
Customer No.1. Dolly’s Auto Repairs, 25 Gongala Rd, Sunshine, Vic, 3021, ABN 18 777 888 993
Customer No.2. Andy’s Repairs, 20 Hampshire Rd, Sunshine , Vic 3021, ABN 32 444 332 443
Customer No.3. Panel Kings 121 Adison drive, Caroline Springs, Vic 3023, ABN 16 555 533 523
• Customer Credit Terms are Net 30 days.
• All Customers have a $30,000 credit limit, and pay by cheque.
• The next Customer Item Invoice is # 6301.
Supplier Details:
Supplier No.1. Car Parts Ltd, 12 Sky Drive, Footscray, Vic, 3015, ABN 55 666 777 885
Supplier No.2. Exhaust Pipes Ltd, 201 St Kilda Rd, St Kilda, Vic, 3000, ABN 31 444 866 755
Supplier No.3. Wheels Ltd, 155 Ridge Rd, Keilor, Vic 3028, ABN 16 773 555 666
• All Supplier Credit Terms are Net 30 days.
• Credit Limit for all Suppliers is $40,000 and payment is by cheque.
• Supplier No. 2 has an outstanding balance of $6,600 including GST for Invoice No.44728
dated 28th July.
Inventory Details:
• Anderson of Footscray Motors maintains a perpetual inventory system.
• The firm maintains an account with the National Bank of Victoria (NBOV) IN Sunshine West, ID# 148 which has a BSB # 361-725. The account number for the firm is 6402-6636
Aug 2: Sold 1 x 602, 2 x 302 to Andy’s Repairs, their Order No 4632 for $7,700, including GST.
Aug 5: Sold 1 x 602, 1 x 302, 3 x 804 to Dolly’s Auto Repairs, their Order No. 326 for $6,160 including GST.
Aug 8: Received goods and Invoice No. 11415 from Car Parts Ltd for 3 x602 @ $2,000 each plus GST, total $6,600, including GST.
Aug10: Returned goods to stock, 1 x 804 from Dollys Auto Repairs, their original Order No. 326 (05/08), plus GST. Our Credit Note No. C156 for $220.
Aug 12: Received goods, 3 x 302, @ $1,000 each on Invoice No. WC11861 from Wheels Ltd for $3,300, including GST.
Aug 13: Paid Trust Real Estate for Monthly Rent. Our Cheque No.3351780 for $1,100 including GST.
Aug 18: Paid Exhaust Pipes Pty Ltd for outstanding Invoice No. 44728. Our Cheque No. 3351781 for $6,600, including GST.
Aug 20: Issued Receipt No. 4001 to Andy’s Repairs, for payment of our Invoice No. 6301, their Order No. 4632 for $7,700.
Aug 20: Paid Power Ltd for Electricity. Our Cheque No. 3351782 for $880, including GST.
Aug 24: Paid Car Parts Ltd for outstanding Invoice No. 11415. Our Cheque No.3351783 for $6,600, including GST.
Aug 26: Sold 3 x 602, 2 x 703, 2 x 804 to Panel Kings Pty Ltd, on our Invoice No. 6303, their Order No. 105 for $12,540, including GST.
Aug 27: Issued Receipt No. 4002 to Dollys Auto Repairs, for payment of their Order No326, our Invoice No. 6302 for $5,940.
Aug 30: Received goods and Invoice No. 11493 from Car Parts Ltd for 3 x 602 @ $2,000 each plus GST, total $6,600, including GST.
Aug 31: Received Credit Note for $2,200, including GST, from Car Parts Ltd for Return of Damaged Goods, 1 x 602, their Invoice No. 11493.
Aug 31: Stock-on-Hand figures were:
302 Engines = 5
602 Exhaust Pipes= 4
703 Fuel pumps = 3
804 Radiator = 0

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