myob textbook 2nd Edition

Topics: Depreciation, Credit card, Taxation in the United States Pages: 8 (955 words) Published: December 3, 2013
Create the following new accounts

1-0030 Office Equipment (Header account)

1-0031 Office Equipment at Cost (Detail account)

1-0032 Acc Dep - Office Equipment (Detail account)

Account Number
Account Names
1-1000
Current Asset (Header)
1-1050
Cash on Hand (Header)
1-2100
General Cheque Account
1-2140
Petty Cash
1-0021
Furniture and Fittings at Cost
1-0022
Acc Dep - Furniture and Fittings at Cost
6-3100
Telephone
6-3200
Utilities
6-3300
Local Transport
6-3400
Rent
6-3500
Insurance
6-3600
Printing and Stationery

Capital contribution of RM 50,000 on 1/7/2008 by the owner of the company, Mr. John W Smith to start his company

3/7/08 Received another cheque for RM50,000 from Mr. John W Smith for additional capital contribution

31/7/08 Received RM 200 cheque from supplier Fast Computers as cash rebate on office equipment purchased.

3/7/08 Payment for purchase of office equipment from Fast Computers. A cheque (330100) for RM 20,000 was issued

5/7/08 Cash purchase for 50 pieces of Ring Files to bind your Office documents from Star Office Suppliers Ltd. A Cheque (330101) for RM 120 was issued

15/7/08 – RM 212.40 payment to QuikTelecom for telecommunications and telephone expenses, cheque # 330102

26/7/08 - RM 130.89 payment for July’s utilities to National Utilities Board, cheque # 330108

29/7/08 – RM 6,050 payment for office rent to landlord Frank Watters Management; cheque # 330104

30/7/08 – RM 339.44 payment for Best Catering Foods, cheque # 330105 for refreshments on office opening ceremony. This should be charged to the 6-3900 Miscellaneous Office Expense account

7/7/08 RM 1,000 cheque # 330106 to create a new petty cash account.

20/7/08 Mr. John W. Smith makes a claim for local transport chargers incurred. RM45.50 was issued to him in cash from the petty cash account.

Let’s try to perform a bank reconciliation for July 2008

You received the bank statement on 3/8/08, and the bank balance on 31/7/08 shows RM 72,476.71. There is also a monthly bank charge of RM10.00 on 31/7/08.

As of 31/7/08, there is an unpresented cheque # 330105 for Best Catering Foods, and there is also an uncleared deposit of RM 200 from Fast Computers.

Exercise

1/8/08 Mr. John W. Smith decides to increase the petty cash float by RM500. Determine the cash shortfall under the imprrest system, and the cheque# 330107 was issued for this purpose

2/8/08 The company engaged No Problem Cleaning Company for monthly office cleaning at RM500 per month. The first payment is paid by cheque # 330108. Create a new expense account 6-3700 Office Cleaning to record this.

6/8/08 RM 150 was drawn out in cash from the Petty Cash account to pay for the purchase of laser toner and printer ink.

16/8/08 Mr. John W. Smith contributed additional capital of RM5000, and this was also deposited into the general cheque account

22/8/08 This month’s phone bill from QuikTelecom amounts to RM245.67, paid by cheque#330109

26/8/08 The utilities bill amounts to RM 150.89 for August. This was paid by cheque # 330110 to National Utilities Board

29/8/08 Paid RM 2,400 by cheque # 330111 for general office insurance. The policy form Nationwide Insurance will be effective from 1/9/08, and this payment is made in advance for 6 months; the monthly premium is RM400. 1-6000 Prepayment – Insurance a/c

30/8/08 Office Rent payment of RM 6 050 (cheque # 330112) was paid to Frank Watters Management Ltd.

31/8/08 A refund was received from QuikTelecom for RM 50.22 for overcharging in last month’s bill. The cheque was deposited into the general cheque account.

Perform a bank reconciliation for the Month of August 2008, and generate the Bank Reconciliation report based on the information given as follows

As of 31/08/08, the balance as per bank statement is RM 75,888.61 July 2008’s unpresented cheque and uncleared deposit have been cleared this month. The only...
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