Tertiary and Continuing Accounting Practice Set

[Subaru Impreza]

I know this may be not the right forum to ask this but I was wondering whether anyone has done the Accounting Practice set called ''Astronav Systems Pty Ltd''? for MYOB? (or a similiar version )

If anyone has any work done previously, it would be extremely grateful if you could send it to me.

 

[NYRB]

has anyone done a similiar practice set called ''Boab Art Gallery'' practice set? just looking for any work similiar to this one

 

[Stradic]

The accounting practice set...good times

Sorry I can't find the one I did, I might be able to give some general help if you get desperate.

 

[Dani Pacheco]

"Jack's Jewels and Gifts".

Anyone?...

 

[NYRB]

^^^ Ive got that one mate. Its the same one they did at UWA in 2010 as well......I keep all my resources. You at UWA by any chance?

 

[Dani Pacheco]

Yeah, at udub mate.

Any chance you could hit me up with a PM?

 

[hrkm8]

Could I grab those answers too?
Have a check up tomorrow and have no idea what I am doing - struggling big time.

 

[NYRB]

sure give me a message......I still kept the solutions, may need some of your guys help for my acc prac set

 

[NYRB]

Had a bit of trouble with this first transaction

July 1 Reverse the wages accrued at the end of June. Gross wages and salaries were $640, PAYG withholding was $100 and net wages and salaries $540.


I had something along the lines of:

DR Wages and Salaries Payable $640
CR PAYG Withholding Payable $100
CR Wages & Salaries Expense $540

 

[Stradic]

Correct!

could probably call Wages and Salaries.....wages accrued but it doesn't matter.

 

[slashin_velvet]

Had a bit of trouble with this first transaction

July 1 Reverse the wages accrued at the end of June. Gross wages and salaries were $640, PAYG withholding was $100 and net wages and salaries $540.


I had something along the lines of:

DR Wages and Salaries Payable $640
CR PAYG Withholding Payable $100
CR Wages & Salaries Expense $540

Im failing to understand this answer - for some reason it doesnt look correct to me.

To have accrued wages - you have to have had employees work and incurred an expense:
Dr Wages and Salaries Expense
Cr Wages and Salaries Accrued (Liability)

Im trying to work out why you would then reverse this transaction - as you have above - The expense has still been incurred. A usual way of curing for an accrual is to back it out once it is paid - e.g.
Dr Accrued Expense (Liability)
Cr Cash (Asset)

Maybe i dont understand the question enough.

 

[Stradic]

Its a Balance Day reversal

 

[frantelle]

Had a bit of trouble with this first transaction

July 1 Reverse the wages accrued at the end of June. Gross wages and salaries were $640, PAYG withholding was $100 and net wages and salaries $540.


I had something along the lines of:

DR Wages and Salaries Payable $640
CR PAYG Withholding Payable $100
CR Wages & Salaries Expense $540

Things you need to consider:

• Whether cash has actually been paid
• Is there really an additional expense from an accrual relating to the previous year?
• What an really accrual is. They can be tricky, but once you properly understand them and how they work you'll figure this out in 2 seconds flat

 

[NYRB]

Im failing to understand this answer - for some reason it doesnt look correct to me.

To have accrued wages - you have to have had employees work and incurred an expense:
Dr Wages and Salaries Expense
Cr Wages and Salaries Accrued (Liability)

Im trying to work out why you would then reverse this transaction - as you have above - The expense has still been incurred. A usual way of curing for an accrual is to back it out once it is paid - e.g.
Dr Accrued Expense (Liability)
Cr Cash (Asset)

Maybe i dont understand the question enough.

I just got this from one of the previous accounting sets , ''Gone Fishing Pty Ltd''

January 1 Prepare a journal entry to reverse $2175 wages and salaries accrued at the end of December

Solution:

DR Wages & Salaries Payable $2,175
CR Wages & Salaries $2,175

 

[NYRB]

Im going to keep posting up stuff I dont know.


July 5 Cash sale (invoice #8971) of 1 only didgeridoo @ $200 , 1 only boomerang @ $100 and 1 only spear @ $70. The customer paid by cash, which was banked today.

I was thinking for this one to put in under SALES Journal, then put it also under CASH RECEIPTS Journal.


Any ideas on this one?

 

[Stradic]

Sounds good to me.

 

[slashin_velvet]

I just got this from one of the previous accounting sets , ''Gone Fishing Pty Ltd''

January 1 Prepare a journal entry to reverse $2175 wages and salaries accrued at the end of December

Solution:

DR Wages & Salaries Payable $2,175
CR Wages & Salaries $2,175

Fair enough. That would be how you would reverse wages accrued - I think im more caught up in the practicalities of why you would wanna do a reversal - but i dont think thats part of your mandate.

 

[slashin_velvet]

Im going to keep posting up stuff I dont know.


July 5 Cash sale (invoice #8971) of 1 only didgeridoo @ $200 , 1 only boomerang @ $100 and 1 only spear @ $70. The customer paid by cash, which was banked today.

I was thinking for this one to put in under SALES Journal, then put it also under CASH RECEIPTS Journal.


Any ideas on this one?

Theres 2 sides to most sales transactions. The sale and the effect on inventory.

Under theoretic journal entries - a sale would be:
DR Cash at bank
CR Cash Sales (or just Sales depending on the course)
DR COGS (Expense)
CR Inventory

 

[Stradic]

I think in the practice sets all you need to do is the two entries he listed, I think the program accounts for the inventory, cogs and cash when you enter it in.

 

[NYRB]

another question

July 22 Sent cheque #2126 for $10,935 to the Australian Taxation office to pay the June quarter BAS. This cheque pays GST Collected of $12,500, less GST Paid of $2815, and PAYG WIthholding Payable of $1250.


my thinking was based on reading the Appendix section:

DR GST Collected $1,250
DR PAYG Witholding Payable $12,500
CR GST Paid $2,815
CR Cash $10,935


PAYG absolutely bamboozles me

 

[GeeUUess]

another question

July 22 Sent cheque #2126 for $10,935 to the Australian Taxation office to pay the June quarter BAS. This cheque pays GST Collected of $12,500, less GST Paid of $2815, and PAYG WIthholding Payable of $1250.


my thinking was based on reading the Appendix section:

DR GST Collected $1,250
DR PAYG Witholding Payable $12,500
CR GST Paid $2,815
CR Cash $10,935


PAYG absolutely bamboozles me

Correct but your figures for GST collected and payg are wrong.

 

[ilovetoeat]

hey, can i by any chance get a copy of the jack's jewels accounting practice set answers too? pretty please?

 

[NYRB]

hey, can i by any chance get a copy of the jack's jewels accounting practice set answers too? pretty please?

just message me your email in PM


the correct journal entry is

DR GST Collected $12,500
DR PAYG Witholding Payable $1.250
CR GST Paid $2,815
CR Cash $10,935

 

[xccude]

Hello, I just joined too, I can't seem to pm anyone.
My email is jonathanfke@hotmail.com
I'd be happy to pay for the solution for Jack's Jewels accounting practise set.
If anyone could send me the solution would save my life! Thanks so much!

 

[NYRB]

End-of-month Adjustments for 31/07/2011
Reverse the wages accrued at the end of June. Gross wages & salaries were $640, PAYG Witholding was $100 and net wages & salaries $540

how would u guys do this transaction? I despise PAYG transactions

my friend told me its

DR Salaries and Wages Expense 540
CR Salaries and Wages Payable 486
CR GST Outlays 54





my thinking was it was:

DR Salaries and Wages Payable 540
CR Salaries and Wages Expense 486
CR GST Outlays 54

OR

DR Salaries and Wages Expense 640
CR Salaries and Wages Payable 640