Tertiary and Continuing Accounting Practice Set

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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.
 
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.
 

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

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.
 
NYRB said:
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
Click to expand...

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
 

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slashin_velvet said:
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.
Click to expand...


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
 
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?
 
NYRB said:
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
Click to expand...

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.
 
NYRB said:
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?
Click to expand...
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
 
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.
 
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
 
NYRB said:
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
Click to expand...
Correct but your figures for GST collected and payg are wrong.
 
hey, can i by any chance get a copy of the jack's jewels accounting practice set answers too? pretty please? :)
 
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!
 
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:confused:

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
 
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