Part B

Procedure

Open Magnetic Boats Pty. Ltd.myox provided by your assessor and record the following transactions.

1. Record the following receipts:

2. Record the following payments:

3. Reconcile your records with the bank statement:

4. Produce the following reports for June:

 Trial Balance

 GST/Sales Tax (Summary – Cash)

 Reconciliation Report

 Balance Sheet

 Profit and Loss Statement

5. Start a new financial year.

6. Record the following receipts:

7. Record the following payments:

8. Reconcile your records with the bank statement:

 To be deemed competent you will need to successfully demonstrate the following:

• You must submit soft copies of the following reports:

 Trial Balance

 GST/Sales Tax (Summary – Cash)

 Balance Sheet for June

 Profit and Loss Statement for June

 Bank Register (June, July)

 Reconciliation Report (June, July)

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