AIN2601 Assignment 6 PORTFOLIO (DETAILED ANSWERS) Semester 1 2025 - DISTINCTION GUARANTEED

AIN2601 Assignment 6 PORTFOLIO (DETAILED ANSWERS) Semester 1 2025 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ,.. COMPLETION CHECKLIST (page 1 of 2) QUESTION 1 Number Description Handed in? SECTION A – COMPANY SETUP: 6.8 Inventory groups listing 7.2 Supplier account (master) listing 8.3 Customer account (master) listing 9.3 Item based price list 9.4 Preferred supplier listing SECTION B – TAKE-ON OF OPENING BALANCES: 10.3 General journal without contras (take-on journal) 11.2 Inventory reorder report Alpha Drone: period 1 of 2026 12.4 Bank reconciliation: period 12 of 2025 13.2 Supplier detailed ledger: period 1 to 12 of 2025 13.3 Supplier age analysis: period 1 of 2026 14.2 Customer detailed ledger: period 1 to 12 of 2025 14.3 Customer age analysis: period 1 of 2026 15.1 Trial balance: period 1 to 12 of 2025 SECTION C – PROCESSING OF DAILY TRANSACTIONS: 16.3 Receipt cashbook batch 16.4 Purchase order – Aerial Aid 16.5 Goods received note – Aerial Aid 16.10 Sales quotation – Secure It 16.11 Tax invoice – Drone Vision 16.16 Payment cashbook batch 16.18 Tax invoice – Secure It 16.19 Sales order – Secure It 16.20 Back orders – Details by Item report 16.26 Outstanding GRN’s – Details by Supplier report 16.28 Sales return – Drone Vision 16.29 Tax invoice – Gadgets and All 16.33 Supplier invoice – Aerial Aid 16.34 Supplier invoice – Drone Boys 16.35 Supplier invoice summary listing 16.37 Tax invoice summary listing 16.38 Detailed ledger – Petty cash account period 1 of 2026 AIN2601/Assessment 6 /2025/S1 13 COMPLETION CHECKLIST (page 2 of 2) QUESTION 1 (continued) Number Description Handed in? SECTION D – MONTH END PROCESSING: 17.3 Bank reconciliation – May 2025 18.1 Trial balance as from 1 May 2025 to 31 May 2025 18.2 Income statement: period 1 of 2026 18.3 Balance sheet: period 1 of 2026 18.4 Cash movement report: period 1 of 2026 18.5 Cash book details – Nedbank Bank account: period 1 of 2026 18.6 Inventory valuation report: period 1 of 2026 18.7 Tax type report for 202209 (01/04/2025 – 31/05/2025) 18.8 Open item remittance statement – Alpha Drone 18.9 Balance forward remittance statement – Aerial Aid 18.10 Customer age analysis: period 1 of 2025 18.11 Supplier age analysis: period 1 of 2026 AIN2601/Assessment 6 /2025/S1 14 QUESTION 1 – Pastel (40 Marks) • Ensure that you have carefully read all information given • Immediately print (either to paper or to a file using a virtual printer) when instructed to do so. • You will be required to enter your student number in specified fields several times, for example, where you see “Student nr xxxxxxxx” or “Your own student number” or “xxxxxxxx”. You only need to include your student number in numbers and not the description “student number”. Your student number will then appear on the documents and reports requested for marking. Should your student number not appear on those documents and reports you will be awarded 0% for your whole assignment. Lebo Skosana is the owner of Eyes Above (Pty)Ltd (EA). EA was started in 2017 when Lebo resigned from the South African State Security Agency in the pursuit of a work life balance. EA is a drone wholesaler that sells multi-functional drones with high resolution camera, advanced navigation, versatile application to cater to individual needs (photography, recreation) as well as business needs (surveying, crop monitoring, inspections and deliveries). EA drones are built to withstand various weather conditions and rough handling. The two types of drones provided by are the Multi-Rotor Drones ( these have more than 1 motor and have a frame that branches out to incorporate multiple propellers, these are awesome for Aerial photography and videography, surveying assets, crop monitoring and short-range product delivery) and the Single-Rotor Drones ( these resemble miniature helicopters, with one central propeller supporting the body and are used for aerial surveillance and patrol, heavy payload delivery, search and rescue operations as well as aerial mapping and surveying) EA offers a Repairs and Maintenance service where maintenance checks and firmware updates are carried out as well as a specialised Repair service for on-demand repairs and trouble shooting. Lebo recently attended a conference on the benefits of Sage Pastel and was convinced of the efficiency it would have on her business and has therefore suggested that they migrate the transaction processing to Pastel 50c. EA have 4 full time employees. Lebo is the head accountant and also supervises the other staff members. Vusi is responsible for customers and sales, Randal for the suppliers and Frikkie manages the cash book. The employees receive the following monthly net salary Amounts: Lebo – R25 550; Vusi - R 22 400; Randal – R22 050 and Frikkie - R 22 000. AIN2601/Assessment 6 /2025/S1 15 SECTION A – COMPANY SETUP Task 1: Use the Setup Assistant to create Eyes Above (EA) on Pastel Partner. 1.1 Use the following information (use the default information provided, unless specific information is given): • Postal address: PO Box 3210, Johannesburg, 2000. • Date sequence: DMY, with four digits per year, confirm that the Sample Date format is correct i.e. dd/mm/yyyy. • Start date of financial year (current financial year): 01/05/2025, with each period ending on the last day of the month. EA uses one period for each month of the year. In this assignment period x of 2025 will refer to the xth period falling within the 2025 financial year which ends on 30/04/2025 and period x of 2026 will refer to the xth period falling within the 2026 financial year which ends on 30/04/2026. • Use the Generic Chart of Accounts as the standard chart of accounts for EA. • EA has a current account at First National Bank (FNB). They also use a Petty Cash account to pay for smaller, ad-hoc expenses. • EA has two price lists – ‘Corporates’ and ‘Individuals’. Corporates (i.e businesses who buy for resale, warehouse usage or Logistic purposes) are charged the ‘Corporates’ prices provided their purchasing volume is sufficient to warrant the lower prices. The ‘Individuals’ price list is to be used for all other customers unless the ‘Corporates’ prices have specifically been authorised by the accountant. Sales volume for both price lists are quite high but of late EA sells more to Corporates. • The default terms for customers are 30 days and the customer accounts are prepared using open item processing. • EA uses a fast laser printer for printing all their business documents and correspondence on plain paper. (Before you continue, please ensure that the virtual and/or physical printer you are using is set to A4 paper size. Refer to Pastel Manual Lesson 1 for instructions) Task 2: User security 2.1 Use the following information to create the supervisor’s user account name and password: • Do not Force strong password. • User nr 0 o User Name: Lebo o Password: Corporates o Email address: o Security question: Which module am I busy with? o Security answer: AIN2601 Task 3: Edit the Chart of Accounts. 3.1 View the Trial Balance to familiarise yourself with the various general ledger accounts available in the Generic Chart of Accounts you have selected during setup. 3.2 Edit the following general ledger accounts, by setting the Tax processing to VAT – Standard rated (15%): Main account number Description 1000 Sales 2000 Cost of Sales / Purchases AIN2601/Assessment 6 /2025/S1 16 3.3 Add the following general ledger accounts: NB! Type your own student number in after “Sales – Multi Rotor” as well as “Rep & Maint Equipment” – Net value” account description (where the “xxxxxxxx” is indicated). If the documents/printouts required later do not reflect your own student number where required, you will receive zero percent (0%) for your whole assignment! Main account number Sub-account number Description Financial category Report writer category 1000 100 Sales – Multi Rotor (Student nr xxxxxxxx) 1000 200 Sales – Single Rotor 1000 300 Sales – Repairs and Maintenance 2000 100 Cost of Sales – Multi Rotor 2000 200 Cost of Sales – Single Rotor 7700 100 Inventory – Multi Rotor 7700 200 Inventory – Single Rotor 5100 000 Share capital Share Capital Share Capital 6500 000 Rep & Maint Equipment-–-Net-value (xxxxxxxx) Fixed assets FA - Other assets 1 6500 010 Rep & Maint @ Cost Fixed assets FA - Other assets 1 6500 020 Repairs&Maint Equipment-–-Accum Depreciation Fixed assets FA - Other assets 1 8450 000 Inter Bank Transfers (when asked “Would you like to create Cash Book 03”– select “No”) Bank Bank . Task 4: Setup the Company parameters. 4.1 If you are using the Educational Pastel version, Pastel has automatically changed your company name (Eyes Above (Pty) Ltd) to “Educational No: Sage Pastel” to prevent misuse. This is fine – do not worry! However, we need to know that your Pastel assignment was your own work, therefore, you must change the name again to reflect your student number (all students need to do this, regardless of whether they are working on the full or educational software). Do the following: If you are working on the Educational software: • Select Setup – Company Parameters from the main menu • Click inside the Company Details - Name field; • Simultaneously press Ctrl-Shift-T; • Enter “EA” and your own student number, then click OK; • The company name should now display as follows: “Educational No: EA xxxxxxxx” (where xxxxxxxx will reflect your own student number). • Click inside the Company Details – Trading Name field; • Enter “EA” and your own student number • The Trading name should now display as follows: EA xxxxxxxx” (where xxxxxxxx will reflect your own student number). • Please note that if you are using another version of Pastel you will not have the option to insert a AIN2601/Assessment 6 /2025/S1 17 Trading name – that is fine. If you are working on the full version of Pastel Partner: • Select Setup – Company Parameters from the main menu • Click inside the Company Details - Name field; • Enter “EA” and your own student number, then click OK; • The company name should now display as follows: • “EA xxxxxxxx” (where xxxxxxxx will reflect your own student number). • Click inside the Company Details – Trading Name field; • Enter “EA” and your own student number • The Trading name should now display as follows: EA xxxxxxxx” (where xxxxxxxx will reflect your own student number). • Please note that if you are using another version of Pastel you’ll will not have the option to insert a Trading name – that is fine. NB!!! If ALL the required Pastel printouts do not reflect your own student number next to the company’s name, you will receive zero percent (0%) for your assignment! 4.2 Use the following information: • Contact name: Lebo • Contact surname: Skosana • E-mail: • Telephone 1: 011 465 9087 • VAT Registration number: – You will receive an error message “VAT registration number is invalid. Please ensure you have entered the number correctly.” This happens because Pastel has a built in VAT registration number validation process to ensure only valid VAT numbers are entered. • You are welcome to leave this field blank for assignment purposes, alternatively make use of an existing company’s VAT number which can be found on a till slip or the internet. You will note that Pastel will accept this VAT number, as it is a valid registered number. 4.3 EA uses only one set of Document numbers for their company and they have decided to start the new financial year with the default Pastel document numbers. 4.4 Enter the Inter Bank Transfers account as the Cash Books Transfer Account. 4.5 Make a backup of EA Pastel Company in a new folder named “EA parameters”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 18 Task 5: Setup the users, entry types and tax Users: EA has four people working in their accounts department. Separate functions are allocated to each of the four people on Pastel to ensure segregation of duties. 5.1 Setup the users listed below with the access rights as indicated: Designation Accountant Sales clerk Purchase clerk Cashbook clerk User nr 00 01 02 03 User Name Lebo Vusi Randal Frikkie Password Corporates fly drones rotor The above-mentioned passwords are case sensitive so please type it carefully Email User Group Supervisor Personalised Personalised Personalised Select: Copy from Group N/A Update batches No update of batches No update of batches You can only adjust the Menu access and Processing options for each user as instructed below after copying from the above-mentioned group (that means you need to click on “Copy from Group” after selecting from the drop down menu). When copying from a group you will be asked if you want to overwrite the user - select yes. Menu Access All. Keep options as automatically selected. Update the Edit menu as follow: • Only Customers must be selected. • All other options under the Edit menu must be deselected. Update the Process menu as follow: • Only Customers and Match open item must be selected. • All other options under the Process menu must be deselected. Keep all other Menu options as is. Update the Edit menu as follow: • Only Suppliers must be selected. • All other options under the Edit menu must be deselected. Update the Process menu as follow: • Only Suppliers and Match open item must be selected. • All other options under the Process menu must be deselected. Keep all other Menu options as is. Update the Edit menu as follow: • Deselect all options under the Edit menu. Update the Process menu as follow: • Only Cashbook; Bank Reconciliation; Match open item and all options under Receipts must be selected. • All other options under the Process menu must be deselected. Keep all other Menu options as is. AIN2601/Assessment 6 /2025/S1 19 Accountant Sales clerk Purchase clerk Cashbook clerk User Name 00 – Lebo 01 - Vusi 02 - Randal 03 - Frikkie Processing options All. Keep options as automatically selected. General ledger: Only select: • Multi Period Processing • Can change transaction date • Can update batches • Can delete batches Customers: Keep all the current options selected as is. Additionally, also select the following: • Change discounts while processing. • Can delete documents. • Can process invoices if customer is overdue. Deselect the following: • Can exceed credit limit. Suppliers: Deselect all options. Inventory: Deselect all options. General ledger: Only select: • Multi Period Processing • Can change transaction date • Can delete batches Customers: Deselect all options. Suppliers: Keep all the current options selected as is. Additionally, also select the following: • Can delete documents. Inventory: Deselect all options. General ledger: Keep all the current options selected as is. Additionally, also select the following: • Can process bank transfers. • Can change transaction date • Multi Period Processing Customers: Deselect all options Suppliers: Deselect all options. Inventory: Deselect all options. When you return to a user already created you will note that the “Copy from Group” selection reflects as “Supervisor”. This is fine – do not worry! The selections you have made for each user has not disappeared therefore please do not click on “Copy from Group” again. Pastel changes the dropdown list back to “Supervisor” in the event you want to change the specific user’s settings and want to copy from group again. Entry types: 5.2 Change the Entry type descriptions for the two cashbooks so that the payments and receipts reflect the bank account names, refer back to Task 1.1, rather than CB1 or CB2 and select Contra in Detail for both cash books. Tax: 5.3 Ensure the Tax Default Entry method is set to Inclusive. 5.4 Set the Tax Manager Tax Reporting Frequency as Category A – 2 Monthly, ending at the end of every odd month. AIN2601/Assessment 6 /2025/S1 20 Task 6: Setup of Customers control, Suppliers control and Inventory Customers control: 6.1 Setup the Customers control configuration to Print the Tax Amount on the document lines and insert the correct Tax Reference Prompt Amount as per the VAT guidelines. 6.2 Setup the Customer statements to have three Ageing totals, and the Customer statements to display the following messages: • Terms: “Please pay before the end of the month.” • Terms + 1: “Your account is overdue. Please pay ASAP.” • Terms + 2: “Your account is long overdue. Please pay immediately.” 6.3 Setup the Customer Early Payment Terms as 10% within 5 days from invoice date and setup the Default Tax Entry Method as Inclusive and the Customer Default processing method as open item. Suppliers control: 6.4 Setup the Suppliers control configuration to Print the Tax Amount on the document lines and ensure the Goods Received Notes are set to mandatory. 6.5 Setup the Normal monthly payment terms as 60 days; Supplier Early Payment Terms as 10% within 15 days from last day of period; the Supplier Default processing method as open item and the Default Tax Entry Method as Inclusive. Inventory: 6.6 Setup the Inventory Decimals for Quantity to 0; set both the Maximum Line Discount % and the Maximum Invoice Discount % to 20%. 6.7 On the Integration/Groups tab: • Ensure the Integrate Inventory to General Ledger tick box is ticked; • Select Automatic Allocation of Costs to Projects at Time of Sale; • Enter the information as per the table below: • Note: The above integration is critical to ensure that your transactions will be posted to the correct general ledger accounts! 6.8 Print the Inventory Groups Listing for all inventory groups. 6.9 Make a backup of EA Pastel company in a new folder named “EA defaults”. Save a copy of this backup on an external memory device. Code Description Default Buy tax Default sell tax Sales Adjust-ment Cost of sales Inventory Count variance Purchase variance 001 Multi Rotor 15 15 1000/100 2100/000 2000/100 7700/100 2150/000 2200/000 002 Single Rotor 15 15 1000/200 2100/000 2000/200 7700/200 2150/000 2200/000 003 Repairs& Maint 15 15 1000/300 2100/000 1000/300 1000/300 2150/000 2200/000 AIN2601/Assessment 6 /2025/S1 21 Tasks 7 and 8 : VAT implications on supplier and customer account setup Please take note of the following when completing Tasks 7 and 8: • The customer is NOT a registered VAT-vendor: The default tax type will still be selected as 15, as Eyes Above Ltd is a registered VAT-vendor and should raise output VAT on all sales and in turn is entitled to claim input VAT on purchases. (The customer will not have a VAT registration number). • The supplier is NOT a registered VAT-vendor: The default tax type will be selected as 00, as the supplier will not raise output VAT on their sales. Eyes Above Ltd is therefore not allowed to claim input VAT on purchases from a supplier who is not registered for VAT. Task 7: Edit Supplier accounts. 7.1 Create Supplier accounts for the suppliers listed below: NB! Type your own student number in after each supplier name (where the “xxxxxxxx” is indicated). Description: Alpha Drone (Student nr: xxxxxxxx) Drone Boys (Student nr: xxxxxxxx) Aerial Aid (Student nr: xxxxxxxx) Account code: AD007 DB05 AA001 Postal address: PO Box 678 Centurion 1600 PO Box 44 Pretoria 0110 PO Box 45 Johannesburg 2000 Delivery address: 18 Mount Tatum Road Centurion 1692 125 Wisdom street Pretoria 0116 67 Memory Road Johannesburg 2040 Contact name: Your own first name Your own first name Your own first name Telephone: (012) 894-4398 (012) 387-3485 (011) 874-9898 Fax: (012) 894-4300 (012) 387-5600 (011) 874-6700 E-mail: Tax code: VAT standard rated VAT standard rated Not a registered VAT vendor Tax reference: N/A Credit limit: R7 200 000.00 R7 500 000.00 R7 000 000.00 NB! If the documents/printouts required later do not reflect your own student number as part of the supplier name or your own first name as the contact name, you will receive zero percent (0%) for your whole assignment! 7.2 Print the Supplier account (master) listing, sorted in supplier code sequence with details shown. 7.3 Make a backup of EA Pastel company in a new folder named “EA Supplier”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 22 Task 8: Edit Customer accounts. 8.1 Create Customer categories with the same names as the Price lists. 8.2 Create Customer accounts for the customers listed below and allocate each customer to the correct customer category: NB! Type your own student number in after each customer name (where the “xxxxxxxx” is indicated). Description: Drone Vision (Student nr: xxxxxxxx) Gadgets and All (Student nr: xxxxxxxx) Secure It (Student nr : xxxxxxxx) Account code: DV01 GAD07 SEC01 Postal address: Create your own Create your own Create your own Delivery address: Create your own Create your own Create your own Contact name: Your own surname Your own surname Your own surname Telephone: Create your own Create your own Create your own Fax: Create your own Create your own Create your own E-mail: Create your own Create your own Create your own Tax code: VAT standard rated Not a registered VAT vendor VAT standard rated Tax reference: N/A Price list: Corporates Individuals Corporates Invoice discount % 0% 2% 5% Credit limit: R7 000,000.00 R3 350,000.00 R7 150,000.00 NB! If the documents/printouts required later do not reflect your own student number as part of the customer name, your own surname as the contact name or other unique contact details where you have to create your own information above, you will receive zero percent (0%) for your whole assignment! 8.3 Print the Customer account (master) listing, sorted in customer account name sequence for all customer categories and with details shown. 8.4 Make a backup of EA Pastel company in a new folder named “EA Customer”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 23 Task 9: Edit Inventory categories and items. 9.1 Create Three Inventory categories namely Multi Rotor, Single Rotor, and Repairs and Maintenance. 9.2 Create the Inventory items listed below, using the correct category and inventory group according to the item description. When creating the inventory items: • Insert your student number as the inventory code for the inventory item “Tricopter”. Note: if your student number is not 8 characters long add a Z at the end of your student number to ensure it is 8 characters in length • Create your own unique inventory code for the “Hexacopter” inventory item indicated as “????????” in the table. Note the inventory code must be 8 characters in length. • The first 3 inventory item are Single Rotor drones, followed by the next 3 which are Multi Rotor drones then ending with the last two which are the repair and maintenance offered. Inventory Code and Description Unit Corporates Selling Price (Incl. VAT) Individuals Selling Price (Incl. VAT) Preferred Supplier Code Supplier Inventory Code Min Qty Max Qty LG++ Large single rotor Each R 210 000.00 R 217 448.00 DB05 LSR005 10 35 NAN Nano Each R 40 000.00 R 47 000.00 DB05 NAN01 25 30 DEL Delivery Each R 136 000.00 R 144 000.00 AD007 DEL007 10 25 Your own student number Tricopter Each R 75 500.00 R 78 500.00 AD007 TRICO10 25 60 QUADCO Quadcopter Each R 85 900.00 R 89 900.00 AA001 QD01 30 60 ???????? Hexacopter Each R 82 000.00 R 85 000.00 AA001 HEX77 30 70 MSE001 Maintenance Service Per drone (p/c) R 1800.00 R 2000.00 SPECR001 Specialised repairs Per drone (p/c) R 8 500.00 R 10000.00 • Note: remember that if you select the wrong inventory group, your allocations in the financial statements will be wrong! • NB! If the documents/printouts required subsequently do not reflect your own student number as the inventory code for “Tricopter” or your own unique inventory code for the “Hexacopter” you will receive zero percent (0%) for your whole assignment! 9.3 Print the Item based price list, sorted by category, inclusive of VAT for both Corporates and Individuals prices and show zero quantity items. 9.4 Print the Preferred supplier listing, showing preferred supplier only, grouped by suppliers. 9.5 Make a backup of EA Pastel company in a new folder named “EA setup”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 24 SECTION B – TAKE-ON OF OPENING BALANCES Task 10: Process take-on general journals 10.1 Create the four sub-accounts required for the take-on of the opening balances. 10.2 Process (but do not update) the General Journals to take-on the trial balance balances using the appropriate opening balance sub-accounts. Eyes Above Ltd Trial Balance 30 April 2025 Dr Cr Retained Income .49 Share Capital 9 865 000.00 Investments 9 600 000.00 Computer Equipment @ Cost 9 770 000.00 Computer Equipment - Accumulated Depreciation 8 860 380.00 Furniture and Fittings @ Cost 9 597 440.00 Furniture and Fittings - Accumulated Depreciation 7 517 485.20 Repair & Maintenance @ Cost 9 600 000.00 Repair & Maintenance Equip - Accumulated Depreciation 7 945 000.00 FNB Current Account 9 692 190.57 Petty Cash (float) 50 000.00 Inventory Control .00 Customer Control 9 382 256.00 Supplier Control 8 766 806.00 VAT Control .88 .57 .57 10.3 Print the General Journal without contras. 10.4 Update the General Journal batch. 10.5 Make a backup of EA Pastel company in a new folder named “Take on TB”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 25 Task 11: Process take-on inventory journals 11.1 Process and update the Inventory Journals to take-on the inventory items at year end. • Note: The ???????? represents the unique inventory code you have created in Task 9.2. for the “Hexacopter inventory item • Your own student number will be reflected as the inventory code of the inventory item “Tricopter if you have followed the instructions in Task 9.2 correctly. Eyes Above Ltd Inventory valuation 30 April 2025 Inventory code Description Quantity Latest cost price (excl. VAT) Total Grand Total LG++ Large single rotor 10 R 181 206.00 R 1 812 060.00 NAN Nano 13 R 39 167.00 R 509 171.00 DEL Delivery 15 R 120 000.00 R 1800 000.00 R4 121 231.00 Your own student number Tricopter 45 R 65 417.00 R 2 943 765.00 QUADCO ???????? Quadcopter Hexacopter 60 42 R74 917.00 R70 833.00 R 4 495 020.00 R 2 974 986.00 R .00 MSE001 Maintenance Service SPECR001 Specialised repairs R .00 11.2 Print the Inventory reorder report for period 1 of 2026, sorted by Inventory Category, for Supplier Alpha Drone only, without supplier details, include zero minimum reorder items and include zero quantity to order items. 11.3 Make a backup of EA Pastel company in a new folder named “take-on Inventory”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 26 Task 12: Process take-on cashbook 12.1 Process and update the current account and petty cash opening balances in the cashbook by referring to the Trial Balance in Task 10.2. 12.2 For April 2025, process and update the outstanding payments and deposits from the Bank Reconciliation into the current account cashbook. NB! Type your own student number where the “xxxxxxxx” is indicated when processing RC725 or you will receive zero percent (0%) for your assignment! Eyes Above Ltd Bank Reconciliation Statement 30 April 2025 Balance per Bank Statement 9 496 489.67 Plus: Receipts not yet deposited 30 April 2025 RC725 Student nr: xxxxxxxx 231 075.00 Total outstanding deposits: 231 075.00 Less: Cheques not yet presented 24 April 2025 Q917 City of Johannesburg 27 874.10 29 April 2025 Q921 Afri-host 7 500.00 Total outstanding cheques: 35 374.10 Reconciled Bank Balance 9 692 190.57 Bank balance per Trial Balance 9 692 190.57 Difference 0.00 12.3 Reconcile only the bank opening balance Amount so that the bank reconciliation on Pastel Partner resemble the bank reconciliation provided. Update the bank reconciliation. 12.4 Print the bank reconciliation for period 12 of 2025. 12.5 Make a backup of EA Pastel company in a new folder named “Take-on Cashbook”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 27 Task 13: Process take-on supplier journals 13.1 Process and update the Supplier Journals to take-on the supplier invoice details in the correct periods for age analysis purposes. Eyes Above Ltd Supplier Age Analysis 30 April 2025 Supplier code 90 days 60 days 30 days Current Total AD007 2 706 278.00 1 531 980.00 4 238 258.00 DB05 800 556.00 878 476.00 1 557 250.00 3 236 282.00 AA001 776 865.00 515 401.00 1 292 266.00 776 865.00 3 506 834.00 1 393 877.00 3 089 230.00 8 766 806.00 The supplier balances are made up as follows: AD007 11 Feb 25 Invoice 675 1 936 278.00 24 Feb 25 Invoice 702 770 000.00 2 706 278.00 27 April 25 Invoice 853 1 531 980.00 1 531 980.00 4 238 258.00 DB05 15 Feb 25 Invoice 238 800 556.00 800 556.00 23 March 25 Invoice 354 878 476.00 878 476.00 18 April 25 Invoice 401 771 250.00 25 April 25 Invoice 440 786 000.00 1 557 250.00 3 236 282.00 AA001 27 Jan 25 Invoice AA675 776 865.00 776 865.00 12 March 25 Invoice AA864 515 401.00 515 401.00 1 292 266.00 13.2 Print the Supplier Detailed Ledger by Entry type for period 1 to 12 of 2025, with Each period shown separately. 13.3 Print the Supplier Age Analysis for period 1 of 2026, sorted in Supplier code sequence, Print the descriptions, as well as the Full details, but Do not print transactions. 13.4 Make a backup of EA Pastel company in a new folder named “Take-on Suppliers”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 28 Task 14: Process take-on customer journals 14.1 Process and update the Customer Journals to take-on the customer invoice details in the correct periods for age analysis purposes. Eyes Above Ltd Customer Age Analysis 30 April 2025 Customer code 60 days 30 days Current Total DV01 1 698 453.00 2 096 516.00 3 794 969.00 GAD07 780 434.00 971 642.00 1 752 076.00 SEC01 1 248 875.00 1 450 000.00 1 136 336.00 3 835 211.00 1 248 875.00 3 928 887.00 4 204 494.00 9 382 256.00 The customer balances are made up as follows: DV01 09 March 25 IN478 1 698 453.00 1 698 453.00 08 April 25 IN525 845 984.00 29 April 25 IN599 1 250 532.00 2 096 516.00 3 794 969.00 GAD07 20 March 25 IN501 780 434.00 780 434.00 15 April 25 IN567 971 642.00 971 642.00 1 752 076.00 SEC01 16 Feb 25 IN398 1 248 875.00 1 248 875.00 01 March 25 IN471 1 450 000.00 1 450 000.00 28 April 25 IN590 1 136 336.00 1 136 336.00 3 835 211.00 14.2 Print the Customer Detailed Ledger by Customer for period 1 to 12 of 2025, sorted in Account name sequence, with Each period shown separately. 14.3 Print the Customer Age Analysis for period 1 of 2026, sorted by Description, Print the descriptions, as well as the Full details, but Do not print transactions. 14.4 Make a backup of EA Pastel company in a new folder named “Take-on Customers”. Save a copy of this backup on an external memory device. Task 15: Print take-on trial balance 15.1 Print the trial balance for period 1 to 12 of 2025, use sub-accounts, but Do not print zero items. AIN2601/Assessment 6 /2025/S1 29 SECTION C – PROCESSING OF DAILY TRANSACTIONS Task 16: Process transactions NOTE: All calculations should be rounded to two decimal digits if necessary. NB! You will have to log-on as the correct employee to process the various transactions. Refer to the User setup information in Task 5.1 to review the User functions and passwords. To log-on as a different user you need to go to the File menu, then open and select the EA company, then insert the password for the required user. Repeat this for every change in user. Always use the lowest level of employee to complete the task. Notice how the menu and functions are limited for the various users. The first time you use a new user you will be required to create a security question and security answer. For each user create the following: o Security question: Which module am I busy with? o Security answer: AIN2601 You can also create your own security questions and answers but please note that if you forget your security answers, lecturers will not be able to help you. 16.1 On 1 May2025 Drone Vision and Gadgets and All pay the full Amount due on 30 April 2025. Capture receipt nr RC726 and RC727 respectively for these payments received. (Tip: You may want to carefully examine the customers’ account setup and the customer age analysis.) Match the receipt Amount and discount (if applicable) to the sales invoices for Drone Vision and Gadgets and All. 16.2 On 3 May2025 Secure It pays EA the full Amount outstanding on this date. (Tip: You may want to carefully examine the customers’ account setup and the customer age analysis.) Capture receipt RC728 for this payment received. Note: you must use your student number in the description column, else you will receive zero percent (0%) for your whole assignment! Match the receipt Amount and discount (if applicable) to the sales invoices for Secure It. 16.3 Print the Receipt cashbook batch with contras. 16.4 For the following Multi Rotor drones prepare a purchase order for Aerial Aid dated 4 May2025. Enter the latest cost price excluding VAT (Take note of the built in Pastel control, management is aware of this transaction so please proceed): Quantity Item 35 Quadcopter 20 Hexacopter Include this remark after the Hexacopter : ‘Please provide only the red colour’ Print this Purchase order. (Note: if your printer’s paper settings are not on A4, the bottom part of your documents will not print correctly! Refer to the Pastel Manual for detail guidance on how to correct this.) 16.5 Convert the purchase order of Aerial Aid to a goods received note dated 6 May2025 for all the items ordered, except that only 15 Hexacopter were delivered. Remove the whole original purchase order. Print this Goods received note. 16.6 Increase the petty cash float Amount to R55 000 by transferring the necessary Amount from Nedbank current account to the Petty Cash account on 7 May with cash cheque Q922. 16.7 EA will be running aggressive advertising campaigns by using Advision ads ( i.e ads on Facebook and other Advision technologies), trade e-mags, billboards etc.., an advertising agency(Advision) has been AIN2601/Assessment 6 /2025/S1 30 contracted to handle this and is registered for Vat. The weekly amount paid to Advision is R12 270.00 including VAT. Pay the weekly amount to Advision on 9 May2025 out of Petty Cash (petty cash voucher PC217). 16.8 Update all open batches which can be updated. (Tip: Remember to log on with the correct user, view open batches, then jump to correct batch and update from there.) 16.9 Make a backup of EA Pastel company in a new folder named “Week-end 11 May”. Save a copy of this backup on an external memory device. 16.10 Prepare a sales quotation for Secure It dated 12 May2025 to expire after 7 days (on 19 May 2025) for: Quantity Item 4 Delivery 33 Tricopter 25 Hexacopter 15 Maintenance Service 7 Specialised repairs Print this Sales quotation. 16.11 Sell the following items to Drone Vision with a tax invoice dated 14 May2025. Give them an additional 10% discount on Tricopter bought. Their order number is DVI871. (Take note of the built in Pastel control! Consider what you will do in a real-life situation to solve this problem. Make sure you DO manage to sell these items to the customer!): Quantity Item 7 Large Single Rotor 9 Nano 2 Delivery 25 Tricopter 10 Quadcopter 38 Hexacopter 20 Maintenance Service 8 Specialised repairs Print this Tax invoice 16.12 Use the Remittance Assistant on 16 May2025 to pay Drone Boys and Aerial Aid the full Amount due on or before 30 April 2025. Do not pay any Amount only due in the 2026 financial year. Use EAE08 as the starting reference number. Do not print remittances and cheques. Note: use F3 to manually match the payments created in the cashbook. 16.13 On 16 May2025 pay Alpha Drone with cheque Q923, the full Amount outstanding on this date. (Tip: You may want to carefully examine the suppliers’ account setup and the supplier age analysis). Note: you must use your student number in the description column, else you will receive zero percent (0%) for your whole assignment! Match the payment Amount to the supplier invoices for Alpha Drone. 16.14 On 17 May2025, pay R956 000.00 with cheque Q924 to XYZ Traders, a registered VAT vendor, for the repair of 1 calibrating machine (R56 000.00) and the purchase of a new calibrating machine (R900 000.00). The new calibrating machine is capital goods (Repairs &Maintenance equipment) and the repair is allocated to repairs and maintenance costs. AIN2601/Assessment 6 /2025/S1 31 16.15 On 18 May2025, pay R18,523.00 to MTN for cell phone calls with cheque Q925. 16.16 Print the Payment cashbook batch with contras. 16.17 Make a backup of EA Pastel company in a new folder named “18 May”. Save a copy of this backup on an external memory device. 16.18 Convert the sales quotation created in task 16.10 for Secure It to a tax invoice dated 19 May2025. They have accepted the quotation in full. Notice how Pastel has automatically changed the quantity of Tricopters from 33 (as per the quotation) to 20, and of Hexacopter from 25 to 19 because only 20 and 19 respectively are currently in stock . Remove the whole original document. Their order number is ORD732. Although only 20 Tricopter Multi Rotor are currently in stock, Secure It still wants Tricopter drones but they are happy with the 19 Hexacopters, we therefore have to create another sales order for Tricopters. Move your cursor to the quantities field for Tricopter and press F5 or click on the magnifying glass. Click on the create order button. Type in the Sales Order Qty block the number of Tricopter Secure It still wants, but what we are currently unable to deliver (13). Click on the Sales/Purchase Order button. Click OK. Then finalise the current sales invoice (note only 20 Tricopters and 19 Hexacopters are actually sold on this invoice as you can’t sell more stock than what you have!) Print this tax invoice. 16.19 Go to sales orders (under process customers) and print the sales order for Secure It dated 19 May2025, which was automatically prepared in 16.18 above. The order number ORD732B and the delivery date 20 May2025. 16.20 Print the Back Orders – Details by Item report (back orders for all items- under View customers back orders). Print Descriptions and Do not Show totals only, for all deliveries ending 20 May 2025. You don’t need to update batches before printing back orders. 16.21 Pay Advision on 23 May2025 out of Petty Cash (petty cash voucher PC218) the weekly Amount for advertising. 16.22 On 23 May2025 reimburse the accountant out of Petty Cash (petty cash voucher PC219). She paid R15 000.00 to Culinary creations (not a registered Vat-vendor) for catering(food and drinks) an event where customers were engaged and entertained. 16.23 Update all open batches which can be updated. (Tip: Remember to log on with the correct user, view open batches, then jump to correct batch and update from there.) 16.24 Make a backup of EA Pastel company in a new folder named “Week-end 25 May”. Save a copy of this backup on an external memory device. 16.25 On 26 May2025 you realise that you have items of stock that are below the minimum order quantity. For all inventory items, use the Reorder Assistant to prepare the required purchase orders. Include Outstanding sales orders. Open each of the purchase orders created with the Reorder Assistant. For each item, on the created purchase orders, where no Amount is reflected in the Inc Price field insert the correct Amount by using the latest cost price excluding VAT to calculate the latest cost price including VAT. (Tip: Refer back to task 7.1 and note each supplier’s VAT vendor status). It is rumoured that drone prices will decline in the very near future so EA doesn’t want to hold too much stock on hand. Reduce the quantity of the following items on their purchase orders: -Tricopter: reduce to 60 units -Hexacopter: reduce to 30 units AIN2601/Assessment 6 /2025/S1 32 -Nano: reduce to 15 units -Large single rotor: reduce to 17 units. Convert all 3 purchase orders created in 16.25 to a goods received notes dated 27 May2025 for all the items ordered. Remove the whole original purchase order. Ensure correct dates on goods received notes. 16.26 Print the Outstanding GRNs – Details by Supplier for all suppliers. 16.27 Create a sales order, dated 27 May2025, for Gadgets and All who sent an order for the following items. Their order number is GADA963. Quantity Item 5 Large Single Rotor 3 Nano 2 Quadcopter 4 Hexacopter 10 Specialised repairs and maintenance 16.28 On 27 May2025 Drone Vision returned 7 Hexacopter Multi Rotor sold to them on 14 May2025. Both items are no longer needed as the customers who previously ordered these items cancelled their orders. These items can therefore still be sold. Process a sales return document for Drone Vision, including an appropriate message on the sales return document. (Make sure you choose the correct document type for this transaction!) (Tip: You may want to carefully examine the related original tax invoice before processing this sales return). Update and print this sales return. 16.29 Convert the sales order to a tax invoice for Gadgets and All on 27 May2025. Remove the whole original sales order. He has accepted the sales order in full, except that he only want 4 Large Single Rotor. Print this tax invoice. 16.30 Pay Advision on 27 May2025 out of Petty Cash (petty cash voucher PC220) the weekly amount for advertising. 16.31 Update all open batches which can be updated. (Tip: Remember to log on with the correct user, view open batches, then jump to correct batch and update from there.) 16.32 Make a backup of EA Pastel company in a new folder named “up to 27 May” have a copy of this backup on an external memory device. 16.33 You received supplier invoice nr A3471 from Aerial Aid. Convert both the goods received notes for Aerial Aid to a supplier invoice dated 28 May2025. (Tip: After you have converted the first goods received note click on link to convert the other goods received note). Aerial Aid has used the latest cost price (incl. VAT) for the entire Hexacopter order. The Quadcopter however now cost R 87 654.10 each including VAT. Because of the short delivery on 6 May, they have also given you a 5% discount on the Hexacopter (on this item only) received on 6 May. Print this invoice. 16.34 You received supplier invoice nr DB973 from Drone Boys. Convert the goods received note of Drone Boys to a supplier invoice dated 28 May2025. All the quantities and prices on the supplier invoice agree with the details on the goods received note. Drone Boys however ran a marketing campaign and has therefore given a 5% invoice discount. (16.25) AIN2601/Assessment 6 /2025/S1 33 Print this invoice. 16.35 Print the Supplier Invoice Summary Listing 16.36 Convert the sales order created in task 16.18 & 16.19 for Secure It to a tax invoice dated 29 May2025. Remove the whole original document. On the same tax invoice also sell the following items to Secure It. Their order number is ORD732B Quantity Item 10 Nano 16.37 Print the Tax Invoice Summary Listing. 16.38 Print the Detailed Ledger for the Petty Cash account only (period 1 of 2026). 16.39 Use the printout in 16.39 to calculate how much is required to restore the petty cash float (as increased by you in 16.6) to its limit. Transfer the required Amount as calculated by you to restore the petty cash float from the Individuals Bank current account to the Petty Cash account on 30 May2025 with cash cheque Q926. 16.40 Pay Advision on 30 May2025 out of Petty Cash (petty cash voucher PC221) the Individuals weekly Amount. 16.41 Update all open batches which can be updated. (Tip: Remember to log on with the correct user, view open batches, then jump to correct batch and update from there.) 16.42 On 30 May2025, pay the staff their monthly salaries using electronic transfer to their bank accounts. Use Sal01May as starting reference number. Refer to the company information given at the beginning of the assignment. 16.43 Process the monthly depreciation journal on assets on 31 May2025. All assets are depreciated on a straight-line basis. The annual depreciation rates are: • Computer Equipment 20% • Furniture and Fittings 10% • Repairs & Maint Equipment 25% You must only process depreciation relating to the asset types listed above. Do not process the depreciation journal with regards to office equipment and motor vehicles. (TIP: The Depreciation journal is processed monthly and you might need to consider calculating a monthly depreciation rate. Round each asset type’s depreciation to two decimal places) 16.44 Update all open batches which can be updated. (Tip: Remember to log on with the correct user, view open batches, then jump to correct batch and update from there.) 16.45 Make a backup of EA Pastel company in a new folder named “31 May”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 34 SECTION D – MONTH END PROCESSING Task 17: Prepare a bank reconciliation Use the following bank statement: First National Bank current account Bank Statement of Eyes Above Ltd 31 May2025 Date Description Debits Credits Balance 01-May-24 Balance brought forward 9 496 489.67CR 01-May-24 Deposit 231 075.00 9 727 564.67CR 02-May-24 Q917 27 874.10 9 699 690.57CR 03-May-24 Q921 7 500.00 9 692 190.57CR 03-May-24 Deposit 1 698 453.00 .57CR 07-May-24 Q922 5 000.00 .57CR 16-May-24 Q925 18 523.00 .57CR 16-May-24 EFT 776 865.00 .57CR 16-May-24 Q924 956 000.00 9 634 255.57CR 31-May-24 EFT 25 550.00 9 608 705.57CR 31-May-24 EFT 22 400.00 9 586 305.57CR 31-May-24 EFT 22 050.00 9 564 255.57CR 31-May-24 EFT 22 000.00 9 542 255.57CR 31-May-24 Credit interest 286 275.00 9 828 530.57CR 31-May-24 ***Monthly bank fees 6 730.00 9 821 800.57CR 31-May-24 Closing Balance 9 821 800.57CR ***Bank fees are inclusive of VAT 17.1 Capture and update the bank related transactions from the bank statement into the cashbook. 17.2 Balance and update the bank reconciliation for EA for May2025. 17.3 Print the bank reconciliation for EA for May2025. 17.4 Make a backup of EA Pastel company in a new folder named “month-end bank recon”. Save a copy of this backup on an external memory device. AIN2601/Assessment 6 /2025/S1 35 Task 18: Month end reporting 18.1 Print the Trial balance as from 1 May2025 to 31 May2025, include opening balances and use sub-accounts, but do not print zero items. Print Balance Sheet accounts first. 18.2 Print the Income statement for period 1 of 2026, with detail lines and include sub-accounts, but do not print zero items. 18.3 Print the Balance sheet for period 1 of 2026, with detail lines, but do not print zero items and do not print the Asset section first. 18.4 Print the Cash Movement Report for period 1 of 2026, for cashbook 01 (FNB) only, include sub-accounts but do not show only the totals. 18.5 Print the Cash book details for FNB current account for period 1 of 2026, with the opening balance included, but do not show the totals only. 18.6 Print the Inventory valuation report for period 1 of 2026, sorted by description, do not use last costs, show zero quantity items and do not include unposted quantities. 18.7 Print the Tax type report for the 202505 (01/04/2025 – 31/05/2025) tax period. In order to view the report, you need to follow the instructions below: • You will receive the following message: “You need to close your previous Tax Periods before viewing your tax reports. Please select your Current Tax Period. All tax periods prior to this will be closed.” • Click on the drop-down list next to the tax period field and select 202505 (01/04/2025 – 31/05/2025). • Click on OK. • You will receive the following message: “Your previous Tax Periods are now closed. All processing will continue in your current Tax Period 202505 (01/04/2025 – 31/05/2025).” • Click on OK. • On the next screen make sure that the following is selected: “View Reports”, “Tax Type Report”, “View current Tax Period”. The following must be deselected: “View closed Tax Period(s), “Close the current Tax Period”. • Click on next. • After performing the procedures above, you have to print the Tax type report for the current tax period, all tax types, show details, print descriptions, do not print a new page per account, do not offset credits against sales/purchases. 18.8 Print the Open item remittance statement for Alpha Drone for period 1 of 2026. Do not show paid items only. 18.9 Change only Aerial Aid from Open-item processing to Balance forward processing. Now print the Balance forward remittance statement for Aerial Aid for period 1 of 2026. Do not show paid items only. • Carefully examine both printout 18.8 and 18.9. Note the differences on the statements between open item and balance forward processing. AIN2601/Assessment 6 /2025/S1 36 18.10 Print the Customer age analysis for period 1 of 2026, sorted by Customer code, with descriptions, partial details, printing of transactions and print zero items. 18.11 Print the Supplier age analysis for period 1 of 2026, sorted by Supplier description, with full details, descriptions, printing of transactions and print zero items. Carefully examine printout 18.11. Note the differences on the age analysis between Alpha Drone (open item processing) and Aerial Aid (balance forward processing).