AIN2601 Assignment 6 (COMPLETE ANSWERS) Semester 1 2025 - DUE 12 May 2025; 100% correct solutions and explanations.

AIN2601 Assignment 6 (COMPLETE ANSWERS) Semester 1 2025 - DUE 12 May 2025; 100% correct solutions and explanations.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 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 Subaccount 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 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