BFA504 Accounting Systems Assessment 3

Assessment 3: Xero Case Study

Cargo ‘n Denim Pty Ltd is a Tasmanian small to medium sized enterprise (SME) and they have decided to convert their manual system of bookkeeping to an online system using Xero. Cargo ’n Denim has two stores (one in Hobart, and one in Launceston). They have previously been operating since 1 ^st July 2018, but as the Launceston store opened on 1^st July

2019, they haven’t previously had financial figures for each store. They would now like to have financial reports for both stores from 1^st July 2019 (note: inventory is not recorded per store).

XERO work{" "}

Note: This is an individual assignment not a group assignment.

Using the Xero assignment link forwarded to your email:

Setup the company with details as provided and add your student number to the company name.
Add opening balances as provided on balance sheet statement and stock balances as at 30^th June 2019.
Setup supplier, customer and employee records as provided.
Setup items for stock sold.
Enter all transactions provided for July 2019.
Import bank statement provided on MYLO to Xero and complete bank reconciliation as at 31^st July 2019. Export bank reconciliation summary as at 31 ^st July 2019 to PDF.
Export Aged Payables (detail) to PDF as at 31^st{" "} July 2019.
Export Aged Receivables (detail) to PDF as at 31st July 2019.
Export Inventory Item Summary to PDF as at 31st July 2019.
Export Balance Sheet to PDF as at 31st July 2019.
Export company Profit and Loss Report to PDF for period 1 ^st July-31st July 2019.
Export Profit and Loss Report to PDF showing profit/loss for both the Hobart store and the Launceston store for period 1^st July-31st July 2019.

Submissions required:{" "}

Submit all required XERO reports in PDF to the MyLo drop box.
Complete all transactions in Xero data file via assignment link provided.

(Total 50 marks)

COMPANY DETAILS

Name:	Cargo ‘n Denim Pty Ltd (+ your student number)
Address:	386 Rivulet Rd South Hobart TAS 7004
Line of business:	Clothing Retailing
Ph:	62 934 112
Email:	admin@cargondenim.zz
Website:	http://www.cargondenim.com.zz

Cargo 'n Denim Pty Ltd

Balance Sheet as at 30th June 2019

HISTORICAL BALANCES AS AT 30/6/19

Unpaid Sales as at 30/6/19

Date	Transaction	Inv #	Amount inc GST
1/06/2019	Parks and Wildlife	452	$7,645.55
			$7,645.55

Unpaid Purchases as at 30/6/19

Date	Transaction	Inv #	Amount inc GST
1/06/2019	DataWorld	5548	$154.00
4/06/2019	Shush Clothes Importer	125	$45,025.00
29/06/2019	Orora Energy	H01668	$332.97
21/06/2019	DataWorld	5701	$498.35
30/06/2019	Hobart Rentals	Jun-19	$2,100.00
			$48,110.32

SUPPLIERS

	Supplier 1	Supplier 2	Supplier 3	Supplier 4	Supplier 5	Supplier 6	Supplier 7
Name	Shush Clothes Importer	Orora Energy	DataWorld	Hobart Rentals	Launceston Rentals	Aust. Taxation Office	Super Clearing House
Address	22 Smiths Road	11 Forest St	175 Smith Street	Level 2/89 Brisbane St	Level 2/54 Mako St	GPO Box 982	GPO Box 1156
City	Melbourne	Hobart	Rosny	Hobart	Launceston	Hobart	Melbourne
State	VIC	TAS	TAS	TAS	TAS	TAS	VIC
Postcode	3000	7000	7018	7000	7250	7000	3000
Country	Australia	Australia	Australia	Australia	Australia	Australia	Australia
Phone#1	9242 2666	1800 556884	0417 659 782	03 6234 5500	6385 5650	137226	137565
Contact	Rahoul	Jen	Jason	Renae	Terry		Jan
Credit Limit	$100,000	$3,000	$1,000	$5,000	$5,000
Account number	S001	S002	S003	S004	S005	S006	S007
ABN#	53 569 321 934	88 512 983 965	25 889 425 364	55 223 884 221	34 256 884 428		56 598 465 281
Tax Code	GST	GST	GST	GST	GST	N-T	N-T
Terms	30	30	14	14	14	30	30
Discount Days	14	0	0	0	0
% Discount for early payment	5%	0	0	0	0
Bank account#	001-696 445489	010-556 66499	010-556 55659	010-558 48899	050-183 926124	005-569 56565	001-564 23568
Bank account name	Shush Clothes Importer	Orora Energy	DataWorld	Hobart Rentals	Launceston Rentals	Aust. Taxation Office	Super Clearing House

CUSTOMERS

	Customer 1	Customer 2	Customer 3
Name	Parks and Wildlife	Hobart City Council	Launceston Council
Address	222 Grove Street	GPO Box 803	18-20 St John Street
City	Bellerive	Hobart	Launceston
State	TAS	TAS	TAS
Postcode	7018	7001	7250
Country	Australia	Australia	Australia
Phone#1	03 6245 6600	03 6238 2711	6323 3000
Contact	Steve	Dave	Jenny
Credit Limit	$50,000.00	$50,000.00	$50,000.00
Tax Code	GST	GST	GST
Terms	30 days	30 days	30 days
Discount Days	0	0	0

EMPLOYEES

	Employee 1	Employee 2
Name	Jenny Brooks	Marie Tolby
Address	89 Rivers Road	78 Bright Street
City	Newstead	Lindisfarne
State	TAS	TAS
Postcode	7250	7015
Country	Australia	Australia
Phone#1	0401 565 228	0411 569 952
Email	jbrooks@gmail.zz	mtolby@gmail.zz
Date of Birth	22/07/1996	18/11/1999
Sex	Female	Female
Start Date	1/07/2019	1/07/2018
Role	Manager - Launceston	Manager - Hobart
Wages	$28.00/hour	$32.00/hour
Pay Frequency	Fortnightly	Fortnightly
Status	Permanent Full time	Permanent Full time
Pay Item	Ordinary Hours	Ordinary Hours
Hours per week	38	38
Superannuation Fund	Tasplan	Tasplan
Tax File Number	995461474	995875264
Super Member Number	956G	2568
Tax Free Threshold	Yes	Yes
Bank account#	010-150 55655	020-456 654122
Bank account name	J Brooks	M Tolby
Opening balances-annual leave	0	152
Opening balances-personal leave	0	76
Opening balances-LSL	0	56.25
Annual Leave	152 hours/year	0.495
Personal Leave	76 hours/year	76 hours/year
Long Service Leave	56.25 hours/year	56.25 hours/year

Stock on Hand 30/6/19

Item Name	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt
Size	Size XS	Size S	Size M	Size L	Size XL	Size XS	Size S	Size M	Size L	Size XL
Item Number	001C	002C	003C	004C	005C	001D	002D	003D	004D	005D
Quantity on Hand 30/6/19	352	302	332	350	319	299	300	375	465	315
Cost inc GST	$13.00	$13.50	$14.00	$15.00	$16.00	$12.00	$12.50	$13.00	$13.50	$14.00
Sale Price inc GST	$28.60	$29.70	$30.80	$33.00	$35.20	$26.40	$27.50	$28.60	$29.70	$30.80
Value on Hand Inc GST	$4,576.00	$4,077.00	$4,648.00	$5,250.00	$5,104.00	$3,588.00	$3,750.00	$4,875.00	$6,277.50	$4,410.00

INVENTORY ITEMS & SALES

Location	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston
Size	Size XS	Size XS	Size S	Size S	Size M	Size M	Size L	Size L	Size XL	Size XL
Item Number	001C	001C	002C	002C	003C	003C	004C	004C	005C	005C
Item Name	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt	Cargo Shirt
Cost inc GST	$13.00	$13.00	$13.50	$13.50	$14.00	$14.00	$15.00	$15.00	$16.00	$16.00
Sale Price inc GST	$28.60	$28.60	$29.70	$29.70	$30.80	$30.80	$33.00	$33.00	$35.20	$35.20
Quantity cash sales w/e 5/7/19	18		6			2	3		15
Value	$514.80		$178.20			$61.60	$99.00		$528.00
Quantity cash sales w/e 12/7/19	7				8			5	3
Value	$200.20				$246.40			$165.00	$105.60
Quantity cash sales w/e 26/7/19	10		16			20	12		15
Value	$286.00		$475.20			$616.00	$396.00		$528.00
Quantity cash sales w/e 31/7/19	2							10
Value	$57.20							$330.00
Credit Sales
Parks and Wildlife Qty	10		15		27	8		5
Parks and Wildlife Value	$286.00		$445.50		$831.60	$246.40		$165.00
Hobart City Council Qty	80		250		150		250		100
Hobart City Council Value	$2,288.00		$7,425.00		$4,620.00		$8,250.00		$3,520.00
Launceston Council Qty		20				120		150		250
Launceston Council Value		$572.00				$3,696.00		$4,950.00		$8,800.00

INVENTORY ITEMS & SALES

Location	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston	Hobart	Launceston
Size	Size XS	Size XS	Size S	Size S	Size M	Size M	Size L	Size L	Size XL	Size XL
Item Number	001D	001D	002D	002D	003D	003D	004D	004D	005D	005D
Item Name	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt	Denim Shirt
Cost inc GST	$12.00	$12.00	$12.50	$12.50	$13.00	$13.00	$13.50	$13.50	$14.00	$14.00
Sale Price inc GST	$26.40	$26.40	$27.50	$27.50	$28.60	$28.60	$29.70	$29.70	$30.80	$30.80
Quantity cash sales w/e 5/7/19	9	14			20			30
Value	$237.60	$369.60			$572.00			$891.00
Quantity cash sales w/e 12/7/19	10			18			10		25	15
Value	$264.00			$495.00			$297.00		$770.00	$462.00
Quantity cash sales w/e 26/7/19		10			50	50	12	10
Value		$264.00			$1,430.00	$1,430.00	$356.40	$297.00
Quantity cash sales w/e 31/7/19	8			6					9	5
Value	$211.20			$165.00					$277.20	$154.00
Credit Sales
Parks and Wildlife Qty
Parks and Wildlife Value	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Hobart City Council Qty
Hobart City Council Value	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Launceston Council Qty
Launceston Council Value	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

TRANSACTIONS JULY 2019

Date	Transaction	Details	Amount inc GST
1/07/2019	Point of sale (POS) system purchased for Hobart branch from ABHiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/21, serial number 000258898, tax depreciation $0.	Inv 877	$22,000.00
1/07/2019	Loan approved by bank and funds received.	KOD556445	$44,000.00
1/07/2019	Point of sale (POS) system purchased for Launceston branch from ABHiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/21, serial number 000265522, tax depreciation $0. Loan approved by bank ref. number KOD556445.	Inv 878	$22,000.00
2/07/2019	Purchase on credit from Shush Clothes Importer by Launceston branch	Inv L125	$23,700.00
	100 x Cargo Shirts size XS
	100 x Cargo Shirts size S
	200 x Cargo Shirts size M
	200 x Cargo Shirts size L
	250 x Cargo Shirts size XL
	100 x Denim Shirts size XS
	100 x Denim Shirts size S
	200 x Denim Shirts size M
	200 x Denim Shirts size L
	250 x Denim Shirts size XL
2/07/2019	Received & paid rental invoice by EFT for July for Launceston rental from Launceston Rentals	Inv J445	$1,900.00
2/07/2019	Received EFT payment from Parks and Wildlife	June invoice	$7,645.55
2/07/2019	Credit sale to Parks and Wildlife (Hobart) as per inventory list	Inv 566	$1,563.10
3/07/2019	Received & paid rental invoice by EFT for July from Hobart Rentals	Inv JUL19	$2,100.00
4/07/2019	Credit purchase from DataWorld for intranet connection (Hobart $150.00 inc GST, Launceston $140.00 inc GST)	Inv 2899	$290.00
5/07/2019	Banked weekly cash sales Hobart as per inventory list	CS0068	$2,129.60
5/07/2019	Banked weekly cash sales Launceston as per inventory list	CS0069	$1,322.20
12/07/2019	Banked weekly cash sales Hobart as per inventory list	CS0070	$1,883.20
12/07/2019	Banked weekly cash sales Launceston as per inventory list	CS0071	$1,122.00
15/07/2019	Paid fortnightly wages for period 1/7-14/7/19 from cheque account as follows:	1/7/19-14/7/19	$3,634.00
	J Brooks 76 hours
	M Tolby 76 hours
15/07/2019	Purchase invoice on credit from Shush Clothes Importer by Hobart branch:	Inv H156	$17,300.00
	300 x Cargo Shirts size L
	200 x Cargo Shirts size M
	200 x Cargo Shirts size XS
	300 x Cargo Shirts size S
	150 x Denim Shirts size M
	100 x Denim Shirts size XL
16/07/2019	Bought milk and coffee (staff amenities) from Coles for Hobart lunchroom on credit card linked to bank account	Receipt 07002	$6.20
17/07/2019	Purchased Hobart office stationery from Office Works on credit card linked to bank account	Receipt D569	$140.00
26/07/2019	Banked weekly cash sales Hobart as per inventory list	CS0072	$3,471.60
26/07/2019	Banked weekly cash sales Launceston as per inventory list	CS0073	$2,607.00
28/07/2019	Paid PAYG and GST owing for last quarter to ATO (BAS Q4 2019)		$10,618.40
31/07/2019	Banked weekly cash sales Hobart as per inventory list	CS0074	$545.60
31/07/2019	Banked weekly cash sales Launceston as per inventory list	CS0075	$649.00
29/07/2019	Credit sale to Parks and Wildlife (Launceston) as per inventory list	Inv 567	$411.40
29/07/2019	Paid fortnightly wages from cheque account as follows:	15/7/19-29/7/19	$3,634.00
	J Brooks 76 hours
	M Tolby 76 hours
31/07/2019	Paid DataWorld via EFT inv 5548	Inv 5548	$154.00
31/07/2019	Paid Shush Clothes Importer via EFT	Inv 125	$45,025.00
31/07/2019	Credit sales to Hobart City Council as per inventory list	Inv 386	$26,103.00
31/07/2019	Payroll liabilities paid by EFT:
	July Super (paid to Super Clearing House)		$866.40
31/07/2019	Credit sales to Launceston Council as per inventory list	Inv 387	$18,018.00
31/07/2019	Bank fees on cheque account (GST free)	July	$7.50
31/07/2019	End of month adjustment : depreciation		$847.00

Cargo ‘n Denim Pty Ltd Statement of Account with
NAB Bank, Melbourne, Australia
Account # 050-117 24693
July 2019	Date	Transactions	Debit	Credit	Balance
	1/07/2019	Opening balance			91,666.59	Cr
	1/07/2019	AB HiFi	22,000.00		69,666.59	Cr
	1/07/2019	AB HiFi	22,000.00		47,666.59	Cr
	1/07/2019	Auth. Transaction KOD556445		44,000.00	91,666.59	Cr
	2/07/2019	Launceston Rentals	1,900.00		89,766.59	Cr
	2/07/2019	Parks and Wildlife		7,645.55	97,412.14	Cr
	3/07/2019	Hobart Rentals	2,100.00		95,312.14	Cr
	5/07/2019	Cash deposit		2,129.60	97,441.74	Cr
	5/07/2019	Cash deposit		1,322.20	98,763.94	Cr
	12/07/2019	Cash deposit		1,883.20	100,647.14	Cr
	12/07/2019	Cash deposit		1,122.00	101,769.14	Cr
	15/07/2019	Electronic Payment	3,634.00		98,135.14	Cr
	16/07/2019	Coles	6.20		98,128.94	Cr
	17/07/2019	OfficeWorks	140.00		97,988.94	Cr
	26/07/2019	Cash deposit		3,471.60	101,460.54	Cr
	26/07/2019	Cash deposit		2,607.00	104,067.54	Cr
	28/07/2019	ATO	10,618.40		93,449.14	Cr
	29/07/2019	Electronic Payment	3,634.00		89,815.14	Cr
	31/07/2019	Cash deposit		545.60	90,360.74	Cr
	31/07/2019	Cash deposit		649.00	91,009.74	Cr
	31/07/2019	Data World	154.00		90,855.74	Cr
	31/07/2019	Shush Clothes Importer	45,025.00		45,830.74	Cr
	31/07/2019	NAB	7.50		45,823.24	Cr
	31/07/2019	Super Clearing House	866.40		44,956.84	Cr
	31/07/2019	Closing balance			44,956.84	Cr
Date of issue		Page No.	Total debits	Total credits
31/07/2019		1	112,085.50	65,375.75

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