Acc539 Local Accounting Firm Answers Assessment Answers
You are working as an accountant in a local accounting firm. You have been approached by Oliver and Sydney, the owner of Sugariffic, a start-up wholesaler. They have chosen Xero as their cloud based accounting system and have employed you to set up their company in Xero and enter the first month’s transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the start up of their business. All information has been supplied by the business owner for you to input. The set up and transactional data will be provided in Interact Resources.
Task requirements:
Process your clients' transactions for August 2018. Generate and submit the following reports to your client for the month of August 2018;
- Profit & Loss
- Balance Sheet
- Trial Balance
- Aged Payables (detail)
- Aged Receivables (detail)
- Inventory Item Summary.
Part B
Whilst your client has requested the 6 reports detailed above, Xero has a range of other reports available. Review the other reports which can be generated from Xero and prepare an executive summary for your client providing advice on 2 other reports they could generate from Xero to facilitate their decision making. In your summary, consider the following:
- Which other, specific reports from Xero should your client generate and use for decision making
- What decisions would your client use each of these reports for
To support your discussion, run the reports you are recommending for the month of August and include them with your report.
The marks assigned for both parts of this assessment include correctness of information and presentation of your reports. Your report needs to look professional, as though it could be provided to your client.
Answer:
| Aged Payables Detail | |||||||||
| Sugariffic | |||||||||
| As at 31 August 2018 | |||||||||
| Invoice Date | Due Date | Invoice Reference | Current | < 1 Month | 1 Month | 2 Months | 3 Months | Older | |
| Fixxy Drinx | |||||||||
| 03 Aug 2018 | 30 Sep 2018 | 1,980.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Total Fixxy Drinx | 1,980.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Parental Consent Required | |||||||||
| 29 Aug 2018 | 30 Oct 2018 | 4,598.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Total Parental Consent Required | 4,598.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Sweet Treats | |||||||||
| 03 Aug 2018 | 30 Sep 2018 | 4,730.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| 03 Aug 2018 | 30 Sep 2018 | 7,700.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| 14 Aug 2018 | 30 Sep 2018 | 10,230.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Total Sweet Treats | 22,660.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Total | 29,238.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Aged Receivables Detail | |||||||||
| Sugariffic | |||||||||
| As at 31 August 2018 | |||||||||
| Invoice Date | Due Date | Invoice Number | Invoice Reference | Current | < 1 Month | 1 Month | 2 Months | 3 Months | Older |
| Decadent D'Quay | |||||||||
| 20 Aug 2018 | 19 Sep 2018 | SI-1000007 | 23,925.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 28 Aug 2018 | 27 Sep 2018 | SI-1000011 | 3,382.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Decadent D'Quay | 27,307.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Lollies Online | |||||||||
| 27 Aug 2018 | 26 Sep 2018 | SI-1000010 | 1,837.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Lollies Online | 1,837.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Tactix | |||||||||
| 21 Aug 2018 | 20 Sep 2018 | SI-1000008 | 2,898.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 30 Aug 2018 | 29 Sep 2018 | SI-1000013 | 10,384.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Tactix | 13,282.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Total | 42,427.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Trial Balance | |||||||||
| Sugariffic | |||||||||
| As at 31 August 2018 | |||||||||
| Account Code | Account | Account Type | Debit | Credit | 31 Aug 2017 | ||||
| 230 | Sales – Chocolates | Sales | 55,105.00 | 0.00 | |||||
| 240 | Sales – Lollies | Sales | 15,025.00 | 0.00 | |||||
| 250 | Sales – Drinks | Sales | 4,320.00 | 0.00 | |||||
| 330 | Cost of Sales – Chocolates | Direct Costs | 13,700.00 | 0.00 | |||||
| 340 | Cost of Sales – Lollies | Direct Costs | 12,020.00 | 0.00 | |||||
| 350 | Cost of Sales – Drinks | Direct Costs | 1,440.00 | 0.00 | |||||
| 400 | Advertising | Expense | 4,180.00 | 0.00 | |||||
| 461 | Printing & Stationery | Expense | 480.00 | 0.00 | |||||
| 469 | Rent | Expense | 2,200.00 | 0.00 | |||||
| 477 | Wages and Salaries | Expense | 4,400.00 | 0.00 | |||||
| 600 | Cash at Bank | Bank | 72,570.50 | 0.00 | |||||
| 610 | Accounts Receivable | Current Asset | 42,427.00 | 0.00 | |||||
| 640 | Inventory – Chocolates | Current Asset | 3,575.00 | 0.00 | |||||
| 650 | Inventory – Lollies | Current Asset | 8,580.00 | 0.00 | |||||
| 660 | Inventory – Drinks | Current Asset | 360.00 | 0.00 | |||||
| 710 | Office Equipment | Fixed Asset | 11,770.00 | 0.00 | |||||
| 730 | Furniture and Fittings | Fixed Asset | 16,200.00 | 0.00 | |||||
| 800 | Accounts Payable | Current Liability | 29,238.00 | 0.00 | |||||
| 820 | GST | Current Liability | 214.50 | 0.00 | |||||
| 910 | New Business Bank Loan | Non-current Liability | 35,000.00 | 0.00 | |||||
| 970 | Owners Contribution | Equity | 55,000.00 | 0.00 | |||||
| Total | 1,93,902.50 | 1,93,902.50 | 0.00 | ||||||
| Balance Sheet | |||||||||
| Sugariffic | |||||||||
| As at 31 August 2018 | |||||||||
| Account | 31 Aug 2018 | ||||||||
| Assets | |||||||||
| Bank | |||||||||
| Cash at Bank | 72,570.50 | ||||||||
| Total Bank | 72,570.50 | ||||||||
| Current Assets | |||||||||
| Accounts Receivable | 42,427.00 | ||||||||
| Inventory – Chocolates | 3,575.00 | ||||||||
| Inventory – Drinks | 360.00 | ||||||||
| Inventory – Lollies | 8,580.00 | ||||||||
| Total Current Assets | 54,942.00 | ||||||||
| Fixed Assets | |||||||||
| Furniture and Fittings | 16,200.00 | ||||||||
| Office Equipment | 11,770.00 | ||||||||
| Total Fixed Assets | 27,970.00 | ||||||||
| Total Assets | 1,55,482.50 | ||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | 29,238.00 | ||||||||
| GST | 214.50 | ||||||||
| Total Current Liabilities | 29,452.50 | ||||||||
| Non-current Liabilities | |||||||||
| New Business Bank Loan | 35,000.00 | ||||||||
| Total Non-current Liabilities | 35,000.00 | ||||||||
| Total Liabilities | 64,452.50 | ||||||||
| Net Assets | 91,030.00 | ||||||||
| Equity | |||||||||
| Current Year Earnings | 36,030.00 | ||||||||
| Owners Contribution | 55,000.00 | ||||||||
| Total Equity | 91,030.00 | ||||||||
| GST Reconciliation | |||||||||
| Sugariffic | |||||||||
| From 1 July 2018 to 31 August 2018 | |||||||||
| Accruals Basis | |||||||||
| GST Collected | |||||||||
| GST Period | GST Collected | Adjustments | Filed | Unfiled | |||||
| Opening Balance | $0.00 | ||||||||
| 1 Jul 18 - 31 Aug 18 | $7,445.00 | $7,445.00 | |||||||
| Total | $7,445.00 | $0.00 | $0.00 | $7,445.00 | |||||
| GST Paid | |||||||||
| GST Period | GST Paid | GST On Imports | Adjustments | Filed | Unfiled | ||||
| Opening Balance | $0.00 | ||||||||
| 1 Jul 18 - 31 Aug 18 | $7,230.50 | $0.00 | $7,230.50 | ||||||
| Total | $7,230.50 | $0.00 | $0.00 | $0.00 | $7,230.50 | ||||
| GST Account Transactions | |||||||||
| Date | Transaction | Amount | |||||||
| Total | $0.00 | ||||||||
| GST Owing | |||||||||
| Opening Balance | $0.00 | ||||||||
| Plus GST Collected and Filed | $0.00 | ||||||||
| Less GST Paid and Filed | $0.00 | ||||||||
| Less Payments Made | $0.00 | ||||||||
| Closing Balance | $0.00 | ||||||||
| GST Account Summary | |||||||||
| GST Owing | $0.00 | ||||||||
| Unfiled GST | $214.50 | ||||||||
| Balance at 31 August 2018 | $214.50 | ||||||||
| GST Account Balance | $214.50 | ||||||||
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