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FINANCE COACH
3 MONTH ACCOUNTING COURSE WEEK 12 EXAM SUPPORT MATERIAL
H e l p i n g
U B T
y o u
s e t
&
a c h i e v e
y o u r
A C C O U N T I N G
f i n a n c i a l
&
t a r g e t s
F I N A N C E
H E L P I N G
Y O U
S E T
&
A C H I E V E
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Index APPENDIX 1 FINANCIAL STATEMENTS
4
APPENDIX 2 BREAK EVEN CALCULATION TEMPLATES
14
APPENDIX 3 BANK RECONCILIATION DOCUMENTS
16
Appendix 4 Cash Flow Statements
24
Appendix 5 FINANCIAL PLAN
26
Appendix 6 BUDGETING SCENARIO
27
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FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
APPENDIX 1 FINANCIAL STATEMENTS ABC Confectionery Co. Balance Sheet As at 30th June 2012 Note
2012
2011
$
$
Current Assets Cash and Cash Equivalents
125,728
47,376
Trade Debtors (Accounts Receivables)
9
369,731
291,213
Stock on Hand (Inventory)
479,317
457,685
2,000
-
976,776
796,274
Other Total Current Assets Non-Current Assets
4
Property, Plant and Equipment
10
400,694
440,542
Intangible Assets
11
325,698
325,698
726,392
766,240
1,703,168
1,562,514
432,470
571,474
100,245
89,303
Total Non-Current Assets Total Assets Current Liabilities Trade Creditors (Accounts Payables) Financial Liabilities
12
Other Total Current Liabilities
-
27,147
532,715
687,924
Non-Current Liabilities 336,276
436,521
Total Non-Current Liabilities
Financial Liabilities
12
336,276
436,521
Total Liabilities
868,991
1,124,445
Net Assets
834,177
438,069
Partnership Funds Partners Capital Account John Bluewater
13
271,104
130,117
Mary Bluewater
13
480,065
342,680
Peter Bluewater
13
83,008
(34,728)
834,177
438,069
Total Partnership Funds
The accompanying notes form part of these financial statements. These financial statements should be read in conjunction with the attached .
© Copyright Universal Business Team Pty Ltd 2012
ABC Confectionery Co. Trading Statement For the Year ended 30th June 2012 2012
2011
$
$
5,956,214
4,911,737
5,956,214
4,911,737
457,685
346,389
3,005,212
2,538,856
3,462,897
2,885,245
Income Sales Less Cost of Sales Opening Stock Purchases
Closing Stock
479,317
457,685
2,983,580
2,427,560
Less Direct Expenses Direct Wages
164,950
163,520
Warehousing Costs
160,800
168,052
Freight & Cartage
194,856
173,200
17,532
15,870
356,376
326,100
Light & Power Packing Supplies Repairs & Maintenance
Gross Profit
22,516
18,700
917,030
865,442
2,055,604
1,618,735
The accompanying notes form part of these financial statements. These financial statements should be read in conjunction with the attached .
© Copyright Universal Business Team Pty Ltd 2012
5
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
ABC Confectionery Co. Trading Statement For the Year ended 30th June 2012 Note
2012
2011
$
$
19,500
25,250
-
(9,181)
2,055,604
1,618,735
2,075,104
1,634,804
20,865
16,500
400
250
Income Other Revenue Loss on Sale of Non-current Assets Gross Profit from Trading Expenditure Accountancy Fees Administration Costs Advertising
3
Bank Charges Borrowing Costs
5
Building Costs Consultancy Fees Depreciation
6
4
113,750
84,300
9,400
10,200
400
500
25,115
21,290
8,535
7,250
81,943
89,101
Hire of Plant & Equipment
2,980
3,650
Hire Purchase Interest Charges
9,999
8,170
Insurance
6
53,500
52,150
Interest Paid
5
19,513
29,501
Motor Vehicle Expenses
7
89,382
87,200
Postage
7,097
6,850
Printing & Stationery
30,784
27,300
Rates & Taxes
45,200
41,020
2,480
2,100
144,800
139,600
Registration Fees Rent Repairs & Maintenance
17,327
15,600
Research & Development Costs
19,600
23,600
Security Costs Staff Ameneties Staff Training & Welfare Subscriptions Superannuation Contributions - Employees Telephone Travelling Expenses
6,750 13,600
9,600
18,300
2,473
1,750
51,930
48,213
49,205
47,800
57,151
58,620
9,679
8,260
587,250
535,780
10,730
5,995
1,505,392
1,411,200
569,712
223,604
8
Uniforms Wages Waste Disposal
Profit
The accompanying notes form part of these financial statements. These financial statements should be read in conjunction with the attached .
© Copyright Universal Business Team Pty Ltd 2012
8,280 16,024
ABC Confectionery Co. Partnership Distribution Statement For the Year ended 30th June 2012
Profit Available for Distribution
2012
2011
$
$
569,712
223,604
189,904
74,535
Distribution to Partners John Bluewater Mary Bluewater
189,904
74,535
Peter Bluewater
189,904
74,534
569,712
223,604
7
The accompanying notes form part of these financial statements. These financial statements should be read in conjunction with the attached .
© Copyright Universal Business Team Pty Ltd 2012
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
ABC Confectionery Co. Notes to the Financial Statements For the Year ended 30th June 2012
1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report is a special purpose financial report prepared for use by the partners of the partnership. The partners have determined that the partnership is not a reporting entity. The financial report is prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets.
2012
2011
$
$
5,956,214
4,911,737
5,956,214
4,911,737
19,500
25,250
19,500
25,250
5,975,714
4,936,987
90,152
66,440
23,598
17,860
113,750
84,300
2 Revenue
Sales Revenue
Sale of Goods
8
Other Income
Other Revenue
3 Advertising and Marketing Advertising - General Advertising - Catalogues 4 Depreciation
Depreciation - Buildings
1,063
1,063
Depreciation - Plant & Equipment
44,355
37,011
Depreciation - Motor Vehicles
34,491
47,773
Depreciation - Pooled Assets
2,034
3,254
81,943
89,101
400
500
5 Finance Costs
Borrowing Costs
Interest Paid
- Other Persons/Corporations
19,513
29,501
19,913
30,001
40,912
41,370
12588
10780
53,500
52,150
6 Insurance Insurance - General
Insurance - Work cover
These notes should be read in conjunction with the attached Compilation Report.
© Copyright Universal Business Team Pty Ltd 2012
ABC Confectionery Co. Notes to the Financial Statements For the Year ended 30th June 2012
7
2012
2011
$
$
20,548
19,478
Motor Vehicle Expenses
Isuzu FV1400
VW Transporter REG: WMZO45I
9,334
8,681
VW Transporter REG: TGG857A
9,675
9,114
VW Transporter REG: FCE798M
11,698
9,986
VW Crafter REG: TGE012X
12,485
11,258
VW Multivan REG: WMC355A
14,899
11,589
Motor Vehicle Expenses - Other
10,743
17,094
89,382
87,200
8 Travelling Expenses Travel - Domestic Travel - International Travel - Clients & professionals
7,269
5,849
46,284
44,615
3,598
8,156
57,151
58,620
9 Cash and Cash Equivalents Cash on Hand Cash at Bank
300
300
125,428
47,076
125,728
47,376
10 Property, Plant and Equipment
Land and Buildings
Land Buildings Less Accumulated Depreciation & Impairment
-
-
87,574
87,574
8,504
7,441
79,070
80,133
Plant and Equipment
Plant & Equipment
439,346
384,746
Less Accumulated Depreciation & Impairment
266,068
221,713
173,278
163,033
310,039
310,039
165,082
118,086
144,957
191,953
3,389
5,423
3,389
5,423
321,624
360,409
400,694
440,542
Motor Vehicles
Less Accumulated Depreciation & Impairment
Low Value Pool
Total Plant and Equipment
Total Property, Plant and Equipment
These notes should be read in conjunction with the attached Compilation Report.
© Copyright Universal Business Team Pty Ltd 2012
9
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
ABC Confectionery Co. Notes to the Financial Statements For the Year ended 30th June 2012 2012
2011
$
$
320,410
320,410
5,288
5,288
325,698
325,698
11 Intangible Assets
Non-Current
Goodwill Patents & Trademarks
Total Intangible Assets
12 Financial Liabilities
Current
Hire Purchase
Hire Purchase Liability
56,856
50,935
43,389
38,368
100,245
89,303
31,830
88,686
Loans - Bank
10
Non-Current
Hire Purchase
Hire Purchase Liability
Loans - Bank
159,446
202,835
Loans - Unsecured
145,000
145,000
336,276
436,521
436,521
525,824
130,117
107,890
Total Financial Liabilities 13 Partners Funds
Partners Capital Accounts
John Bluewater
Balance at Beginning of Year
Share of Profit
189,885
74,527
Drawings
(48,898)
(52,300)
271,104
130,117
342,680
316,803
189,885
74,527
Mary Bluewater
Balance at Beginning of Year
Share of Profit Drawings
(52,500)
(48,650)
480,065
342,680
Peter Bluewater
(34,729)
(23,095)
Share of Profit
Balance at Beginning of Year
189,942
74,550
Drawings
(72,205)
(86,183)
83,008
(34,728)
834,177
438,069
Total Partners Funds
These notes should be read in conjunction with the attached Compilation Report.
© Copyright Universal Business Team Pty Ltd 2012
ABC Confectionery Co. Notes to the Financial Statements For the Year ended 30th June 2012 2012
2011
$
$
Business Details The principal place of business is: ABC Confectionery Co. 26 Birk Street Lucknow EA 9823 The principal activities of the business include: Confectionery Manufacture and Wholesaling
11
These notes should be read in conjunction with the attached Compilation Report.
© Copyright Universal Business Team Pty Ltd 2012
42,500 87,574
Sub-total
© Copyright Universal Business Team Pty Ltd 2012
Electronic Test Equipment
Sub-total
TrufflesShifter. Model D46
Conveyor System -
Automatic Scales TRWite 875s
Riboon scanner 2nd hand
Toshiba 2820C Printer
Dell 58700 Server Installation
Printer Xerox 2500
Bivan Carton erector S.hand
Wordex 2000
Wrapper SS Feed
LHO Horizontal Flow
Fredd - Chocolate Moulding Machine
Test Equipment MG 9898
Automatic Palet Wrapper
Scales TRWite
Flow Wrapper
384,746
163,033
6,078
6,500
3,752 21,974
3,752 23,500
18,136
625
23,011
24,181
2,500
53,000
2,855
1,620
9,000
12,500
1,847 5,930
7,500 12,500
15,602
14
9,605
8,319
12,573
8,249
1,697
37,000
600
25,952 18,400
Chocolate Melt Tank - R.Bloome
Mesh Conveyor System
Nwhaigh TL879
32,967 41,000
Coolroom panel system
3,610
Pallett Truck
Robynn Conveyor
1,116
488
4,775
13,500
Seiko QR380 Time Clock
VAPAK Vacuum lifter
8,538
28,000 27,668
7,345
80,133
35,059
45,074
Opening W.D.V 01/07/2011
WMO - Model 879 Carton Rev tuck
Cost Limit
Hyster Forklift H3.90 XLP
PLANT & EQUIPMENT
45,074
Cost Price
Factory Additions
Private Use
Factory 2698 Hanwood Road
BUILDINGS
Asset
12 54,600
29,500
9,500
15,600
Additions Disposals
Gain/Loss on Disposal
ABC Confectionery Co. Fixed Asset and Depreciation Schedule For the Year ended 30th June 2012 Capital Gains
25.0%DV
25.0%DV
25.0%DV
30.0%DV
30.0%DV
0.0%
25.0%DV
50.0%DV
25.0%DV
25.0%DV
40.0%DV
15.0%DV
30.0%DV
20.0%DV
25.0%DV
15.0%DV
15.0%DV
15.0%DV
30.0%DV
15.0%DV
15.0%DV
15.0%DV
15.0%DV
15.0%DV
2.5%PC
0.0%
Rate
0
44,355
4,284
781
3,868
1,823
6,592
0
4,534
313
5,753
714
648
890
554
3,120
4
1,441
1,248
1,886
2,475
255
73
716
1,281
1,102
1,063
1,063
$
---- D e p r e c i a t i o n ----
266,068
4,284
781
3,868
2,245
8,118
0
10,579
2,188
35,742
6,859
11,528
7,460
6,207
24,518
590
10,236
18,881
30,313
27,193
2,168
701
9,441
20,411
21,757
8,504
8,504
0
Accum Deprec 30/06/2012
173,278
25,216
8,719
11,732
4,255
15,382
3,752
13,602
312
17,258
2,141
972
5,040
1,293
12,482
10
8,164
7,071
10,687
5,774
1,442
415
4,059
7,257
6,243
79,070
33,996
45,074
Closing W.D.V 30/06/2012
FINANCE COACH
3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
© Copyright Universal Business Team Pty Ltd 2012
Total
Low Value Pool
Less Personal Apportionment
Sub-total
29,514
440,542
5,423
191,953
71,457
54,600
Additions Disposals
Gain/Loss on Disposal Capital Gains
37.5%DV
165,082
46,996
10,495 450,149
2,034
22,505
94,448
34,491
12,505
24,907
5,903 17,864
20.0%DV 25.0%DV
28,990 24,518
6,504 7,327
25.0%DV
28,990
35,172
Accum Deprec 30/06/2012
25.0%DV
2,894 6,504
30.0%DV
$
25.0%DV
Rate
---- D e p r e c i a t i o n ----
Note: This Statement is to be read in conjunction with the accompanying Notes and the Accountant’s Disclaimer
796,243
13,884
310,039
46,116 78,500
VW Crafter VIN WBB 46545XX
VW Multivan VIN WT05196XX
29,309
26,014
48,500 46,500
VW Transporter VIN WMT799XX
VW Transporter VIN WVG777XX
26,014
9,645
Opening W.D.V 01/07/2011
41,923
Cost Limit
48,500
Cost Price
Isuzu FV1400
70%
Private Use
VW Transporter VIN 598818XX
MOTOR VEHICLES
Asset
ABC Confectionery Co. Fixed Asset and Depreciation Schedule For the Year ended 30th June 2012
13
400,694
3,389
144,957
53,593
23,611
21,982
19,510
19,510
6,751
Closing W.D.V 30/06/2012
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
APPENDIX 2 BREAK EVEN CALCULATION TEMPLATES Sales Figure Break Even Analysis A. Enter the drawings figure (after tax) that you require: B. Add your loan repayments (Principal portion) per year: C. SUB TOTAL (this is the target Net Profit After Tax that you require): D. TARGET Net Profit (Before Tax) [A + B] divided by (1- Tax Rate): E. Add Back (Tax Deductible) Overhead: F. EQUALS Target (Required Gross Profit Figure): G. Target divided By Estimated Gross Profit Percentage
÷
%
÷
%
H. …equals Break Even Sales:
14
Sales Figure Break Even Analysis A. Enter the drawings figure (after tax) that you require: B. Add your loan repayments (Principal portion) per year: C. SUB TOTAL (this is the target Net Profit After Tax that you require): D. TARGET Net Profit (Before Tax) [A + B] divided by (1- Tax Rate): E. Add Back (Tax Deductible) Overhead: F. EQUALS Target (Required Gross Profit Figure): G. Target divided By Estimated Gross Profit Percentage H. …equals Break Even Sales:
© Copyright Universal Business Team Pty Ltd 2012
Unit Break Even Analysis OLD PRICING NEW PRICING A Variable Cost per Unit
B Fixed Costs (Total)
C Expected Sales (in Units)
D Sell Price per Unit
E Total Expected Sales [C x D = E]
F Total Variable Costs [A x C = F]
G Gross Profit [E – F = G]
H Net Profit (Loss) [G – B = H]
Break Even Sales
I Units [B ÷ (D – A) = I] Rounded
J Sales [I x D = J]
Under / Over Break Even
K Units [C – I = K]
L Sales [E – J = L]
© Copyright Universal Business Team Pty Ltd 2012
15
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
APPENDIX 3 BANK RECONCILIATION DOCUMENTS YourBank BEST OF THE YEAR 2011
You can Bank on Us!
||||| ||| |||||| | |||| ||||| |||||| || || |||| ||||||| ||
Client Number: BSB Number: Account Number: Account Name: Statement Number: Statement From:
ABC Confectionery Co 26 Birk Street Lucknow EA 9823
16 99 092216 09-81421 99-124578 ABC Confectionery Company 158 13 June 2012 to 30 June 2012
Your balance
16
Opening Balance
Total Money In (credits)
Total Money Out (debits)
58,541.12
186,896.70
113,354.84
Closing Balance
132,082.98
Your transactions Date
Description
2012
STATEMENT OPENING BALANCE
13-Jun 13-Jun 13-Jun 14-Jun
Banking Deposit Payment Payment
17-Jun 17-Jun 20-Jun 23-Jun 23-Jun 23-Jun 23-Jun 23-Jun 24-Jun 24-Jun 25-Jun 25-Jun 26-Jun 26-Jun 26-Jun 27-Jun 28-Jun 28-Jun 26-Jun 29-Jun 29-Jun 29-Jun
Deposit - Wholesale Food People - 28715 Deposit - Zings Things INVOICE 28789 Withdrawal - Cheque 1000141 Banking Batch 9845-0015 Withdrawal - EFTPOS Post Office Bank Fee Withdrawal - EFTPOS Post Office Withdrawal - EFTPOS Birk Cafe Deposit - Harry Gills Catering (27904) Deposit - Albow Movers INV28825 Deposit - Yipper Icecream (Feb 2012 Account) Deposit - My Party Supples (2/12) Withdrawal - Cheque 1000150 Withdrawal - EFTPOS Albatros Supplies Withdrawal - Cheque 1000139 Deposit - Best Banquets (Jan AC) Deposit - The Food Stop (Dec ABC) Deposit - Eight Meals - Thanks Deposit - Pimpernel's Distribution Co. Withdrawal - Cheque 1000145 Deposit - Thompson Wholesale (27502) Withdrawal - Internet Online Banking (Barton)
14-Jun 16-Jun 17-Jun
Batch 9844-8455 - Jartonda Foods INV8845 by Authority; TELCO 11-95844 by Authority; ADP Payline 5412145
Debit
Banking Batch 9844-9548 Deposit - Marks Fast Foods - Jan A/C Deposit - Hardvark Adventures [28851]
Page 1 of 1
© Copyright Universal Business Team Pty Ltd 2012
Credit
565.14 54,845.90
9,845.11
154.12 12.50 154.10 57.13
25,036.15
15,421.10 10,845.15 2,314.25
25,143.30 325.10
8,447.50
975.97 1,254.77 3,654.55 9,843.12
1,245.11 901.99 11,325.74 73,984.20
12,541.00 4,713.52 5,411.92
18.25
Balance 58,541.12 5,215.15 63,756.27 1,015.50 64,771.77 64,206.63 9,360.73
14,984.20
24,781.83 35,626.98 37,941.23
63,084.53 63,409.63 53,564.52 62,012.02 61,857.90 61,845.40 61,691.30 61,634.17 62,610.14 63,864.91 67,519.46 77,362.58 64,821.58 60,108.06 54,696.14 55,941.25 56,843.24 68,168.98 142,153.18 142,134.93 157,119.13 132,082.98
Statement Number 158
The bookkeeping software bank reconciliation console displaying unreconciled transactions up to 30 June 2012 (ticks indicate a reconciled transaction):
1
Reconcile Accounts Account
4-1500 [Cheque Account]
Last Reconciliation: This Reconciliation
13/06/2012 30/06/2012
Last Bank Balance:
58,541.12
Date
28-Apr 28-Apr 11-May 11-May 12-May 12-May 12-May 12-May 13-May 27-May 29-May 1-Jun 2-Jun 2-Jun 7-Jun 7-Jun 7-Jun 9-Jun 13-Jun 13-Jun 14-Jun 16-Jun 17-Jun 17-Jun 17-Jun 23-Jun 23-Jun 23-Jun 23-Jun 23-Jun 24-Jun 24-Jun 25-Jun 25-Jun 25-Jun 26-Jun 26-Jun 27-Jun 28-Jun 28-Jun 29-Jun 29-Jun
Reference 1000030 1000073 1000108 1000129 1000128 1000136 1000133 1000135 1000141 1000139 20120229 20120501 1000143 1000142 1000145 1000146 1000144 1000147 20120601 DEP 20110303 DEP DEP DEP DEP 20110305 EFTPOS BNK EFTPOS EFTPOS INV27904 INV28825 INV27895 DEP 1000150 DEP EFTPOS DEP DEP DEP DD DEP
q
This Bank Balance: Calculated Balance:
132,082.98 132,082.98
Out of Balance:
Transaction Details Sally's Cleaning Baz Train Freight Sally's Cleaning Gardens Galore The Paint Place Martins Mowing Ford Lucknow Jaxx Tyres Hunters Freight Lines Drawings - John Daily Banking 9844-8455 Daily Banking 9844-9548 Post Office Barry Thoms Fabrications Petty Cash Total IT Support Onefuel Corporate Express Wages - Payroll Jartonda Foods INV28845 Wages - Payroll Marks Fast Foods - Jan A/C Hardvark Adventures Wholesale Food People - 28715 Zings Things INVOICE 8799 Daily Banking 5.03.2011 Withdrawal - EFTPOS Post Office Bank Fee Withdrawal - EFTPOS Birk Coffees Withdrawal - EFTPOS Post Office Harry Gills Catering Albow Movers Yipper Icecream My Party Supples AMCOPE Solutions Pimpernel's Distribution Co. Withdrawal - EFTPOS Albatros Supplies Best Banquets The Food Stop Eight Meals Barton Jones & Co Thompson Wholsale Cleared:
-
Withdrawals 112.50 244.85 112.50 49.00 248.64 50.00 255.75 350.00 9,845.11 5,411.92
152.60 400.00 18.25 432.50 2,125.31 2,121.33 565.14 54,845.90
154.12 12.50 57.13 154.10
12,541.00 4,713.52
25,036.15
113,354.84
Deposits
5,215.15 15,421.10
1,015.50 10,845.15 2,314.25 25,143.30 325.10 8,447.50 975.97 1,254.77 3,654.55 9,843.12 73,984.20 1,245.11 901.99 11,325.74 14,984.20 186,896.70
? Help F1
Import 4
Reconcile
Bank Fee
Transfer
Cancel
© Copyright Universal Business Team Pty Ltd 2012
17
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
ABC Confectionery Co Bank Reconciliation Statement as at 30 June 2012 Balance as per Bank Statement
132,082.98
Deduct unpresented cheques 15-Jan
18
1000030
Sally’s Cleaning
112.50
27-Jan
1000073
Baz Train Freight
244.85
12-Feb
1000108
Sally’s Cleaning
112.50
20-Feb
1000129
Gardens Galore
20-Feb
1000128
The Paint Place
28-Feb
1000136
Martins Mowing
28-Feb
1000133
Ford Lucknow
49.00 248.64 50.00 255.75
28-Feb
1000135
Jaxx Tyres
350.00
2-Mar
1000143
Post Office
152.60
2-Mar
1000142
Barry Thoms Fabrications
400.00
11-Mar
1000146
Total IT Support
11-Mar
1000144
Onefuel
2,125.31
432.50
13-Mar
1000147
Corporate Express
2,121.33
6,654.98 125,428.00
Add outstanding deposits: -
-
Balance as per Bookkeeping System (Cheque Account)
© Copyright Universal Business Team Pty Ltd 2012
125,428.00
YourBank BEST OF THE YEAR 2011
You can Bank on Us!
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Client Number: BSB Number: Account Number: Account Name: Statement Number: Statement From:
ABC Confectionery Co 26 Birk Street Lucknow EA 9823
16 99 092216 09-81421 99-124578 ABC Confectionery Company 159 1 July 2012 to 13 July 2012
Your balance Opening Balance
Total Money In (credits)
Total Money Out (debits)
132,082.98
271,858.17
220,066.13
Closing Balance
183,875.02
Your transactions Date
Description
2012
STATEMENT OPENING BALANCE
1-Jul 1-Jul 1-Jul 1-Jul 4-Jul 4-Jul 5-Jul
Withdrawal - Cheque 1000129 Withdrawal - Cheque 1000133 Withdrawal - Cheque 1000135 Withdrawal - Cheque 1000136 Banking Batch 9846-1608 Withdrawal - EFTPOS Helston Bros. Deposit - Pimpernel's Dist. Co. [29042)
5-Jul 6-Jul 7-Jul 7-Jul 7-Jul 8-Jul 8-Jul 8-Jul 11-Jul 11-Jul 11-Jul 11-Jul 11-Jul 11-Jul 12-Jul 12-Jul 12-Jul 12-Jul 13-Jul 13-Jul 13-Jul 13-Jul 13-Jul 13-Jul
Deposit - Yak Freightlines Interest Credit Withdrawal - Cheque 1000152 Withdrawal - Cheque 1000146 Withdrawal - Cheque 1000143 Account Service Fee Withdrawal - Cheque 1000128 Withdrawal - Cheque 1000108 Payment by Authority; #Ybnk558452145 Payment by Authority; #Ybnk488555833 Payment by Authority; #Ybnk514775841 Withdrawal - Cheque 1000156 Withdrawal - Cheque 1000142 Withdrawal - EFTPOS MNN Technology Deposit - Bards Food [28751] Deposit - Thomas Zen Limited Withdrawal - Cheque 1000157 Withdrawal - EFTPOS UBT Finance Coach Deposit - R.B. Sweets Sales (US) Deposit - Royal Lucknow Show [28575] Withdrawal - Cheque 1000153 Withdrawal - AMCOPE Solutions (#45775) Withdrawal - Watson Express Limited Withdrawal - Jaxx Tyres (8788)
Page 1 of 1
© Copyright Universal Business Team Pty Ltd 2012
Debit
Credit 49.00 255.75 350.00 50.00
97,828.26
78.80 432.50 152.60 58.00 248.64 112.50 1,758.00 5,875.00 2,755.80 750.00 400.00 6,050.50
2,168.00 2,827.50
2,000.00 48,534.90 45,779.00 1,551.38
Balance 132,082.98 132,033.98 131,778.23 131,428.23 131,378.23 3,227.00 134,605.23 36,776.97 115,395.54 152,172.51 4,534.80 477.36
25,122.00 76,395.47
3,762.00 42,944.00
156,707.31 157,184.67 157,105.87 156,673.37 156,520.77 156,462.77 156,214.13 156,101.63 154,343.63 148,468.63 145,712.83 144,962.83 144,562.83 138,512.33 163,634.33 240,029.80 237,861.80 235,034.30 238,796.30 281,740.30 279,740.30 231,205.40 185,426.40 183,875.02
Statement Number 159
19
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
The bookkeeping software bank reconciliation console displaying unreconciled transactions up to 13th July 2012 (ticks indicate a reconciled transaction): Reconcile Accounts Account
4‐1500 [Cheque Account]
Last Reconciliation: This Reconciliation Last Bank Balance: Date
20
28‐Apr 28‐Apr 11‐May 11‐May 12‐May 12‐May 12‐May 12‐May 2‐Jun 2‐Jun 7‐Jun 7‐Jun 9‐Jun 1‐Jul 3‐Jul 4‐Jul 4‐Jul 4‐Jul 5‐Jul 5‐Jul 6‐Jul 7‐Jul 8‐Jul 11‐Jul 11‐Jul 11‐Jul 11‐Jul 12‐Jul 12‐Jul 12‐Jul 13‐Jul 13‐Jul 13‐Jul 13‐Jul 13‐Jul 13‐Jul
Reference 1000030 1000073 1000108 1000129 1000128 1000136 1000133 1000135 1000143 1000142 1000146 1000144 1000147 1000153 9846‐1608 EFTPOS 1000156 DEP DEP DEP Interest 1000152 Bank Fee 558452145 488555833 514775841 EFTPOS 1000157 DEP EFTPOS DEP DEP EFTPOS EFTPOS EFTPOS 9847‐5896
30/06/2012 13/07/2012 132,082.98
This Bank Balance: Calculated Balance:
183,875.02 183,875.02
Out of Balance:
‐
Transaction Details Sally's Cleaning Baz Train Freight Sally's Cleaning Gardens Galore The Paint Place Martins Mowing Ford Lucknow Jaxx Tyres Post Office Barry Thoms Fabrications Total IT Support Onefuel Corporate Express Cancer Research Center Banking Batch Helston Brothers Ford Lucknow Thomas Zen Limited Pimpernel's Distribution Co. Yak Freightlines YourBank ‐ credit interest Birk Café YourBank ‐ account service fee Ybnk ‐ Equipment Loan Ybnk ‐ Equipment Loan Ybnk ‐ Business Loan MNN Technology HML & Associates Bards Foods UBT Finance Coach R.B. Sweets Sales (US) Royal Lucknow Show Corp. AMCOPE Solutions Watson Express Limited Jaxx Tyres Banking Batch
Withdrawals 112.50 244.85 112.50 49.00 248.64 50.00 255.75 350.00 152.60 400.00 432.50 2,125.31 2,121.33 2,000.00 97,828.26 750.00
78.80 58.00 1,758.00 5,875.00 2,755.80 6,050.50 2,168.00 2,827.50
48,534.90 45,779.00 1,551.38
Cleared:
220,066.13
Deposits
3,227.00 76,395.47 115,395.54 4,534.80 477.36 25,122.00 3,762.00 42,944.00 5,800.00 271,858.17
? Help F1
Import
Reconcile
Bank Fee
Transfer
Cancel
© Copyright Universal Business Team Pty Ltd 2012
ABC Confectionery Co Bank Reconciliation Statement as at 13th July 2012 Balance as per Bank Statement Deduct unpresented cheques
Add outstanding deposits:
Balance as per Bookkeeping System (Cheque Account)
© Copyright Universal Business Team Pty Ltd 2012
21
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Review the five source documents below then see over page and trace how they have been entered into ABC Confectionery Co.’s bookkeeping software.
Jaxx Tyres
Tax Invoice No. 97
MNN Technology
Date: 13th July.2012
Tax Invoice
Bill to:
ABC Confectionery Co. 26 Birk Street Lucknow EA 9823
Date: 13th July 2012 Invoice No: 1547
Bill to:
Being for: Tyres supply & Fit x 8
$1,410,35
GST*
$ 141.03
TOTAL AMOUNT DUE
$1,551.38
ABC Confectionery Co. 26 Birk Street Lucknow EA 9823
DESCRIPTION:
Quarterly maintenance of printers, computer networks and software. TOTAL GST (Value added tax 10%) TOTAL AMOUNT DUE
$5,500.45 $ 550.05 $6,050.50
Tax Invoice
22
Watson Express Limited 'Industry #1 supplier of raw materials & ingredients for confectionery production' 13 July 2012 Invoice 2891 To:
ABC Confectionery Co. 26 Birk Street Lucknow EA 9823
TAX INVOICE
Invoice No: FC- 3MACExam Date: 13th July 2012
ABN 40 968 503 138
Bill to: ABC Confectionery Co. 26 Birk Street Lucknow EA 9823 DESCRIPTION
TOTAL
Ingredients 220 & 3562C x 3T
$45,779.00
5 x Attendees to The Achiever seminar 2012
$2,570.45
Total Invoice Amount (Incl.GST*) (GST* of $4,161.73 included)
$45,779.00
GST*
$ 257.05
TOTAL AMOUNT DUE (inc. GST*)
$2,827.50
*GST is a value added tax of 10%
*GST is a value added tax of 10%
TAX INVOICE Bill to: Thomas Zen Limited Postal Box 2550 ALFRED PC 11823 DESCRIPTION
Invoice No: 28850 Date: 13th July 2012 Terms: Payment due now
TOTAL
4500x Cartons Assorted Sweets
$69,450.40
GST* TOTAL AMOUNT DUE (inc. GST*)
$ 6,945.07 $76,395.47
*GST is a value added tax of 10%
© Copyright Universal Business Team Pty Ltd 2012
© Copyright Universal Business Team Pty Ltd 2012
GL Account
Sales
Repairs & Maintenance
Staff Training & Welfare
Purchases (COGS)
Depreciation expense
Sales
Date
04-Jul
11-Jul
12-Jul
13-Jul
13-Jul
14-Jul
Income
Expense
Cost of Goods Sold
Expense
Expense
Income
Account type
28850
97
2891
FC-3MACExam
1547
28850
Reference
Thomas Zen Limited
Jaxx Tyres
Watson Express Limited
UBT Finance Coach
MNN Technology
Thomas Zen Limited
Customer/Supplier
GST / VAT GST / VAT
Tyres supply & Fit x 8 4500x Cartons Assorted Sweets
1551.38 76,395.47
GST / VAT
Ingredients 220 & 3562C x 3T
45,779.00
GST / VAT
5 x Attendees to High Achiever seminar 2012
2,827.50
6,050.50
GST / VAT
Quarterly maintenance of printers, computer networks and software.
Credit
76,395.47
Debit
GST / VAT
Tax Code
4500x Cartons Assorted Sweets
Description
Mary has entered the five transactions from the source documentation provided into the bookkeeping system as follows:
23
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Appendix 4 Cash Flow Statements ABC Confectionery Co. Cash Flow Statement For the Year ended 30 June 2012 Note
2012
2011
$
$
CASH FLOWS FROM OPERATING ACTIVITIES Funds Generated from Trading
1
651,655
312,705
Decrease/(Increase) in Non-cash Working Capital
2
(268,301)
(149,955)
383,354
162,750
(42,095)
(72,849)
Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Sale (Purchase) of Property, Plant & Equipment
24
3
Sale (Purchase) of Investments
-
-
Sale (Purchase) of Goodwill
-
-
(42,095)
(72,849)
Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Owners Capital Introduced Owners Drawings
-
-
(173,604)
(187,133)
Hire Purchase / Current Portion of Fixed Loans
4
10,942
34,112
Non-Current Loans (Fixed)
5
(100,245)
11,196
-
-
(262,907)
(141,825)
78,352
(51,924)
47,376
99,300
125,728
47,376
Bonus/Profit Distributions Paid to Shareholders / Beneficiaries Net cash provided by (used in) financing activities
Net increase/(decrease) in cash held plus Cash at beginning of the Period equals Cash at end of the Period
© Copyright Universal Business Team Pty Ltd 2012
ABC Confectionery Co. Cash Flow Statement For the Year ended 30 June 2012
1
2012
2011
$
$
569,712
223,604
81,943
89,101
-
-
Funds Generated from Trading Profit/(Loss) as per Financial Statements Add Back Non-fund Items - Depreciation/Amortisation - Non-Cash Salaries
2
- Profit on Sale of Non-current Assets
-
-
- Accrued Rent
-
-
- Accrued Interest
-
-
651,655
312,705
Decrease/(Increase) in Non-cash Working Capital Decrease/(Increase) in Trade Debtors
(78,518)
47,650
Decrease/(Increase) in Trading Stock on Hand
(21,632)
(111,296)
Decrease/(Increase) in Prepayments Decrease/(Increase) in Other Current Assets Increase/(Decrease) in Trade Creditors
135,485
-
-
-
-
-
-
(27,147)
(221,794)
(268,301)
(149,955)
(42,095)
(72,849)
Sale (Purchase) of Non-current Assets Property, Plant & Equipment Sale (Purchase) of Investments
-
-
Sale (Purchase) of Goodwill
-
-
(42,095)
(72,849)
10,942
34,112
-
-
10,942
34,112
Hire Purchase / Current Portion of Fixed Loans Hire Purchase Loans Movement Current Portion of Fixed Loans Movement
5
(139,004)
Increase/(Decrease) in Credit Card Liability Increase/(Decrease) in Tax Liability
4
-
Increase/(Decrease) in Income in Advance Increase/(Decrease) in Other Current Liabilities
3
(2,000)
Non-Current Loans (Fixed) Owners' Loans / Current Accounts Hire Purchase Loans - Bank
© Copyright Universal Business Team Pty Ltd 2012
-
-
(56,856)
49,564
(43,389)
(38,368)
(100,245)
11,196
25
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Appendix 5 FINANCIAL PLAN BALANCES FOR 2013 AS PER YOUR FINANCIAL PLAN [Table from question 35 - 40] 2012
Profit/(Loss) as per Financial Statements
"Increase/(Decrease)”
400,000
(169,712)
77,000
(4,943)
Depreciation
81,943
Trade Debtors
369,731
420,000
50,269
Trading Stock on Hand
479,317
560,000
80,683
1,000
1,000
-
(2,000)
Prepayments Other Current Assets
26
569,712
2013
2,000
Trade Creditors
432,470
300,000
(132,470)
Hire Purchase Loans
132,075
102,075
(30,000)
Bank Loan
159,446
150,000
(9,446)
Unsecured Loans
145,000
145,000
-
Cash Drawings
173,604
152,860
(20,744)
Cash at Bank
125,728
148,000
22,272
Property, Plant & Equipment
400,694
323,694
(77,000)
Intangible Assets (Goodwill)
325,698
325,698
-
© Copyright Universal Business Team Pty Ltd 2012
Appendix 6 BUDGETING SCENARIO INFORMATION EXTRACT FROM QUESTION 41 - 50 This section refers to the financial statements provided (APPENDIX 1). The date is 31 July 2012. The Bluewater family are in a management meeting and making business decisions for the current financial year. They are pleased with their profitability increase in the 2012 financial year, and they agree that now is the perfect time to go for further growth. They make the following business decisions: 1. Purchase a nearby warehouse for a total cost of $500,000. They should be able to settle on the proposed property on 31 December 2012. They won’t be able to depreciate the property at all; however it will save them rent $4,000 per month. 2. Take out an interest only bank loan at the time of settlement, for 80% of the cost of the property. The interest rate would be 10%. 3. Purchase a new machine on 1 September 2012 for $80,000 on a hire purchase agreement. The machine will be depreciated at 25% utilising the prime cost/straight line depreciation method from date of purchase. The hire purchase charges equate to 8.8% per annum. They will take advantage of a special offer where the financier is offering no capital repayments to be made for the first 12 months of the agreement. The machine will be installed and ready for use on 30 November 2012. Management set a 2013 FY goal for this machine to achieve a net return on investment (R.O.I.) of 50% per annum. 4. Set a goal of increasing the total sales by 5% more than what they were for the 2012 financial year. 5. Increase marketing for the 2013 FY to a total of 3% of the budgeted sales. 6. Take on a new sales representative on 1 September 2012. His salary package will be $60,000 per annum. By 31 December 2012 management hope that he should be able to achieve a productivity factor of 4 and will set his targets accordingly thereafter. 7. Cut costs
© Copyright Universal Business Team Pty Ltd 2012
27
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Notes
28
© Copyright Universal Business Team Pty Ltd 2012
Notes
FINANCE COACH 3 MONTH ACCOUNTING COURSE EXAM SUPPORT MATERIAL
Notes
30
© Copyright Universal Business Team Pty Ltd 2012
Notes
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