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Using the NeoZone Financial Statements Template(document: FNSACC414_NeoZone Financial Statements Template), prepare the following nancial statements: Income statement for the 3 months ended 30 June 2022
- Using the NeoZone Financial Statements Template (document: FNSACC414_NeoZone Financial Statements Template), prepare the following financial statements:
- Income statement for the 3 months ended 30 June 2022
- Balance sheet as at 30 June 2022
- Cash flow statement for the 3 months ended 30 June 2022
When preparing the financial statements, you should ensure you follow the organisational policies and procedures outlined in question 2.2.
Also, consider the following assumptions in the email for the accountant:
- All operating expenses are paid monthly except for insurance which was paid one year in advanced on April 1. Please consider what proportion of this cost will be expensed in the current year.
- A periodic inventory system is used. On June 30, a stocktake was performed and the inventory balance was determined to be $9,334.
- Depreciation to be charged is $250 on computer equipment, $20 on furniture and $90 on software.
- The cost of electricity is included in the monthly rent.
| A. Calculating amounts to be used in financial statements | |||||
| A | B | C | |||
| Receipts from sales | Details as shown on bank statement | Total received | Amount net of GST (A × 10/11) | GST Collected B × .1 | |
| Domestic Sales | Transfer from Shipit_Au | 31,333.50 | 28,485.00 | 2,848.50 | |
| International Sales | Transfer from Shipit_Au | 7,914.50 | 7,195.00 | 719.50 | |
| TOTAL | 39,248.00 | 35,680.00 | 3,568.00 | ||
| Payments for inventory and packaging | Details as shown on bank statement | Total paid | Amount net of GST | GST Paid | |
| Purchases | Merrilee Kidstuff | 8,294.00 | 7,540.00 | 754.00 | |
| Purchases | KidsTown Co | 6,242.50 | 5,675.00 | 567.50 | |
| Purchases | Puzzle Rugs | 4,647.50 | 4,225.00 | 422.50 | |
| Purchases | April n Indie Toys | 5,192.00 | 4,720.00 | 472.00 | |
| Total Purchases | 24,376.00 | 22,160.00 | 2,216.00 | ||
| Packaging | Boxit Packaging Supplies | 829.40 | 754.00 | 75.40 | |
| TOTAL | 25,205.40 | 22,914.00 | 2,291.40 | ||
| Payments for indirect costs/overheads | Details as shown on bank statement | Total paid | Amount net of GST | GST Paid | |
| Advertising | Sellit Online Advertising | 528.00 | 480.00 | 48.00 | |
| Accounting Fees | Student - Accounting Fees | 596.20 | 542.00 | 54.20 | |
| Rent | Sherville Realty - Rent | 1,320.00 | 1,200.00 | 120.00 | |
| Order costs | Shipit_Au - Order costs | 785.40 | 714.00 | 71.40 | |
| Delivery costs | Harpo Delivery Service | 552.20 | 502.00 | 50.20 | |
| Insurance | Team Insurance - Prepaid Insurance 1 year | 1,650.00 | 1,500.00 | 150.00 | |
| Website maintenance | Jonathan Webb - Website maintenance | 462.00 | 420.00 | 42.00 | |
| Telephone and Internet | Telenet | 1,107.70 | 1,007.00 | 100.70 | |
| TOTAL | 7,001.50 | 6,365.00 | 636.50 | ||
| Payments for non-current assets | Details as shown on bank statement | Total paid | Amount net of GST | GST Paid | |
| Furniture | Work from Home Furniture | 880.00 | 800.00 | 80.00 | |
| Software | Jonathan Webb - Software | 1,980.00 | 1,800.00 | 180.00 | |
| TOTAL | 2,860.00 | 2,600.00 | 260.00 | ||
| Capital contributions | Details as shown on bank statement | Total received | |||
| James | James Cross | 15,000.00 | |||
| Leona | Leona Riley | 10,000.00 | |||
| Brady | Brady Chan | 15,000.00 | |||
| TOTAL | 40,000.00 | ||||
| Drawings | Details as shown on bank statement | Total paid | |||
| James | James Cross | 1,500.00 | |||
| Leona | Leona Riley | 1,500.00 | |||
| Brady | Brady Chan | 1,500.00 | |||
| TOTAL | 4,500.00 | ||||
| Ending bank balance (Receipts - Payments) | 39,681.10 | ||||
| (This should be the same as per the bank statement) | |||||
| Total GST Collected | 3,568.00 | ||||
| Total GST Paid | 3,187.90 | ||||
| Insurance expense - 3 months | 412.50 | ||||
| Prepaid Insurance - 9 months | 1,237.50 | ||||
| Great South Bank | ||||||
| BANK STATEMENT for NeoZone for Kids | From: April 1 2022 | To: June 30 2022 | ||||
| Date | Details | Debit | Credit | Balance | ||
| 1/04/2022 | Balance | $0.00 | Cr | |||
| 1/04/2022 | James Cross | $15,000.00 | $15,000.00 | Cr | ||
| 1/04/2022 | Eleanor Riley | $10,000.00 | $25,000.00 | Cr | ||
| 1/04/2022 | Brady Chan | $15,000.00 | $40,000.00 | Cr | ||
| 1/04/2022 | Sherville Realty - Rent | $440.00 | $39,560.00 | Cr | ||
| 1/04/2022 | Team Insurance - Prepaid Insurance 1 year | $1,650.00 | $37,910.00 | Cr | ||
| 1/04/2022 | Merrilee Kidstuff | $5,830.00 | $32,080.00 | Cr | ||
| 1/04/2022 | KidsTown Co | $3,993.00 | $28,087.00 | Cr | ||
| 1/04/2022 | Puzzle Rugs | $3,162.50 | $24,924.50 | Cr | ||
| 2/04/2022 | Work from Home Furniture | $880.00 | $24,044.50 | Cr | ||
| 1/04/2022 | Jonathan Webb - Software | $1,980.00 | $22,064.50 | Cr | ||
| 1/04/2022 | Sellit Online Advertising | $154.00 | $21,910.50 | Cr | ||
| 1/04/2022 | Boxit Packaging Supplies - Packaging | $829.40 | $21,081.10 | Cr | ||
| 5/04/2022 | Transfer from Shipit_Au | $1,240.80 | $22,321.90 | Cr | ||
| 18/04/2022 | Transfer from Shipit_Au | $2,904.00 | $25,225.90 | Cr | ||
| 22/04/2022 | Transfer from Shipit_Au | $1,784.20 | $27,010.10 | Cr | ||
| 28/04/2022 | Transfer from Shipit_Au | $1,116.50 | $28,126.60 | Cr | ||
| 30/04/2022 | Harpo Delivery Service | $148.50 | $27,978.10 | Cr | ||
| 30/04/2022 | Telenet | $363.00 | $27,615.10 | Cr | ||
| 30/04/2022 | James Cross | $500.00 | $27,115.10 | Cr | ||
| 30/04/2022 | Leona Riley | $500.00 | $26,615.10 | Cr | ||
| 30/04/2022 | Brady Chan | $500.00 | $26,115.10 | Cr | ||
| 1/05/2022 | Sherville Realty - Rent | $440.00 | $25,675.10 | Cr | ||
| 1/05/2022 | Sellit Online Advertising | $154.00 | $25,521.10 | Cr | ||
| 5/05/2022 | Transfer from Shipit_Au | $1,702.80 | $27,223.90 | Cr | ||
| 5/05/2022 | Student - Accounting Fees | $596.20 | $26,627.70 | Cr | ||
| 6/05/2022 | April n Indie Toys | $1,672.00 | $24,955.70 | Cr | ||
| 6/05/2022 | Transfer from Shipit_Au | $818.40 | $25,774.10 | Cr | ||
| 10/05/2022 | Transfer from Shipit_Au | $1,214.40 | $26,988.50 | Cr | ||
| 17/05/2022 | Transfer from Shipit_Au | $1,133.00 | $28,121.50 | Cr | ||
| 19/05/2022 | Puzzle Rugs | $1,485.00 | $26,636.50 | Cr | ||
| 19/05/2022 | Merrilee Kidstuff | $2,464.00 | $24,172.50 | Cr | ||
| 21/05/2022 | Transfer from Shipit_Au | $3,168.00 | $27,340.50 | Cr | ||
| 24/05/2022 | Transfer from Shipit_Au | $837.10 | $28,177.60 | Cr | ||
| 28/05/2022 | Transfer from Shipit_Au | $2,062.50 | $30,240.10 | Cr | ||
| 31/05/2022 | Telenet | $357.50 | $29,882.60 | Cr | ||
| 31/05/2022 | Harpo Delivery Service | $189.20 | $29,693.40 | Cr | ||
| 31/05/2022 | James Cross | $500.00 | $29,193.40 | Cr | ||
| 31/05/2022 | Leona Riley | $500.00 | $28,693.40 | Cr | ||
| 31/05/2022 | Brady Chan | $500.00 | $28,193.40 | Cr | ||
| 31/05/2022 | Transfer from Shipit_Au | $1,727.00 | $29,920.40 | Cr | ||
| 1/06/2022 | Sherville Realty - Rent | $440.00 | $29,480.40 | Cr | ||
| 1/06/2022 | Sellit Online Advertising | $220.00 | $29,260.40 | Cr | ||
| 3/06/2022 | Transfer from Shipit_Au | $3,363.80 | $32,624.20 | Cr | ||
| 10/06/2022 | April n Indie Toys | $3,520.00 | $29,104.20 | Cr | ||
| 10/06/2022 | KidsTown Co | $2,249.50 | $26,854.70 | Cr | ||
| 11/06/2022 | Transfer from Shipit_Au | $1,592.80 | $28,447.50 | Cr | ||
| 15/06/2022 | Transfer from Shipit_Au | $2,948.00 | $31,395.50 | Cr | ||
| 17/06/2022 | Transfer from Shipit_Au | $2,673.00 | $34,068.50 | Cr | ||
| 18/06/2022 | Transfer from Shipit_Au | $3,237.30 | $37,305.80 | Cr | ||
| 21/06/2022 | Jonathan Webb - Website maintenance | $462.00 | $36,843.80 | Cr | ||
| 22/06/2022 | Transfer from Shipit_Au | $3,580.50 | $40,424.30 | Cr | ||
| 25/06/2022 | Transfer from Shipit_Au | $2,143.90 | $42,568.20 | Cr | ||
| 30/06/2022 | Telenet | $387.20 | $42,181.00 | Cr | ||
| 30/06/2022 | Shipit_Au - Order costs | $785.40 | $41,395.60 | Cr | ||
| 30/06/2022 | Harpo Delivery Service | $214.50 | $41,181.10 | Cr | ||
| 30/06/2022 | James Cross | $500.00 | $40,681.10 | Cr | ||
| 30/06/2022 | Leona Riley | $500.00 | $40,181.10 | Cr | ||
| 30/06/2022 | Brady Chan | $500.00 | $39,681.10 | Cr | ||
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Accounting A Level And AS Level
Authors: Harold Randall
1st Edition
0521539935, 978-0521539937
