Solution
Pulkit answered on
Apr 30 2020
PART A
ASSIGNMENT PART A (THIS PART IS DONE, JUST NEEDED A CHECK BY THE EXPECT)
OPENING BALANCE SHEET (OpBalSh)
CASH FLOW STATEMENT (CFS)
QUARTER CASH FLOW STATEMENT QrtCFS)
STATEMENT OF CASH FLOW (SCF)
LIVESTOCK SCHEDULE LSScheds
MANAGEMENT DEPRECIATION SCHEDULE Deprec
OpBalSh
Balance Sheet of 'Cooee' as at 1st of Jan 2017
Lou Smithers
Eliminate the border unless you can apply it in a similar fashion over the whole balance sheet.
Cu
ent Assets
Bank $11,000
Accounts Receivable
-Western Wool Buyers $25,650
$25,650
Calves - trading $71,280
Sheep - trading $17,010
Orange $0 Fertiliser and chemical on hand at 1/1/17 missing
Total Cu
ent Assets $124,940
Non-Cu
ent Assets
Investment - term deposit $30,000
Cattle -
eeding $119,400
Sheep -
eeding $120,725
Plant & Machinery $142,115
Vehicles $92,875
Structures $398,565
Land $2,240,175
less $3,143,855
$3,268,795
LIABILITIES
Cu
ent Liabilities
Accounts Payable $11,865
- Creditor (Orange Rural) $12,730 $24,595
- ATO (GST)
$24,595
Non-Cu
ent Liabilities $28,400
Development Loan $28,400
$52,995
NET ASSETS $3,215,800
Represented By:
OWNER'S EQUITY
Balance as at 1-1-17 $3,215,800 Good, well done.
% Equity 98.4%
This is the feedback for opening balance sheet and cash flow from the school. The information painted in yellow and red needs an urgent check by the moderator.
CFS
CASH FLOW STATEMENT FOR COOEE
FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
JAN FEB MARCH APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC TOTAL Extend borde
RECEIPTS
CROPS SALES
Oranges $7,710 $11,568 $19,278
LIVESTOCK SALES
Cattle $2,310 $1,250 $17,494 $30,791 $25,090 $76,935
Sheep $5,720 $504 $15,400 $16,687 $28,413 $40,950 $107,674
WOOL SALES $58,596 $58,596
ACCOUNT RECEIVABLE
Western Wool Buyers $25,650 $25,650
OTHER RECEIPTS
Interest $413 $413 $550 $550 $1,926
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925,
ut the total is 1,926
Machinery $5,200 $17,800 $23,000
fixed deposit
GST COMPONENT $231 $0 $3,137 $570 $0 $1,540 $0 $1,905 $1,749 $4,748 $11,981 $5,252 $31,113
GST REFUND
TOTAL RECEIPTS $2,541 $34,920 $6,274 $17,353 $20,955 $19,793 $52,226 $131,790 $58,320 $344,172 $344,172
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL
PAYMENTS
CROP AND PASTURE
Orange $654 $156 $42 $441 $48 $17 $5,106 $2,373 $8,837
Pasture $14,560 $1,560 $689 $16,809
LIVESTOCK
Cattle $390 $127 $2,750 $3,146 $1,085 $324 $530 $440 $8,792
Sheep $200 $850 $12,000 $121 $179 $9,290 $1,354 $1,248 $1,992 $27,234
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
ut the total is 27,234
OTHER CASH COSTS
Fuel & oil $215 $196 $182 $154 $124 $490 $165 $152 $124 $125 $345 $385 $2,657
Repiars & Maint.
Plant and Machinery $245 $452 $750 $985 $354 $201 $230 $150 $85 $540 $210 $189 $4,391
Structures $230 $350 $720 $550 $240 $320 $110 $2,520
Permanent labour $2,390 $2,390 $3,625 $2,390 $2,390 $2,390 $3,625 $2,390 $2,390 $2,390 $2,390 $2,390 $31,150
Rent & rates $2,650 $450 $3,100
Regn & Insurance $720 $890 $1,220 $2,830
Tele,Post,Travel $35 $75 $65 $45 $30 $72 $52 $45 $80 $38 $62 $195 $794
Accountant $1,550 $1,550
Bank Charges $12 $15 $25 $10 $8 $16 $17 $10 $9 $18 $13 $17 $170
Interest-loan $325 $318 $311 $304 $1,258
Interest-overdraft Overdraft interest needs to be calculated with a formula
Miscellaneous
TOTAL OP. CASH COSTS $4,371 $4,611 $37,694 $5,706 $8,370 $4,216 $4,556 $4,962 $13,622 $9,571 $6,018 $8,395 $112,092 $ 112,092 Good to see check cells being used.
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL
CAPITAL COSTS
Livestock Purchases $6,500 $22,660 $29,160
Plant, Machinery & Vehincles $25,560 $55,000 $80,560
Fixed Improvements $5,500 $12,190 $17,690
Investments $10,000 $10,000
Loan Repayments $830 $830 $830 $830 $3,320
Acount payable $11,865 $11,865
Miscellaneous $152,595
PERSONAL COSTS
Drawings $1,153 $1,058 $985 $1,150 $1,054 $940 $850 $1,103 $1,120 $990 $1,420 $1,850 $13,673
GST
GST Component $1,933 $221 $4,022 $5,153 $1,816 $149 $91 $5,756 $1,091 $716 $362 $568 $21,879
GST paid $12,730 $12,730
TOTAL PAYMENTS $37,552 $5,890 $50,031 $60,229 $23,430 $16,135 $5,497
Taiwo Dada: Taiwo Dada:
The real total is 5,497
not 5,498 as calculated in the case study pdf $66,821 $16,663 $11,277 $7,800 $11,643 $312,969 $312,969
SURPLUS/DEFICIT -$35,011 -$5,890 -$15,111 -$53,954
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955 -$23,430 $1,218
Taiwo Dada: Taiwo Dada:
THE REAL CALCULATION IS 1,218 -$5,497
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 5,497
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925,
ut the total is 1,926 -$45,866 $3,130
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 3,130
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
ut the total is 27,234
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955 $40,949 $123,990 $46,676 $31,203
BALANCE IN BANK
Opening Balance -$0
$ 11,000 -$ 24,011 -$ 29,901 -$ 45,012 -$ 98,966 -$ 122,396 -$ 121,179 -$ 126,676 -$ 172,542 -$ 169,412 -$ 128,463 -$ 4,473 $ 42,203
GST RECONCILIATION Jan - March 2017 April - June 2017 July - Sept. 2017 Oct - Dec 2017
1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
Received $3,368 Received $2,110 Received $3,654 Received $21,981
Paid $6,176 Paid $7,118 Paid $6,939 Paid $1,646
Refundable -$2,808 Refundable -$5,008 Refundable -$3,284 Refundable $20,334 These refunds need to be included as income in the month after the end of the quarter, eg April July and October.
Payable
PLEASE NOTE
- The GST Component in the receipts section represents 10% of the amounts received (except for interest, fixed deposit, and GST Refunds) during that month.
- The GST Component in the payments section represents 10% of the amounts paid (except for permanent labour, bank charges, interest,capital repayments, investments, personal
costs, and GST paid) during that month.
- The $20,334 GST payable for the final quarter of the cu
ent year will be due to be paid to the Taxation Office in the first month of the next year.
As this is an amount owing at the end of the cu
ent year it will represent a cu
ent liability at the end of the year.
Graph showing receipts, payments and monthly cash flow
FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
Table shows the total reciepts, cash flow and payment for Cooee
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
TOTAL RECEIPTS $2,541 $34,920 $6,274 $17,353 $20,955 $19,793 $52,226 $131,790 $58,320
TOTAL OP. CASH COSTS $4,371 $4,611 $37,694 $5,706 $8,370 $4,216 $4,556 $4,962 $13,622 $9,571 $6,018 $8,395
TOTAL PAYMENTS $37,552 $5,890 $50,031 $60,229 $23,430 $16,135 $5,497 $66,821 $16,663 $11,277 $7,800 $11,643
receipt should be plural - receipts.
The account balance should be graphed as it is most important for decision making purposes.
Bar chart Graph showing the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2541 34920 6274.4 17353 20955 19793.400000000001 52225.8 131789.9 58319.8 TOTAL OP. CASH COSTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 4371 4611 37694 5706 8370 4216 4556 4962 13622 9571 6018 8395 TOTAL PAYMENTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 37552.400000000001 5889.6 50030.9 60228.6 23430.2 16135.2 5497.4 66821.2 16663.2 11277.3 7799.5 11643.4
Line Graph showing to illustrate the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2541 34920 6274.4 17353 20955 19793.400000000001 52225.8 131789.9 58319.8 TOTAL OP. CASH COSTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 4371 4611 37694 5706 8370 4216 4556 4962 13622 9571 6018 8395 TOTAL PAYMENTS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 37552.400000000001 5889.6 50030.9 60228.6 23430.2 16135.2 5497.4 66821.2 16663.2 11277.3 7799.5 11643.4
QrtCFS
CASH FLOW STATEMENT FOR COOEE
FOR THE PERIOD 1-JAN- 17 to 31-DEC-17
QUATERLY
1ST QRT 2ND QRT 3RD QRT 4TH QRT TOTAL
RECEIPTS
CROP SALES
Oranges $0.00 $0.00 $0.00 $19,278.00 $19,278.00
LIVESTOCK SALES
Cattle $2,310.00 $0.00 $18,744.00 $55,881.00 $76,935.00
Sheep $5,720.00 $15,904.00 $0.00 $86,050.00 $107,674.00
WOOL SALES $0.00 $0.00 $0.00 $58,596.00 $58,596.00
ACCOUNTS RECEIVABLE
Western Wool Buyers $25,650.00 $0.00 $0.00 $0.00 $25,650.00
OTHER RECEIPTS
Interest $413.00 $413.00 $550.00 $550.00 $1,926.00
Machinery $0.00 $5,200.00 $17,800.00 $0.00 $23,000.00
fixed...